For you and your family, so that any medical emergencies do not eat into your savings? This may be even more important than term insurance because you are more likely to incur medical expenses than die prematurely. Take a family floater plan for a large enough sum say min 15 lacs.
Have you created an Emergency Fund?
As the name suggests this is money set aside of emergencies other than medical for which you should have adequate Health Insurance. A good thumb rule is to set aside an amount a minimum 6 times of your monthly expenses and a maximum of 12 times. This means that, if you lose your job or leave your job after having a showdown with your boss, or face any other emergency; you will have money to cover 6 to 12 months expenses without touching your other investments etc. It is best to keep this aside say in a very reliable FD like SBI, HDFC or ICICI.
Have you taken adequate Term Insurance?
This is required to adequately provide for your family in case you die during your income earning stage of life or are unable to earn your regular income for some reason. Term insurance is a cost not an investment. A good thumb rule is that you need to take a plan for about 10 times your annual take home salary or 20 times your annual expenditure. Also ensure you are covered for accidents, permanent disability and critical illness as these affect your ability to earn an income.
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