Policy comparison framework
Insurance Policy Comparison Checklist
Compare products feature-by-feature without turning the comparison into a universal “best policy” ranking.
What to compare before buying
| Area | What to inspect | Why it matters |
|---|---|---|
| Coverage | Sum insured / death benefit, policy term, covered people | Defines the basic protection layer. |
| Waiting periods | Initial waiting period, disease-specific waiting period, pre-existing conditions | Can change when a claim is actually payable. |
| Limits | Room limits, sub-limits, deductibles, co-payments | A headline cover number can overstate practical protection. |
| Exclusions | Permanent exclusions and conditional exclusions | Important to understand what is outside the contract. |
| Continuity | Renewal terms, portability / migration provisions where applicable | Long-term protection depends on continuity. |
| Claims | Claim process, documentation, insurer contact points | Useful when a household is under stress. |
| Cost | Premium, deductible / co-pay impact, taxes and renewal affordability | A policy is only useful if the household can maintain it. |
| Documents | Policy wording and Customer Information Sheet | Use the contract, not only the advertisement, as the source of truth. |
Regulatory context
IRDAI regulates insurance business in India. Its 2024 Insurance Products Regulations and the 2024 health-insurance master circular form important parts of the current framework for products and policyholder servicing.
Do not compare policies only on premium or on a single headline metric. The same cover amount can behave differently because of contract terms and limits.
Sources: IRDAI Insurance Products Regulations, 2024 · IRDAI Health Department · Reviewed 20 September 2026.