New Delhi, Nov. 12 -- Some weeks ago, I took stock of my personal insurance. I had 12 policies, no less: two term plans, five health covers, two home and office policies, two motor insurance policies and a liability cover. I also have the dubious distinction of having a renewal due in every month of the year.

Keeping track of them is hard but critical. Renewing on time matters because I want to be "on risk" at all times, without any surprises. Less obviously, a break in renewal can mean losing benefits built over many years.

In term and health insurance, a lapse can lead to the insurer re-examining your health, raising the premium or declining cover altogether. In motor insurance, a break means a surveyor must physically inspect the car...