New Delhi, Dec. 9 -- A term insurance plan offers more than a sense of security, it creates a financial cushion that protects your family in case of your absence. With the recent goods and services tax (GST) rate overhaul making term insurance products 18% cheaper, many people focus on simply "having" a policy. Far fewer stop to assess whether their life cover is actually adequate for their family's needs.

Consider the case of Ravi, 35, and Priya, 32, a young married couple in Bengaluru, both software engineers building a life together with their child. Like many families, they had taken on financial commitments to pursue their aspirations: a Rs.35 lakh home loan and a Rs.10 lakh car loan. Life seemed on track until tragedy struck and Ra...