What are the different insurance an individual should have, considering adequate risk management? What is the cover required in each case?
1> Life Insurance – 7 times gross annual salary + liabilities (Home loan, car loan)
2> Health Insurance – 10L or above (considering inflation)
3> Accident Insurance – Equal to gross annual salary
All the other jargons are baffling me. what all do I need e.g. critical illness, top up, OPD, hospital cash. The list is endless. How do I know which ones I need?