2. Buying A Smaller Cover: There are tough times for anyone buying insurance with high cover as premium outpace inflation and the choice of the insurer shrinks. Buy a cheaper solution for a basic protection cover. You can add a super top up health plan to it later.

When you buy a 10 lakh indemnity plan, it will cost you around 12000 per year. Instead of buying such plans you can opt for the cheaper competence by combining indemnity cover of 5 lakh with super top up of 5 lakh. This combination will cost just 6,500 to 7,000.

3. Plan A Separate Cover For Older Member: It’s always better to choose a separate cover for your parents and you family. If you choose a family coverge of around 13,000 and include your parents to this premium, it will cost you more that is around 46,000.

Instead of this, if you choose a separate cover for senior citizens then it will just cost 30,000. Now, your total cover after combining your family coverage with senior citizen plan will cost 43,000. This will not only help you to save 3000 but also you will be offered with extra benefits related to senior citizen coverage.

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