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Financial planning is crucial for everyone who cares about their family. The increasing cost of living, healthcare expenses, child education needs, and other sudden expenses can be challenging to handle without adequate planning.
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Those earning over ₹25 lakh must understand the needs of their dependents and create a safety net for their family through term insurance in Andhra Pradesh.
Let's understand how term insurance works and how to choose the right policy for someone earning over ₹25 lakh.
Term Plans
Compared to the normalised monthly income of ₹18,000, earning ₹25 lakh annually in Andhra Pradesh positions you in a relatively high-income bracket, where financial responsibilities can be significant. Buying term insurance in Andhra Pradesh will help your family enjoy financial stability in case of untimely death. Some of the reasons why you should buy term insurance are:
Financial Security: High earners often carry financial obligations, from home loans to education fees for children. Term insurance ensures your family receives a substantial payout to help cover these commitments and maintain their quality of life.
Affordability: Term insurance offers high coverage for a low premium. For example, you can secure a ₹1 crore cover for around ₹485 monthly, providing strong protection without a heavy financial burden.
Enhanced Coverage Options: Many term insurance policies offer additional riders, such as coverage for critical illness or accidental death. Customising your policy with these riders strengthens your family's financial safety net.
Peace of Mind: Due to the increasing demand for insurance, the life insurance sector is expected to grow by 7.1% from 2024 to 2028. So, customers can expect more competitive policy terms. By having term insurance, you can ensure that your family is financially supported even if the unexpected happens.
Tax Benefits: Premium payments for term insurance are eligible for tax deductions under Section 80C of the Income Tax Act, making it a tax-saving instrument and a safeguard for your family's future.
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For those earning over ₹25 lakh in Andhra Pradesh, customised term insurance plans are more suitable. You can find several insurance providers offering tailored plans that fit your needs. Here are some of the options:
| 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.
A general rule suggests selecting a coverage amount that is 10–15 times your annual income. For an individual earning ₹25 lakh, this would range from ₹2.5 crore to ₹3.75 crore. Here’s how to tailor the amount to your needs:
Income Multiplier: Coverage of 10–15 times your annual income provides a cushion to support your family's needs over time.
Liabilities: Factor in any loans or debts you might have. A sufficient coverage amount ensures your family won’t be burdened with debt.
Future Expenses: Anticipate significant future expenses like children's education, marriage, or healthcare, so your family's long-term goals are met.
Inflation: Remember, inflation will increase the cost of living over time. A larger coverage amount can help maintain the policy’s value as prices rise.
Claim Settlement Ratio (CSR): A CSR above 95% indicates the insurer's reliability. A high CSR means your family will have fewer obstacles in accessing funds if a claim is needed.
Affordability: For coverage in the range of ₹2.5 crore to ₹3.75 crore, typical premiums fall between ₹14,800 and ₹20,500 annually. Compare different options to find the best value for your budget.
Optional Riders: Riders provide additional protection tailored to your needs. Consider these:
Accidental Death Benefit: Provides an extra payout if the insured dies in an accident.
Critical Illness Rider: Offers a lump sum if the insured is diagnosed with a critical illness.
Waiver of Premium Rider: Waives future premiums if you suffer a permanent disability or are diagnosed with a critical illness.
Policy Term: Choose a term that aligns with your financial obligations. For example, a 20- to 30-year term is ideal if you want coverage until your dependents are financially independent.
Reputation of Insurer: Look for insurers with a good track record in customer service, efficient claims processing, and hassle-free renewals.
Following are the steps to purchase term life insurance for individuals making ₹ 25 lakhs in the state of Andhra Pradesh:
Step 1: Go to the term insurance page of Policybazaar.
Step 2: Enter names, gender, and contact information in the appropriate text boxes.
Step 3: Type in details about occupation, annual income, level of education, smoking habits and current city.
Step 4: Choose the most appropriate term life insurance policy and proceed to pay.
For those earning ₹25 lakh in Andhra Pradesh, term insurance is a crucial step toward financial stability. Select coverage based on your income, debt obligations, and anticipated expenses, and opt for a trustworthy insurer with a strong claim settlement ratio. Consider adding riders for enhanced coverage, ensuring your family will be financially supported if life takes an unforeseen 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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