Insurance Planning
Protect yourself and your loved ones with the right insurance coverage
Types
Life Insurance
Protect your family's financial future
- Coverage: 10-20x annual income
- Term insurance for pure protection
- Whole life for savings component
Health Insurance
Coverage for medical emergencies
- Individual: ₹5-10 lakhs coverage
- Family floater: ₹10-20 lakhs
- Top-up plans for higher coverage
Home Insurance
Protect your property and belongings
- Structure coverage: Full value
- Contents coverage: 20-30% of value
- Protection against natural disasters
Motor Insurance
Mandatory coverage for vehicles
- Third-party: Mandatory by law
- Comprehensive: Full coverage
- No-claim bonus benefits
Why Insurance Planning Matters
Insurance planning helps protect you and your family from unexpected financial risks such as medical emergencies, accidents, loss of income, or damage to property. Without adequate insurance, even a single unforeseen event can disrupt long-term financial goals and savings. Proper insurance planning ensures financial stability, peace of mind, and the ability to handle emergencies without relying on loans or selling assets.
Which Insurance Do You Need?
Choosing the right insurance depends on your life stage, income, and responsibilities. Not everyone needs every type of insurance, but having the right mix is important.
For Salaried Individuals
- Life Insurance (term plan for income protection)
- Health Insurance (individual or employer + personal cover)
- Motor Insurance (mandatory if you own a vehicle)
For Families
- Life Insurance with higher coverage
- Family floater health insurance
- Home insurance if you own a house
For Self-Employed or Freelancers
- Health insurance with a top-up plan
- Term life insurance
- Optional income protection plans
Common Insurance Mistakes to Avoid
Many people buy insurance without proper understanding. Avoid these common mistakes:
- Buying insurance only for tax savings
- Choosing very low coverage to reduce premiums
- Relying only on employer-provided health insurance
- Not reviewing or updating policies after major life events
- Ignoring policy exclusions and claim conditions
How Much Insurance Coverage Is Enough?
Having insurance is important, but having adequate coverage matters even more.
Life Insurance:
Coverage should be around 10–20 times your annual income to support your family's future expenses.
Health Insurance:
At least ₹5–10 lakh for individuals and ₹10–20 lakh for families, depending on city and medical costs.
Home Insurance:
Coverage should match the full reconstruction value of your property, not the market price.
Motor Insurance:
A comprehensive policy along with mandatory third-party coverage is recommended for better protection.
Insurance Planning Tips
Buy Early
Premiums are lower when you're younger and healthier
Review Regularly
Update coverage as life circumstances change
Compare Policies
Shop around for best coverage and premiums
Read Fine Print
Understand exclusions and claim procedures
Protection Planning Tools
Use our calculators to determine your insurance needs