Term insurance is pure protection, lower cost. Whole life includes savings but higher premium. Most advisors suggest term + invest difference.

Rule of thumb: 10‑15x annual income. Also consider debts, dependents’ needs. Use Wealth tool to estimate.

Amount you pay before insurance kicks in. Higher deductible lowers premium. Common in health policies.

Time before coverage begins for pre‑existing diseases (usually 2‑4 years). Critical illnesses may have shorter waits.

Add‑on cover: critical illness, accidental death, waiver of premium. Enhances base policy for extra cost.

Discount or increase in sum insured for claim‑free years. Common in motor and health insurance.

Person receiving policy payout. Nominate beneficiaries for all policies to ensure smooth claim.

Request to insurer for payment. Inform immediately, submit documents. Timely filing is crucial.

Emergency fund covers small shocks; insurance for large financial loss. Both essential. Use Emergency Fund tool to calculate.

For planned needs (child education), RD/FD can complement insurance. See RD & FD calculators in INDwallet ecosystem.