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Term Life Insurance in Telangana 2024

Telangana is the newest and youngest state that became the 29th state of India in 2014. Family safety, future planning, personal expenses, increased competition (3 lakh applications for 503 posts), business intelligence and outdated technology infrastructure are some of the reasons why an individual should ensure a safety net for the family.

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The state witnesses a rise in the cost of living by 8.5% to 10% annually. Under such circumstances, it becomes crucial for the head of the family to recognize the significance of financial planning and invest in a term insurance plan. Term insurance plans act as a safety net and ensure the well-being of family members or policyholders by offering them financial assistance during the crisis. 

Let us discuss why buying a term life insurance plan has become crucial for the people of Telangana. 

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Need For Term Insurance Based on Statistics of Telangana

Here are some facts and statistics about Telangana that insurance buyers must know to buy a term insurance plan.

  • Development of the State: According to the economic estimates, Telangana’s GSDP (Gross State Domestic Product) was more than Rs. 12 lakh crores in the financial year 2022-23 compared to Rs. 7 lakh crores in the year 2014-25.

  • Life expectancy: The state has 62.4 life expectancy at birth.

  • Sex ratio at birth: Telangana's average sex ratio at birth is 988.

  • Literacy rate: The average literacy rate in Telangana is 66.54%.

  • Population of the state: Telangana has a population of 350.04 lakh people. 

  • Accidental death: Telangana recorded 21.62 thousand accidental deaths in 2022.

  • Cancer statistics: The cancer cases in Telangana were 47,620, 48,775 and 49,938 in 2020, 2021, and 2022 respectively. 

  • Covid stats: Telangana recorded a total of 6,52,785 Covid-19 cases.

To conclude, we can say that Telangana has one of the lowest life expectancy rates in India. The literacy rate has a slight nuance as compared to the country’s data. In addition, the state has recorded various accidental death cases which is not a good sign as it may affect the livelihood of many families or dependents. The state is also affected by the cancer statistics. Therefore, it is important for a person to buy the term life insurance to protect his dependent or family from the aforementioned risks.

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Term Life Insurance Quotes in Telangana 2024

Telangana is one of the developing states in India. People may witness the growth of this state in terms of economy, infrastructure, startups etc. Many urban cities of Telangana offer shopping centres, luxurious lifestyles with cafes and entertainment etc. This has led to an increase in the population of the state which has further increased the prices and demand of essential commodities and housing. Therefore, it becomes important for the citizens living in Telangana to buy a term life insurance plan in order to secure the financial future of their loved ones and avoid any uncertainties.

You can find the term life insurance plan by visiting the website of Policybazaar. With Policybazaar's comparison engine, you can compare from amongst 20+ insurers of India and buy the term insurance plan.

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₹1
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@ Starting from ₹ 16/day+

₹50
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₹75
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Here is the list of term insurance plans in Telangana.

Life Insurance Company Term Insurance Plan Claim Settled Amount (cr) Entry Age Sum Assured Additional Benefits
Aditya Birla Sun Life Insurance Company Limited ABSLI Salaried Term Plan 458 21 to 55 years Rs. 50 Lakhs to Rs. 5 Crores
  • Exclusively designed for salaried individuals
  • Accelerated Critical Illness
  • Tax Benefits
Aviva Life Insurance Company India Limited Aviva Signature 3D Term Plan 98 18 to 65 years Rs. 5 Lakhs to no limit
  • Financial protection for family
  • Enhance cover with riders
  • Tax benefits
Bajaj Allianz Life Insurance Company Limited Bajaj Allianz eTouch 603 18 to 55 years Rs. 50 Lakhs to Rs. 10 Crores
  • Terminal Illness
  • Waiver of Premium
  • Early exit benefit
Bandhan Life Insurance Company Limited Bandhan Life iTerm Prime 86 18 to 65 years Rs. 25 Lakhs to Rs. 20 Crores
  • Special Exit Value
  • AD Rider
  • CI Care Rider
Bharti Axa Life Insurance Company Limited Flexi Term Pro 148 18 to 65 years Rs. 25 Lakhs to no limit
  • Choose from 2 cover options
  • Get single or joint cover
  • Life stage benefits
Canara HSBC Life Insurance Company Limited Canara Young Term Plan 186 18 to 45 years Rs. 25 Lakhs to Rs. 20 Crores
  • Block Your Premium
  • Special Exit Value
  • Child Care Benefit
Edelweiss Life Insurance Company Limited Edelweiss Life Zindagi Plus 59 18 to 65 years Rs. 25 Lakhs - no limit
  • Option to cover spouse as well
  • Increase cover yearly
  • Post-hospitalisation benefits offered
Future Generali India Life Insurance Company Limited Future Generali India Term Insurance Plan 33 18 to 60 years Rs. 50 Lakhs to no limit
  • Financial protection for family
  • Tax benefits
  • Enhance cover with riders
HDFC Life Insurance Company Limited HDFC Click 2 Protect Super 1,389 18 to 65 years Rs. 50 Lakhs to Rs. 20 Crores
  • Terminal illness Benefit
  • Waiver of Premium on Critical Illness and Total and Permanent Disability
  • Return of Premium option
ICICI Prudential Life InsuranceCompany Limited ICICI iProtect Smart 1,950 18 to 65 years Rs. 50 Lakhs to Rs. 20 Crores
  • Terminal Illness benefit
  • Waiver of Premium
  • Life stage benefit
IndiaFirst Life Insurance Company Limited IndiaFirst Life Elite Term Plan 160 18 to 60 years Rs. 1 Lakh to Rs. 5 Crore
  • Long term cover
  • Financial protection for family
  • Flexible premium payments
Kotak Mahindra Life Insurance Company Limited Kotak Life e Term 321 18 to 65 years Rs. 50 Lakhs to Rs. 10 Crores
  • Smart Exit Benefit
  • Wellness Benefit
Life Insurance Corporation of India LIC New Tech Term Plan 18,398 18 to 65 years Rs. 50 Lakhs to no limit
  • Choose from 2 sum assured
  • Enhance cover with riders
  • Pay premiums as per convenience
Max Life Insurance Company Limited Max Life Smart Secure Plus 1,242 18 to 60 years Rs. 25 Lakhs to Rs. 1 Crore
  • Terminal Illness
  • Accelerated Critical Illness Benefit
  • Special Exit Value
  • Joint Life option
PNB MetLife India Insurance Company Limited PNB MetLife Mera Term Plan Plus 407 18 to 50 years Rs. 50 Lakhs to Rs. 10 Crores
  • Life stage benefit
  • Terminal Illness
  • Accelerated Critical Illness
  • Waiver of premiums on ATPD or CI
Pramerica Life Insurance Company Limited Pramerica Life Rock Solid Plan 30 18 to 65 years Rs. 50 Lakhs to no limit
  • Smart Exit benefit
  • Option to choose increasing cover
  • Cover spouse in the same plan
SBI Life Insurance Company Limited SBI eShield Next Plan 1,676 18 to 65 years Rs. 50 Lakhs to Rs. 10 Crores
  • Terminal Illness
  • Flexible Death Benefit Payment Modes
  • Better Half Benefit
Shriram Life Insurance Company Limited Shriram Life Smart Protection Plan 109 18 to 65 years Rs. 30,000 to Rs. 14 Lakhs
  • Choose from 3 plan options
  • Get inbuilt accidental cover
  • Affordable premiums
Star Union DAI-ICHI Life Insurance Company Limited SUD Life Protect Shield Plus 113 18 to 60 years Rs. 1 Crore to 2 Crore
  • Change premium pay frequency
  • Choose convenient mode of payment
  • Tax benefits
Tata AIA Life Insurance Company Limited Tata AIA SRS Vitality Protect 776 18 to 60 years Rs. 50 Lakhs to Rs. 2 Crores
  • Early payout on Terminal illness
  • Accidental Death
  • Accidental Total & Permanent Disability

*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

How to Buy Term Life Insurance from Policybazaar?

How Can You Contact Policybazaar to Buy Term Insurance in Telangana?

A person may easily visit the address given below to contact the Policybazaar in Telangana to buy the term insurance plan.

Policybazaar Insurance Brokers Private Limited

Ground Floor, Building no. 2B, Huda Techno Enclave,

Hitech City, Raheja IT Park, Mindspace,

Hyderabad, Telangana- 500081

In addition, Policybazaar has a claim assistance helpline where a person may contact the Policybazaar. The helpline number is 1800-258-5881. You may also log in to the 'My Account' given on the website. The Policybazaar has also its app on playstore which receives the doubts or queries of people. Hence, you may download the app and ask your query.

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 Why Should You Buy Term Insurance in Telangana?

Telangana is one of the fastest-growing state in India. It offers great employment opportunities to people. At the same, it also has some hidden risks to deal with. The death rate has increased. At the same time, the accident level has also risen in the past few years. Rising healthcare cost is another reason to worry as they may affect the financial stability of a family. Such a situation makes the term insurance plan an important safety net in Telangana. In addition, the terms insurance plan comes under the budget of middle-class family. 

Here are some reasons why you should buy a term life insurance plan in order to avoid the health risks due to accidents and extreme weather conditions.

  • Tax benefits: The premium paid by the policy buyer is eligible for tax deduction from the taxable income. In addition, no tax can be applied on the amount that the nominee receives upon the demise of the policyholder. 

  • Affordable premiums: A term insurance plan offers high life cover at an affordable premium rate. The plan becomes more affordable for the people who do not smoke and stay healthy. Therefore, the affordable price is one of the reasons to buy the term insurance plan.

  • Financial protection: Financial protection is the primary reason to buy the term life insurance plan. The death of the breadwinner of a family may change everything and make the life miserable of the remaining family members. This may lead to many such situations where the family members cannot fulfil their basic needs. In short, it may challenge household expenses. However, you can avoid such situations in the presence of a term life insurance plan. 

  • Future planning and education: It is important for a father and mother to provide top-class education to their child. However, only a few are able to send their children to private schools or reputed universities. One may avoid this issue by buying a term life insurance plan. This plan offers a secure future to the beneficiaries by meeting the financial goals. 

  • Healthcare cost and medical emergency: Medical emergency may incur considerable expense, especially when you require hospitalization, surgeries or other treatments. The terms insurance plan may cover these costs and ensure that you and your family members are free of medical bills.

FAQs

  • Q: What is term insurance?

    Term insurance is a type of life insurance plan that offers coverage to the policy buyer for a fixed period of time. It also offers a lump sum amount if the policy buyer dies before the term of the plan.
  • Q: How does a term insurance plan work?

    The policy buyer needs to pay the premium at a regular interval of time. The policy offers insurance benefits to the policy buyer.
  • Q: Is it possible to buy term life insurance in Telangana?

    Yes, you may buy a term life insurance plan in Telangana.
  • Q: What are the effects of a term insurance plan on tax?

    The amount that a policy buyer pays is eligible for tax deduction under the Income Tax Act of 1961. It means that a policy buyer may deduct the premium amount from the taxable income. In addition, the death benefit that a nominee receives is also eligible for tax benefits.
  • Q: What are the reasons to buy a term life insurance plan in Telangana?

    Here are the reasons to buy a term life insurance plan in Telangana:
    • Affordable policy: The term life insurance is an affordable policy. It can fit within your budget as you need to pay a monthly premium as per your affordability.
    • Tax-free benefit: The term life insurance policy offers tax-free death benefits to the nominee. It means that you don't need to pay any tax on the amount you receive from the insurance company.
    • Return: The policy buyer receives a considerable return on his investment.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. 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 complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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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