Table 2.

Definition of the criteria.

Criteria	Denoted by	Description
Redistribution	Rd	Describe the function of a policy to redistribute the income into different age groups, income groups, generations etc.
Market Failure	MF	Reducing the information asymmetry and moral hazard problem
Cost	Co	Cost of a policy is low or high with reference to its benefits
Risk Aversion	RA	Defined as the human tendency to reduce a particular risk when exposed to that risk.
Consumption Smoothing Behavior	CS	Policy can smooth the consumption of individuals in different states of nature.
Social Influence	SI	Policies are being promoted by the individuals who already have it to those who do not.
Externalities	Ext	An insurance policy is influenced by the number of policyholders in the same program.
Benefits	Bn	Number of benefits provided in a given policy with respect to the cost of the policy