New Year Insurance Resolutions

Every January arrives with good intentions. Gym memberships spike, diets begin, financial goals are set. But one resolution that rarely appears on the list — and arguably delivers the highest return — is getting your insurance genuinely in order. Unlike a diet, it does not require daily discipline; it requires a few focused hours once a year and a set of specific, actionable commitments.

Resolution 1: Know What You Own

Before you can improve your coverage, you need to know what you have. In January, spend one hour pulling together every active policy — health, life, motor, home, travel — and recording the insurer name, policy number, sum insured, and renewal date in a single place (a shared family spreadsheet works well). The discovery alone often reveals a lapsed policy or a forgotten add-on.

Resolution 2: Increase Your Health Sum Insured

Healthcare inflation in India runs at 12–15% annually by most industry estimates. A family floater that felt adequate three years ago is almost certainly short now. January — when most health policies are available without lengthy underwriting delays — is an ideal time to port to a higher sum insured or add a super top-up. Target at least ₹10–15 lakh base cover per adult, or a combination of base + super top-up that reaches that level.

Resolution 3: Buy or Review Term Insurance

If you have dependants and no term cover, this is the year-opening resolution that matters most. A term plan bought at age 30 for a ₹1 crore sum assured typically costs ₹8,000–14,000 per year — less than a single restaurant dinner per month. If you already have a term plan, check whether the cover still equals 10–15× your current annual income after salary growth.

Resolution 4: Set Renewal Reminders for Every Policy

Policy lapses overwhelmingly happen because no one noticed the date. Add renewal reminders to your phone calendar at 45 days and 15 days before expiry for every policy. This one habit prevents the most common and avoidable insurance problem: the claim that arrives on a lapsed policy.

Resolution 5: Review Motor Policy Add-Ons

At each motor renewal, the add-on menu is worth spending five minutes on. Zero-depreciation, engine protection, and roadside assistance are the three most consistently valuable. If your vehicle is more than five years old, calculate whether comprehensive cover still makes sense relative to its IDV — the annual premium should generally not exceed 8–10% of the IDV for the maths to hold.

Resolution 6: File an 80D Declaration

In January, the investment declaration season for salaried employees typically opens. Submit proof of health insurance premiums for Section 80D deduction to your employer's payroll portal. A family floater premium of ₹15,000–25,000 per year translates to a meaningful tax saving depending on your bracket — do not let it slip by unsubmitted.

Conclusion

These six resolutions are not aspirational — they are practical actions with a defined end point. Tick them off one by one over the first fortnight of January and you will begin the year genuinely better protected than you ended the last. For expert help comparing and upgrading any of these policies, advisors on TruePolicy are ready to walk you through the options.