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Term Insurance for Individuals Earning Rs 16 Lacs in Andhra Pradesh

Term insurance is an important financial tool that provides security for your loved ones in case of your untimely death. For individuals in Andhra Pradesh earning around Rs. 16 Lacs annually, this insurance acts as a safety net, ensuring financial stability for your family. 

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What Is Term Insurance For Individuals Earning 16 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. 16 Lacs a year in Andhra Pradesh, it offers an affordable way to secure their family's financial future.

Why Is Term Insurance Important For Individuals Earning 16 Lacs In Andhra Pradesh?

While Rs. 16 Lacs can support a comfortable lifestyle, it also comes with financial responsibilities. Here are several reasons why term insurance is crucial:

  • Financial Security: In the unfortunate event of your death, term insurance ensures a lump sum payment to help cover expenses such as children's education, debts, and daily living costs.

  • Affordability: Term insurance is one of the most budget-friendly life insurance options, with annual premiums typically ranging from Rs. 2,000 to Rs. 5,000 based on age and coverage amount.

  • Peace of Mind: Knowing that your family is financially protected allows you to focus on your current financial planning without worrying about the future.

  • Comprehensive Coverage: Term insurance provides significant life coverage, ensuring your family's financial security in your absence.

  • Tax Benefits: Premiums paid for term insurance are eligible for tax deductions under Section 80C of the Income Tax Act, allowing for savings of up to Rs. 1.5 Lac.

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Life Cover

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₹75
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Life Cover

@ Starting from ₹ 12/day+

How to Choose the Right Term Insurance?

When selecting a term insurance plan, consider the following factors:

  • Coverage Amount (Sum Assured): Aim for a sum assured of 15 to 16 times your annual income. For an income of Rs. 16 Lac, this means seeking coverage between Rs. 1 crore and Rs. 1.5 crores.

  • Policy Term: Choose a policy term that lasts until your retirement. If you are 40 years old, consider a term of at least 20 years to cover you until age 60.

  • Premiums: Look for plans with competitive premiums. For individuals in their 30s earning Rs. 16 Lac, the premiums for a Rs. 50 Lac 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 insurers with a high claim settlement ratio (ideally above 95%) to ensure reliability and trustworthiness.

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What are the best term insurance plans for individuals earning 16 lacs in Andhra Pradesh?

Here are some reputable life insurance companies offering suitable term plans for individuals earning Rs. 16 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 160 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 16 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.

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Wrapping It Up

For individuals earning Rs. 16 Lacs annually in Andhra Pradesh, term insurance provides an effective and affordable way to secure your family’s financial future. With low premiums, tax advantages, and flexible policy options, it serves as a safety net without straining your budget. It’s essential to compare various plans, understand their features, and select one that aligns with your financial goals and your family’s needs.

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

FAQ's

  • How much coverage should I have for term insurance if I earn Rs. 16 Lac annually?

    Ans: Aim for coverage of 15 to 16 times your annual income. This means looking for a policy with coverage between Rs. 1 crore and Rs. 1.5 crores to ensure sufficient financial protection for your family.
  • Can I add extra coverage options to my term insurance policy?

    Ans: Yes, many term insurance plans allow you to customize your coverage with additional riders, such as Critical Illness Rider, Accidental Death Benefit, and Waiver of Premium Rider, providing enhanced protection.
  • What tax benefits can I get from term insurance premiums?

    Ans: The premiums you pay for term insurance qualify for tax deductions under Section 80C of the Income Tax Act, allowing you to save up to Rs. 1.5 Lac in taxes, making term insurance a financially smart choice.

Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

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

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+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.



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