Term Insurance for Individuals Earning Rs 10 Lacs in Andhra Pradesh

Term insurance is an essential financial tool designed to provide financial security to your loved ones in your absence. For individuals in Andhra Pradesh with an annual income of around Rs. 10 Lacs, this insurance safeguards their families and ensures financial stability in the unfortunate event of the policyholder's passing.

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What Is Term Insurance For Individuals Earning 10 Lacs In Andhra Pradesh?

Term insurance is a type of life insurance that offers a death benefit to the nominee if the insured dies during the policy term. For those earning Rs. 10 Lacs annually in Andhra Pradesh, it represents an economical way to secure their family’s financial future.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Why Is Term Insurance Important For Individuals Earning 10 Lacs In Andhra Pradesh?

While an annual income of Rs. 10 Lacs can support a comfortable lifestyle, it also brings unique financial responsibilities. Here are several reasons why term insurance is vital for an individual earning 10 Lacs:

Financial Security: In the event of an untimely death, the policy ensures a lump sum payout, helping to cover expenses such as children’s education, outstanding debts, and everyday living costs.
Affordability: Term insurance is one of the most cost-effective life insurance options available, with annual premiums typically ranging from Rs. 2,000 to Rs. 5,000, depending on the insured’s age and chosen coverage amount.
Peace of Mind: Knowing your family is financially protected allows you to concentrate on current financial planning without constant anxiety about the future.
Comprehensive Coverage: Term insurance provides substantial life coverage, ensuring your family’s financial stability in your absence.
Tax Benefits: Premiums paid towards term insurance qualify for tax deductions under Section 80C of the Income Tax Act, allowing for savings of up to Rs. 1.5 Lacs.

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How to Choose the Right Term Insurance?

When selecting a term insurance plan, consider these important factors:

Coverage Amount (Sum Assured): Aim for a sum assured that is 10 to 15 times your annual income. For an income of Rs. 10 Lacs, this means coverage between Rs. 1 crore to Rs. 1.5 crores.
Policy Term: Choose a policy term that extends until your retirement. For instance, if you are 40, consider a term of at least 20 years to cover you until age 60.
Premiums: Look for a plan with competitive premiums. For individuals in their 30s earning Rs. 10 Lacs, premiums for a Rs. 50 Lacs policy typically range from Rs. 3,000 to Rs. 5,000 annually.
Riders: Consider additional riders for enhanced coverage, such as:
- Critical Illness Rider
- Accidental Death Benefit
- Waiver of Premium Rider
Claim Settlement Ratio (CSR): Opt for an insurer with a high claim settlement ratio (ideally above 105%) to ensure reliability and trustworthiness.

Best Term Insurance Plans For Individuals Earning 10 Lacs In Andhra Pradesh?

Here are some reputable life insurance companies offering suitable term plans for individuals earning Rs. 10 Lacs in Andhra Pradesh:

Plan Name	Entry Age	Maturity Age
ICICI Pru iProtect Smart	18 - 65 years	Up to 85 years
HDFC Click 2 Protect Super	18 - 65 years	Up to 85 years
Max Life Smart Total Elite Protection	18 - 65 years	Up to 85 years
Tata AIA Sampoorna Raksha Promise	18 - 65 years	Up to 100 years
Bajaj Allianz Life eTouch	18 - 55 years	Up to 85 years

**You can use a term insurance premium calculator to estimate premiums based on your desired coverage.

How to Purchase Term Insurance For Individuals Earning 10 Lacs In Andhra Pradesh?

Buying term insurance has become simpler, with both online and offline options available. To buy term insurance online, follow these steps:

Visit the term insurance page of Policybazaar
Navigate to the term insurance section and fill in your details.
Provide information about your smoking habits, occupation, annual income, and education.
Choose the best term life insurance plan that fits your needs and proceed to payment.

Wrapping It Up:

For individuals earning Rs. 10 Lacs annually in Andhra Pradesh, term insurance offers an effective and affordable way to secure financial stability for their families. With its low premiums, tax advantages, and flexible policy options, it acts as a safety net that won’t burden your budget. It’s important to compare various plans, understand their features, and select a policy that aligns with your financial goals and your family’s future needs.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs

Q: What is the ideal coverage amount for term insurance if I earn Rs. 10 Lacs annually?

Ans: Ideally, you should aim for a coverage amount (sum assured) that is 10 to 15 times your annual income. For an income of Rs. 10 Lacs, this means seeking a policy with coverage between Rs. 1 crore to Rs. 1.5 crores to ensure adequate financial protection for your family.
Q: Can I customize my term insurance policy with additional riders?

Ans: Yes, many term insurance plans offer the option to customize your coverage with additional riders. Common riders include Critical Illness Rider, Accidental Death Benefit, and Waiver of Premium Rider. These can enhance your policy and provide extra protection based on your needs.
Q: What are the tax benefits associated with term insurance premiums?

Ans: The premiums paid towards term insurance qualify for tax deductions under Section 80C of the Income Tax Act. This allows you to save up to Rs. 1.5 Lacs in tax, making term insurance not only a protective measure but also a beneficial financial decision.

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

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

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.