When was the last time you checked your insurance policy?
Not the premium payment reminder, an actual review.
If your answer is “I think I bought one five years ago” or “my agent said it’s enough,” you’re not alone.
At Pratham Services, we meet many clients who have been faithfully paying premiums for years, but their insurance no longer suits their life.
Why? Because life changes. And insurance should be, too.
In this blog, we’ll explain in simple terms why reviewing your insurance every few years isn’t just smart, it’s essential for protecting your future.
What Is a Policy Review?
A policy review is a check-up for your financial protection. It looks at:
- Whether your life insurance coverage is enough
- If your health plan covers new health needs
- Whether any policies are outdated or overlapping
- If your goals, income, or family situation have changed
- Whether better or more cost-effective plans are available today
It’s not about replacing everything. It’s about making sure your protection still matches your life.
Why Your Insurance Needs May Have Changed
Here are common life changes that can make your existing policies outdated:
1. Marriage
A single person with no dependent’s might need only a small term plan. But once you get married, someone depends on your income.
2. Children
Planning for education, health, and future dreams adds new financial responsibilities. Does your current cover reflect that?
3. New Loans
Taken a home loan or car loan? Your insurance should cover these liabilities, so your family isn’t left with unpaid EMIs if something happens.
4. Income Growth
If your income has doubled in 5 years, your insurance should scale up too. A ₹25 lakh term cover may have made sense then, but now?
5. Health Changes
Developed a health condition recently? It’s crucial to check if your health cover still works for you, or if you need a top-up or critical illness rider.
6. Tax Law or Policy Changes
Government regulations have changed. Some older policies may no longer offer tax benefits or have higher charges than new plans.
The Risks of NOT Reviewing
Let’s take a real example:
A client bought a ₹30 lakh term policy in 2016 when he was single and earning ₹6L/year.
By 2024, he was married, had a child, a home loan, and was earning ₹18L/year.
The old policy didn’t even cover one year of family expenses + loan liability.
Had anything happened, the family would have been financially vulnerable, despite years of premium payments.
That’s the risk of a set-it-and-forget-it approach.
How Often Should You Review Your Policies?
We recommend a full review every 3 years, or immediately after:
- Major life events (marriage, childbirth, new home)
- Career or income jumps
- Diagnosis of a medical condition
- Any changes in tax laws or policy terms
- You feel confused or unsure about your current plans
What to Look at During a Policy Review
Here’s what we check when clients come to Pratham for a policy review:
1. Life Insurance Coverage
- Is your sum assured enough for your family’s future needs?
- Do you have a term plan (pure protection) or a bundled plan (like an endowment)?
2. Health Insurance Adequacy
- Do you have enough cover for modern hospital bills?
- Do you need a top-up or add-ons for critical illness?
3. Policy Structure
- Are you paying high premiums for low returns?
- Are your plans ULIPs, traditional plans, or term? Should you switch?
4. Beneficiary Details
- Have you updated nominees after marriage or other life changes?
5. Overlapping Policies
- Are you paying for similar benefits in multiple plans?
- Can they be consolidated or simplified?
How a Review Can Help You Save (and grow)
A client recently approached us with 5 different life insurance plans taken over 10 years. Total coverage? ₹25 lakhs.
Total premiums? ₹85,000/year.
We recommended switching to a single ₹1 crore term plan costing just ₹14,000/year—freeing up ₹70,000 annually, which he started investing in mutual funds.
Now, he’s better protected, and his wealth is growing. That’s the power of a good review.
Don’t Worry, You Don’t Have to Do It Alone
We understand that insurance paperwork can be confusing.
That’s why we make the review process at Pratham simple and supportive:
You bring your existing policies (physical or digital copies)
We do a gap analysis, check for redundancies or shortfalls
We explain everything in plain English
We suggest changes only if they truly benefit you
You decide what’s best, no pressure, no jargon
Final Thought
Your life is evolving; your protection should be too.
Insurance is not just a formality or a tax-saving tool. It’s a safety net for your family, your dreams, and your future.
So, take 30 minutes to sit with us, review what you have, and make sure it’s still working for you.
Schedule your free policy review with Pratham today.
Because old policies don’t protect new goals.