From investing in MFs to buying insurance: Your guide to financial planning

Create a portfolio that can serve you for decades together

My wife and I have a combined monthly income of Rs 170,000. I took a term plan of Rs 8 million to cover my home loan. My wife has a traditional plan of Rs 2.5 million. How much more insurance do we need?

Fundamentally life insurance should not be taken with any linkage to income. It should be taken to cover your family’s lifestyle expenses, to cover liabilities and provide for financial goals. From that standpoint, I think you are way too underinsured. As a rough calculation, just to cover a monthly expenditure of just Rs 25,000 you need to