Sandip aged 32 lives with his wife Shweta, 30 and two children, Ayush, 6 and Arohi, 3.

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Question:

Sandip aged 32 lives with his wife Shweta, 30 and two children, Ayush, 6 and Arohi, 3. Sandip is a software professional and works with a leading software company as a Senior Systems Analyst. His annual gross salary is Rs. 8,00,000. Shweta is a homemaker. The family lives in a rented house but plans to buy a house shortly. His expenses per month are given below.

Expense Head	Amount (Rs.)
House Rent	6,000
School Fees	4,000
Food	5,000
Fuel, Telephone, and Conveyance	5,000
Healthcare	1,000
Entertainment	2,000

Sandip is currently covered under the group insurance scheme of his employer under which there is a life insurance cover of Rs. 5,00,000 and health insurance cover of Rs. 1,00,000. Sandip is wondering whether he requires any further life insurance and health insurance cover. Please advise him suitably.