Let’s get the concept of insurance first. Insurance is a contract of good faith between you and the insurance company. Both you and the company have responsibilities.
Of course there are service issues, claim repudiation data, etc. But the service issues are not quantified as yet. And the claim repudiation data is not conclusive enough to say that this company is better than the other company.
While LIC has better claim settlement ratio, they also charge the highest premium for the same sum assured in comparison of private offerings.
But you do not have to worry about claim settlement ratio, if you are not hiding any fact related to your lifestyle (like smoking, drinking, nature of your job, etc.) and go through to proper medical check-up (which you have to go on opting term insurance), you can opt any term insurance as per your requirement.
As showing all fact might increase your premium amount. Some people hide or misrepresent the fact to keep low premium, which lead to delayed or no payment on claims.
So if you have no hidden agenda in going for a term insurance plan, the cheapest plan gets my vote. Because the registered insurance companies in India will not cheat you, in my opinion.
So, my simple answer for going for a term insurance policy is to go for the cheapest one.
In any case, comparison between policies are very difficult. What’s more important is whether you have taken that term policy instead of just having intellectual discussions about it?
Taking action is always better than just discussing options. Have you got yourself covered?