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Term insurance is an affordable life insurance option that provides financial security to the family in case of the policyholder's death. For individuals in Andhra Pradesh earning around Rs. 8 Lacs annually, exploring affordable insurance options is essential for safeguarding their loved one's financial future.
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Term insurance is a pure life insurance product that offers coverage for a specified term. If the policyholder passes away during this period, the insurer pays the death benefit to the nominee. It is a cost-effective way to ensure that your family is financially protected. Term insurance for individuals earning Rs. 8 Lacs in Andhra Pradesh is a term insurance plan that suits the individual with an annual income of Rs 8 Lacs in Andhra Pradesh.
Term Plans
Earning Rs. 8Lacs annually in a state like Andhra Pradesh allows for a comfortable lifestyle, but it also presents challenges in terms of savings, particularly in urban areas. Here are several reasons why term insurance is crucial for this income bracket:
Financial Protection: In the event of an untimely death, the policy ensures that the family receives a lump sum for essential needs such as children’s education, debts, or household expenses.
Affordability: Term insurance is among the most affordable types of life insurance, with premiums typically ranging from Rs. 2,000 to Rs.5,000 per annum, depending on age and coverage.
Peace of Mind: Knowing that your family is financially secure provides peace of mind, enabling you to focus on your current financial planning without worry.
Large Coverage: Term insurance offers significant life coverage, ensuring financial stability for your family in your absence.
Tax Benefits: Premiums paid are eligible for term insurance tax benefits under Section 80C of the Income Tax Act, allowing savings of up to Rs. 1.5 Lacs in taxes.
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When selecting term insurance, consider the following factors:
Coverage Amount (Sum Assured): Aim for a sum assured that is 10-15 times your annual income. For someone earning Rs. 8 Lacs- this is between Rs. 80-90Lacs.
Policy Term: Ideally, the policy term should extend until your retirement age. For example, if you’re 40’, consider a term of at least 20 years, covering you until age 60.
Premiums: Term insurance is known for its low premiums. For an individual in their 30s earning Rs. 8Lacs, premiums for a Rs. 50 lakh policy might range between Rs. 3,000 andRs.5,000 annually.
Riders: Consider adding tern insurance riders for enhanced coverage, such as:
Critical Illness Rider
Accidental Death Benefit
Waiver of Premium Rider
Insurer’s Claim Settlement Reputation: Choose a high claim settlement ratio (CSR) life insurance company. A CSR above 95% indicates reliability.
Here are some popular term insurance plans suited for individuals earning 8 Lacs in Andhra Pradesh:
| 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 |
Use a term insurance premium calculator to determine applicable premiums for your desired coverage.
Purchasing term insurance is now easier than ever, with online and offline options. Here’s a simple process to buy term insurance online through platforms like Policybazaar:
Step 1: Visit the term insurance section of Policybazaar.
Step 2: Fill in the required details, including your name, gender, and contact information.
Step 3: Provide information about your smoking habits, occupation, annual income, and educational qualifications.
Step 4: Choose the best term life insurance plan and proceed to payment.
For individuals earning Rs. 8 Lacs annually in Andhra Pradesh, term insurance represents a wise and affordable strategy to secure financial stability for their families. With low premiums, tax benefits, and flexible policy terms, it acts as a safety net without putting a strain on the household budget. It's advisable to compare various plans, understand their features, and select 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.
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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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