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45K Salary Term Insurance Plan

Life is uncertain, and while you may be saving wisely for your family, this can continue only as long as you are around to take care of your family. Term insurance plan is a sound option for those earning Rs 45,000 per month so that your family’s dreams can continue to come true even if you are not around to support them.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

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Term Insurance

Why a term insurance plan adds a protective layer for your family when you earn Rs 45,000 per month

45k Salary Term Insurance Plan
March 05, 2024

Table of Content

 

A Rs 45,000 salary can cover most of the needs of your family, leaving a bit aside for indulging your dreams too. But beyond this, an important thought that prevails now is how to secure your family if anything untoward happens to you. Here term insurance can step in to help. 

Why is it important to invest salary share in term insurance?

Term insurances are instrumental in providing financial support to your family in case you die an untimely death. The lumpsum money handed over to your family can be utilised in continuing with the regular family expenses even when you are not around. The death benefit amount can also be saved for the bigger financial needs of the family. Moreover, this can take care of the home loan or car loan EMIs if any, so that they won’t be a burden on your family, who are then already dealing with a huge personal loss. These, therefore, make it logical to invest a chunk of your salary in term insurance plans. 

How much should you invest if you earn Rs 45,000 per month?

Going by the market scenario, term insurance premiums start as low as less than Rs 500 a month and age or income is no bar to eligibility. With a Rs 45,000 salary, it would surely be a cakewalk for you to invest in them. Premiums for a certain sum assured are calculated based on the person’s age, income, policy tenure, medical and financial condition etc. You can easily check the amount through the premium calculator on different insurance company websites once you decide the amount of life cover you want. 

Ideally, to be adequate financial support to the family, the life cover provided by term insurance should be 10-12 times your annual income. Therefore, with a Rs 45,000 salary, the sum assured should be around Rs 65 lakh. Now all you need is to check the various premium rates defined by different term insurance plans and make a choice. 

Features and Benefits of a Term Insurance Plan

A term insurance plan has its own set of features and benefits. Do check them out if you are considering investing in it. 

Lower premiums: The most attractive part of term insurance plans is surely the low premium rate. This is because term life insurances pay only a death benefit and there’s no lump sum payout on maturity of the policy. 

Full life coverage: Term insurance companies offer policies for a wide period of 5-40 years. This is meant for coverage of the entire lifespan. 

Huge sum assured: Since there’s no survival benefit to be paid and the policy caters to a much longer period, term insurance plans offer a much bigger sum assured, compared to other investment alternatives. 

Tax exemption: Tax deductions are available for premiums paid and death benefits in term life insurance under sections 80C and 10(10D)*. This invests a lucrative option. 

Added coverages: Term insurance can also provide financial cover for accidents, critical illnesses and terminal diseases. This can be availed by opting for additional riders in the policy. 

Return of premiums: General term insurances don’t pay anything if you survive through the policy term. However, Term Insurances with Return of Premium (TROP) policies return your hard-earned money on maturity of the policy. 

The pandemic has taught us the hard way how unpredictable life is. Hence, ensuring a protective layer around our family has become a top priority for us. A share of your Rs 45,000 salary in term insurance gives you the extra protection your family needs. 

FAQ:

Q: What is the max age limit in term insurance?

A: Technically, the age limit varies from one plan to another and is usually between 18-65 years. So, make sure you start your policy before reaching the upper ceiling 

Q: Can we take term insurance for parents?

A: Of course. There’s no such rule that a child cannot buy a term insurance policy for his parent. Regardless of who buys it, the policy offers financial security to the consumer.

Q: Can I buy term insurance for a minor?

A: Term life insurance plan can be bought at any stage of life. Here the child being the beneficiary of the plan, anyone can be made a nominee. However, the premium amount will be higher in the case of a minor.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimers

*Tax benefits are subject to conditions under Sections 80C, 10(10D) and other provisions of the Income Tax Act, 1961.

^ Available under Life & Life Plus plan options

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

ARN - ED/05/23/2246