Wherever you are in life

Starting your career

Your first salary is the best time to build good habits. Small amounts started now grow the most.

• Health cover
• Emergency fund
• Wealth creation

• Get health cover of your own. Employer cover ends when you change jobs, and premiums are lowest when you're young and healthy.
• Build an emergency fund. Aim for 3 to 6 months of expenses before taking bigger risks.
• Start a SIP. Even ₹2,000 a month, increased each year, adds up to a large sum over 20 years.
• Term cover if anyone depends on you. If you support parents or have an education loan, a term plan is cheap at this age.

Getting married

Two incomes, shared goals and someone who now depends on you.

• Term plan
• Health cover
• Wealth creation

• Move to a family floater. One health policy covering both of you is often simpler and better value.
• Term cover for both earners. Each partner's income should be protected.
• Update nominees. On every policy, bank account and investment.
• Plan shared goals. A home, travel, children: give each one a timeline and an amount.

Becoming parents

A child changes everything, including how much protection your family needs.

• Term plan
• Guaranteed plan
• Health cover

• Increase your life cover. Your cover should include your child's education and future, not just today's expenses.
• Check maternity and newborn cover. Health policies have waiting periods for maternity benefits, so plan ahead.
• Start an education fund. Use a SIP for long horizons, or a guaranteed plan when you need a known amount on a known date.
• Add your child to your health policy. Usually possible from a few days or months after birth, depending on the policy.

Buying a home

A home loan is often the biggest commitment you'll make. Make sure it never becomes your family's burden.

• Term plan
• Emergency fund

• Know your EMI before you sign. Keep total EMIs comfortably within your monthly budget.
• Term cover at least equal to the loan. So your family keeps the house if something happens to you.
• Keep an EMI buffer. At least 6 months of EMIs plus expenses in your emergency fund.
• Understand the tax benefits. Home loan interest and principal can reduce your tax under the old regime. Check which regime suits you.

Self-employed or in business

No employer means no ready-made health cover, provident fund or paid leave. You build your own safety net.

• Health cover
• Emergency fund
• Retirement income

• Personal health and term cover. Nobody else provides it, so it comes first.
• A bigger emergency fund. 6 to 12 months of expenses, because income can be uneven.
• Keep business and personal money separate. Pay yourself a regular amount and invest from it.
• Create your own retirement fund. Without EPF, retirement saving has to be deliberate.
• Group health cover for staff. Ask us about options if you have employees.

Nearing retirement

The focus shifts from growing money to making it last, with a steady income and strong health cover.

• Health cover
• Retirement income
• Guaranteed plan

• Secure health cover before 60. Buying later costs more and can be harder. Senior citizen plans and top-ups can fill gaps.
• Plan a regular income. Annuities, fixed deposits, bonds and systematic withdrawals from mutual funds can each play a part.
• Reduce risk gradually. Move money you'll need in the next few years into more stable options.
• Organise your paperwork. Nominees, a will, and a list of every policy and investment for your family.