hi my family is big total 11 members… two senior citizens and two members above 55 years and 4 members from 30 to 40 years of age and 3members from 2 years to 11 years of age.. i got lot of confusion on insurance planning for family.. i am the only earner for family other members have small business for family running expenses. i need advise on health, life(term insurance) personal accident and critical insurance like cancer and heart attack coverage for entire family..i am currently having 1.5cr hdfc life click toprotect term insurance premium payment term 10years and policy coverage upto 75years of age
my parents are having lic coverage of 2.5lac each and health coverage from star health insurance
my sisters family has health coverrage from star health insurance for rs.3lacs
currently i am seeing lot of cancer,accident and sudden deaths around fearing whether my above insurance planwas right r not please advise better options
- Term Life Insurance-Buy in the name of a person on whose there are financial dependents. The random quantum of insurance should be around 15-20 times of yearly income.
- Health Insurance-Separate elder persons and buy health insurance for your family.
- If there is a history or critical illness, then buy critical illness.
- Earning person at least must buy accidental insurance.