• Prioritize Term Life Insurance:
• Opt for a vanilla term life insurance policy with coverage of50 lakhs to5 crore, based on your affordability.
• Buying early locks in lower premiums for the rest of the term.

• It's for financial security, not just tax benefits, so don’t link it solely to tax-saving strategies.

• Add-On Health Insurance (Top-Up Policies):

• Supplement your company's health insurance with top-up health policies for additional coverage.
  • Example: If your company provides10 lakhs, buy a top-up policy for50 lakhs for as low as5,000/year.

• This ensures better financial protection against medical emergencies.

• Who Needs Life Insurance?

• Life insurance is essential only if you have dependents or liabilities like loans.

• If you're single without dependents, focus on investing first before considering life insurance.

• Key Financial Principle:

• Financial planning is a continuous process. Start early, make informed decisions, and adjust as your responsibilities grow.

To Sum Up:

• Start financial protection early to secure low premiums.
• Prioritize investing if you don’t have dependents.
• Think beyond taxation benefits—insurance is about security.

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