COVID has ripped apart the personal level protection system for any individual wide open. A deep dive into an individual assessment of protection needs would leave one in awe of the dire needs of a systematic way of protecting one’s financial losses. Prior to COVID one of the most focussed insurances were life insurance and car insurances and to some extent mediclaim insurance. We present a summary of what are the Must-Have Insurances in a Personal Portfolio. 

Term Assurance – Every earning individual must have this minimum to the extent of meeting liabilities post his untimely death. Plain Vanilla Term Assurance from a reputed Life Insurance company serves all needs.   

Health Insurance – Needless to add more why this one. One suggested structure based on affordability and need is to take minimum sum insured individual policies for each family member. This is followed by a Family floater policy and if required a further top up over and above this. This structure meets the rising medical cost with age. If initial cost is a concern, at least buy one family floater policy. 

Personal Accident – There is a Pradhan Mantri… This one is necessary to meet any financial loss to the family due to untimely accidental death. Apart from the Pradhan Mantri Suraksha Bima Yojana 2.0 Lac Sum Assured for which 12. is debited to a bank account annually, individuals are covered under their Savings A/c. Debit /Credit Card also. However, those come with conditions attached, so better to have one individual personal accident policy.

Home Insurance, whether staying on Rent or Owning a house, protect your home building and contents for protection against fire, burglary and natural perils. The new standard Gruh Raksha policy has some good and simplified features. Opt for a Longer duration policy and attempt to coincide with birthdays/imp dates to remember the policy renewal.

Cyber Insurance – Data is the new unit of economics. With our lives interconnected through the internet the minute we wake up, protect our valuable data and information on various devices like mobile phones, desktops, handheld, cloud storage. Buy an Individual Cyber Insurance cover protecting at least to the extent of monies in all Bank and all Credit Card Limits. 

Automobile Insurance – Whether 2 wheelers or 4 wheelers ensure to have at least the mandated third-party insurance renewed every year.   

Depending on your cash flow assessment, you can either align most of the above insurances in one month to finish off the entire protection process for the year in a shorter time span. 

Safety First. Protect Next. Insure First.