Are you Adequately Covered

Life Insurance – 

Adequate life cover . Buy a term plan with adequate cover (10 times or 20 times of annual income) . Insurance is not an investment product as the cost of traditional endowment plans and money-back plans is high and returns are lower than fixed deposit interest. ULIPs have higher cost than equity mutual funds.

Health Insurance or Mediclaim  

Adequate health care for the whole family. Medical emergencies come without any warning and hence can put a lot of financial burden on the family. Start early cover yourself, spouse, and children under one plan. Have a separate health plan for parents.