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Instead of going for a Life Insurance policy, go for a good Health Insurance policy and Term insurance policy (if you are the sole earner).

Now coming to these policies, you have to check many parameters of which I am listing a few important ones:

1. Claim Settlement Ratio - This ratio tells you how many claims the service provider is actually settling and not rejecting. Nowadays most of the important service providers have this ratio around 97-98%

2. Amount Settlement Ratio- This is more important than settlement of no of claims. Suppose a company receives 100 claims out of which they settled 98 so Claim Settlement Ratio will be 98 but it may happen that the company rejected two claims with higher amounts. So such kind of issue is clear by this ratio.

3. Premium Amount

4. Network Hospital

5. Cashless and Co-Pay percentage

As per my research ( 6 months ago), I found that Star Health and HDFC are really good for Health Insurance policies.

Tata AIA and HDFC are best for Term Insurance policies.

Don't go for them blindly, check the details from your end as well and then decide a suitable plan for you.

Life Insurance and Endowment plans are not beneficial enough as you will not get much benefits. For Health and Term, rely on the amount which the Service provider will provide for health and in terms of death. Life Insurance and Endowment plans are neither fully investment plans nor health or term plans. Instead of Life Insurance, deposit amount in ppf to get stable maximum return and claim in 80C.

helpfullikesmart

Thanks a lot. Very detailed answer.

Tata AIA maha raksha supreme is a good one. Also check out Tech Term by LIC (Online only)

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