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Term insurance is a straightforward and affordable way to ensure your family's financial security. It provides life coverage for a specific period or "term." If the policyholder passes away during this term, the insurer pays a lump sum (called the death benefit) to the family.
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This ensures that the family can continue to meet financial needs such as living expenses, loans, and education costs, even in the absence of the primary breadwinner. For individuals earning ₹17 lakhs annually in Andhra Pradesh, having term insurance is a smart financial move to safeguard your family's future and help them maintain their lifestyle without financial strain.
Term Plans
Higher Responsibility: Earning ₹17 lakhs a year means you likely have financial responsibilities such as loan repayments, children’s education, or maintaining a certain standard of living. Term insurance ensures that these financial obligations are met even if something unexpected happens.
Affordable Protection: Term insurance is one of the most affordable ways to secure a large sum of money for your family. Premiums are generally low, but the coverage amount is substantial, which makes it a cost-effective solution.
Peace of Mind: Knowing that your family will not face financial hardships in your absence gives you peace of mind. With rising costs of living and education, this becomes even more important.
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As a ₹17 lakh earner, your term insurance coverage should typically be 10 to 15 times your annual income. This ensures that your family can maintain their lifestyle and meet financial obligations for several years after your death.
Minimum Coverage: ₹1.7 crores (10 times annual income)
Maximum Coverage: ₹2.55 crores (15 times annual income)
This range should cover outstanding loans, education expenses for children, living expenses, and any future financial goals your family might have.
Claim Settlement Ratio: This indicates the percentage of claims the insurer has successfully paid out. Choose a company with a high claim settlement ratio (preferably above 95%) to ensure your family’s claim will be honored.
Policy Term: Select a policy term that covers your family until major financial goals, such as your children's education or home loan repayment, are achieved. A term that lasts until your retirement age (around 60) is often a good choice.
Premiums: Compare premiums across insurers. For higher-income individuals like yourself, you can afford to choose premium payment modes such as annual, which may be more cost-effective in the long run.
Riders: Riders are additional benefits you can add to your policy for extra protection. Some useful riders for high-income earners include:
Accidental Death Benefit Rider: Provides additional payout in case of accidental death.
Critical Illness Rider: Pays out if you are diagnosed with a critical illness like cancer or heart disease.
Waiver of Premium Rider: Waives future premiums if you become permanently disabled or critically ill.
Financial Security for Your Family: Term insurance plans ensure your family can maintain their lifestyle and meet financial obligations in your absence.
Customizable Coverage: You can choose the coverage amount and term based on your financial goals, such as children's education, marriage, or home loan repayments.
Inflation Protection: Some insurers offer an increasing cover option, where the coverage amount rises each year to keep up with inflation. This is particularly beneficial as the cost of living and education increases over time.
Tax Benefits: The premiums you pay qualify for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefits your family receives are tax-free under Section 10(10D).
Let’s consider an example to understand how Term Insurance for Individuals Earning ₹17 Lakhs in Andhra Pradesh works:
Mr. Ramesh, 35 years old, earns ₹17 lakhs annually. He has a home loan of ₹40 lakhs, and his children’s education will cost around ₹25 lakhs in the future. He opts for a term insurance policy with a cover of ₹2 crores, which will ensure his family can:
Repay the home loan
Cover the children’s education costs
Maintain their lifestyle for several years after his death
The premium for a ₹2 crore cover might range between ₹15,000 to ₹25,000 annually, depending on the insurer and the riders chosen.
Step 1: Visit the term life insurance page of Policybazaar
Step 2: Fill in all the required information about your name, gender, contact details, and more
Step 3: Select the right smoking habits, occupation type, educational background, and annual income
Step 4: Choose the most suitable plan and proceed to pay
For individuals earning ₹17 lakhs annually in Andhra Pradesh, term life insurance is an essential part of financial planning. It provides affordable and comprehensive life coverage that ensures your family remains financially secure in the event of your untimely death. By choosing the right term insurance plan, you can safeguard your loved ones' future and protect them from financial difficulties.
†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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