How much term insurance do I need?

A common approach is 10-15x annual income, but the accurate method is Human Life Value — the present value of your future earnings minus your own expenses. Your CFP calculates this based on your age, income, growth rate, expenses, existing assets, and liabilities. Typically Rs 1-2 crore for salaried professionals.

Should I surrender my LIC endowment policy?

It depends on the policy term remaining, surrender value, and bonus accrued. Many endowment plans give 4-6% returns after accounting for insurance cost — less than PPF. However, surrendering close to maturity may not make sense. Your CFP runs the exact numbers for your specific policy before recommending surrender or paid-up.

Is employer health insurance enough?

Usually not. Employer insurance ends when you leave the job, often has sub-limits (room rent caps, disease-specific limits), and may not cover family adequately. A personal health insurance policy (Rs 10-25 lakh) with a super top-up (Rs 50 lakh - 1 crore) provides portable, comprehensive coverage.

Do I need critical illness insurance separately?

Health insurance covers hospitalisation costs. Critical illness insurance pays a lump sum on diagnosis (cancer, heart attack, stroke) that covers income loss during treatment and recovery. If you are the primary earner, a critical illness cover of Rs 25-50 lakh is recommended in addition to health insurance.

Insurance Planning & Review by CFPs | Finamize

Are you adequately insured? A CFP reviews your existing policies, identifies gaps, and recommends the right coverage — without selling you products.

FPSB

CERTIFIED PLANNERS

Fiduciary

STANDARD OF CARE

360°

HOLISTIC PLANNING

3yr

MIN EXPERIENCE

Why Finamize

Why Choose Finamize

Needs Analysis

Your CFP calculates your actual insurance need based on income replacement, liabilities, dependents, and future obligations. Not a round number — a precise calculation.

Policy Audit

Review all existing policies — term, endowment, ULIP, health, critical illness. Identify policies worth keeping and ones that are pure cost (many endowment plans fall in this category).

Gap Identification

Most Indians are under-insured in term life and health coverage but over-insured in investment-linked plans. Your CFP identifies the specific gaps in your coverage.

Premium Optimisation

Reduce total insurance spend while increasing actual coverage. Often involves surrendering costly endowment plans and buying adequate term + health insurance at lower premiums.

How It Works

Get Started in 3 Steps

Share Current Policies

Upload all existing insurance policies — life, health, motor, home, personal accident. Include premium amounts, sum assured, and policy terms.

Needs Assessment

Your CFP calculates Human Life Value, income replacement needs, and health coverage requirements based on your family size, age, liabilities, and lifestyle.

Recommendations

Receive specific recommendations — which policies to keep, which to surrender or make paid-up, and what new coverage to add. With premium impact analysis.

Regulatory Framework

FAQ

Frequently Asked Questions

Review Your Insurance

Get an unbiased insurance audit from a CFP. Find out if you are adequately protected — or paying for coverage you do not need.