Listen to this article
A few years back, an elderly client lost his son in an industrial accident. The deceased son was survived by his spouse and a daughter. The old man was worried about his daughter-in-law's financial needs and his 2-year-old granddaughter’s future.
The man approached S Saravanan of Purple Pond, Chennai and asked for his guidance to secure his daughter-in-law's and 2-year-old granddaughter’s future. Saravanan not only helped the daughter-in-law to become financially independent, he also helped her get remarried. The Chennai MFD also accumulated enough corpus for the granddaughter's future.
Recognising this, Axis Mutual Fund and Cafemutual felicitated Saravanan with the prestigious ‘Sanjeevani MFD Awards’ at Cafemutual Ideas Fest 2024 (CIF 24) under the Impactful category for helping a woman to become financially independent and also secure the financial future of her daughter.
Sharing the emotional story of the family, Saravanan said that the family went through emotional trauma. “I still remember the day when the father of a deceased son, his daughter in law and granddaughter approached me. While they received insurance money, they had no idea about how to go about investing the insurance proceeds. My focus was to first console the family and understand them emotionally. Upon discussion, I came to know that the man wanted to make his daughter-in-law financially independent and create an education corpus for grandchild.”
“We first focussed on securing the future of grandchild. So, we bought a term cover for his daughter-in-law and deployed some money in mutual funds for the future of the daughter-in-law and grandchild.”
Overtime, the family accumulated an adequate corpus that made the daughter-in-law financially independent and funded her grandchild’s education. In fact, the family can now afford to send her for education in an overseas university.
Sharing his experience, Saravanan said that MFDs should understand the situation and listen to clients first before doing any investment plan.