Prices Increasing Soon
Term insurance is one of the simplest and most affordable types of life insurance, providing financial security to the family in case of the policyholder's death. For individuals in Andhra Pradesh earning around ₹5 Lacs annually, it becomes essential to explore cost-effective insurance options to safeguard their loved one’s financial future.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Let us take a look into the various aspects of term insurance relevant to individuals with this income bracket in Andhra Pradesh.
Term insurance is a pure life insurance product that provides coverage for a specified term. If the policyholder passes away during this period, the insurer pays the death benefit to the nominee. It’s a straightforward and affordable way to ensure that your family is financially protected. Term insurance for individuals earning 5 Lacs in Andhra Pradesh is a term insurance plan suited for an individual earning 5 Lacs in the state of Andhra Pradesh.
Term Plans
Earning ₹5 Lacs per year in a state like Andhra Pradesh might provide a comfortable lifestyle for many, but it also comes with limitations in terms of savings, especially in urban areas. The primary reasons why term insurance becomes essential for this income bracket are:
Affordability: Individuals in this income group may not have large disposable incomes. Term insurance is one of the most affordable types of life insurance options, with premiums as low as ₹2,000-₹5,000 per annum, depending on age and coverage.
Financial Protection: In case of an untimely death, the policy ensures the family receives a lump sum amount, which can be used for essential needs like children's education, debts, or household expenses.
Large Cover: A term insurance for individuals earning 5 lacs in Andhra Pradesh provides coverage for a large life cover that ensures your family’s financial stability in your absence.
Tax Benefits: Premiums paid are eligible for term insurance tax benefits under Section 80C of the Income Tax Act, allowing an individual to save up to ₹1.5 Lacs in taxes.
Peace of Mind: Knowing that your family is financially secure in your absence provides peace of mind, allowing you to focus on your current financial planning without worry.
When selecting term insurance for individuals earning 5 Lacs in Andhra Pradesh, there are several factors that individuals earning ₹5 lacs annually in Andhra Pradesh should consider:
Coverage Amount (Sum Assured): The sum assured should be 10-15 times your annual income to provide adequate protection for your family. For someone earning ₹5 Lacs, this would typically be between ₹50-₹60 Lacs.
Policy Term: The policy term should ideally cover until your retirement age. If you’re 30 years old, you can consider a term of 30 years, covering you till the age of 60.
Premiums: Term insurance is known for its low premiums. For an individual in their 30s earning ₹5 Lacs, premiums for a ₹50 Lacs policy might range between ₹3,000 and ₹5,000 annually.
Riders: Term insurance riders are additional benefits that can be added to your term insurance plan for enhanced coverage. Common riders include:
Insurer’s Reputation: Choose a life insurance company with a high claim settlement ratio (CSR). CSR indicates the percentage of claims settled by the insurer. Companies with a CSR of above 95% are generally reliable.
Claim Process: Ensure that the claim process is simple, and the company offers support in your region, especially in Andhra Pradesh, to avoid any hassle during the claim settlement process.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 15%#
Compare 40+ plans from 15 Insurers
There are several life insurance companies in India offering customisable plans for individuals in Andhra Pradesh. Some popular term insurance for individuals earning 5 Lacs in Andhra Pradesh include:
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*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 can use the term insurance premium calculator to check the premiums applicable for your desired life cover.
Buying term insurance is now a simple process and can be done both online and offline. Here’s how you can buy term insurance plans online from Policybazaar:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in the required details like name, gender, and contact information
Step 3: Select the smoking habits, occupation type, annual income, and educational qualifications
Step 4: Choose the term life insurance and proceed to pay
For individuals earning ₹5 Lacs annually in Andhra Pradesh, term insurance is a smart and affordable way to ensure financial security for their family. With low premiums, tax benefits, and flexible policy terms, it provides a safety net without significantly straining the household budget. It’s advisable to compare different plans, understand the features and benefits, and choose a policy that aligns with your financial goals and your family’s future needs.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
˜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
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.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+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.
Understanding the features of term life insurance helps you make
Read more
The Bajaj Allianz Life Superwoman term insurance is a special
Read more
ICICI Pru iProtect Supreme is a pure-term insurance plan
Read more
HDFC Life Click 2 Protect Elite Plus is a comprehensive term
Read more
Insurance
Calculators
Payment Methods
Secured With
Follow us on
