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Term Life Insurance in Punjab 2024

Punjab, also known as the Land of Five Rivers, is situated in the western part of India. Known for being an agricultural state, Punjab is also famous for Shri Harmandir Sahib, also called the Golden Temple, which is one of the most renowned and holy Sikh pilgrimages in the world. 

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However, Punjab also faces several challenges each year, which include fluctuating crop yields affecting farmers, pollution from industries, unemployment, poverty, and issues with drug abuse. Therefore, you must secure your loved ones in such situations so that financial problems do not affect their future. Term Insurance is one of the ways to financially protect your family, who live in Punjab, from life’s uncertainties. Let’s understand in detail about term insurance in Punjab and the term plans that you can compare and buy to protect your loved ones. 

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Term Plans

₹1
Crore

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₹50
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₹75
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@ Starting from ₹ 12/day+

Data from Punjab Highlighting the Importance of Term Insurance

Here are some facts and statistics about Punjab that you must know to buy term plan:

01
Sex Ratio:

The sex ratio in Punjab is 895, meaning there are 895 females for every 1000 males. This figure is lower than the national average of 940, according to the latest census. In 2001, the sex ratio in Punjab was 876 females per 1000 males.

02
Life Expectancy:

The life expectancy of Punjab at birth has risen from 69.3 years (2006-10) to 72.7 years (2014-18), surpassing the national average of 69.4 years.

03
Literacy Rate:

The literacy rate in Punjab has been increasing and currently stands at 75.84 percent according to the latest population census. Among males, the literacy rate is 80.44 percent, while among females, it is 70.73 percent.

04
Estimated Population:

According to the 2011 census, Punjab’s estimated population was 3.17 Crores. *The last census in Punjab was held in 2011, and the next one, scheduled for 2021, has been postponed until 2024

05
Road Accidents:

In 2022, Punjab recorded 6,122 road accidents, resulting in 4,688 deaths and 3,372 injuries. The previous year saw 6,097 accidents, causing 4,516 deaths and 3,034 injuries. In Haryana, there were 10,049 road accidents in 2021, with a slight increase to 10,654 in 2022.

06
Cancer Cases:

In Punjab, the number of cancer cases increased from 39,521 in 2021 to 42,288 in 2024, showing a 7% rise, according to data from the Indian Council of Medical Research – National Cancer Registry Programme (ICMR-NCRP).

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Term Life Insurance Quotes in Punjab 2024

Known as the ‘Wheat Bowl of India’, Punjab faces many challenges, such as unstable crop yields, which directly impact the livelihoods of its agriculture-based communities. Additionally, the state contends with environmental concerns occuring due to industrial pollution, thereby, causing health risks for its residents. Moreover, unemployment and poverty persist as pressing socio-economic issues. Hence, it is important that you financially protect your loved ones and buy the term insurance plan.

You can find the term insurance plans in Punjab online, with the help of Policybazaar's website. Here, you can compare term plans from 20+ insurers of India. Simply use their online comparison tool to find the plan to protect your family in Punjab.

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Compare 40+ plans from 15 Insurers

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Life Insurance Company Term Insurance Plan Claim Settled Amount (cr) Entry Age Sum Assured Additional Benefits
Aditya Birla Sun Life Insurance Company Limited ABSLI Salaried Term Plan 458 21 to 55 years Rs. 50 Lakhs to Rs. 5 Crores
  • Exclusively designed for salaried individuals
  • Accelerated Critical Illness
  • Tax Benefits
Aviva Life Insurance Company India Limited Aviva Signature 3D Term Plan 98 18 to 65 years Rs. 5 Lakhs to no limit
  • Financial protection for family
  • Enhance cover with riders
  • Tax benefits
Bajaj Allianz Life Insurance Company Limited Bajaj Allianz eTouch 603 18 to 55 years Rs. 50 Lakhs to Rs. 10 Crores
  • Terminal Illness
  • Waiver of Premium
  • Early exit benefit
Bandhan Life Insurance Company Limited Bandhan Life iTerm Prime 86 18 to 65 years Rs. 25 Lakhs to Rs. 20 Crores
  • Special Exit Value
  • AD Rider
  • CI Care Rider
Bharti Axa Life Insurance Company Limited Flexi Term Pro 148 18 to 65 years Rs. 25 Lakhs to no limit
  • Choose from 2 cover options
  • Get single or joint cover
  • Life stage benefits
Canara HSBC Life Insurance Company Limited Canara Young Term Plan 186 18 to 45 years Rs. 25 Lakhs to Rs. 20 Crores
  • Block Your Premium
  • Special Exit Value
  • Child Care Benefit
Edelweiss Life Insurance Company Limited Edelweiss Life Zindagi Plus 59 18 to 65 years Rs. 25 Lakhs - no limit
  • Option to cover spouse as well
  • Increase cover yearly
  • Post-hospitalisation benefits offered
Future Generali India Life Insurance Company Limited Future Generali India Term Insurance Plan 33 18 to 60 years Rs. 50 Lakhs to no limit
  • Financial protection for family
  • Tax benefits
  • Enhance cover with riders
HDFC Life Insurance Company Limited HDFC Click 2 Protect Super 1,389 18 to 65 years Rs. 50 Lakhs to Rs. 20 Crores
  • Terminal illness Benefit
  • Waiver of Premium on Critical Illness and Total and Permanent Disability
  • Return of Premium option
ICICI Prudential Life InsuranceCompany Limited ICICI iProtect Smart 1,950 18 to 65 years Rs. 50 Lakhs to Rs. 20 Crores
  • Terminal Illness benefit
  • Waiver of Premium
  • Life stage benefit
IndiaFirst Life Insurance Company Limited IndiaFirst Life Elite Term Plan 160 18 to 60 years Rs. 1 Lakh to Rs. 5 Crore
  • Long term cover
  • Financial protection for family
  • Flexible premium payments
Kotak Mahindra Life Insurance Company Limited Kotak Life e Term 321 18 to 65 years Rs. 50 Lakhs to Rs. 10 Crores
  • Smart Exit Benefit
  • Wellness Benefit
Life Insurance Corporation of India LIC New Tech Term Plan 18,398 18 to 65 years Rs. 50 Lakhs to no limit
  • Choose from 2 sum assured
  • Enhance cover with riders
  • Pay premiums as per convenience
Axis Max Life Insurance Company Limited Max Life Smart Secure Plus 1,242 18 to 60 years Rs. 25 Lakhs to Rs. 1 Crore
  • Terminal Illness
  • Accelerated Critical Illness Benefit
  • Special Exit Value
  • Joint Life option
PNB MetLife India Insurance Company Limited PNB MetLife Mera Term Plan Plus 407 18 to 50 years Rs. 50 Lakhs to Rs. 10 Crores
  • Life stage benefit
  • Terminal Illness
  • Accelerated Critical Illness
  • Waiver of premiums on ATPD or CI
Pramerica Life Insurance Company Limited Pramerica Life Rock Solid Plan 30 18 to 65 years Rs. 50 Lakhs to no limit
  • Smart Exit benefit
  • Option to choose increasing cover
  • Cover spouse in the same plan
SBI Life Insurance Company Limited SBI eShield Next Plan 1,676 18 to 65 years Rs. 50 Lakhs to Rs. 10 Crores
  • Terminal Illness
  • Flexible Death Benefit Payment Modes
  • Better Half Benefit
Shriram Life Insurance Company Limited Shriram Life Smart Protection Plan 109 18 to 65 years Rs. 30,000 to Rs. 14 Lakhs
  • Choose from 3 plan options
  • Get inbuilt accidental cover
  • Affordable premiums
Star Union DAI-ICHI Life Insurance Company Limited SUD Life Protect Shield Plus 113 18 to 60 years Rs. 1 Crore to 2 Crore
  • Change premium pay frequency
  • Choose convenient mode of payment
  • Tax benefits
Tata AIA Life Insurance Company Limited Tata AIA SRS Vitality Protect 776 18 to 60 years Rs. 50 Lakhs to Rs. 2 Crores
  • Early payout on Terminal illness
  • Accidental Death
  • Accidental Total & Permanent Disability

*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

How to Buy Term Life Insurance from Policybazaar?

How can you contact Policybazaar to buy term insurance in Punjab?

You have a number of options for contacting Policybazaar. 

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You can reach out to their Claim Assistance Helpline Number at 1800-258-5881 for any assistance with your claims.

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  • For online communication, you can log in to the 'My Account' section on Policybazaar’s official website, where you can access various services and manage your policies conveniently.
  • You can also use Policybazaar’s mobile application, that has a user-friendly interface to help you with your term plan and address any doubts or queries you may have, ensuring prompt assistance right at your fingertips.

*Note: You can directly contact Policybazaar insurance advisor and get all your doubts resolved. However, you must first learn about various term plans and know what is term insurance to buy the right term plan.

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Why Should You Buy Term Insurance In Punjab?

Since a term plan is a safety net for your loved ones, you should buy term plan or life insurance plan and be relaxed knowing that your family is protected from all uncertainties of life in case of your untimely death. Here are some more reasons why you should buy term plan in Punjab:

  • Financial Security Amid Agricultural Uncertainty: Given the fluctuating nature of crop yields and market prices in Punjab, buying term insurance provides crucial financial protection for your family. In the event of unforeseen circumstances such as the breadwinner’s untimely demise, term insurance ensures that your loved ones are safeguarded against potential financial hardships.

  • Resolving Health Risks in Polluted Environments: Punjab grapples with environmental challenges, including pollution from industries and agricultural activities. This can lead to increased health risks for residents. By purchasing term insurance, you can ensure that your family has access to adequate healthcare and medical assistance, mitigating the impact of environmental factors on their well-being.

  • Addressing Socio-economic Vulnerabilities: Unemployment and poverty are persistent challenges faced by many in Punjab. Term insurance serves as a vital safety net, providing financial support to your family in case of your untimely demise. This ensures that they can maintain their standard of living and meet essential expenses, even during times of economic uncertainty.

  • Planning for Long-term Financial Stability: Term insurance offers peace of mind by providing a reliable financial cushion for your family's future. In a state like Punjab, where uncertainties abound, having term insurance ensures that your family can continue to pursue their goals and aspirations without worrying about financial setbacks, thereby fostering long-term stability and security.

  • Covering Accidents: The rising number of accidents in the state of Punjab shows how crucial it is to be ready for the different life uncertainties. Term insurance financially helps the families living in Punjab if the policyholder dies suddenly in an accident, giving them financial security when things get tough. It also allows the policyholder to avail of benefits (riders) such as Accidental Total and Permanent Disability benefit if he/she suffers from total or permanent disability due to the accident.

*Note: You can use the term insurance calculator to easily estimate your term insurance premiums

FAQ's

  • Q: Why is Term Insurance Important for Families in Punjab?

    Ans: Term insurance is essential for families in Punjab due to the state's annual challenges, including environmental damage, road accidents, and socio-economic disparities. It provides financial security against uncertainties, ensuring your loved ones are protected.
  • Q: How Can I Buy Term Insurance in Punjab?

    Ans: You can buy term insurance in Punjab through Policybazaar's website or app. Additionally, you can contact Policybazaar's Claim Assistance Helpline Number at 1800-258-5881 for assistance with purchasing term insurance or resolving queries.
  • Q: Why Should I Buy Term Insurance in Punjab?

    Ans: Term insurance provides financial protection against environmental risks, healthcare expenses, socio-economic disparities, and future planning. It covers accidents, ensuring your family's financial security in unexpected events.
  • Q: How Can I Contact Policybazaar to Buy Term Insurance in Punjab?

    Ans: You can call Policybazaar's Claim Assistance Helpline Number at 1800-258-5881 or visit their website to explore term insurance options. The Policybazaar app also provides a user-friendly interface for purchasing term insurance and resolving queries.
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in


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