Mr. Gerard Colaco: Property insurance too is not compulsory. If you have no meaningful property, you do not need property insurance.
A number of youngsters today, well qualified, landing jobs in India at a salary of approximately Rs 3 lakhs per annum. They may be working well away from their hometowns. Most reasonably good Indian companies provide them with comfortable accommodation. Such individuals have virtually no property and mostly live out of a suitcase. This is a classic case of not needing property insurance. Of course if they own a vehicle, insurance of that vehicle is compulsory under the motor vehicle laws.