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Goa, the smallest state of Inda, is known for its beaches and vibrant lifestyle that attracts thousands of tourists from all over the world. Situated along the coastline of the Arabian Sea, this state also harbours many challenges, including environmental damage from too many buildings and tourists and economic instability.
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Therefore, people residing in this western Indian state must buy a term insurance plan to protect their loved ones from these recurring risks that Goa witnesses yearly. Let’s understand in detail about term insurance in Goa.
Term Plans
Here are some facts and statistics about Goa that you must know before you proceed to buy a term plan:
In Goa, as per the Censue 2011, the life expectancy at birth for males is 72 years and for females is 68 years. This is higher than the national average of 69.8 years for males and 72.3 years for females.
The Road Accidents in India-2022 report, Goa witnessed a total of 3,011 road accidents, resulting in the loss of nearly 271 lives.
According to recent updates from the National Commission on Population of the Union Health and Family Welfare Ministry, Goa's population is expected to reach around 1.58 million in 2024. Currently, Goa’s population is 14,58,545. *The last census in Goa was held in 2011, and the next one, scheduled for 2021, has been postponed until 2024
As per the recent data, the literacy rate is 80%. Out of which 83.3% of the male and 76.4% of the female population is literate.
In Goa, the sex ratio stands at 973 females per 1000 males in 2011, compared to 967 in 1991.
As a popular tourist destination, Goa faces several challenges, including congested roads, expensive healthcare facilities, and growing education expenses. However, ensuring Goa's residents' financial security is essential amidst these challenges. Term insurance plans offer a solution, providing a safety net for families against unexpected events. Policybazaar offers an easy way to compare different term plans and find the fit for your needs
You can find the term insurance plans online with the help of Policybazaar's website. With Policybazaar, you can efficiently compare term plans from 20+ insurers and buy the plan that suits your requirements.
We help to choose insurance based on your need
| 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 |
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| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18 to 65 years | Rs. 5 Lakhs to no limit |
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| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18 to 55 years | Rs. 50 Lakhs to Rs. 10 Crores |
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| Bandhan Life Insurance Company Limited | Bandhan Life iTerm Prime | 86 | 18 to 65 years | Rs. 25 Lakhs to Rs. 20 Crores |
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| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18 to 65 years | Rs. 25 Lakhs to no limit |
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| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18 to 45 years | Rs. 25 Lakhs to Rs. 20 Crores |
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| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18 to 65 years | Rs. 25 Lakhs - no limit |
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| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18 to 60 years | Rs. 50 Lakhs to no limit |
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| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18 to 65 years | Rs. 50 Lakhs to Rs. 20 Crores |
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| ICICI Prudential Life InsuranceCompany Limited | ICICI iProtect Smart | 1,950 | 18 to 65 years | Rs. 50 Lakhs to Rs. 20 Crores |
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| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18 to 60 years | Rs. 1 Lakh to Rs. 5 Crore |
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| Kotak Mahindra Life Insurance Company Limited | Kotak Life e Term | 321 | 18 to 65 years | Rs. 50 Lakhs to Rs. 10 Crores |
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| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18 to 65 years | Rs. 50 Lakhs to no limit |
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| Max Life Insurance Company Limited | Max Life Smart Secure Plus | 1,242 | 18 to 60 years | Rs. 25 Lakhs to Rs. 1 Crore |
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| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18 to 50 years | Rs. 50 Lakhs to Rs. 10 Crores |
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| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18 to 65 years | Rs. 50 Lakhs to no limit |
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| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18 to 65 years | Rs. 50 Lakhs to Rs. 10 Crores |
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| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18 to 65 years | Rs. 30,000 to Rs. 14 Lakhs |
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| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18 to 60 years | Rs. 1 Crore to 2 Crore |
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| Tata AIA Life Insurance Company Limited | Tata AIA SRS Vitality Protect | 776 | 18 to 60 years | Rs. 50 Lakhs to Rs. 2 Crores |
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*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
You can call Policybazaar and solve all your doubts at their Claim Assistance Helpline Number: 1800-258-5881.
You can also get help with any questions or concerns by logging into their website's 'My Account' section or using the Policybazaar app.
Since term insurance is a safety net for your family living in Goa, you should buy term plan or life insurance plan and be relaxed knowing that your loved ones are protected from all uncertainties of life. Here are some more reasons why you should buy term plan in Goa:
Addressing Environmental Risks: Goa is known for many natural calamities happening on its coastline, such as coastal erosion, water pollution, and cyclones. Under such circumstances, term insurance can provide financial assistance to help your family recover from the prime breadwinner’s untimely death, ensuring they can rebuild their lives without financial strain.
Dealing with Healthcare Expenses: Access to quality healthcare services in Goa may vary, and unexpected medical emergencies can strain family finances. Term insurance provides financial support to cover medical expenses, ensuring your family can access the necessary healthcare services without worrying about the financial burden.
Managing Socio-economic Disparities: Goa is also known for its socio-economic disparities, with differences in income levels and employment opportunities all across the state. Term insurance can help bridge these economic gaps by providing financial security to your family in the event of your sudden demise. This ensures that your loved ones can maintain their standard of living and meet essential expenses, even during economic uncertainty.
Planning for the Future: Term insurance offers peace of mind by providing a long-term financial plan for your family's future. By securing term insurance, you can ensure that your loved ones are financially protected and can continue to pursue their goals and aspirations, regardless of the challenges they may face in Goa.
Covering Accidents: The rising number of accidents in the state of Goa shows how crucial it is to be ready for the different life uncertainties. Term insurance financially helps the families living in Goa 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 benefits if he/she suffers from total or permanent disability due to the accident.
†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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