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Term insurance is a vital financial tool that offers life coverage for a specified period. For individuals in Andhra Pradesh earning around Rs. 9 Lacs annually, it provides essential financial protection to their families in the unfortunate event of the policyholder's demise.
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Term insurance is a type of life insurance product that pays a death benefit to the nominee if the insured passes away during the policy term. For individuals living in Andhra Pradesh, it’s a cost-effective way to secure your family’s financial future, especially for those earning Rs. 9 Lacs annually.
Term Plans
Earning Rs. 9 Lacs annually can support a comfortable lifestyle, but it also presents unique financial challenges, particularly regarding savings. Here are several compelling reasons why term insurance is essential for this income group:
Financial Security: In case of an untimely death, the policy ensures a lump sum payment to the family, helping cover expenses such as children’s education, outstanding debts, and daily living costs.
Affordability: Term insurance is among the most budget-friendly life insurance options, with annual premiums typically ranging from Rs. 2,000 to Rs. 5,000, depending on age and coverage amount.
Peace of Mind: Knowing that your family is financially safeguarded allows you to focus on your current financial planning without constant worry.
Comprehensive Coverage: Term insurance provides significant life coverage, ensuring your family maintains financial stability even in your absence.
Tax Benefits: Premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act, allowing savings of up to Rs. 1.5 Lacs.
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When selecting a term insurance plan, consider the following key factors:
Coverage Amount (Sum Assured): Ideally, choose a sum assured that is 10 to 15 times your annual income. An annual income of Rs. 9 Lacs translates to coverage between Rs. 90 Lacs to Rs. 1.35 crores.
Policy Term: Select a policy term that extends until your retirement age. For example, if you are 40, consider a term of at least 20 years to cover you until age 60.
Premiums: Opt for a plan with low premiums. For individuals in their 30s earning Rs. 9 Lacs, premiums for Rs. 50 lakh policy typically ranges between Rs. 3,000 and Rs. 5,000 annually.
Riders: Consider adding riders for enhanced protection, such as:
Critical Illness Rider
Accidental Death Benefit
Waiver of Premium Rider
Insurer’s Claim Settlement Ratio (CSR): Choose an insurer with a high claim settlement ratio (above 95%) to ensure reliability and trustworthiness.
Here are some life insurance companies in India that offer suitable term plans for individuals earning Rs. 9 Lacs in Andhra Pradesh:
| Plan Name | Entry Age | Maturity Age | |
| ICICI Pru iProtect Smart | 19 - 65 years | 99 years | |
| HDFC Click 2 Protect Super | 19 - 65 years | 95 years | |
| Max Life Smart Total Elite Protection | 19 - 65 years | 95 years | |
| Tata AIA Sampoorna Raksha Promise | 19 - 65 years | 100 years | |
| Bajaj Allianz Life eTouch | 19 - 55 years | 99 years |
A term insurance premium calculator can help you estimate applicable premiums for your desired coverage.
Buying term insurance has become a more simple process, with both online and offline options available. To purchase term insurance online, follow these steps:
Visit the term insurance page of Policybazaar
Navigate to the term insurance section and fill in your personal details.
Provide information regarding your smoking habits, occupation, annual income, and educational background.
Select the best term life insurance plan and proceed to payment.
For individuals earning Rs. 9 Lacs annually in Andhra Pradesh, term insurance offers an effective and economical means to secure financial stability for their families. Its affordable premiums, tax benefits, and flexible policy terms serve as a safety net that won’t strain your household budget. It’s important to compare various plans, understand their features, and choose a policy that aligns with your financial goals and your family’s future needs.
Note: You should also check the benefits of term life insurance 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.
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