30-Something? Married? Have Kids?

There’s no way you shouldn’t have these insurance covers.

Life is full of unpredictability and circumstances beyond our control. One’s own
mortality is not a pleasant matter to dwell on, but it is our absolute responsibility to protect our dependents from life’s shocks which can arrive unexpectedly at any moment.

Insurance is the umbrella protecting us from such unpredictable events, helping us solidly fulfill our responsibilities towards our dependents, who may include your spouse, young children, and retired parents. Insurance needs tend to differ from person to person, but for the average 30-something, working professional, married, with kids, here are some essentials.

1. Health Insurance
Health Insurance is the most important coverage one must have. Soaring medical fees can cost you fortune in case of prolonged hospitalization, surgery, or intensive treatment. Even a routine visit to a doctor can set you back by
thousands of rupees. But if you have health insurance, you can get cashless treatment or be reimbursed for heavy expenses such as hospital room charges, surgery, tests, medicines, etc. You can easily secure a cover of Rs. 5 lakh for as
cheap as Rs. 5,000 annually if you start out young.

2. Term Life Insurance
Life insurance protects the finances of family members dependent on you. In case of your untimely demise, your parents, spouse, children or any other loved ones can face financial hardship. We must face up to our own mortality and work towards constructing financial cover for those we will leave behind. There are a few basic types of insurance: term plans, endowment plans, whole life plans, unit-linked plans, and money-back plans. While the more traditional products like endowment plans and ULIPs are investment options as well, only a term insurance can adequately cover your family’s long-term expenses after your demise. If you’re a salaried professional aged 30, with an annual income of Rs. 10 lakh, you can seek a term cover of Rs. 1 crore for an annual premium as low as Rs. 7500.

3. Critical Illness & Disability Insurance
Sedentary lifestyles, rich diets, exposure to pollution, and stress are common to
urban living. Incidences of critical illnesses such as cancer seem to be on the rise. These diseases have the potential to bankrupt us when they strike. While an adequate health cover may be enough for treatment, what about situations where you suffer a disability such as paralysis and remain in no position to continue earning an income? This is where critical illness covers come in. You are paid the benefit amount upon the diagnosis of your disease, making it easy for you to meet your medical expenses while maintaining your preferred lifestyle despite any loss of employment.

4. Auto Insurance
Automobile insurance is essential if you own a vehicle. Events such as accidental damage or accidental death can be covered by car or two-wheeler insurance. This will help meet the costs of repairs and liabilities which would otherwise be steep if you had to settle them out of your own pocket.

5. Home Insurance
Whether you own a home or rent one, you should consider this insurance. As a
home owner, you can protect your property from natural calamities, fire, riots, terror attacks, etc. As a renter, you can also protect your belongings—jewelry,
documents, electricals—against damage.