Original article is published in Money9.com

By Mr. Subhasish Acharya, Chief Distribution Officer, Future Generali India Life Insurance Co. Ltd

The Covid-19 pandemic took the world by storm in 2020 coming as it did a century after the Spanish flu of 1918. If one goes through history 5000+ years of chronicled history, one realizes that this is just one of many pandemics and will perhaps not be the last. The pandemic brought to the fore the need to plan ones’ finances and build a secure future. With 2022 just around the corner, it is time for one to understand not only personal finance but also plan.

Listed below are the necessary insurance covers you should opt for in 2022:

1.Life & Health Insurance – The need of the hour

The escalating costs for treating COVID19 and complications from “Long COVID” brought home the point that personal Health insurance was essential apart from what is provided for by employers. The pandemic has brought a major shift in the perception of many customers when it came to life insurance. For some, it was a wake-up call, where they realized the importance of having adequate life insurance in place.

Ensuring financial security for the family is the top priority when it comes to financial planning. Investment in a life insurance plan should be made towards ensuring adequate coverage for the family i.e., an amount that would help the family recover and maintain financial stability in the absence of the breadwinner. While rules of thumb such as 20 times the annual income exist, it is always a good idea to consult the Life Insurance advisor or financial planner to decide on the right number.

This pandemic has also pushed the young to consider life insurance & financial planning positively as the uncertainty of life and livelihood has taken centerstage. It is no longer something that is perceived to be only the preserve of the 40+ and elderly.

2.Home insurance shouldn’t be left far behind

Financial protection of assets especially your homes is one of the most important aspects of a financial plan. Many go through lots of research and take loans to finance their dream home, yet there are so many people who forget to secure and protect this very important investment of their life.One must opt for property (both structure & contents) insurance as a protective measure for themselves from sudden unforeseen losses in case of any natural calamity or otherwise. Such covers are reasonably priced and should be in place.

3.Income insurance to lead a smooth life

Income from a job, business, or any other source can provide you with financial protection and stability from various liabilities. Ensuring that our income is protected always helps in being prepared for any unforeseen circumstances and safeguards our loved ones against all unfavorable situations. Further having an income protection insurance plan offers immediate payouts to settle any outstanding debts.

4.Vehicle Insurance – another crucial insurance

With the resumption of normalcy, people have started taking their vehicles on road. It is important to look after our vehicles even when used sparingly. A comprehensive policy covering own damage & third-party insurance is recommended.


People often dodge insurance or consider them to be an additional expense to their financial planning. They often don’t realize that insurance is meant to protect you and your finances in troubled times. Think of insurance as that umbrella which may be bothersome to carry when the weather is good but is sorely missed when it rains. Never leave home without it.