Review my insurance coverage?

[abhinavsinghvi]

I am 36 yrs. of age and working in IT MNC in India. My Annual earnings are approx. 5 lacs. Recently, I have bought two LIC policies -
(1) Jeevan Anand for 10 lacs for 25 years. and
(2) Child Carrier for 5 lacs for my child.

Is it sufficient insurance coverage for me or do I need to invest more for my family?

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[koolz]

Minimum coverage, you have to 5-6 times of your annual income from all sources. So 5 X 6 = 30 Lacs.
Total cover you have already taken = 15 Lacs.
Shortfall = 15 Lacs

[narayan]

I would suggest take term plan to cover the short fall.

[angelica]

With the new regulations and new ULIPs in the market its a boon to insurance customers. Agency commissions have been reduces drastically so premiums and policies would be cheaper by half. Your returns in the first year would increase a lot since your commissions would be cut down.

Hence lots of Insurance companies like Bajaj Allianz, Future Generali etc are all reviewing their policies and offering good premiums plans to customers.

[Pradeepkjain]

Hi Abhinav,

At this stage this much coverage is sufficient. You have choosen the right products.

regards
Pradeep Kumar

[PolicyWala]

Hi Abhinav,

At this stage this much coverage is sufficient. You have choosen the right products.

regards
Pradeep Kumar

Pradeep, Could you please tell us the reason - how and why the coverage is sufficient.
Please see Koolz answer for your info -

Minimum coverage, you have to 5-6 times of your annual income from all sources. So 5 X 6 = 30 Lacs.
Total cover you have already taken = 15 Lacs.
Shortfall = 15 Lacs