Are You the Sole Bread Winner in your family , These are 5 Insurance Policies you must have !

If you are a sole bread winner in the family, these are the 5 types of Insurance that you can’t afford to not have.

Right insurance policies are to be bought for our family’s sake.

Insurance coverage  for any individual can be determined only after looking at the different factors like  Income, Expenses, Lifestyle, Goals, Assets , Liabilities etc.

However ,in this post we have shared Thumb Rules of adequate covers to keep it simple and which can be followed by all.

 1. Life insurance :

  Life insurance is basically buying income replacement in case the breadwinner of the family is no more, to take care of the family’s expenses.  There are different types of Life insurance plans in different shapes and sizes.   The pure insurance plan is called term insurance and the cost is less as one is paying only for the insurance / mortality charges.

Adequate coverage should be at least 10 times of annual income + liabilities if any.

Age 30 years:

Sum Assured

Coverage till Premium per annum

50 Lacs

75 Years


50 Lacs 85 Years


You can Check your Life insurance Policy cost HERE –

  2. Health Insurance

The soaring cost of medical treatment is the reason one should not remain without a Health Insurance cover. Even a simple visit to the family doctor can result in a hefty bill. More serious illnesses that may result in a hospitalization can generate a bill that is equivalent to a weekend getaway cost at a luxury resort.

Lot of people feel paying Health insurance premium a burden, however potential cost of not having cover is much higher.

Adequate coverage for family of 4 should be at least  3 times of Annual Income.

Age 30 years , Married with 2 kids

Sum Assured

Cost for one year

10 Lacs Family Floater plan


15 lacs Family Floater plan


20 Lacs family Floater plan


50 Lacs Family Floater Plan


You can check your Health insurance policy details HERE –


3. Personal Accident/ Disability Insurance

 This is next must have in one’s insurance portfolio. If you get injured and aren’t able to work, disability insurance will reimburse you for lost income.

Disability insurance can cover permanent, temporary, partial, or total disability.

Lot of people don’t know this—In case of death due to accident, Personal accidental insurance policy pays insurance coverage other than what is paid by Life insurance policy.

Adequate coverage for family of 4 should be atleast  3 times of Annual Income.

Age 30 years

Sum Assured

Cost for one year

10 Lacs with Disability rider


20 Lacs with Disability rider


50 Lacs with Disability rider


1 Crores with Disability rider


You can check your  Personal Accidental/ Disability insurance policy details HERE –

4. Critical Illness Insurance 

 A critical illness plan works differently from a Health insurance plan. A CI plan is a lumps benefit plan that pays a lump sum amount, equal to the sum insured, to the insured on acquiring a serious aliments such as  Cancer , Heart ailments, Paralysis, Kidney Failure .

This amount is over and above the amount borne by Health insurance company.

Due to advancement of medical technology, survival rate after getting diagnosed with critical illness ins much higher.

And it requires huge amount to treat it and expenses are not one time but recurring, hence it is called Living Death as well. Along with Emotional setback, the disease can give a Financial setback to the family.

Adequate coverage for family of 4 should be at least  3 times of Annual Income.

       Age 30 years

Sum Assured

 Cost for one year

 5 Lacs


10 Lacs


25 lacs


You can check your Critical illness insurance policy details HERE

5. Vehicle/ Home Insurance

In order to protect one’s own damage to vehicle that can happen due to accident on natural calamity, one can always buy Vehicle Insurance.

The Insurance Premium is defined on the basis of vehicle, model, features you want to add, Insured declared value etc.

Home insurance can be bought to get protection against theft, natural calamities etc. One can cover building as well as contents of the house .

About the author : Gurleen Kaur Tikku  is a Financial Consultant and devotes her time to her company She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad.. She can be Contacted at [email protected]




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