ASK US: On investments
The Hindu
Life insurance is an income protection for the dependents of the life assured.
A. You haven’t said how old your family members are, so let us go by the assumption of a couple in the late 30s and two children in the 10 to 12 years’ range. A basic hospitalisation policy with a family floater sum insured of at least ₹5 lakh would be good to begin with. This would cost between ₹10,000 and ₹12,000 a year. The premium amount could make one hesitate, but a floater sum insured is cost-effective and the coverage is value-for-money as you are protected against harsh hospital expenses. Having said that, if you have the option of an employer medical insurance scheme that should be your first option. You can cover your spouse and children and, depending on the scheme, your parents as well.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
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