This paper evaluates the factors considered for the selection of a Life Insurance Company by individuals. Life Insurance is an important part of one’s life, which gives security to the family of that individual future security in the absence of that individual. Many people take a policy on the recommendation of friends or family members, which can prove wrong as that individual doesn’t consider the important factors related to the policy, its terms and conditions, etc. So, it is important to consider the factors related to a life insurance company, like the Claim Settlement Ratio of the company, Solvency Margins, Reputation, etc. Therefore, this paper evaluates the behaviour of consumers while selecting a company by way of a survey with a structured questionnaire where people are asked about their choices about a company. The research focuses more on the salaried people, who were the samples for this survey, as they are primarily responsible for protection themselves and their families. The main objective of this research is to check the knowledge of people about different terms associated with life insurance, as well as the importance of these terms, while selecting a life Insurance Company.