I am not going to help you decide an Insurance Provider - with so many in the market the task is already difficult.
My focus here is to inform and advice people on what insurance is and what kind of schemes they should go for .specifically for Life Insurance(LI)
Life Insurance
’Insurance is a guarantee that a specific sum of money will be paid to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age’
Ask yourself the question - Why you need Life Insurance?
Generally one needs LI to safe gaurd ones family in case of any dire circumstances. You would want that irrespective of what may come your family should be comfortably off.
Now What does it take for your family to be comfortably off? How much amount?
Put a value considering your living expenses, childrens education, Holiday, Entertainment, Health care(Again here I recommend go for an medical insurance plan to avoid major expenses - this will also fix the medical expenses).
Cumulate all such expenses into the future years till you feel your family will not heavily depend on you or you would have enough savings to take care of them. Other way is that analyse such costs on a per annum basis and plan on a per annum basis. Do not forget to adjust for inflation .
Once you have a real estimate, then its time to evaluate what investments you have already made. Yeah these investments will in future cover some of your needs and to that extent your LI amount can be reduced(Not recommended though)
Now that the excercise is complete - Decide whether you want any returns from your Life Insurance premium investments or need just a plain insurance.
I have seen plenty of policies offering money back or guaranteed minimum return or unit linked schemes - NO ONE OFFERS A GUARANTEED RETURN. Any returns offered are on the basis of simple interest, hardly any schemes offering compound interest.
If you calculate the IRR(Internal rate of return) all of these schemes will show poor
results. So question yourself WHY YOU WANT A RETURN FROM AN INSURANCE PLAN?
You make investments regularly for your future so why expect returns from LI and for wanting these returns you pay a high premium. Try a non-return plain LI plan and see the difference in the premium. That difference if invested prudently can fetch a better ROI.
Plus in a plain LI scheme you pay less premium for a bigger coverage(for ex. if your 30 years old you might pay appx. 4500 for a 20 Lacs coverage). Also you can discontinue the scheme anytime you want to or reduced the sum insured .
Once you have decided on the scheme then next is find out for that amount what is the premium required for you to pay to the Insurance company OVER A PERIOD OF YEARS WHICH WILL BE AGAIN DECIDED BY YOU.
MOST OF THE PEOPLE START THE REVERSE WAY ie. for this much premium what can I get in the market? - A WRONG WAY TO START
So before you jump into any LI plan, Question yourself and decide prudently but go for Insurance.