InvestorQ : How can we do our insurance planning like life, health and Mediclaim? How many weightage for each, please guide?
Amol Kothawade made post

How can we do our insurance planning like life, health and Mediclaim? How many weightage for each, please guide?

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Suresh Patil answered.
3 weeks ago
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In these uncertain times, where it is nearly impossible to predict what happens from one moment to another, it is essential to invest in a life ad health insurance policy. However, how much you should invest should be based on your individual profiles and needs. This differs from person to person. What works for one, maybe insufficient for a family.

Without additional information about your personal profile and financial needs, it’s impossible to tell you how much you should invest in a policy. Just for a ballpark, health insurance for an individual when you are young should be over 4 lakhs. For a family, however, with two adults and two kids, insurance of at least 12-15 lakhs is a must. If you have elderly parents and wish to cover them under health insurance, then you would definitely need a higher sum and the premium would be higher too. 

For life insurance, on the other hand, should ideally be 15-20x your annual income. The term the policy is important too. A cover that ends when you are in your 50s won't be of much help when you would need it most. Buying a new plan at that age is very costly. Take a plan that extends until the end of your working life.

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