Health Insurance should be compulsorily taken. The entire family must be covered by health insurance. We advise choosing family floater policies which cover a maximum of four members of a family, with any one person entitled to make use of the entire cover, should the need arise. ‘Personal accident’ and ‘critical illness’ riders may be taken if necessary.
Life Insurance: If an individual has no financial dependents, life insurance is not necessary and will be a waste of money. If there are financial dependents, the quantum of life cover required must be calculated. Thereafter, it is advisable to take only a pure term life insurance cover, to the extent life insurance is required.
Property Insurance: Protection against losses caused by earthquake, fire, damage from other causes, breakdown, burglary, etc., may be taken if required, and to the extent required.