I want to compare different types of Life Insurance in which a series of annual premiums are paid for a specific term. At the end of policy term, which may be longer than premium paying term, a certain amount is paid back to the proposer on survival. In case of death, a death benefit is given. Different insurance companies offer different terms which cannot be compared easily.
I would like to know what is the best way to compare such proposal.
An alternative that comes to my mind is computing PV of all payments and all receipts and finding the true cost of insurance. Is this the correct way or can a more scientific way of comparing such proposals be worked out ?