Should I buy a life insurance policy even if my employer has insured me in a group scheme?
Harshini Upadhyaya, Pune
Usually the amount of insurance cover provided by the employers is guided by the terms of employment and not by the employee’s insurance requirement. Which is why, more often than not, there is a mismatch between the employee’s insurance requirement and the employer’s offer. First assess your life insurance requirement, and then check if the cover under the group policy is adequate. If it falls short of your requirement, top it up with an extra cover. Do keep in mind that if your company is trying to cut costs or if you quit, you may no longer be covered. For that reason alone, it is prudent to buy an individual life insurance policy.
