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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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Here are some facts and statistics about Punjab that you must know to buy term plan:
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.
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.
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.
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
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.
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).
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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| 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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| Axis 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 have a number of options for contacting Policybazaar.
You can reach out to their Claim Assistance Helpline Number at 1800-258-5881 for any assistance with your claims.
*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.
We help to choose insurance based on your need
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
†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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