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Earning ₹50 lakh in Andhra Pradesh signals your family's ability to handle different types of debts and childcare, education, and other expenses. However, your family needs support to maintain their lifestyle in case of an unfortunate event like the death of a breadwinner.
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A term insurance policy emerges as a good option to ensure this protection and financial stability. With a significant term insurance payout to cover day-to-day expenses, debt, and other goals, your family need not suffer.
Let's explore options for term insurance for those earning ₹50 lakh and understand how it works to offer financial security for your family.
Term Plans
For individuals in Andhra Pradesh with an annual income of ₹50 lakhs, where the average monthly income is ₹18,000, securing term insurance is not just a choice but a necessity. This income level brings substantial financial responsibilities that require safeguarding. Here’s how term insurance in Andhra Pradesh can serve as a critical financial buffer:
Protecting Your Family’s Financial Future: With high earnings often come significant commitments like home loans, education fees, and family expenses. In the unfortunate event of an untimely passing, term insurance helps your family maintain financial stability, meeting essential obligations without compromising their lifestyle.
Affordable Coverage with High Payouts: Term insurance offers extensive coverage at relatively low premiums. For instance, a policy starting at just ₹485 monthly could yield a ₹1 crore payout, making it an efficient way to ensure lasting financial security for your family.
Customisable Protection for Enhanced Coverage: Many term plans allow additional riders, such as accidental death or critical illness cover, which enhances protection. This flexibility enables you to adjust coverage as your needs evolve, providing a comprehensive safety net.
Peace of Mind Despite Uncertainty: India's protection gap is 92.2%, meaning many families face financial insufficiency even with some savings and life insurance. Opting for a higher sum ensures your family's financial needs are met in your absence, offering you greater peace of mind.
Tax Benefits with Long-Term Financial Value: Premiums paid towards term insurance are eligible for tax deductions under Section 80C, making it a smart way to secure your family’s future while lowering taxable income.
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Those earning over ₹50 lakh can look for comprehensive policies with riders for added benefits. Some of the choices available for you are:
| 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.
For high-income earners, a coverage range of 10 to 15 times your annual salary is typically advised. With a ₹50 lakh income, this translates to a recommended coverage of ₹5 to ₹7.5 crore. Here’s why:
Income Replacement: Selecting coverage of 10-15 times your income ensures your family has adequate financial support for years to come.
Debt Management: Consider your current loans or mortgages to ensure these are covered, preventing financial strain on your family.
Future Expenses: When setting coverage limits, plan for significant costs like children's education, family healthcare, and life events.
Inflation Shield: Inflation erodes the value of money over time, so choosing higher coverage will help your family offset future costs.
Claim Settlement Ratio (CSR): Look for insurers with a CSR above 95% to guarantee timely and reliable payouts when your family needs it most.
Premium Affordability: For ₹5-7.5 crore coverage, premiums may range between ₹26,800 and ₹40,100 annually. Compare policies for comprehensive coverage at the best value.
Rider Options: Enhance your policy with riders like:
Accidental Death: Provides extra payout in case of accidental death.
Critical Illness: Offers a lump sum upon diagnosis of a severe illness.
Waiver of Premium: Waives future premiums in case of a critical illness or disability.
Policy Term: Younger policyholders can consider a 20-30-year policy term to cover long-term responsibilities.
Trusted Provider: Choose an insurer with a reputation for smooth claims processing, responsive customer service, and easy renewals.
Following are the steps to purchase term life insurance for individuals making ₹ 50 lakhs in the state of Andhra Pradesh:
Step 1: Visit the term insurance page of Policybazaar.
Step 2: Enter the personal details like name, gender, and contact details.
Step 3: Type in additional information, including occupation, income, and other lifestyle habits.
Step 4: Look for the term life insurance policy that meets your needs and proceed to pay.
Securing your family's financial stability is a top priority when you earn more than ₹50 lakh. This is why high-net-worth individuals focus more on protective insurance policies such as term insurance. By selecting a term plan that aligns with your income, financial responsibilities, and long-term objectives, you create a robust safety net against life's unexpected events. Reliable insurers offering high coverage and flexible riders make this investment both practical and powerful. Term insurance allows you to confidently protect your loved ones' future, ensuring comprehensive financial security through every stage of life.
†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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