According to RBI’s report over Rs. 51,500 crore lay unclaimed with financial institutions in India
Over Rs. 51,500 crores is lying unclaimed with financial institutions, like banks, insurance companies and mutual funds in India, according to a report by RBI released in 2021. Millions of policies lay unclaimed with insurance companies, completely unknown to the people for whom this financial protection was bought. While on one hand dispersing these funds to the rightful nominees of the deceased remains a challenge, on the other hand, it completely eliminates the whole purpose of buying life insurance in the first place.
After a near-death experience, IT solutions designer & software engineer Sheetal Koul from Mumbai was pushed to think about life after death, she started to visualize the challenges her family would go through if she departs. This compelling thought made her embark on a mission to find solutions to this problem but to her surprise she found none, so she decided to integrate technology and design a solution that can solve the problem of succession and made it the mission & purpose of her life. This novel concept is patented by the name “Afterlife” which aims to change the world as we know it.
Afterlife aims to insure happiness, life and beyond. What makes the solution unique is that not only you can plan your succession & nominee access for all your important documents with utmost convenience but also allows the customers to pre-schedule messages, gifts and events for a future occasion after their death. With Afterlife, one can even plan a charity or memorabilia in his name. The platform beautifully mitigates the biggest challenge of trust and assurance of execution of the plan by introducing blockchain technology with smart contracts ensuring flawless execution.
Founder Ms Sheetal Koul remarks that “Afterlife is not a mere project, it all started with me trying to find a solution to my problems and as I realized that everyone I spoke to faces these challenges and needs a solution around it. I started to work on a possible solution that can help not just me but everyone and this has now become the purpose of my life”. She has already developed the MVP that will release soon and remains in talks with prominent VCs to raise funds to develop her project.
Co-Founder Aditya Kalla says that he is awe-inspired by this excellent integration of technology, finance and blockchain. He sees great potential in the project and is sure that Afterlife will be a stalwart in changing perceptions around death.
During recent events held in Pune and Ahmedabad in association with Impulse Technical, Afterlife was presented to 1000 people live. The project received an overwhelming response from the audience, Insurance expert Bimal Kumar exclaimed that “I can’t wait to be on Afterlife, it’s the most unique solution that I have found in a long time. I am happy to know that now I can pre-plan occasions for my family and kids for the times I won’t be around”.
Stock Market influencer & Impulse Technical’s founder Harshubh Shah said “1 in 10 Indians have unclaimed money, Afterlife is fixing this gap beautifully”
Blockchain entrepreneur and founder, CEO of Polytrade Piyush Gupta sends good wishes to Afterlife and says that “Blockchain has unlimited real-life use cases. We need more creative and talented entrepreneurs in the field like Sheetal to ensure creative solutions to age-old problems using Blockchain.”
Afterlife is a platform to ensure happiness – life and beyond and is much anticipated and awaited.