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Term insurance is a straightforward and effective way to secure your family’s future by providing financial coverage for a specified period or "term." If the policyholder passes away during the term, the insurer provides a lump sum payout to the family, ensuring their financial stability.
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For individuals in Andhra Pradesh earning ₹18 lakhs annually, term insurance is a critical component of financial planning. With higher income, it’s essential to select a policy that covers your family’s needs in case of any unforeseen events, helping them manage expenses like loans, education, and daily living costs.
Term Plans
Financial Responsibility: Higher income usually correlates with higher responsibilities, such as mortgages, children’s education, or a specific standard of living. Term insurance ensures these obligations are met, even in your absence.
Affordability: Term insurance provides high coverage amounts at a low premium, making it a cost-effective solution to secure a significant payout for your family.
Peace of Mind: Knowing that your family will have financial security, even if something happens to you, can provide lasting peace of mind.
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Individuals with an annual income of ₹18 lakhs should generally consider term coverage that is 10 to 15 times their income. This helps ensure the family has sufficient financial resources for the future.
Minimum Coverage: ₹1.8 crore (10 times your annual income)
Maximum Coverage: ₹2.7 crore (15 times your annual income)
This coverage range should be enough to meet your family’s needs, including loan repayments, education costs, and day-to-day expenses over several years. You can also use a human life value calculator to check the ideal cover amount fit for your needs.
Claim Settlement Ratio: Choose an insurer with a high claim settlement ratio (preferably above 95%) to ensure that your family’s claim process is smooth and successful.
Policy Term: Select a term that covers you until major financial milestones are met, such as paying off a home loan or until your retirement age (often around 60).
Premium Amounts: Compare premiums across insurers to find the most cost-effective plan that offers high coverage. You can also use the term insurance premium calculator to check the premiums applicable for your profile.
Riders for Enhanced Coverage: Additional riders help tailor the policy to your specific needs. Useful riders for high-income earners include:
Accidental Death Benefit Rider: Provides an extra payout if death occurs due to an accident.
Critical Illness Rider: Pays a lump sum upon diagnosis of a severe illness, such as cancer or heart disease.
Waiver of Premium Rider: Waives future premiums if you become critically ill or permanently disabled, ensuring your policy remains active.
Financial Protection for Dependents: Secures your family’s financial future, helping them cover essential expenses in your absence.
Customizable Coverage: You can select the amount and type of coverage based on your family’s financial needs, goals, and liabilities.
Protection Against Inflation: Some term policies offer an increasing cover option, where the coverage amount rises each year to keep pace with inflation, making it a valuable feature as living expenses grow over time.
Tax Benefits: Premiums paid on life insurance qualify for tax deductions under Section 80C of the Income Tax Act. The death benefit paid out to the family is also tax-free under Section 10(10D).
Here’s an example of how term insurance can work for an ₹18 lakh earner in Andhra Pradesh:
Mr. Arjun, 40 years old, has an annual income of ₹18 lakhs. He has a home loan of ₹50 lakhs and wants to ensure his children’s education and other family expenses are covered if he is not around. He opts for a term insurance policy with a cover of ₹2.5 crore, which will ensure that his family can:
Repay the home loan,
Cover his children’s education expenses, and
Meet day-to-day expenses comfortably.
The premium for a policy with ₹2.5 crore cover may range from ₹20,000 to ₹30,000 annually, depending on the insurer and riders selected.
Here is how you can buy term insurance for individuals earning 18 Lakhs in Andhra Pradesh:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in the required details about your name, age, and contact information
Step 3: Select the right occupation type, annual income, educational qualifications, and smoking habits
Step 4: Choose the most suitable plan and proceed to pay
For individuals in Andhra Pradesh earning ₹18 lakhs annually, term insurance is a valuable financial asset. It offers a straightforward, affordable way to provide substantial life coverage, ensuring your family’s financial security in the event of an untimely death. By choosing the right plan, you can provide your loved ones with financial stability, helping them manage essential expenses and achieve their long-term goals.
†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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