Is my insurance cover enough?

[pawan]

Hi All,

My annual income is 6 lacs. I pay annual premium of Rs 58000/-. & the risk cover is for 18 lakhs. Is my present insurance cover is enough, my age is 33 years & I have 2 dependants (Wife and Child).

Thanks,
Pawan

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[PolicyWala]

Basic Funda - "If you have dependants and financial responsibilities towards them, then you certainly need insurance"

Please check following things while taking insurance cover -

1- Annual Pay * 10 (7 to 10 times,it depends on individiual) (A)
2- Any liabilities you may have in your name in the form of housing, education
or similar loans. (B)
3- Owned Assets (C)

Insurance Required = (A+B)-(C)