Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. The most efficient way to do that is through a term insurance policy. You pay only for insurance and after the policy term ends, you don’t get any money back. But on death during the policy term, it pays a huge corpus to the nominees.
Look at the premium (cost of the plan) and the claims settlement record of the insurer.
We list premium rates for some policies of a sum assured of ₹ 1 crore across three age categories for policy terms of 30, 25 and 20 years. The claims settlement rate is measured by the value of the policies as a lower settlement rate is indicative of high ticket-size policies being rejected.