Even if your home is heated by a highly efficient boiler or furnace the desired efficiency will not be attained without proper insulation. Hot air travels every where and leaks through small gaps. To prevent the leak your whole house has to be insulated properly. It is not enough to insulate the windows, doors, top ventilation and sides of your house you have to insulate the basement area as well. If the basement is not properly insulated then you can loose up to 30% of energy. You can insulate your basement in two ways by insulating the basement walls and the second option is to insulate the basement ceilings. It depends on how you are treating your basement, as an indoor or an outdoor space. If it is treated as an outdoor space then all heating supplies are closed to the basement.
For insulating your basement ceiling you can use a fiberglass insulation that is designed appropriate for the framing parts. Call for professional help for such installations. On insulating the walls of a basement you can in fact make the space more habitable and hence can be used every day. Basement ceiling insulation is not very efficient in trapping heat as compared to wall insulation. If you want to utilize your basement area then the most ideal thing to do is to build and insulate a stud wall. You can run electrical and plumbing through the stud wall. A dry wall can cover the studs and by nicely finishing the surface you can make the area more habitable.