1. Term Insurance
Keep the highest possible term
Keep the maturity age as long as possible
Talk to 4-5 insurers or visit their websites to get premium rates
Choose the plan that has the lowest premium at your parameters
Undergo medical tests, if required
Keep the nominees informed
Pay premiums every year
2. Health Insurance
Buy floater plan to cover entire family
Opt for a cashless plan, keep cashless mediclaim cards at hand
Ask insurers for premium rates to find the cheapest policy
Keep an eye on exclusions and inclusions in the policy
Undergo medical tests, if required
Buy health insurance even if you have one from your employer
3. Accident Insurance
Choose your preferred insurer as premiums are the same across insurers
Provide income and profession details to the insurer
Insurer determines your risk category
Pay the premium based on risk category
Opt for comprehensive cover to include disability
Receive certificate and check its terms and conditions
4. Motor Insurance
Talk directly with insurers or brokers while comparing premiums
Negotiate on discounts
Check if there is deletion of any clause or benefit
Opt for co-payment/deductible to lower premium outgo
Make sure benefit of no-claim bonus is added, if available
Receive the original policy certificate/cover note
5. Home Insurance
Choose your preferred insurer
Compile a list of belongings
Keep handy the purchase bills of high value items
Segregate items according to perils
Opt for personal accident cover or other add-ons
Receive the policy certificate
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