The life insurance industry has been growing in India for the last two decades. The growth has been fueled by the growth in the middle class and the rise in disposable income. Today, with more and more people earning above 10 lakh salary per annum, the need to have a life insurance policy is not limited to just those who are at risk of losing their jobs or have families to take care of.
We all know that life insurance is an important financial product that you need to buy for your family’s protection in case of any unfortunate incident. But, does it matter what kind of life insurance you buy?
In this article, we are going to discuss some of the best life insurance policies for people who earn above 10 lakhs per annum. We will also talk about why it is important for these individuals to get a life insurance policy and what they should be looking out for when they go shopping around.
Why is a Life Insurance Necessary for Higher Earners in India?
The reason why it is important to have the best life insurance for people with a high salary is that they have more money and assets to protect. In addition, they also have more expensive lifestyles and they are more likely to spend money on luxury items. In the event of their death, these people's dependents will have to spend more money to maintain the same lifestyle. So a person with a high salary should invest in life insurance so that it can provide financial support for their dependents.
There are many reasons why you should get a good life insurance policy if you are earning more than 10 lakhs per annum:
- You will not have to worry about the expenses you might incur in case of a sudden death
- You will be able to enjoy a good quality of life with large savings
- You will have peace of mind because you are financially secured
Deciding Factors to Consider When Buying the Right Life Insurance Policy for You.
Life insurance is a type of insurance that covers a person’s life. It can be used to protect the financial security of the people you love.
There are many factors that you need to consider when buying a life insurance policy. These include age, health condition, family history, and occupation.
- Age: This is the most important factor to consider when purchasing a life insurance policy. The younger you are, the lower your premiums will be.
- Gender: Males typically pay more than females, because males tend to be riskier and therefore are under more pressure to buy life insurance policies with high premiums (in the case of males).
- Family Health History: If your family has a history of heart disease, cancer or other serious illnesses, then it is best to purchase an additional policy to cover those diseases in case they occur in the future.
- Income: You should take into consideration how much money you make and how much money your family needs before deciding on what type of policy would be best for you and your family's needs at this time in your life.
The right policy will depend on your needs and personal preferences. You can also choose from term or whole life policies. Term policies are more affordable but they do not provide coverage for your entire life while whole-life policies offer lifelong protection but are more expensive than term policies.
Best Life Insurance Policies for Above 10 Lakh Salaried Person
The best life insurance policies for an above 10 lakh salaried person are those that are comprehensive and affordable. You can find such policies by doing thorough research on the various companies in the market. Here are the top best life insurance policies for above 10 Lakh salaried person
Bajaj Allianz Life Smart Protect Goal
Bajaj Allianz’s smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers. It is a complete term plan that is easy on your pocket and it not only offers you the option to get back the entire premium at the time of maturity but also protects you against financial loss from several critical illnesses.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 75 years with ROP, 85 years without ROP, 99 years the whole life
- Sum Assured: Minimum 5 Lacs and Maximum as per Board approved guidelines.
- Life Cover: Self
- Policy Term: 5 years to 40 years
- Premium Payment: Single payment, Regular payment, or Limited payment.
Max Life Smart Secure Plus Plan
Max Life Smart Secure Plus Plan is introduced to fulfil your financial security needs and provide support in case of any emergencies. Max Life Smart Secure plus Plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover, and additional payout on accidental death these will fulfil your needs.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 85 years
- Policy Term: 5 to 67 years
- Sum Assured: Minimum Rs. 50000/- and Maximum as per Board approved guidelines.
- Premium Payment Term: 5, 10, 12, 15, Single Pay, Regular Pay
- Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly
HDFC Life Protect Plan
An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance to give assurance of a 98.01% claim settlement ratio, additional sum assured on Accidental death, money-back all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maturity Age: 85 years
- Sum Assured: 25 Lacs
- Premium Payment Term: Single payment, Regular payment, or Limited payment
- Premium Payment Frequency: Monthly, Quarterly, Half-yearly, and Yearly
Tata AIA Sampoorna Raksha Supreme
Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need. At each life stage, regardless of your gender, occupation, age, etc., this plan can prepare your family for life's uncertain events.
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 65 years to 100 years
- Sum Assured: Minimum Rs. 1 lac and Maximum as per Board approved guidelines.
- Premium Payment Term: Limited Pay, Single Pay, Regular Pay
- Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly. Single
Aditya Birla Sun Life Insurance DigiShield Plan
Aditya Birla Sun Life Insurance DigiShield Plan is a non-linked term insurance plan. This term life insurance plan has to be chosen per the customer’s requirements with reasonable premiums. Provides 10 different Aditya Birla sun life insurance policy options as per your family's needs so they need not compromise on their lifestyle, even in your absence.
Features & Eligibility:
- Entry Age:
For Plan Option: 1, 2, 3, 6, 7, 8, 10: Minimum 18 years to Maximum 65 years
For Plan Option: 4, 5: Minimum 45 to Maximum 65 years
For Plan Option: 9: Minimum 18 to Maximum of 50 years
- Maximum age at Maturity:
For Plan Option: 1, 2, 3, 6, 7, 8, 10: 85 years
For Plan Option: 4, 5: 100 years
For Plan Option: 9: 69 years
- Sum Assured:
For Plan Option: 1, 2, 3, 4, 5, 6, 7, 9, 10: Minimum – Rs. 30 Lakh and Maximum – No Limit
For Plan Option: 8: Minimum – Rs. 1 Lakh and Maximum – Rs. 20 lakh
- Premium Payment: Single payment, Regular payment, or Limited payment.
- Premium Mode: Annual, Semi-annual, Quarterly, Monthly
Premium Comparison Table of Top Life Insurance Policies for Above 10 Lacs Salary
| Company |
Plan Name |
Total Payout |
Tenure |
Premium |
|
| Bajaj Allianz Life Insurance |
Smart Protect Goal |
50 Lacs |
10 Years |
22,253/- |
Buy |
| Max Life Insurance |
Smart Secure Plus Plan |
25 Lacs |
10 Years |
20145/- |
Buy |
| HDFC Life Insurance |
Life Protect |
25 Lacs |
10 Years |
30145/- |
Buy |
| TATA AIA Life Insurance |
Sampoorna Raksha Supreme |
50 Lacs |
10 Years |
48154/- |
Buy |
| Aditya Birla Capital Life Insurance |
Digi-Shield |
50 Lacs |
10 Years |
30148/- |
Buy |
*Above given premiums are just for illustration purposes only* visit our website to get exact premium values.
How to Buy the Best Life Insurance Policy for Above 10 Lac Salaried Person?
The best life insurance policy should offer protection and security to your family when you die. But it should also be affordable and easy to understand. It should also be flexible enough to suit your needs.
Some people might think that they are not eligible for life insurance because they are not earning more than 10 Lac salaried per year, but this is not true. Many other factors can determine your eligibility for life insurance such as age, health condition, occupation etc.
An above 10 lacs salaried person can buy the best life insurance policy at an online portal PolicyBachat.com in simple steps and the premium can be paid online by the issuance of the policy. The below steps are to be followed for a life insurance policy for above 10 lacs salary.
- Go to PolicyBachat Website. Click on Life Tab
- Provide the required information such as name, date of birth, etc.
- Compare premium rates from the list of companies provided
- Select the plan which suits your requirement
- Make payment via online payments.
Conclusion
The conclusion on purchasing a life insurance plan is that it is a good idea to invest in a life insurance plan. It will help you prepare for the future and protect your loved ones from financial hardship.
Purchasing a life insurance plan is one of the most important decisions you will make in your lifetime. There are many factors to consider when making this decision, such as how much coverage you want, how much you can afford, and what type of policy best suits your needs.
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