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Term insurance is an essential financial tool designed to provide financial security to your loved ones in your absence. For individuals in Andhra Pradesh with an annual income of around Rs. 10 Lacs, this insurance safeguards their families and ensures financial stability in the unfortunate event of the policyholder's passing.
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Term insurance is a type of life insurance that offers a death benefit to the nominee if the insured dies during the policy term. For those earning Rs. 10 Lacs annually in Andhra Pradesh, it represents an economical way to secure their family’s financial future.
Term Plans
While an annual income of Rs. 10 Lacs can support a comfortable lifestyle, it also brings unique financial responsibilities. Here are several reasons why term insurance is vital for an individual earning 10 Lacs:
Financial Security: In the event of an untimely death, the policy ensures a lump sum payout, helping to cover expenses such as children’s education, outstanding debts, and everyday living costs.
Affordability: Term insurance is one of the most cost-effective life insurance options available, with annual premiums typically ranging from Rs. 2,000 to Rs. 5,000, depending on the insured’s age and chosen coverage amount.
Peace of Mind: Knowing your family is financially protected allows you to concentrate on current financial planning without constant anxiety about the future.
Comprehensive Coverage: Term insurance provides substantial life coverage, ensuring your family’s financial stability in your absence.
Tax Benefits: Premiums paid towards term insurance qualify for tax deductions under Section 80C of the Income Tax Act, allowing for savings of up to Rs. 1.5 Lacs.
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When selecting a term insurance plan, consider these important factors:
Coverage Amount (Sum Assured): Aim for a sum assured that is 10 to 15 times your annual income. For an income of Rs. 10 Lacs, this means coverage between Rs. 1 crore to Rs. 1.5 crores.
Policy Term: Choose a policy term that extends until your retirement. For instance, if you are 40, consider a term of at least 20 years to cover you until age 60.
Premiums: Look for a plan with competitive premiums. For individuals in their 30s earning Rs. 10 Lacs, premiums for a Rs. 50 Lacs policy typically range from Rs. 3,000 to Rs. 5,000 annually.
Riders: Consider additional riders for enhanced coverage, such as:
Critical Illness Rider
Accidental Death Benefit
Waiver of Premium Rider
Claim Settlement Ratio (CSR): Opt for an insurer with a high claim settlement ratio (ideally above 105%) to ensure reliability and trustworthiness.
Here are some reputable life insurance companies offering suitable term plans for individuals earning Rs. 10 Lacs in Andhra Pradesh:
| Plan Name | Entry Age | Maturity Age | |
| ICICI Pru iProtect Smart | 18 - 65 years | Up to 85 years | |
| HDFC Click 2 Protect Super | 18 - 65 years | Up to 85 years | |
| Max Life Smart Total Elite Protection | 18 - 65 years | Up to 85 years | |
| Tata AIA Sampoorna Raksha Promise | 18 - 65 years | Up to 100 years | |
| Bajaj Allianz Life eTouch | 18 - 55 years | Up to 85 years |
**You can use a term insurance premium calculator to estimate premiums based on your desired coverage.
Buying term insurance has become simpler, with both online and offline options available. To buy term insurance online, follow these steps:
Visit the term insurance page of Policybazaar
Navigate to the term insurance section and fill in your details.
Provide information about your smoking habits, occupation, annual income, and education.
Choose the best term life insurance plan that fits your needs and proceed to payment.
For individuals earning Rs. 10 Lacs annually in Andhra Pradesh, term insurance offers an effective and affordable way to secure financial stability for their families. With its low premiums, tax advantages, and flexible policy options, it acts as a safety net that won’t burden your budget. It’s important to compare various plans, understand their features, and select a policy that aligns with your financial goals and your family’s future needs.
†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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