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45K Salary Term Insurance Plan

Earning a salary of ₹45,000 per month may allow you to manage your household today, but what would happen if the income suddenly stopped? Life is full of uncertainties that can put your dependents, like parents, wife or children, in a difficult financial position, especially if you are the sole earner of the family. For someone earning 45k a month, a term insurance plan can offer financial protection to ensure their family is supported in case of an untimely demise.

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Written ByShruti gujarathi
AboutShruti gujarathi
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Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager – Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years, with deep expertise in insurance domain.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 06th August 2025
Modified on: 08th August 2025
Reading Time: 15 Mins
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What is a Term Insurance Plan?

Term plan is a pure protection life insurance plan. In the event of the demise of the life assured, the nominee gets the sum assured as a lump sum or a regular payout (as per the policyholder’s choice). However, if the life assured survives the term, there's no payout (unless choose a term plan with return of premium (ROP) is opted for ), making this a pure protection plan that focuses entirely on the family's financial security.


How term insurance works for individuals with a 45K salary

A term insurance is designed to pay the life cover, i.e., the sum assured to the nominee if the life assured dies within the policy term. But there’s no payment if he/she survives. Here the policy term is typically long, for which you pay fixed amount premiums in your preferred schedule.

  • The term insurance is a contract between two parties—the insurance company and the policyholder, i.e., the insured. Here, the policyholder agrees to pay premiums on a defined schedule for a specific policy term. The insurer agrees to pay the life cover amount to the designated nominee upon the death of the insured.
  • Term plan requires the policyholder to choose a sum assured, which may ideally be sufficient to enable his/her family to maintain the current lifestyle, pay off outstanding debts (if any), and fund the desired life goals. He/she also has to choose a preferred premium schedule and frequency.
  • The premium requirement in a term insurance is much lower compared to other types of life insurance, whereas the life cover is sufficiently large. Hence, for someone who earns Rs 45,000 a month, buying term life insurance might not be very difficult. The amount of premium depends on the age, gender, health conditions, family medical history, occupation, lifestyle, and habits of the policyholder.
  • The insurer may validate the information you’ve shared through underwriting, conduct medical tests if necessary, and seek further details before they approve the application for insurance.
  • A 45k salary term plan offers tax benefits against premium payments while the death benefits are completely tax-free.
     

What are the benefits of term life insurance for individuals with a 45k salary?

A term insurance plan comes with many tangible benefits that go beyond just life coverage.


Affordable premiums

One of the biggest advantages of term insurance is its premium cost. Since term plans offer pure life coverage without any maturity benefit, the premiums are affordable, making it a cost-effective way to financially secure your family’s future.


Flexibility

Term insurance plans offer flexibility in how the sum assured is paid to the nominee. You can choose between a lump sum payout, regular income, or a combination of both. This allows you to tailor the financial support in a way that best suits your family's needs and ensures long-term stability.


Getting added coverage via riders

Riders are add on benefits which are available at an additional nominal premium. You can add riders like accidental death benefit rider, critical illness benefit rider, waiver of premium rider, etc, to make your term insurance policy even more comprehensive to manage different situations in life. The availability of riders is subject to the plan chosen.


Peace of mind

The biggest advantage is undoubtedly the reassurance that your family will be financially stable even after your death. A well-chosen term insurance plan makes sure that they can manage household expenses and maintain their lifestyle without any monetary strain.


Tax benefits

The premiums that you pay for a term insurance plan are eligible for deductions up to ₹1.5 lakh per year under Section 80C of the Income Tax Act, if opted for old tax regime.


How Much Should You Invest If You Earn ₹45,000 Per Month in India?

If you're purchasing a term insurance plan in India, the first step is to calculate the right coverage. One recommended way is to choose a sum assured that's at least 10 times your annual income . For a monthly income of ₹45,000, your life cover should be at least ₹54 lakh.

You can also consider methods like the income replacement method and Human Life Value (HLV)method to calculate and arrive at a personalized estimate. The coverage should be enough to cover significant financial responsibilities like home loans, children's education costs, or taking care of aging parents etc.

For an accurate idea of the premium you'll need to pay, use a term insurance calculator to plan accordingly and choose a plan that fits your budget.


What should be Sum Assured of Term Plan if you are earning 45k?

Ideally, a term insurance coverage should suffice for your family’s sustenance of the current lifestyle in your absence and repayment of outstanding debts, if any, along with a corpus to fund the desired life goals. Naturally, this amount may vary across families, their respective lifestyles, financial obligations, and goals. However, a common thumb rule suggested by experts [5] says that the coverage amount in a term insurance should be 10 times the annual income of the policyholder.


Ideal coverage of term plan for a 45k salary:

Going by the expert view, a choice of coverage for a 45k salary can be:

10x current annual income

= 10 (45,000 x 12)

= 10 x 5,40,000

= 54,00,000


How to choose the right term plan if you are earning 45k monthly?

The choice of the right term plan depends on the individual situation and preferences of the policyholder. However, if you are earning 45k monthly, the following steps [6] may help.

Choosing a right sum assured to meet the needs of your family in your absence, covering the family expenses, repayment of debts, and the corpus needed to fund life goals like the child’s education, may be good.

  • Aligning the plan to your life goals, like the child’s marriage or the spouse’s retirement, can take away worries.
  • Setting the premium payment as per your affordability may help avoid a financial burden.
  • Opting for additional riders for accidents or critical illness can bring extra peace.
  • Checking the claim settlement ratio of the insurer may save your loved ones from unwanted struggles.
     

FAQs

  1. What should be the ideal coverage amount if you earn 45k monthly?

    As per a general thumb rule [5] , the ideal coverage for a monthly 45k salary should be 10 times the annual income.


  2. Can I increase coverage for a 45k salary term insurance plan?

    Yes, you can increase coverage [7] for a 45k salary term insurance plan if it has the increasing cover option enabled.


  3. Can I buy term insurance with a 45k salary per month if I have pre-existing health conditions?

    Yes, it may be possible [2] to buy a term plan with salary of 45K with pre-existing health conditions, subject to certain additional requirements, depending on Insurer to Insurer.


  4. Can I buy term insurance for my entire family if I earn 45k per month?

    You can purchase separate term policies for your family members according to your coverage requirements and financial situation.


  5. What would the premium be for a term insurance with Rs.45K salary?

    The premium for a 45k salary term insurance varies depending on several factors such as [1] the age, health, and personal details of the policyholder.


  6. How does term insurance provide financial security for someone earning ₹45,000 a month?

    A good term insurance plan makes sure that your family continues to receive financial support in case of your unfortunate demise during the policy period. The sum assured amount goes to your nominee and can be used to cover day-to-day living expenses, pay off any of your loans, complete future goals and more.


  7. Are term insurance premiums affordable for a ₹45,000 salary?

    Term insurance plans are designed to be cost-effective for the policyholders. Your premium depends on your age, gender, lifestyle, policy term and some other factors.


  8. Can someone with a ₹45,000 income add riders to their term plan?

    Absolutely. Riders like accidental death benefit rider, critical illness benefit rider, etc can be added to your term insurance plan for a nominal additional premium, and they provide added protection against unforeseen events. The availability of riders is subject to the plan chosen.


  9. How can one apply for term insurance with a ₹45,000 salary?

    You can easily buy a term insurance policy online or offline by filling out the application and submitting the proposal form. The insurer will review your eligibility and issue the policy once approved.

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Disclaimers:
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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions, please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

BJAZ-WEB-EC-16409/25

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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