Become an LIC Agent.

Life insurance is one of those decisions people often make in a hurry, usually because someone asked them to. Slowing down for a week to check these five things can save you from a policy that doesn't actually match your needs.

1. How much cover do you really need? A common rule of thumb is 10–15 times your annual income, adjusted for loans and dependents — but your number may be different.

2. Term vs. endowment. Term plans give the highest cover for the lowest premium but pay out only on death. Endowment plans cost more but return money if you outlive the term. Most people benefit from a mix of both.

3. The premium-paying term. Shorter paying terms mean higher premiums now but the policy is paid off sooner — worth planning around your expected income years.

4. Riders that actually matter to you. Critical illness and accidental death riders are worth considering, but only add what you'll realistically use.

5. Who's going to help you later? Claims, renewals, and updates are far easier with an advisor you can actually call — which is worth more than people expect at the time of buying.

Most people either under-insure because the premium looks cheaper, or over-insure because a bigger number feels safer. Neither is really a plan — here's a simple way to think about it.

Start by adding up what your family would need if your income stopped tomorrow: outstanding loans, your children's education costs, and enough to replace 8–10 years of your income. That total, minus any savings and existing cover, is roughly the gap a new policy needs to fill.

It's worth revisiting this number every few years — a new loan, a new child, or a salary change can shift it considerably. I usually recommend a quick review at each policy renewal.

Every month I meet a few people — working professionals, homemakers, recent graduates — who are looking for extra income but assume becoming an insurance agent means quitting their day job or investing money they don't have. Neither is true.

The total cost to get started is under a thousand rupees in registration, training, and exam fees. After roughly 25 hours of training and an online exam, you're licensed by IRDA and can start working around your existing schedule.

What actually determines your income is consistency, not luck — agents who set aside even a few hours a week to meet people tend to build a steady base of renewal commission within the first couple of years, which then keeps paying out long after the first sale.