Ensuring the Accuracy of Your Personal Information: A Vital Step for Your Family’s Security

Sathish, a trailblazing first-generation engineer hailing from a quaint village in southern Tamil Nadu, embarked on a remarkable journey. Armed with a B. Tech degree in Information Technology, he secured a distinguished position as a Software Engineer in an esteemed Indian multinational corporation headquartered in Bengaluru.

During his onboarding process, Sathish took the prudent step of updating his personal contact details and furnishing comprehensive information about his dependents and family members within the company’s dedicated employee portal. Displaying foresight, he meticulously revised his nominees for retiral benefits, which encompassed vital aspects such as group corporate term life insurance, Provident Fund (PF), and gratuity.

Over the ensuing years, Sathish’s life progressed as he embraced matrimony and established his domestic life in Bengaluru alongside his wife and two children. Simultaneously, his parents continued to reside in their native village, tending to their agricultural endeavors. Notably, his younger brother seized an overseas opportunity, leading to his settlement abroad. In this atmosphere of stability, tragedy unexpectedly struck Sathish’s young family when he met with a grievous accident while journeying home from work. Admitted to a nearby hospital’s emergency care unit, he underwent treatment for a week, but destiny took a cruel turn, and he tragically passed away.

Amidst the backdrop of mourning and grappling with the harsh reality of loss, Sathish’s wife found herself in communication with the company’s HR Manager. This interaction marked the initiation of the process to settle Sathish’s outstanding salary, medical insurance claims, and retiral benefits.

As the HR team diligently processed the intricate settlements, a startling discrepancy came to light concerning the declaration of nominees. While Sathish had diligently updated his marital status upon his marriage and accurately documented the details of his children’s birth, a significant oversight emerged. Specifically, he had neglected to amend the legal nominees for his retiral benefits, which he had filled at the time of joining the company after graduating from college.

Since the list of legal nominees did not include spouse or children, the declarations were deemed null and void. The HR Manager advised Sathish’s wife to arrive at a settlement at the family level and sign an indemnity bond declaring the percentage distribution amongst all family members including Sathish’s brother and parents.  While the entire family was in favor of 100% of the contribution going to Sathish’s wife and children, it took significant time for closure since Sathish’s brother was living abroad and he had to fly down to formally sign the settlement agreement. While things went well after the delay, Sathish’s family could have been saved from this ordeal had he reviewed and updated his legal nominees regularly.

Lessons to Internalize

The unfortunate circumstances faced by Sathish and his family underscore the necessity of considering all potential scenarios and ensuring the well-being of our dependents in times of crisis. To this end, we offer the following crucial insights:

Emergency Contact Details and Legal Nominees

Regularly updating your personal information, encompassing both current and permanent addresses, as well as details of your family members and contact numbers within the company portal, is of paramount importance. This facilitates seamless access for the company during emergencies. Furthermore, consider sharing vital contact details of your team, including managers and peers, with your family members.

Review and update legal nominees for retirement benefits, such as Provident Fund, Gratuity, National Pension Scheme, and Corporate Term Life Insurance policies. Ensuring proper logic within the system to minimize discrepancies is essential. For instance, as exemplified in Sathish’s case, the employee portal should prompt updates to nominee details when significant life events, such as a change in marital status, occur.

Remember that the updating of legal nominees is equally pivotal for all bank accounts, vehicles, and other tangible assets.

Medical Insurance Card

The majority of employers extend health insurance benefits to employees and their dependents, thanks to the advantages of group policies. It is imperative to acknowledge that these insurance policies necessitate annual renewal and fresh declarations of dependents. Moreover, you possess the opportunity to include dependents during the course of the year, such as after a marriage or the birth of a child. Staying informed about organizational announcements and comprehending the entitlements of both you and your family is indispensable. Equipping your family members with knowledge about medical insurance details can prove invaluable during times of crisis, facilitating cashless hospitalization benefits in the event of medical emergencies.

In conclusion, dedicating a few moments to routinely review and update your personal information – encompassing addresses, contact numbers, dependents, and legal nominees – constitutes a proactive investment in ensuring the security and well-being of both yourself and your family during unforeseen circumstances.

Safeguarding what matters most,


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