While most of us survived the tough days of cash crunch during demonetisation using our plastic cards and digital wallets, the ones who suffered the most were the informal sector workers who accept most of their payments in cash. Without a basic savings account in the bank, most of them use the piggy bank approach to savings which often lands them in sticky situations where their money lies idle, also losing its value over time due to inflation.
For most individuals who employ domestic help at their homes, helping them in times of need rarely goes beyond paying salaries in advance, lending money in times of need or paying their children’s school fees.
Taking the lead
While such acts are commendable, Mumbai residents Priya Nair-Malviya and Garima Devrani have gone a step further to truly transform the lives ofpeople they employ at their homes.
Consider the precarious financial situation of Sangeeta Jadhav, who has been employed with Malviya for over 15 years. Jadhav’s goal of educating her daughter prompted Malviya to recommend buying a traditional money-back life insurance policy entailing an annual premium of ₹12,000. “She was very keen that her children should study. Her youngest child is a girl. I thought the corpus will come in handy when she