Sufficient term Cover for self and other earning members in the family.
Personal Accident policy cover with disability benefits.
Health & Critical Illness Insurance Plan for self, family and parents.
Cover for Property, house hold valuables including gold jewellery.
Have a PPF account for all members in the family including minor children.
Have savings and investment accounts for children and be their mentor – inculcate the habit of savings from an young age.
Have a plan in place for meeting financial goals like emergency funds, short term requirements, children education / marriage, your retirement, etc.
Ensure that nominations are updated in all your financial investments.
Make sure that your spouse / next kith and kin are apprised of all your financial records, investments and insurance including bank accounts, deposits, property, retirement accounts, employee benefits, nominations, will, loans, etc. This will ensure that transmission process happens with least hurdles whenever it happens.
Have a proper WILL in place. After all, whatever your wealth and assets, you want to ensure the end use, right?