Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Which types of insurances do I need to buy?
Evaluate if the Rs 5 million term insurance is sufficient. Typically the term insurance provided by employer is in the range of 1 to 3 times the gross. Generally one should be covered in the range of 5 to 10 times the Gross. The sooner you start the lesser the premium and you can get insured for a large amount for a long duration at very nominal rate.  NOTE:  You can also buy a health insurance for your father, note these typically come at high cost, generally if over 70 years of age, 25% is the premium amount and 25% as co-pay. So if your dad doesn't fall ill once in 3 years, its a loss making proposition. Edit: Accident insurance best take is along with rider on term plan. Additional Health insurance is a good idea and helps if you are in between jobs. Plus the new company health insurance can reject a particular treatment as "Pre-Existing". i.e. certain illness [in certain plans] require one to have coverage for 3 years before the claim for it can be covered.