Life has a strange way of teaching us lessons: through wisdom, for some, and through heartbreak. Today, I’m sharing a deeply personal story. It’s not fiction. It’s not borrowed. It’s real. This story continues to haunt me because I witnessed it unfold before my eyes—and I wish it had had a different ending.
About the author: Prasanna Pattnaik is an MBA in Finance with a deep passion for continuous learning and sharing financial knowledge. And dedicated to helping individuals better understand and manage their finances.
A Humble Beginning. He was just 22. A bright young boy with a diploma in electrical engineering, full of dreams not just for himself, but for his entire family. His family lived in a single-room house- his parents, a little sister, and an aging grandmother. His father, for reasons beyond their control, had no steady income. So this boy, barely out of his teens, took the responsibility of the family on his young shoulders.
He found his first job. It wasn’t a high-paying position, but it was honest, and it was enough to finally give his family some relief. They smiled more, ate better, and lived with a little more dignity.
The Innocence of Ignorance. As someone who has seen a bit more of life and money matters, I had conversations with him. I saw his earnest efforts to save and invest. But like many young earners in India, he was unaware of sound financial planning.
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He had invested a major chunk of his hard-earned salary into ULIPs (Unit Linked Insurance Plans), endowment policies from insurance companies- misguided by agents or advertising, maybe both.
I urged him several times: “Please take term insurance of at least 1 crore. If anything happens to you, your family will at least have a financial cushion. He would nod, sometimes even say “soon”, but like many young people, death seemed like a faraway possibility.
The Day Everything Changed Then, the unimaginable happened. He died in a tragic road accident. Just like that- without warning, without time to prepare. All that remained were shattered dreams, grieving faces, and zero financial security.
The ULIPs he had invested in offered minimal insurance payouts—nowhere near what was needed to sustain his family’s basic needs.
His father was still without income. His mother, inconsolable. His sister, now growing up without her brother’s protection. His grandmother, lost in silence.
They are now living in miserable conditions, struggling for daily survival, while carrying the emotional weight of losing the one person who held their world together.
The Harsh Truth This could have been prevented- not the accident, but the financial misery that followed.
A term insurance policy- simple, affordable, and powerful- would have made all the difference. With a sum assured of 1 crore, his family could have:
- Lived with dignity
- Afforded education for his sister
- Covered basic needs like rent, food, and healthcare
- Found emotional space to grieve, rather than being forced to fight for survival
Final Thoughts. Financial literacy isn’t just about growing wealth. Sometimes, it’s about protecting your loved ones when you’re no longer around.
This boy had a heart full of love for his family. He did everything he could with what he knew. But he didn’t know enough about how to protect them in his absence.
Please, don’t let this happen to someone you love—or to yourself. Take that step today. Buy a term insurance policy—not for you, but for the people who depend on you. because love isn’t just what we do when we’re alive—it’s what we leave behind when we’re gone.
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About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
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