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As long as life is full of surprises, and with increasing costs in the living, healthcare, and educational sectors, you should have some safety net to protect against unknowing expenses. Such a financial safeguarding act is necessary for those in the Andhra Pradesh region with an annual income of ₹19 lakh to protect their family in case of death.
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Here's how term insurance ensures comfort and security - and hints on selecting the best-suited policy for yourself.
In Andhra Pradesh, where the average salary is around ₹18,000 per month, earning ₹19 lakh annually places you in a secure income bracket. This also brings a responsibility to ensure that in the event of an untimely death, your family won’t face financial difficulties. Term insurance in Andhra Pradesh will help your family avoid financial distress in such a scenario. Here’s why it is crucial:
Financial Security - As a ₹19 lakh earner, you likely have various financial commitments, such as mortgages, education expenses, or other family needs. Term insurance provides your family with a payout that can cover these expenses, ensuring financial stability even in your absence.
Affordability - Term insurance is budget-friendly, even with a high sum assured. For example, you can get a ₹1 crore cover for as little as ₹485 per month, offering significant protection without straining your budget.
Comprehensive Coverage - Many term insurance plans offer additional riders, like critical illness or accidental death coverage. Customising your policy with these options can give your family more robust protection.
Peace of Mind – A recent study revealed that only 8% to 10% of the rural population in India have any form of life insurance. Term insurance ensures your family’s financial needs are cared for even if the unexpected happens.
Tax Benefits - Term insurance premiums qualify for deductions under Section 80C of the Income Tax Act, helping reduce your taxable income while securing your family's future.
Term Plans
Several insurers in India provide customisable term insurance plans. Here are some top options with high claim settlement ratios and flexible terms:
| 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.
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A common recommendation is to select coverage that’s 10–15 times your annual income. For a ₹19 lakh earner, this would mean a coverage range of ₹1.9 crore to ₹2.85 crore. Here’s how to tailor the coverage to your needs:
Income Multiplier - Coverage of 10–15 times your income helps provide a financial cushion that maintains your family’s lifestyle and meets future needs.
Liabilities - Consider any outstanding loans or debts. Ensure your coverage is sufficient to cover these obligations so your family doesn't inherit a financial burden.
Future Expenses - Account for anticipated expenses, like children’s education, marriage, and healthcare costs. This will help your family plan for long-term needs even without your income.
Inflation - The cost of living increases over time. To ensure your coverage amount remains effective over the years, consider this factor while choosing your sum assured.
Claim Settlement Ratio (CSR) - A higher CSR (above 95%) indicates reliability in settling claims. Choose an insurer with a strong CSR to ensure smooth processing for your family.
Premium Affordability - Term insurance premiums vary by insurer. For someone earning ₹19 lakh, expect annual premiums of ₹12,300–₹16,500 for coverage between ₹1.9 crore and ₹2.85 crore. Compare options to find the best value.
Riders for Additional Coverage - Riders provide added benefits and are worth considering. Key riders include:
Accidental Death Benefit - Additional payout for accidental death.
Critical Illness Rider - Lump sum on diagnosis of a critical illness.
Waiver of Premium Rider - Waives future premiums if you’re diagnosed with a critical illness or permanent disability.
Policy Term - Opt for a term that covers your longest financial obligation. If you’re young, a 20–30-year term can be beneficial, ensuring coverage until your debts are paid or your children become financially independent.
Reputation of Insurer -Look for insurers with a good reputation in customer service, claim processes, and ease of renewal.
Following are the steps to purchase term life insurance for individuals making ₹ 19 lakhs in the state of Andhra Pradesh:
Step 1: Go to the term insurance page of Policybazaar.
Step 2: Fill in the personal details like name, gender, and contact details.
Step 3: You will be asked to share details about occupation types, annual income, level of education, smoking habits and current city.
Step 4: Find the most appropriate term life insurance policy and proceed to pay.
For individuals earning ₹19 lakh in Andhra Pradesh, term insurance is an invaluable asset to ensure family security. Choose a coverage amount based on income, liabilities, and future needs. Opt for a reputable insurer with a high CSR, affordable premiums, and a range of customisable riders. Buying term insurance today can provide long-term peace of mind, knowing your family will be protected if life takes an unexpected turn.
†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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