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Term Insurance for Individuals Earning 5 Lacs in Andhra Pradesh

Term insurance is one of the simplest and most affordable types of life insurance, providing financial security to the family in case of the policyholder's death. For individuals in Andhra Pradesh earning around ₹5 Lacs annually, it becomes essential to explore cost-effective insurance options to safeguard their loved one’s financial future.

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Let us take a look into the various aspects of term insurance relevant to individuals with this income bracket in Andhra Pradesh.

What is Term Insurance for Individuals Earning 5 Lacs in Andhra Pradesh?

Term insurance is a pure life insurance product that provides coverage for a specified term. If the policyholder passes away during this period, the insurer pays the death benefit to the nominee. It’s a straightforward and affordable way to ensure that your family is financially protected. Term insurance for individuals earning 5 Lacs in Andhra Pradesh is a term insurance plan suited for an individual earning 5 Lacs in the state of Andhra Pradesh.

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Why is Term Insurance Important for Individuals Earning ₹5 Lacs Annually?

Earning ₹5 Lacs per year in a state like Andhra Pradesh might provide a comfortable lifestyle for many, but it also comes with limitations in terms of savings, especially in urban areas. The primary reasons why term insurance becomes essential for this income bracket are:

Affordability: Individuals in this income group may not have large disposable incomes. Term insurance is one of the most affordable types of life insurance options, with premiums as low as ₹2,000-₹5,000 per annum, depending on age and coverage.
Financial Protection: In case of an untimely death, the policy ensures the family receives a lump sum amount, which can be used for essential needs like children's education, debts, or household expenses.
Large Cover: A term insurance for individuals earning 5 lacs in Andhra Pradesh provides coverage for a large life cover that ensures your family’s financial stability in your absence.
Tax Benefits: Premiums paid are eligible for term insurance tax benefits under Section 80C of the Income Tax Act, allowing an individual to save up to ₹1.5 Lacs in taxes.
Peace of Mind: Knowing that your family is financially secure in your absence provides peace of mind, allowing you to focus on your current financial planning without worry.

How to Choose the Right Term Insurance for Individuals Earning 5 Lacs in Andhra Pradesh?

When selecting term insurance for individuals earning 5 Lacs in Andhra Pradesh, there are several factors that individuals earning ₹5 lacs annually in Andhra Pradesh should consider:

Coverage Amount (Sum Assured): The sum assured should be 10-15 times your annual income to provide adequate protection for your family. For someone earning ₹5 Lacs, this would typically be between ₹50-₹60 Lacs.
Policy Term: The policy term should ideally cover until your retirement age. If you’re 30 years old, you can consider a term of 30 years, covering you till the age of 60.
Premiums: Term insurance is known for its low premiums. For an individual in their 30s earning ₹5 Lacs, premiums for a ₹50 Lacs policy might range between ₹3,000 and ₹5,000 annually.
Riders: Term insurance riders are additional benefits that can be added to your term insurance plan for enhanced coverage. Common riders include:
Insurer’s Reputation: Choose a life insurance company with a high claim settlement ratio (CSR). CSR indicates the percentage of claims settled by the insurer. Companies with a CSR of above 95% are generally reliable.
Claim Process: Ensure that the claim process is simple, and the company offers support in your region, especially in Andhra Pradesh, to avoid any hassle during the claim settlement process.

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Term Insurance for Individuals Earning 5 Lacs in Andhra Pradesh

There are several life insurance companies in India offering customisable plans for individuals in Andhra Pradesh. Some popular term insurance for individuals earning 5 Lacs in Andhra Pradesh include:

Name of the Insurer	Term Insurance Plan	Claim Settled Amount (cr)	Entry Age	Maximum Maturity Age
Aditya Birla Sun Life Insurance Company Limited	ABSLI Income Suraksha Plan	458	21-55 years	70 years
Aviva Life Insurance Company India Limited	Aviva Signature 3D Term Plan	98	18-65 years	80 years
Bajaj Allianz Life Insurance Company Limited	Bajaj Allianz eTouch	603	18-55 years	99 years
Bandhan Life Insurance Limited	Bandhan Life iTerm Prime	86	18-65 years	70 years
Bharti Axa Life Insurance Company Limited	Flexi Term Pro	148	18-65 years	99 years
Canara HSBC Life Insurance Company Limited	Canara Young Term Plan	186	18-45 years	99 years
Edelweiss Life Insurance Company Limited	Edelweiss Life Zindagi Plus	59	18-65 years	80 years
Future Generali India Life Insurance Company Limited	Future Generali India Term Insurance Plan	33	18-60 years	65 years
HDFC Life Insurance Company Limited	HDFC Click 2 Protect Super	1,389	18-65 years	85 years
ICICI Prudential Life Insurance Company Limited	ICICI iProtect Smart	1,950	18-65 years	99 years
IndiaFirst Life Insurance Company Limited	IndiaFirst Life Elite Term Plan	160	18-60 years	99 years
Kotak Mahindra Life Insurance Company Limited	Kotak e Term	321	18-65 years	85 years
Life Insurance Corporation of India	LIC New Tech Term Plan	18,398	18-65 years	80 years
Axis Max Life Insurance Company Limited	Max Life Smart Total Elite Protection	1,242	18-65 years	85 years
PNB MetLife India Insurance Company Limited	PNB MetLife Mera Term Plan Plus	407	18-50 years	80 years
Pramerica Life Insurance Company Limited	Pramerica Life Rock Solid Plan	30	18-65 years	85 years
SBI Life Insurance Company Limited	SBI eShield Next Plan	1,676	18-65 years	100 years
Shriram Life Insurance Company Limited	Shriram Life Smart Protection Plan	109	18-65 years	75 years
Star Union DAI-ICHI Life Insurance Company Limited	SUD Life Protect Shield Plus	113	18-60 years	80 years
Tata AIA Life Insurance Company Limited	Tata AIA Sampoorna Raksha Promise	776	18-65 years	100 years

*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

* You can use the term insurance premium calculator to check the premiums applicable for your desired life cover.

How to Buy Term Insurance for Individuals Earning 5 Lacs in Andhra Pradesh?

Buying term insurance is now a simple process and can be done both online and offline. Here’s how you can buy term insurance plans online from Policybazaar:

Step 1: Visit the term insurance page of Policybazaar

Step 2: Fill in the required details like name, gender, and contact information

Step 3: Select the smoking habits, occupation type, annual income, and educational qualifications

Step 4: Choose the term life insurance and proceed to pay

Wrapping it Up!

For individuals earning ₹5 Lacs annually in Andhra Pradesh, term insurance is a smart and affordable way to ensure financial security for their family. With low premiums, tax benefits, and flexible policy terms, it provides a safety net without significantly straining the household budget. It’s advisable to compare different plans, understand the features and benefits, and choose a policy that aligns with your financial goals and your family’s future needs.

FAQs

Q: What is the ideal coverage amount for someone earning ₹5 lakhs annually?

Ans: An ideal coverage amount is typically 10-12 times your annual income. For an individual earning ₹5 lakhs, a sum assured of ₹50-₹60 lakhs is recommended to ensure adequate financial protection for your family.
Q: How much premium will I pay for a ₹50 lakh term insurance plan?

Ans: For a ₹50 lakh term insurance plan, premiums for a healthy 30-year-old may range between ₹3,000 and ₹5,000 annually. Premiums vary based on age, health, and policy features.
Q: Can I add riders to my term insurance plan?

Ans: Yes, you can enhance your coverage by adding riders such as Critical Illness Rider, Accidental Death Benefit, or Waiver of Premium Rider, providing additional benefits in specific circumstances.
Q: Is term insurance tax-deductible?

Ans: Yes, the premiums paid for term insurance qualify for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakhs.
Q: How do I choose the right insurer in Andhra Pradesh?

Ans: When selecting an insurer, look for a high claim settlement ratio (CSR) above 95%, affordable premiums, and a hassle-free claims process.