5 personal finance tips to tide over Coronavirus crisis

With confirmed cases of Novel Coronavirus COVID-19 infection crossing 1 lakh mark worldwide, the World Health Organization (WHO) has chara...

With confirmed cases of Novel Coronavirus COVID-19 infection crossing 1 lakh mark worldwide, the World Health Organization (WHO) has characterised the disease as a pandemic.
Novel Coronavirus COVID-19, World Health Organization, WHO, work from home, Insurance Cover, health insurance, life insurance, online shopping, online transactions, data packages, net banking, debit card, credit card, Netflix, Hotstar, Amazon Prime, mask, sanitiser
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Apart from advising people to avoid social gathering, one of the measures taken to minimise close contacts is ‘work from home’.

With confirmed cases of Novel Coronavirus COVID-19 infection crossing 1 lakh mark worldwide, the World Health Organization (WHO) has characterised the disease as a pandemic. In India also the Central and State governments have taken various measures to curtail spreading of the disease in the country.

Apart from advising people to avoid social gathering, one of the measures taken to minimise close contacts is ‘work from home’.

While some companies have already implemented it after finding positive case(s) among employees, authorities have also asked other organisations to implement it wherever possible.

Taking into account the current situation, following are some of the personal finance tips that may help you in remaining unaffected amid the virus outbreak:

1. Take Insurance Cover

Although government authorities are trying their best to provide facilities at government hospitals to affected people, but to avoid the rush, you need to take health insurance cover so that you may go for hospitalisation at any of the expensive private hospitals without getting worried about your finances. In fact, the Insurance Regulatory and Development Authority of India (Irdai) has already asked insurers to expeditiously attend to claims for treatment of Coronavirus.

Taking life insurance cover is also necessary to avoid financial distress in case of unfortunate casualties due to outbreak of Novel Coronavirus COVID-19. “If the life insurance policy of our customers covers death as an insured event, we will be honoring the death claims irrespective of the cause of death being Coronavirus. The basic purpose of life insurance is to provide financial support in times of unfortunate events to help families meet their life goals without any financial roadblock,” said Kayzad Hiramanek, EVP-Customer Service & Operations, Bajaj Allianz Life Insurance.

2. Take Broadband / Internet Package with High Data Limit

As provision of work from home is getting implemented, to stay connected without any speed issue, it’s better to subscribe to high-speed Broadband and/or Internet Packages with more than sufficient data limit. As you need to spend more time at home without much socialisation, more data would be needed to avail some online entertainment at home as well as for online study of kids, with schools and colleges shut due to the Coronavirus outbreak.

3. Transact Online

To avoid going out in public, use net banking facility or transact using debit/credit cards for buying things online. If necessary, book a cab online, instead of using public transport. Use demat account for redemption and for making fresh investments to avail the opportunity created by market crashes as Coronavirus affects the economies adversely.

4. Subscribe to Entertainment Channels, Study Packages


To ensure that you don’t get bored at home, subscribe to entertainment channels like Netflix, Hotstar, Amazon Prime etc. As your child/children need to study at home for sometime with the schools and colleges shut for the time being due to the Coronavirus threat, subscribe to some online study site(s) according to their requirements.

5. Invest in Health Items

To keep Coronavirus at bay, buy personal hygiene products like quality handwash, sanitiser, masks etc. To keep immunity strong, avoid eating out and rely on traditional home-cooked food. If unavoidable, you may order home delivery of food, but better to buy fresh vegetables, dairy products etc and cook nutritious foods at home. As going to the gym may be risky at this time, better to buy some sports goods and go to some nearby park with kids to have some physical activities and entertainment as well.

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