Insurance Tips You Should Know

1. Always Compare Before You Buy

Don’t settle for the first policy you see. Use online comparison tools to evaluate features, premiums, coverage limits, claim settlement ratios, and reviews before choosing a plan.

2. Start Early to Pay Less

The younger you are, the cheaper your premiums. Starting early not only saves money but also gives you wider coverage options with minimal exclusions.

3. Don’t Hide Your Medical History

Being honest about your medical conditions ensures your claims don’t get rejected later. Always provide complete and accurate health disclosures during application.

4. Choose the Right Sum Insured

Your sum insured should cover at least 1–1.5x your annual income for life insurance and ₹5–10 lakhs for individual health plans in urban areas. Don't underinsure to save a few rupees.

5. Review Your Policies Yearly

Your life and responsibilities change — so should your coverage. Review your insurance policies every year, especially after major events like marriage, childbirth, or home purchase.

6. Understand the Exclusions

Always read the fine print. Know what’s not covered, including waiting periods, specific diseases, or exclusions on adventure sports, alcohol-related claims, etc.

7. Use Riders Wisely

Add-ons like critical illness, accidental cover, and hospital cash can enhance your base plan. But only choose riders that truly fit your lifestyle and budget.

8. Keep Your Nominee Updated

Ensure your nominee information is current. Outdated nominee details can delay claims or create legal complications for your family.

9. Cashless Hospitals > Reimbursement

Prefer insurers with a large network of cashless hospitals near you. It’s faster, less stressful, and helps you avoid large out-of-pocket payments during emergencies < reimbursement methods.

10. Don't Treat Insurance as Investment

Insurance is for protection. Keep your investments and protection separate unless you're choosing specific investment-linked products like ULIPs with long-term goals.