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Term Insurance for Individuals Earning Rs 8 Lacs in Andhra Pradesh

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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What is Term Insurance for Individuals Earning Rs. 8 Lacs in Andhra Pradesh?

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.

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₹50
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Life Cover

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₹75
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Life Cover

@ Starting from ₹ 12/day+

Why is Term Insurance Important for Individuals Earning Rs. 8 Lacs Annually?

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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How to Choose the Right Term Insurance for Individuals Earning Rs. 8 Lacs in Andhra Pradesh?

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.

Best Term Insurance Options for Individuals Earning Rs.8 Lacs in Andhra Pradesh

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.

How Can You Buy Term Insurance For Individuals Earning Rs. 8 Lacs In Andhra Pradesh?

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.

Summing It Up

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.

FAQs

  • 1. What is the ideal coverage amount for earning ₹8 Lacs annually?

    Ans: A recommended coverage amount is typically 10-15 times your annual income. For an individual earning ₹8 Lacs, a sum assured between ₹80 Lacs and ₹1.2 Crores is advisable.
  • 2. What are the typical premiums for a ₹50 lakh term insurance plan?

    Ans: Premiums for a ₹50 lakh term insurance plan can range from ₹3,000 to ₹5,000 annually for a healthy 30-year-old. The actual premium may vary based on factors like age and health status.
  • 3. Can individuals earning ₹8 Lacs in Andhra Pradesh add riders to their term insurance?

    Ans: Yes! Riders such as Critical Illness, Accidental Death Benefit, or Waiver of Premium can enhance your term insurance coverage, providing additional financial security.
  • 4. What happens if I stop paying my premiums?

    Ans: If you stop paying your premiums, the policy will lapse after the grace period, and your coverage will terminate. Some insurers may offer a reinstatement option, but this typically requires you to pay any outstanding premiums.
  • 5. How do I choose the right insurer in Andhra Pradesh?

    Ans: When selecting an insurer, consider a high claim settlement ratio (CSR) above 95%, competitive premiums, and a smooth claims process. Research customer reviews and ratings to ensure reliability.

Premium By Age

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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