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Firstly do NOT ask for any rebate since it is illegal and will also disentitle you from any subsequent claim in the future. Make a list of your possessions, which genuinely need insurance. It does not make sense to insure your old antiquated and decrepit television since the premium would probably outweigh the sum assured. Nor does it make sense to insure your credit card since you might pass away while still holding a debit balance. The only beneficiaries from the latter would be the bankers or the lenders. All over the world, credit card losses arising from deceased cardholders are written off. So never mind.

Most importantly, you must remember to cover all critical risks. Can you name the single most seemingly unnecessary but nevertheless the one that possesses invaluable importance type of insurance without thinking twice? The answer is Disability Insurance.

Most of us insure our lives, effectively ensuring that we will be able to provide income for our families in the event of our untimely death since we believe that we are doing something reasonable to prevent any undue financial burden from affecting the lives of our loved ones. Yet, most of us never insure a part of us that is much more important.

Not only can a disabled person not work but he or she has to undergo extensive medical regimes while still incurring the daily costs of living. And health insurance is not enough to circumvent the perils associated with permanent disability. A recent study conducted abroad found that although 96 percent of seriously ill people had medical insurance over a third of them lost everything that they owned and maintained owing to their disability.

After all, a disabled person still needs to eat and drink like the rest of normal human society. Given the fact that he or she is disabled now requires extra care from the family or paid professional help that eventually uses up the funds much beyond what they might have earned. People may be put off by the price of disability insurance but the only reason why the policy premiums are higher is because there is a much greater chance of you actually needing the policy.

Most of the Indian insurance policies have an in-built disability clause. So the next time any agent tries to sell you a life insurance policy, do inquire more about the disability clauses.

Also, check out the definition of 'disabled' in the policy that the agent offers since you must be insured for your chosen occupation. At times, a disability may stop you from working at your current job but still lets you perform other activities. Do verify if there is coverage offered for partial disability since it could be the moot point between over-taxing yourself and worsening your condition and being able to achieve the needful by performing whatever amount of work seems prudent.

Also, look for a policy that holds a guarantee and is non-cancelable. Guaranteed policies are policies where the payment stays fixed. Non-cancelable policies stay in effect regardless of whatever that might happen and as long as the premium is paid from time to time.

Finally, the last option to map is to calculate how much actual cover you may be having currently or might need in the times to come. An insurance cover of Rs.1 lakh may have been adequate when you started working and earned Rs.3000 per month. But it sure will be insufficient now that you have risen up in the world and your salary has risen to over Rs.20000/- month.

Keep your interests in mind while choosing the insurance policy and you will never regret it. After all, in the materialistically inclined times where we subsist, self-centredness is the only truly justifiable prerogative in life