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Term insurance is an affordable life insurance option that provides financial security to the family in case of the policyholder's death. For individuals in Andhra Pradesh earning around Rs. 8 Lacs annually, exploring affordable insurance options is essential for safeguarding their loved one's financial future.
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Term insurance is a pure life insurance product that offers coverage for a specified term. If the policyholder passes away during this period, the insurer pays the death benefit to the nominee. It is a cost-effective way to ensure that your family is financially protected. Term insurance for individuals earning Rs. 8 Lacs in Andhra Pradesh is a term insurance plan that suits the individual with an annual income of Rs 8 Lacs in Andhra Pradesh.
Term Plans
Earning Rs. 8Lacs annually in a state like Andhra Pradesh allows for a comfortable lifestyle, but it also presents challenges in terms of savings, particularly in urban areas. Here are several reasons why term insurance is crucial for this income bracket:
Financial Protection: In the event of an untimely death, the policy ensures that the family receives a lump sum for essential needs such as children’s education, debts, or household expenses.
Affordability: Term insurance is among the most affordable types of life insurance, with premiums typically ranging from Rs. 2,000 to Rs.5,000 per annum, depending on age and coverage.
Peace of Mind: Knowing that your family is financially secure provides peace of mind, enabling you to focus on your current financial planning without worry.
Large Coverage: Term insurance offers significant life coverage, ensuring financial stability for your family in your absence.
Tax Benefits: Premiums paid are eligible for term insurance tax benefits under Section 80C of the Income Tax Act, allowing savings of up to Rs. 1.5 Lacs in taxes.
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When selecting term insurance, consider the following factors:
Coverage Amount (Sum Assured): Aim for a sum assured that is 10-15 times your annual income. For someone earning Rs. 8 Lacs- this is between Rs. 80-90Lacs.
Policy Term: Ideally, the policy term should extend until your retirement age. For example, if you’re 40’, consider a term of at least 20 years, covering you until age 60.
Premiums: Term insurance is known for its low premiums. For an individual in their 30s earning Rs. 8Lacs, premiums for a Rs. 50 lakh policy might range between Rs. 3,000 andRs.5,000 annually.
Riders: Consider adding tern insurance riders for enhanced coverage, such as:
Critical Illness Rider
Accidental Death Benefit
Waiver of Premium Rider
Insurer’s Claim Settlement Reputation: Choose a high claim settlement ratio (CSR) life insurance company. A CSR above 95% indicates reliability.
Here are some popular term insurance plans suited for individuals earning 8 Lacs in Andhra Pradesh:
| 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 |
Use a term insurance premium calculator to determine applicable premiums for your desired coverage.
Purchasing term insurance is now easier than ever, with online and offline options. Here’s a simple process to buy term insurance online through platforms like Policybazaar:
Step 1: Visit the term insurance section of Policybazaar.
Step 2: Fill in the required details, including your name, gender, and contact information.
Step 3: Provide information about your smoking habits, occupation, annual income, and educational qualifications.
Step 4: Choose the best term life insurance plan and proceed to payment.
For individuals earning Rs. 8 Lacs annually in Andhra Pradesh, term insurance represents a wise and affordable strategy to secure financial stability for their families. With low premiums, tax benefits, and flexible policy terms, it acts as a safety net without putting a strain on the household budget. It's advisable to compare various plans, understand their features, and select a policy that aligns with your financial goals and your family’s future 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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