Buying insurance can feel confusing because two policies in the same category may have different limits, exclusions and claim rules. Use this checklist to compare the actual policy documents before you decide. This is general information, not personal financial advice or a recommendation to buy a particular policy.
1. Start with the risk you need to cover
Write down what you want the policy to do: help with eligible medical costs, protect dependants if an earning member dies, meet motor insurance requirements, or protect a home or business asset. A policy’s name alone does not tell you whether it fits your situation.
2. Compare like with like
Compare policies for the same type of cover, insured people or assets, cover amount and policy term. Check the premium together with the benefits and conditions. A lower premium by itself does not show which option is suitable.
3. Read the limits and exclusions
Look for deductibles, co-payments, room or treatment limits, waiting periods, exclusions, claim conditions and any add-on requirements. For motor or property cover, check what is covered, what is excluded, the excess/deductible and the steps and deadlines for a claim. These terms vary by policy; confirm them in the current wording and schedule.
4. Check the insurer and service arrangements
For health cover, check whether the hospitals you may use are in the insurer’s current network and understand how cashless and reimbursement claims work. For motor cover, check the repair and claim process. Confirm service contacts and complaint routes directly with the insurer.
5. Give complete and accurate information
Answer proposal questions honestly, including relevant health, previous policy, claims, vehicle or property details. Keep a copy of your answers and the documents submitted. If something is unclear, ask the insurer or its authorised representative to explain it in writing before you pay.
6. Verify who is offering the policy
Check the insurer and intermediary using IRDAI’s official information. Ask for the intermediary’s name and registration or authorisation details. Pay only through the insurer’s official payment channel and keep the receipt; do not share an OTP, PIN or password with an agent.
7. Read the documents before and after purchase
Review the benefit summary, proposal form, policy schedule and full wording. Confirm names, dates, cover amount, nominee where relevant, exclusions and contact details. After purchase, save the policy and note renewal dates. Check the applicable free-look, cancellation and renewal terms in the policy and current rules.
8. Know where to raise a complaint
Start with the insurer’s Grievance Redressal Officer and keep the written complaint and acknowledgement. If the issue remains unresolved or you are dissatisfied, IRDAI’s Bima Bharosa portal explains how to register and track a complaint. IRDAI’s policyholder resources and policyholder handbooks provide official information; check current details on IRDAI before acting.
Quick checklist before you pay
- I know the risk and people/assets covered.
- I compared the same cover, term and limits.
- I checked exclusions, waiting periods, deductibles or co-payments, and claim steps.
- I gave accurate information and kept a copy.
- I verified the insurer and the person or intermediary offering it.
- I read the policy documents and understand how to complain if needed.
Important: APICSTOCK is sharing general educational information on this page. It does not sell, recommend, compare or arrange insurance policies, and it does not collect insurance quote requests here. Confirm current policy terms and regulatory details with the insurer and IRDAI.