Term Insurance For Individuals Earning 70 lakhs in Andhra Pradesh

If you earn ₹70 lakhs in Andhra Pradesh, you are in the high-income bracket. Amidst your financial commitments, debt, investments, and savings take priority. Generally, you ensure that your investments and savings will help you with a peaceful retirement.

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However, taking measures to facilitate financial stability in terms of uncertain events like death is crucial. A term insurance plan can help your family meet their financial obligations and still aspire without using up all their savings when the primary breadwinner passes away. 

Let's explore why term insurance in Andhra Pradesh is necessary for those earning ₹70 lakhs annually.

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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Why Term Insurance for Individuals Earning 70 lakhs is Important in Andhra Pradesh?

For those in Andhra Pradesh earning ₹70 lakhs annually, securing term insurance is more than just a safeguard—it's an essential step in financial planning. This income level often comes with substantial financial responsibilities, and term insurance can be a foundational tool in ensuring lasting security. Here’s how term insurance in Andhra Pradesh can act as a vital financial safety net:

  • Securing Long-Term Stability for Your Family - Higher income typically brings greater financial obligations, such as home loans, education expenses, and family commitments. In the event of an untimely loss, term insurance provides a financial cushion that helps cover these expenses, ensuring that your family can maintain their lifestyle and meet future goals.

  • Extensive Coverage with Affordable Premiums - One of the key benefits of term insurance is that it provides high coverage at a relatively low premium. For example, a term plan with a monthly premium starting around ₹485 could offer a payout of ₹1 crore, making it a cost-effective way to protect your family’s financial future.

  • Flexible and Customisable Coverage Options - Most term insurance plans offer optional riders—such as accidental death or critical illness coverage—that can be added to enhance the policy’s benefits. This flexibility allows you to adapt your plan to meet evolving needs, ensuring a comprehensive financial safety net as life circumstances change.

  • Assurance in a World of Uncertainties - In India, only 30% of the urban population and 5% of the rural population have purchased life insurance coverage. Essentially, those without insurance must always worry about uncertain events like death. Term insurance offers affordable options for a higher sum assured, providing you with greater peace of mind that your family will be financially secure in your absence.

  • Tax Efficiency and Long-Term Financial Value - Premiums paid toward term insurance policies are eligible for tax deductions under Section 80C, and the death benefit is tax-free under Section 10(10D). This provides dual benefits: safeguarding your family’s future while also saving on taxes, making it a financially sound choice for high-income earners.

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 Best Term Insurance For Individuals Earning 70 lakhs in Andhra Pradesh

When you earn more than ₹70 lakhs, you should look for high-value term insurance plans that allow your family to maintain their current lifestyle and meet their short-term and long-term goals. Some of the policies you can consider are:

Insurance Provider Term Insurance Plans Claim Settlement Ratio Entry Age Maturity Age
ICICI Prudential Life Insurance Company Limited  iProtect Smart 99.2% 18 - 65 years 99 years
HDFC Life Insurance Company Limited  Click 2 Protect Super 99.5% 18 - 65 years 85 years
MaxAX Life Insurance Company Limited  Smart Total Elite Protection  99.7% 18 - 65 years 85 years
TataATA AIA Life Insurance Company Limited  Sampoorna Raksha Promise 99.1% 18 - 65 years 100 years
Bajaj Allianz Life Insurance Company Limited 
Life eTouch
99.2% 18 - 55 years  99 years

* You can use the term insurance premium calculator to check the premiums applicable for your desired life cover.

How Much Term Insurance Coverage Should You Opt For in Andhra Pradesh?

It’s typically recommended to secure coverage worth 10 to 15 times your income. This equates to approximately ₹7 crore to ₹10.5 crore for someone with an annual income of ₹70 lakh. Here’s why this coverage is beneficial:

  • Income Replacement: Coverage at this multiplier ensures sustained financial support, allowing your family to meet long-term goals.

  • Debt Management: Sufficient coverage accounts for existing loans or mortgages, preventing your family from inheriting financial burdens.

  • Planning for Future Expenses: This amount also considers major future expenses, such as higher education, healthcare, and life milestones.

  • Inflation Protection: Selecting higher coverage helps offset the eroding value of money over time, preserving the purchasing power of your policy payout.

Life Insurer Details

What are the Key Factors to Consider When Choosing Term Insurance for Individuals Earning ₹70 lakh in Andhra Pradesh?

  • Claim Settlement Ratio (CSR): Opt for insurers with a CSR above 95%, as this reflects a strong record of fulfilling claims efficiently and promptly.

  • Affordability of Premiums: For coverage amounts in the ₹6-9 crore range, premium costs may vary from ₹37,500 to ₹58,000 annually. It’s important to compare plans for comprehensive coverage at competitive rates.

  • Additional Rider Options: Customise your policy with riders, such as:

  • Accidental Death Rider: Provides an additional payout in case of accidental death.

  • Critical Illness Rider: Offers a lump sum upon diagnosis of severe health conditions, helping cover treatment expenses.

  • Waiver of Premium Rider: Waives future premiums if you face a disability or a severe illness, keeping your coverage intact.

  • Policy Tenure: For younger policyholders, selecting a longer term (20-30 years) is beneficial to cover long-term financial commitments.

  • Trusted Insurer: Choose a provider known for smooth claims processing, excellent customer support, and hassle-free policy renewals.

How to Buy Term Insurance for Individuals Earning 70 lakhs in Andhra Pradesh?

Following are the steps to purchase term life insurance for individuals making ₹ 70 lakhs in the state of Andhra Pradesh:

Step 1: Go to the term insurance page of Policybazaar. 

Step 2: Share the personal details like name, gender, and contact details.

Step 3: Next, offer additional information, such as occupation, income, and other lifestyle habits, which are useful in calculating your premium.

Step 4: Find the term life insurance policy that meets your needs and proceed to pay.

Final Thoughts

Your family's future can be safeguarded with adequate financial planning through term insurance. As you bring in ₹70 lakh annually, a term insurance plan ensures that your family will maintain the same standard of living, meet debt obligations, and continue to achieve future financial goals without any hindrance. With flexible options for riders and tax benefits, term insurance enables you to confidently protect your loved ones’ future and sustain financial stability throughout life’s stages.

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

FAQs

  • Q: How is term insurance different from whole life insurance for high-income earners?

    Ans: Term insurance provides coverage for a specific period, typically at a lower premium, whereas whole life insurance covers the policyholder for their lifetime and often builds cash value. For high-income earners, term insurance offers substantial coverage at a low cost, making it ideal for protecting family needs during high-responsibility years.
  • Q: Can term insurance policies be transferred if I relocate internationally?

    Ans: Most term insurance policies remain valid even if you move abroad, but it's wise to check your insurer's terms regarding international relocation. Some insurers may have specific terms for claim settlement if the policyholder resides outside India at the time of the claim.
  • Q: How often should I review my term insurance policy if I am a high-income earner?

    Ans: It’s beneficial to review your policy every 3–5 years or when you encounter major life events, like a new mortgage, an increase in family size, or significant career advancement. Regular reviews ensure your coverage remains adequate to meet evolving financial responsibilities.
  • Q: Can I add a cost-of-living adjustment to my term insurance to account for inflation?

    Ans: Some insurers offer riders or "increasing cover" options that adjust your sum assured over time to account for inflation. This feature can be beneficial for high-income earners as it allows them to maintain the purchasing power of their coverage over a long period.
  • Q: How does my term insurance impact my eligibility for other financial products, such as loans?

    Ans: Holding term insurance can positively impact your creditworthiness since lenders see it as a sign of financial responsibility. In some cases, lenders may even request term insurance as collateral for large loans, especially mortgages, to ensure loan repayment in the event of the borrower’s death.

Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 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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