Each life insurance company has something different to offer based on your requirement. Because of stiff competition life insurance companies are trying hard to innovate products in their portfolio. The ultimate beneficiary of this competition is obviously 'YOU' the consumer, with more choices along with lower prices on offer.

Before we get into the benefit of comparing life insurance products, It is important that first you decide what kind of insurance requirement you have and which life insurance product best suits your requirement.

Once you have decided about your requirement and the life insurance product you want to buy, things become very clear.Let's assume that for this particular illustration that your age is 30 years and your have decided to take a pure life insurance cover without any profit/residual value such as a term insurance policy.

We are taking term insurance policy for our calculation because it is the most preferred form of life insurance across the world and also the most simplest to understand. One more reason is that the term insurance policies offered by insurance companies are more or less similar in structure. We are trying to find out how much you can save by comparing the prices offered by life insurance companies in India , It's a very simple calculation but sometimes we ignore the smallest and important peace of information in life.

Assuming your age to be 30 years and your want to buy a term insurance cover of Rs. 25 lacs and the life insurance cover is for 25 years (Payable Annually)

Now each insurance company will have a different price for the above mentioned requirement. The price for a 30 year male with Rs.25 lacs cover with a term of 25 years will vary from Rs.7000 to Rs.12500

How do you know which of the life insurance company is offering the lowest price :