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Understanding Term Life Insurance in Sikkim, Gangtok in 2024

Sikkim is a Northeastern Indian state bordered by Bhutan, Tibet and Nepal, and is known for the beautiful landscapes, glaciers and meadows. Sikkim is also home to India’s highest mountain, Kangchenjunga, standing at 8,586 metres. In 2024, term life insurance is gaining prominence, especially in unique regions like Sikkim, where geographic and cultural factors add an extra layer of importance to life planning. 

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What is Term Life Insurance?

Term life insurance is a type of life insurance policy that offers coverage for a specific term, typically ranging from 10 to 30 years. If the policyholder passes away during the term, their beneficiaries receive a death benefit. This form of insurance is popular for its simplicity and affordability. 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 best ways to financially protect your family, who live in Sikkim Gangtok, from life’s various uncertainties. Let’s understand in detail about term insurance in Sikkim Gangtok and the term plans that you can compare and buy to protect your loved ones. 

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Term Plans

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₹75
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Life Cover

@ Starting from ₹ 12/day+

Data from Sikkim Highlighting the Importance of Term Insurance

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

01
Sex Ratio:

The sex ratio in Sikkim is 890 females for every 1,000 males, which is below the national average of 940 according to the latest census.

02
Life Expectancy:

In Sikkim, life expectancy is slightly higher for females (75.8 years) than for males (70.5 years).

03
Death Rate:

In 2020, Sikkim's death rate was 4.1 deaths per 1,000 people.

04
Literacy Rate:

The literacy rate in Sikkim has been increasing and is now 81.42 percent according to the latest census. Male literacy is 86.55 percent, while female literacy is 75.61 percent.

05
Population Estimate:

Sikkim is the least populated Indian state, with a population estimate of about 6 Lakhs people. *The last census in Sikkim was held in 2011, and the next one, scheduled for 2021, has been postponed until 2024

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The Significance of Term Life Insurance in Sikkim, Gangtok

Sikkim, with its unique geography and cultural heritage, presents distinct financial needs. The peaceful yet mountainous region of Gangtok requires residents to think ahead, considering how these factors can influence their life insurance requirements.

Unique Financial Needs in Sikkim

With a reliance on agriculture and tourism, many families in Sikkim have seasonal incomes. Term life insurance helps provide financial stability for these families, offering them the security to cover critical expenses, such as education and healthcare.

How Sikkim's Geography Affects Insurance Needs

The hilly terrain of Sikkim not only affects daily life but also how life insurance policies are structured. A policy that accounts for the challenges of remote living, climate, and access to services is critical for long-term financial planning in this region.

Term Life Insurance Quotes in Sikkim Gangtok 2024

Known for its pleasant weather and hilly terrains, Sikkim Gangtok faces many challenges, such as unstable crop yields, which directly impact the livelihoods of its agriculture-based communities. Moreover, monsoon rains from June to September often cause landslides and road blockages, disrupting daily life and agriculture. In winter, heavy snowfall isolates remote communities, leading to shortage of basic supply. Environmental degradation from increased tourism and infrastructure development further strains the region. Hence, it is important that you financially protect your loved ones and buy the Term insurance plan.

Insurance Providers in Sikkim and Their Offerings

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

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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
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

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How can you contact Policybazaar to buy term insurance in Sikkim Gangtok?

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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  • To contact online, 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.

How to Buy Term Life Insurance from Policybazaar?

Why Should You Buy Term Insurance In Sikkim Gangtok?

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 Sikkim Gangtok:

  • Monsoon-Induced Landslides: Sikkim Gangtok's terrain is highly susceptible to landslides during the monsoon season, which lasts from June to September. These landslides often result in road blockages and destruction of property, posing significant risks to life. In such a scenario, if the breadwinner of a family were to tragically lose their life, term insurance can provide crucial financial support to the family, ensuring they are not left struggling economically.

  • Harsh Winter Conditions: During the winter months, particularly in high-altitude areas, heavy snowfall can isolate communities, making access to essential services and supplies difficult. This isolation can sometimes lead to fatal outcomes. Term insurance can be a safeguard, offering a financial safety net to the family of the deceased, helping them to cope with the sudden loss of income.

  • Agricultural Vulnerability: Sikkim Gangtok’s economy is heavily dependent on agriculture, which is vulnerable to climatic variations such as excessive rainfall and unexpected droughts. Crop failures can severely impact farmers' livelihoods. If a farmer, as the primary breadwinner, were to die due to the stress and hardships caused by such challenges, term insurance would provide a financial cushion to the family, helping them manage their expenses and future needs.

  • Environmental Degradation: The increasing tourism and development activities in Sikkim Gangtok are leading to environmental degradation, which poses health and safety risks to the local population. Exposure to hazardous conditions can result in fatal accidents. In such cases, term insurance ensures that the family of the deceased has financial protection, helping them to sustain their living standards and cover immediate costs.

  • Limited Healthcare Access: The remote and rugged terrain of Sikkim Gangtok often makes access to quality healthcare difficult, especially in emergencies. This can lead to fatalities from otherwise treatable conditions. If the main income earner succumbs to such a health crisis, term insurance can provide the necessary financial support to the surviving family members, helping them to pay for medical bills, daily expenses, and future financial needs.

*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 Sikkim Gangtok?

    Ans: Term insurance is essential for families in Sikkim Gangtok 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 Sikkim Gangtok?

    Ans: You can buy term insurance in Sikkim Gangtok 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 Sikkim Gangtok?

    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 Sikkim Gangtok?

    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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