Top Steps for Emergency Preparedness in India

This topic is ignored by most families. There is no awareness that emergency plan for the families has to be prepared. Thanks to WP, for this prompt.

During my corporate job, we prepared two Emergency Plans namely Emergency Plan & Business Continuity Plan. Those were reviwed annualy and made up to date.

However the personal emergency preparedness plan is the topic to ponder upon. I have seen many families running pillar to post for claiming the insuarance or finding out the investment details. Let’s dive deeper into this topic in below paragraphs. The suggestions and solutions are India specific and written considering the Indian context/scenarios.

What is an Emergency

• Financial Emergency
• A sudden serious illness of a family member
• An injury to a family member
• The death or funeral of an immediate or extended family member
• Theft or Fire at home or complete Apartment.
• someone that depends on you for care has an accident
• a partner or spouse goes into labour early or unexpectedly
• a natural disaster puts you or your family members at risk
• the threat of emotional or physical harm to you or a family member
• anything that may cause trauma to a family member

Prioritise the Emergencies

Once you identify the Risk Factors or an Emergency Situation, the next step would be to prioritise this emergencies based on RPN ( Risk Priority Number ) This can be calculated by multiplying Severity & Probability. ( RPN = Severity x Probability ) Focus on the High RPN number emergencies to prepare the plan further. Even if the severity is high and probability is lowest then the risk will be surely low in priority. Vice Versa, if the severity is low but the probability is high, then this be higher priority risk.

Steps to mitigate the Risk

Let us see the basic corrective measures required to mitigate the risk arising out of Emergency.

1. First & Foremost is to purchase Group Mediclaim Insuarance Policy. Based on your age & health condition, choose the right plan and purchase the same. This is not mandatory in India but I would highly recomend the people over the age of 60 years
2. Keep some amount in easily withdrawable account. You should be able to withdraw the amount in leass than 24 hours. This is the reserve kept for emergency. Don’t worry about the return on investment.
3. Prepare one list of all your Login details including passwords. I will recoment to write by hand and keep the paper safely. If you prepare in the mail or in Excell, there are chance that the data will be at risk and accessibility will be an issue.
4. Prepare the list of all your investments. Include Mutual Fund Folio numbers, Shares details and FD numbers if any. Ensure that all these investment, the nominee is declared.
5. Prepare list of all your bank accounts, if it is Online banking include Login details. Ensure that all Bank accounts are joint accounts with your spouse. This will be easy for anyone to operate and carry out financial transactions.
6. Prepare list of your movable/immovable properties with all the details. Keep all the required legal documents pertianing to the property in the respective files.
7. Assign the Emergency Contact number to one of your friends, who can take care of required tasks during emergency.
8. Prepare an Emergency Kit and keep it handy. Emergency kit may include water, First Aid Kit, Non Perishable Food, few clothes….
9. Identify the Emergency Leader who will coordinate the family members during emergency.
10. Explain the family members about the possible emergencies and the corrective actions to be taken. Show them all the documents & files prepared by you.

Above listed are the basic steps for Emergency Preparedness. This does not include the actions related to Tornado, Cyclones, Tsunami or Hurricanes. Because in India this is not so common natural disaster. Atleast in the region I stay this has never happened. The additional steps will be required, if you stay in the area where Cyclones or Tsunami is common. This may include, define safe place for stay and arrangement of food & clothes in such safe place.

I would strongly recoment everyone to prepare Will if you are above 60 years of age. However this will needs to be registered and reviewed every year.

Thank you for stopping by and all d best for your emergency preparedness.

Stay Happy & Keep Smiling 🙂