1) Insurance:
In plain vanilla terms, it means that if you {earning member} die, what protection will your family have? Keep in mind that loose cash and negotiable instruments will be needed to meet emergency cash needs, major capital expenditure as well as to soften the impact of Inflation. Since you will not be there, the savings will stop growing- and your family will be dependent on those. What about a monthly regular assured income?
Each policy comes with a SUM ASSURED / DEATH BENEFIT {if it is has death benefit. We are talking about insurance plans, or with death-benefit pension plans}. Tot up the sum total of all your policies. Some plans give the added benefit of Sum Assured + Death Benefit. In such cases, take SA+DB
If you die, that is the sum your family gets. In the case of your death, that can then be invested in various monthly schemes to give an annuity. Calculate it @ 7.5 - 8% on the total benefit your family receives. If it is equals your current as well as expected monthly Household expense levels, then you are adequately insured. I include expected since expenses will rise with time due to education, medical expenses as well as inflation

2) Health Plans:
There are 2 categories: one is the simple plans that cater to normal illnesses, and then there are special plans. In the first category,  you will have options that re-imburse your small hospitalisation expenses that might happen in normal life.
In the special categories, you have firstly plans that cater to specific illnesses that have the potential to wipe out your entire bank balance, like Heart Attacks, strokes etc. Secondly, you have plans for diabetics
There are also plans that bridge these two - they offer simple hospitalisation as well as a high SA option, which means all types of illnesses are covered. That is the best option if you dont have any cover for yourself
NOTE: While choosing a health plan, make it a point to check on the claim process and the documentation required for claims. You might find yourself in a situation of spending from your own pocket despite having health insurance otherwise. This is so because in some cases the claim procedure is very detailed in terms of number of beds, type of hospital etc etc. In general, the simpler the procedure, the better. While you may end up paying a bit more in premiums, in the long run it is worth it
As a general rule, the earlier you take a plan, the lesser the premium. So go in for one as early in your career as possible.
Even if you are covered under an orgnisational plan, have a backup personal plan. Reason: you could be in trouble when you change jobs. For example, you join Co. A as a completely healthy person, and leave with a history of Heart Attack. You then join Co. B: BUT the Co. B's insurance scheme will not apply to your Heart Condition. All expenses arising out of your Heart-related ailments will hav to be borne by you! Reason: No insurance plan covers existing illnesses, as insurance is for the probability of illness and not for the certainty of illness!