Build an emergency fund:

• Build an emergency fund equivalent to 6-8 months of expenses. This helps protect your investment portfolio in case of unforeseen events.
• A case in point: XYZ lost his job during COVID-19 and in order to survive,  he redeemed his investment portfolio when Sensex was at 30000 as against today's value of more than 60000.

Get a health insurance:

• Get an adequate amount of health insurance for your entire family. This protects your portfolio from unforeseen medical regio bills. 
• Cost of medical bills in India increases very rapidly and can be 3-4x in next 15 years.
• Don't just depend on corporate insurance given by your employer. Complement it with an additional health cover.

Get a life insurance:

• Get an adequate amount of term life insurance if you have dependents.
• Do not buy endowment or other type of life insurance policies. Most of non-term plans are crap.

Get a critical illness insurance:

• This policy pays a lumpsum on diagnosis of critical illness diseases like cancer, heart attack, kidney failure etc.
• Critical illness diseases have high treatment costs and can be a big financial burden.
• This policy can compliment your health insurance policy.

DISCLAIMER: This blog is solely for educational purposes and not to offer any investment advice. Please do your own research or consult a financial advisor before making any investment decisions.