Term Insurance -Too much analysis has led to paralysis

This still is double of private insurers. :(
Do this:

LIC - 50%
Private Player - rest 50% or whatever ratio suits you.
Basically split your insurance cover to reduce the cost.

You can also ladder it like this

Now (if liablities are less now)- e.g. no home loan, check your current need.

After 5 yrs - add more term insurance only if required. depending on needs and your financial assets.
I would like to suggest you before buying term insurance , check the points like calculate premium, term and condition,benefits and compare with other term plans.You can do that online. BankBazaar.com is providing all these facilities.

Hope it will help you