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Term insurance is an affordable way to secure your family’s financial future. For individuals earning ₹6 lakhs annually in Andhra Pradesh, selecting the right plan is crucial for ensuring financial stability in the event of an untimely demise.
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With rising living costs, medical expenses, and education fees, a solid financial safety net is essential. Let’s explore how term insurance works, its importance, coverage needs, and key factors for choosing the best term insurance for individuals earning 6 Lakhs in Andhra Pradesh.
Term Plans
Earning ₹6 lakhs annually provides you with a comfortable lifestyle, but unexpected life events can disrupt your family’s financial stability. Here’s why term insurance for individuals earning 6 Lakhs in Andhra Pradesh is crucial:
Financial Security for Dependents: If you are the primary breadwinner, your family depends on your income for daily expenses, loans, children’s education, and future financial goals. Term insurance ensures that they have the necessary financial support if something happens to you.
Affordable Premiums: Term insurance is affordable compared to other types of life insurance plans, offering high coverage at low premiums. This makes it accessible even for individuals earning ₹6 lakhs annually, allowing you to get substantial coverage without a large financial burden.
Debt Protection: If you have outstanding loans, such as a home or personal loan, term insurance can cover those debts, ensuring that your family does not bear the financial strain of repayments after your death.
Tax Benefits: Premiums paid towards term insurance qualify for term insurance tax benefits under Section 80C of the Income Tax Act, up to Rs.1.5 lakhs annually. Additionally, the death benefit is tax-free under Section 10(10D).
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There are several life insurance companies in India offering customisable plans for individuals in Andhra Pradesh. Some popular term insurance for individuals earning 6 Lacs in Andhra Pradesh include:
| Term Insurance Plans | Entry Age | Maturity Age | |
| ICICI Pru iProtect Smart | 18 - 65 years | 99 years | |
| HDFC Click 2 Protect Super | 18 - 65 years | 85 years | |
| Max Life Smart Total Elite Protection | 18 - 65 years | 85 years | |
| Tata AIA Sampoorna Raksha Promise | 18 - 65 years | 100 years | |
| Bajaj Allianz Life eTouch | 18 - 55 years | 99 years |
* You can use the term insurance premium calculator to check the premiums applicable for your desired life cover.
When determining the appropriate coverage amount for someone earning ₹6 lakhs annually in Andhra Pradesh, financial experts generally recommend a coverage amount 10-15 times your annual income. Here’s how you can decide:
Income Multiplier: For someone earning ₹6 lakhs annually, the best term insurance coverage would be between ₹60 lakhs and ₹90 lakhs. This will ensure that your family has enough financial resources to cover their immediate needs and future expenses.
Outstanding Liabilities: Consider your current liabilities, such as home loans, car loans, or personal loans. Include the total value of these liabilities when calculating your required cover amount.
Future Expenses: Factor in long-term goals like children’s education, marriage, and healthcare costs for elderly family members.
Inflation Adjustment: Take into account the impact of inflation over time. What seems like sufficient sum assured today might not be enough in 10-20 years due to rising costs of living and healthcare.
Claim Settlement Ratio: The claim settlement ratio (CSR) is an important indicator of how reliable an insurance provider is in processing claims. Look for companies with a high CSR (preferably above 95%) to ensure that your family will receive the death benefit without hassle.
Premium Affordability: Compare premiums from various insurance providers to find a plan that offers the most competitive rates without compromising on the coverage amount. Premiums for a ₹6 lakh income earner can range between ₹5,000 and ₹10,000 annually for a ₹60-90 lakh cover.
Riders and Add-ons: Top life insurance companies offer various riders that enhance your basic term insurance plan. Common riders include:
Accidental Death Benefit Rider: Provides an additional payout in case of death due to an accident.
Critical Illness Rider: Pays a lump sum amount upon diagnosis of critical illnesses such as cancer or heart attack.
Waiver of Premium Rider: Waives future premium payments in case of total disability or critical illness.
Policy Term: Choose a policy term that covers you until your financial obligations are met. If you have a young family, opt for a longer-term plan (20-30 years) to ensure coverage until your children are independent and major debts are cleared.
Insurer Reputation: Besides claim settlement ratios, consider the reputation of the insurer in terms of customer service, ease of premium payments, and policy renewal options.
Here is how you can buy term insurance for individuals earning 6 lakhs in Andhra Pradesh online:
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 best term insurance plan and proceed to pay
For individuals earning ₹6 lakhs annually in Andhra Pradesh, term insurance is an essential financial tool that provides affordable, high-coverage life protection. By choosing the right plan, you can ensure that your family remains financially secure even in your absence. Remember to select an appropriate coverage amount based on your income, liabilities, and future financial goals. Additionally, compare insurers based on claim settlement ratios, premium costs, and rider options to find the best plan suited to your needs.
†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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