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Odisha is an eastern-Indian state known for its rich culture, handicraft industry and several national parks and wildlife sanctuaries. However, as the state rapidly grows socio-economically, it witnesses numerous challenges, like growing population, rising healthcare and education costs, and most importantly, natural calamities, like cyclones, floods, etc., happening yearly.
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Under such circumstances, Odisha's residents must protect their families' financial future by making an important financial decision, i.e. buying term insurance. Hence, let's explore why term insurance is an important financial decision for people in Odisha.
Term Plans
Here are some facts and statistics about Odisha that you must know before you proceed to buy term plan:
According to estimations of NFHS, in Odisha, the life expectancy at birth stands at 67.1 years in 2019-21.
According to state police data, road accident deaths in Odisha increased by 4% in 2023 compared to 2022.
In the past five years, suicide cases in Odisha have risen by 20.20%. As per current data, the suicide rate in Odisha is 12.5%, slightly higher than the national average of 12%.
As per the last updated statistic, the current population of Odisha is around 4.79 Crores. *Last census in Odisha took place in 2011, and the next one, scheduled for 2021, has been postponed until 2024
As per latest data, the literacy rate in Odisha has been rising and is now 72.87% according to the latest population census. Among that, male literacy is 81.59%, and female literacy is 64.01%.
According to the latest census, the sex ratio in Odisha is 979 females for every 1000 males, which is higher than the national average of 940.
Odisha residents face various challenges, such as annual cyclones and floods, and costly healthcare and education facilities. Therefore, they should definitely buy term plan to safeguard their families' financial stability. Policybazaar is a simple and convenient online platform to compare various term plans and select the most suitable plan, as per requirements and life goals.
You can find the term insurance plans in Odisha easily online at Policybazaar. You can use Policybazaar's comparison tool to compare various term plans according to your specific criteria, life goals, and needs. With Policybazaar, you can easily compare term plans from more than 15 leading insurers and purchase the plan that fits your needs.
| 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
We help to choose insurance based on your need
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.
Because of the many challenges that the people of Odisha face, it's really important for them to consider their family's financial security. Hence, term insurance is one of the ways to cover their families in the long run. These plans are like a safety net that helps protect their loved ones if something unexpected happens, like an accident or illness. So, buying term or life insurance is a smart move for people in Odisha to make sure their families are safe, no matter what happens. Here are some more reasons why term insurance is a must-buy for people living in Odisha or the whole state:
Protection Against Natural Disasters: Odisha often goes through mighty cyclones and floods. Term insurance offers financial support to families if the bread earner, unfortunately, passes away during such disasters, helping them rebuild their lives without money worries.
Tackling Healthcare Costs: Receiving good healthcare can be hard, especially in rural areas. Term insurance covers medical costs so families can pay for treatments without stress.
Educational Aspirations: Higher education is advancing rapidly in Odisha, especially in fields like medicine and engineering. But this can be expensive for many people, especially if the breadwinner suddenly dies. Therefore, term insurance helps parents ensure their children can pursue dreams and aspirations without financial stress.
Income Stability: Many families in Odisha depend on farming or small businesses, like handicrafts, handloom, etc. Term insurance gives them replacement income if the main earner dies early, keeping the family financially secure.
Covering Accidents: The rising number of road accidents in the state indicates how crucial it is to be prepared for unexpected situations. Term insurance helps families financially if the policyholder, unfortunately, dies in a road accident, giving them financial protection in the future. Moreover, a term plan also allows the policyholder to avail of benefits (riders) such as the Accidental Total and Permanent Disability benefit if he/she suffers from total or permanent disability because of 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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