Unlike health insurance, life insurance has limited criteria to compare the plans of various insurance companies. Once you finalize which plan type, there are only 2 things to check – one is premium and the other is the Company’s sustainability and claim settlement ratio.
For the plan, I would suggest you go for a Term Plan with an increasing sum insured option. Don’t go for any riders or additional covers. There are better alternatives to avail those benefits.
If you wish to know the company’s sustainability, always look for the management team and why they are associated with the company. How is the company performing since the last decade? What their employees say about the company (can find at glassdoor). What is the claim settlement ratio so far?
I found that ICICI is doing really good in terms of growth and also the settlement of claims.
Premiums are also competitive at ICICI.
One more option is, always to be associated with an insurance broker. They will have a specific team to deal with the claims of their clients. They act as your representative to deal with the insurance companies right from policy issuance until the settlement of the claim. Since they deal on a daily basis, they will have the expertise that you may not.