What Happens to My Family If I Am Not Here Tomorrow?
Rahul is 38. His wife doesn't work. Two children ages 7 and 4. He is the only income. He has ₹25 lakh of term cover, taken in 2014, when his salary was half of what it is today, when his younger child didn't exist yet. If he doesn't come home tomorrow, his family has 14 months of runway. He thinks they have a plan. They have a policy.
He thinks they have a plan. They have a policy.
THE REAL QUESTION
Your coverage should equal 10-15x your annual income, cover all outstanding loans, and sustain your family's lifestyle for at least 15-20 years. Review it every time your income, your EMIs, or your family grows. Most people haven't reviewed theirs since the day they bought it.