Insurance News India

General rule: 10-15x your annual income if you have dependents. For a 30-year-old earning Rs 10 lakh, a Rs 1-1.5 crore term cover is reasonable. Adjust for existing loans (mortgage should be 100% covered), dependent kids' education, and spouse's income. Term insurance is cheapest when bought young.

ULIPs combine insurance and investment but often at high costs (2-4% expense ratio) and low equity allocation. Term insurance + separate mutual fund SIP usually gives better outcomes. Existing ULIPs: continue if you're past the 5-year lock-in; otherwise consider surrendering (calculate the exit load first).

Yes, but usually after a 2-4 year waiting period. Some insurers offer no-waiting-period covers at higher premium. Declare all pre-existing conditions honestly at purchase — non-disclosure can void your claim later. Rules under the 'consent-based underwriting' framework are increasingly strict on early declaration.

Insurance Regulatory and Development Authority of India regulates the insurance sector. It sets solvency norms for insurers, adjudicates policyholder complaints via the Ombudsman, and issues regulations on product design and disclosure. Check irdai.gov.in for insurer registration status before buying any policy.