This is a conceptual app which allows an individual to store information about his/her assets, investments & insurances in a way that its secure while you are around and its provided to the family in the event of.
Typical problem for a bread winner of the family is to ensure the family can be financially supported after him/her. While term insurance and the like seem to address the issue yet what happens if your family, or whoever else you wanna leave the insurance money to, isn’t aware of the insurance in the first place? Same goes for all of your assets, investments, bank accounts, debtors etc.
Now there are two event communication mechanisms you could choose from to make the system automatically send out your stored information to the family or an alternative Trusted Friend –
- In case of existence of The death record with one of the specified Municipal organizations you specify
- In case of the Trusted Friend requests the system to check the existence of such a record
Of course in the latter case, the Trusted Friend would be intimated of being nominated for such a role when you sign him/her up for it and would need to agree to take up such responsibility on your behalf.
The app could charge a one time storage fee and an additional fee for every time you want to alter any information. The information being stored does not necessarily need to carry the financial information e.g. one could simply choose to store the bank account numbers and customer IDs instead of the bank balance, policy numbers and policy lapse date etc instead of storing the policy amount, PF account number etc. One could also store instructions e.g. to contact with your employer to get access to the insurance the employer may have gotten for you, a list of your debtors with the amount they owe, interest rates agreed. One could also store images like Sale deeds, Ownership information of the property you own etc.