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If you earn ₹70 lakhs in Andhra Pradesh, you are in the high-income bracket. Amidst your financial commitments, debt, investments, and savings take priority. Generally, you ensure that your investments and savings will help you with a peaceful retirement.
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However, taking measures to facilitate financial stability in terms of uncertain events like death is crucial. A term insurance plan can help your family meet their financial obligations and still aspire without using up all their savings when the primary breadwinner passes away.
Let's explore why term insurance in Andhra Pradesh is necessary for those earning ₹70 lakhs annually.
Term Plans
For those in Andhra Pradesh earning ₹70 lakhs annually, securing term insurance is more than just a safeguard—it's an essential step in financial planning. This income level often comes with substantial financial responsibilities, and term insurance can be a foundational tool in ensuring lasting security. Here’s how term insurance in Andhra Pradesh can act as a vital financial safety net:
Securing Long-Term Stability for Your Family - Higher income typically brings greater financial obligations, such as home loans, education expenses, and family commitments. In the event of an untimely loss, term insurance provides a financial cushion that helps cover these expenses, ensuring that your family can maintain their lifestyle and meet future goals.
Extensive Coverage with Affordable Premiums - One of the key benefits of term insurance is that it provides high coverage at a relatively low premium. For example, a term plan with a monthly premium starting around ₹485 could offer a payout of ₹1 crore, making it a cost-effective way to protect your family’s financial future.
Flexible and Customisable Coverage Options - Most term insurance plans offer optional riders—such as accidental death or critical illness coverage—that can be added to enhance the policy’s benefits. This flexibility allows you to adapt your plan to meet evolving needs, ensuring a comprehensive financial safety net as life circumstances change.
Assurance in a World of Uncertainties - In India, only 30% of the urban population and 5% of the rural population have purchased life insurance coverage. Essentially, those without insurance must always worry about uncertain events like death. Term insurance offers affordable options for a higher sum assured, providing you with greater peace of mind that your family will be financially secure in your absence.
Tax Efficiency and Long-Term Financial Value - Premiums paid toward term insurance policies are eligible for tax deductions under Section 80C, and the death benefit is tax-free under Section 10(10D). This provides dual benefits: safeguarding your family’s future while also saving on taxes, making it a financially sound choice for high-income earners.
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When you earn more than ₹70 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.
It’s typically recommended to secure coverage worth 10 to 15 times your income. This equates to approximately ₹7 crore to ₹10.5 crore for someone with an annual income of ₹70 lakh. Here’s why this coverage is beneficial:
Income Replacement: Coverage at this multiplier ensures sustained financial support, allowing your family to meet long-term goals.
Debt Management: Sufficient coverage accounts for existing loans or mortgages, preventing your family from inheriting financial burdens.
Planning for Future Expenses: This amount also considers major future expenses, such as higher education, healthcare, and life milestones.
Inflation Protection: Selecting higher coverage helps offset the eroding value of money over time, preserving the purchasing power of your policy payout.
Claim Settlement Ratio (CSR): Opt for insurers with a CSR above 95%, as this reflects a strong record of fulfilling claims efficiently and promptly.
Affordability of Premiums: For coverage amounts in the ₹6-9 crore range, premium costs may vary from ₹37,500 to ₹58,000 annually. It’s important to compare plans for comprehensive coverage at competitive rates.
Additional Rider Options: Customise your policy with riders, such as:
Accidental Death Rider: Provides an additional payout in case of accidental death.
Critical Illness Rider: Offers a lump sum upon diagnosis of severe health conditions, helping cover treatment expenses.
Waiver of Premium Rider: Waives future premiums if you face a disability or a severe illness, keeping your coverage intact.
Policy Tenure: For younger policyholders, selecting a longer term (20-30 years) is beneficial to cover long-term financial commitments.
Trusted Insurer: Choose a provider known for smooth claims processing, excellent customer support, and hassle-free policy renewals.
Following are the steps to purchase term life insurance for individuals making ₹ 70 lakhs in the state of Andhra Pradesh:
Step 1: Go to the term insurance page of Policybazaar.
Step 2: Share the personal details like name, gender, and contact details.
Step 3: Next, offer additional information, such as occupation, income, and other lifestyle habits, which are useful in calculating your premium.
Step 4: Find the term life insurance policy that meets your needs and proceed to pay.
Your family's future can be safeguarded with adequate financial planning through term insurance. As you bring in ₹70 lakh annually, a term insurance plan ensures that your family will maintain the same standard of living, meet debt obligations, and continue to achieve future financial goals without any hindrance. With flexible options for riders and tax benefits, term insurance enables you to confidently protect your loved ones’ future and sustain financial stability throughout life’s stages.
†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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