Insurance is one of those things you hope you never need but are incredibly grateful to have when you do. Proper planning protects you and your family from financial devastation.
Health insurance is non-negotiable. Term life insurance provides security for dependents. Vehicle insurance is legally required. Home insurance covers your biggest asset.
Choose a plan with adequate coverage of at least 5-10 lakhs. Check the hospital network, waiting periods, and sub-limits on room rent. Consider a top-up plan for extra coverage.
If anyone depends on your income, you need term insurance. Get coverage of at least 10-15 times your annual income. Buy early when premiums are lowest.
Consider your debts, dependents, future goals, and existing coverage. Use online calculators to estimate your needs.
Do not buy insurance as an investment. Do not underinsure to save on premiums. Do not hide medical history from insurers as it can lead to claim rejection.
Think of insurance as a financial safety net for life's unexpected moments.