Dear Fleming

We all carry three risks :

1. Dying early

2. Living too long

3. Medical expenses

We can either manage it on own by creating emergency fund or transfer the risk to a pool which is called insurance .

It makes sence to transfer risk to an insurance company and we must buy four insurance products :

1. Term insurance where sum assured is paid to family in case of untimely death . There is no survival benefit . By paying less than Rs 10000 per annum , you get a cover of Rs 1 crore . So on death , your family will receive Rs 1 crore and there will not be any future liability of premium .

2. Accumulation for living too long can be done through any saving plan through which you buy an annuity plan.

3. Health insurance for medical expense , have a combination of base plan plus super Top up .

4. Supplement your cover with Accidental death and disability cover . Supplemrnt a critical illness cover .

All thesr planning would give you a peace of mind and provide longivity to your life .

All insurance companies are good and regulated by IRDA . Find a good advisor rather a company . Ask as many questions as possible and resprct tge knowledge and not the art of selling