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Term insurance is a simple and cost-effective life insurance option that offers financial security to families during the policyholder's death. For individuals in Andhra Pradesh earning approximately ₹7 Lacs annually, exploring cost-effective insurance options is crucial for safeguarding their loved one's financial future. Here’s a better understanding of term insurance tailored for this income bracket.
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Term insurance is a pure life insurance product that offers coverage for a specified period. If the policyholder unfortunately passes away during this term, the insurer pays a death benefit to the nominee. This type of insurance ensures that your family remains financially protected, making it an ideal choice for individuals earning ₹7 Lacs in Andhra Pradesh.
Term Plans
While an annual income of ₹7 Lacs may provide a comfortable lifestyle, it often comes with limitations regarding savings, especially in urban areas. Here are key reasons why term insurance is vital for this income group:
Affordability: With premiums starting as low as ₹2,000-₹5,000 per annum, term insurance offers an economical way to secure your family's financial future.
Financial Protection: In the event of an untimely death, the lump sum payout can help cover essential expenses such as children’s education, debts, and daily household costs.
Large Coverage: Term insurance can provide substantial life coverage, ensuring your family’s stability in your absence.
Tax Benefits: Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act, potentially saving you up to ₹1.5 Lacs in taxes.
Peace of Mind: Knowing that your family will be financially secure offers invaluable peace of mind, allowing you to focus on your current financial planning.
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When selecting term insurance for individuals earning ₹7 lacs in Andhra Pradesh, consider the following factors:
Coverage Amount (Sum Assured): Consider a term plan with 10-15 times your annual income to provide adequate protection for your family. For someone earning ₹7 Lacs, this would typically be between ₹70-₹80 Lacs.
Policy Term: The policy term should cover your retirement age. If you’re 25 years old, you can consider a term of 35 years, covering you till 60.
Premiums: Term insurance is known for its low premiums. For an individual in their 30s earning ₹7 Lacs, premiums for a ₹50 Lacs policy might range between ₹3,000 and ₹5,000 annually.
Riders: Term insurance riders can be added to your term insurance plan for enhanced coverage.
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.
There are several life insurance companies in India offering customisable plans for individuals in Andhra Pradesh. Some popular term insurance for individuals earning 7 Lacs in Andhra Pradesh include:
| Term Insurance Plans | Entry Age | Maturity Age | |
| ICICI Pru iProtect Smart | 18 - 65 years | 99 years | |
| HDFC Click 2 Protect Super | 18 - 65 years | 85 years | |
| Max Life Smart Total Elite Protection | 18 - 65 years | 85 years | |
| Tata AIA Sampoorna Raksha Promise | 18 - 65 years | 100 years | |
| Bajaj Allianz Life eTouch | 18 - 55 years | 99 years |
* 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 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 best term life insurance and proceed to pay
For individuals earning ₹7 Lacs annually in Andhra Pradesh, term insurance is a wise and cost-effective choice for securing their family's financial future. Low premiums, tax benefits, and flexible policy terms offer essential coverage without straining the household budget. It’s crucial to compare various plans, understand their features and benefits, and select a policy that aligns with your financial goals and meets your family’s future needs. Investing in term insurance today can provide invaluable peace of mind for tomorrow.
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.
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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.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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