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High-income earners in Andhra Pradesh, such as those earning ₹60 lakhs, often have financial responsibilities proportional to their income. You might have a large house with a home loan, multiple investment avenues for your short-term and long-term goals, and a substantial savings account to meet unexpected expenses.
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While this may seem enough for now, you must look for options to protect your family's financial security when an untimely death happens. Your family will struggle to meet all these financial commitments when they don't receive the same monthly income. A tailor-made term insurance plan can help your family continue their lifestyle without using up all of your savings. Let's explore how term insurance works and understand why it is important for those earning ₹60 lakhs in Andhra Pradesh.
Term Plans
The average monthly income in Andhra Pradesh is ₹ 18,000. For individuals in Andhra Pradesh earning ₹60 lakhs annually, securing term insurance is a vital financial step. At this income level, responsibilities increase, requiring a strategy to protect long-term financial stability. Here’s how term insurance in Andhra Pradesh can serve as a crucial financial safety net:
Securing Your Family’s Financial Future: A high income often means greater financial commitments, such as home loans, education expenses, and family needs. In the event of an unexpected loss, term insurance provides the funds needed to support these obligations, ensuring your family’s financial stability without disrupting their quality of life.
High Coverage with Affordable Premiums: Term insurance offers substantial coverage at a relatively low cost. For instance, a policy premium starting around ₹485 per month can offer a ₹1 crore payout, providing significant financial support to your family in a cost-effective way.
Customisable Protection for Enhanced Security: Many term plans allow add-ons, or riders, such as accidental death or critical illness coverage, enhancing the overall protection. This flexibility helps you adapt coverage as your needs evolve, creating a well-rounded financial safety net.
Peace of Mind in Times of Uncertainty: Only 3 out of 100 in India have a life insurance policy. The premiums of term plans are affordable, with a multitude of options available for ₹60 lakh income earners. A term plan with higher coverage ensures your family’s financial needs are fully covered, providing you with added peace of mind.
Tax Benefits and Long-Term Financial Value: Premiums paid towards term insurance qualify for tax deductions under Section 80C. This not only secures your family’s future but also helps you save on taxable income, making it a valuable financial strategy.
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When you earn more than ₹60 lakhs, you should look for high-value term insurance plans that allow your family to maintain their current lifestyle and meet their short-term and long-term goals. Some of the policies you can consider 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.
A good rule of thumb for high-income earners is to choose coverage at 10 to 15 times their annual income. For someone earning ₹60 lakhs annually, this translates to a coverage amount of around ₹6 crore to ₹9 crore. Here’s why this range is recommended:
Income Replacement: Coverage at this multiplier ensures long-term financial support for your family.
Debt and Liability Management: Include outstanding loans or mortgages to prevent financial burden on your loved ones.
Future Expenses: Consider major expenses like children’s education, healthcare, and important life events.
Inflation Protection: Higher coverage helps offset future inflation, preserving the value of financial protection over time.
Claim Settlement Ratio (CSR): Select insurers with a CSR above 95% to guarantee a smooth and reliable claims process.
Premium Affordability: Premiums for coverage in the ₹6-9 crore range can vary from ₹32,100 to ₹48,100. So, compare policies to find the best value for extensive coverage.
Rider Options: Expand your coverage with riders such as:
Accidental Death Rider: Provides an additional payout in case of accidental death.
Critical Illness Rider: Delivers a lump sum if diagnosed with a critical illness.
Waiver of Premium Rider: Waives future premiums in case of disability or severe illness.
Policy Term: Younger policyholders may benefit from a longer policy term of 20-30 years.
Reputable Provider: Look for insurers known for prompt claims, customer care, and ease of renewal.
Following are the steps to purchase term life insurance for individuals making ₹ 60 lakhs in the state of Andhra Pradesh:
Step 1: Go to the term insurance page of Policybazaar.
Step 2: Type the personal details like name, gender, and contact details.
Step 3: Enter additional information, such as occupation, income, and other lifestyle habits.
Step 4: Find the term life insurance policy that meets your needs and proceed to pay.
When earning ₹60 lakh annually, financial security for your family becomes paramount. Choosing a term insurance plan tailored to your income, obligations, and long-term goals establishes a solid foundation to safeguard against life’s uncertainties. Term insurance, with high coverage and flexible riders, empowers you to protect your family confidently, offering peace of mind and lasting financial stability.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
†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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