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Taking care of your family is not just about earning a good income now. It is also about ensuring their financial security even after your death. As an individual earning a ₹15 lakh salary with financial commitments such as loans and education fees, you should think about how your family will take care of these expenses later without you supporting them financially.
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This is why term insurance is crucial for those earning a salary of ₹15 lakh in Andhra Pradesh.
This guide will explore the importance of purchasing term insurance and give you insights on choosing the best plan that fits your family's current and future needs.
Term Plans
In Andhra Pradesh, income levels vary based on region and occupation, while agriculture, industry, and services dominate the economy. However, the average salary for a person is around ₹18,000, and a salary of ₹15 lakh will enable your family to live a comfortable life. It becomes your responsibility to ensure their well-being even after your passing. A term insurance policy offers a payout as a death benefit for your family, giving them much-needed financial security. Some of the reasons why it is essential are:
Financial Security – Earning ₹15 lakh annually likely means you have responsibilities such as a mortgage or school fees for your children. A term insurance policy gives your family a lump sum payout, giving them the financial resources to manage these expenses if you're no longer around.
Low-Cost Premiums – Term insurance offers broad coverage at a minimal price. With premiums starting from just ₹485 a month, you can protect your family’s future without straining your budget.
Flexible Coverage – Term insurance allows you to tailor the plan to meet different needs, whether paying off loans or adding riders for accidents or serious illnesses. You can adjust the policy to match your individual preferences.
Reassurance – The life insurance industry in India is expected to grow by 3.79% in the next five years. So, affordable life insurance will become more accessible across income levels. If your income supports your household, this policy guarantees your family's financial needs will be considered.
Tax Advantages – The premiums you pay for term insurance qualify for tax deductions under Section 80C of the Income Tax Act, helping you reduce taxable income while ensuring your family's financial stability.
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Tailored term insurance plans in Andhra Pradesh are popular simply because you can customise the plan per your family's needs. The top insurance providers and their policy offerings are given below:
| Insurance Provider | Term Insurance Plans | Claim Settlement Ratio | Entry Age | Maturity Age |
| ICICI Prudential Life Insurance Company Limited | iProtect Smart | 99.2% | 18 - 65 years | 99 years |
| HDFC Life Insurance Company Limited | Click 2 Protect Super | 99.5% | 18 - 65 years | 85 years |
| MaxAX Life Insurance Company Limited | Smart Total Elite Protection | 99.7% | 18 - 65 years | 85 years |
| TataATA AIA Life Insurance Company Limited | Sampoorna Raksha Promise | 99.1% | 18 - 65 years | 100 years |
| Bajaj Allianz Life Insurance Company Limited | Life eTouch | 99.2% | 18 - 55 years | 99 years |
* You can use the term insurance premium calculator to check the premiums applicable for your desired life cover.
Whatever your income is, experts recommend that you take term insurance with a sum assured, equating to 10-15 times your average annual income. Some tips for choosing the right coverage are:
Income Protection: For an annual income of ₹15 lakh, it is recommended to have coverage between ₹1.5 crore and ₹2.25 crore, which is 10 to 15 times your income. This helps ensure your family can sustain their lifestyle and achieve future financial goals in your absence.
Debt Repayment: Ensure your policy covers any outstanding debts, such as home or car loans, so your family doesn't have to worry about settling them.
Planning for Future Needs: When choosing coverage, consider long-term costs like your children's education, healthcare for ageing family members, or future wedding expenses.
Inflation Protection: Inflation reduces the value of money over time. What seems like enough now may not be adequate in the future. With coverage between ₹1.5 crore and ₹2.25 crore, you provide better protection against the rising costs over time.
Claim Settlement Ratio (CSR): Choose an insurer with a high claim settlement ratio to ensure smooth and hassle-free processing for your family. Aim for companies with a 95% or above CSR to guarantee efficient claim handling.
Affordable Premiums: Premiums vary across insurers, so selecting one that fits your budget is essential. For someone earning ₹15 lakh in Andhra Pradesh, annual premiums for coverage ranging from ₹1.5 crore to ₹2.25 crore typically range from ₹10,300 to ₹13,800. Compare different providers to find the most cost-effective option for your needs.
Additional Riders: Enhance your coverage with extra riders for more excellent protection. Consider these options:
Accidental Death Benefit Rider: Provides an additional payout if death occurs due to an accident.
Critical Illness Rider: Offers a lump sum payment upon diagnosing serious illnesses such as cancer or heart disease.
Waiver of Premium Rider: Waives future premiums if you suffer from a critical illness or permanent disability.
Choosing Policy Term: Select a term that matches your financial goals. If you’re younger, a 20 to 30-year term is ideal, ensuring coverage lasts until your children are grown and your debts are fully paid off.
Insurer Reputation: Go with an insurer known for excellent customer service, efficient claims processing, and seamless policy renewals. A trustworthy insurer can significantly improve your overall experience.
Here’s how individuals earning ₹15 lakh in Andhra Pradesh can buy term life insurance:
Step 1: Go to the term insurance page on the Policybazaar portal.
Step 2: Fill out the form with your name, gender, and contact details.
Step 3: Enter details about your job, yearly income, education level, and whether you smoke.
Step 4: Browse through the term life insurance options, choose the one that fits your requirements, and make the payment.
Your family's future depends on how well you can ensure financial security. Term life insurance offers you peace of mind, knowing there won't be an economic burden to take care of loans, fees, and other expenses after your death. Finding the right policy, customising it according to your needs, and ensuring that you purchase it from a trustworthy provider are crucial to getting the benefits of term insurance for those earning over ₹15 lakh in Andhra Pradesh.
†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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