Analyze before buying Insurance

My accounts department dropped a bombshell one day. I was informed I would receive virtually no salary for the next two months if I didn't submit proof of having invested in tax-saving instruments.I rushed to call my insurance agent, demanding any policy with a 10,000-rupee premium. That was the sum I needed. My only condition was, the receipt should reach me in a couple of days.Cut to: 20 years later. I get a princely sum of Rs 60,000 from the insurance company. I am astounded. Was this supposed to help me retire? I calculate quickly. I paid Rs 2 lakh-plus (Rs 200,000), over the last two decades. What had happened to it?I realise I had opted for a money-back scheme, which gave me Rs 50,000 every five years. How and where, I wonder, did I use those funds that were earmarked for my retirement? I have landed myself in a soup. I could have opted for a higher cover with the same premium if only I had thought for a minute about the future rather than my next pay packet.
I can't change the past. I can only hope you learn from my mistake. This is what you should know.
1. Insurance is an absolute must. Don't delay that cover. Make sure it is adequate.2. Use insurance to save tax, but choose an amount and policy based on your future worth (sum of future earnings till you retire). Better still, choose one based on the amount your family needs to maintain its lifestyle after you.3. The riders in the insurance policies are worth considering. Make sure the critical illness rider figures in yours. It covers a few major illnesses such as cancer, heart disease and stroke, and takes care of the loss of income due to these illnesses.4. Don't neglect these riders just because the company you work for covers them already. Consider this: if you were skydiving, would you prefer to use a parachute you owned, or one you could rent out at a cheap price?What would happen if you quit your job and took a holiday before looking for a new assignment? Imagine handing over the rented parachute midair and hunting for a new one!5. Get financially savvy. Visit your financial doctor for a health checkup regularly and stay healthy. Regular checkups prevent unpleasant surprises.6. Life is not constant. Why should your cover be? Update, revisit and revise your insurance policies at every significant milestone in your life.Back to my situation. It is hopeless. But who can I blame? I was as guilty as my insurance agent. Luckily for me, my rich aunt passed away at the ripe old age of 78, leaving me a small fortune!Unless you have been really good to those grumpy relatives of yours, take my advice. Buy insurance. It is a more pleasant alternative!