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Rs. 50 Lakh Term Insurance

A term insurance plan can help an individual create a financial cushion for their family in case an unforeseen event takes place. A Rs. 50 Lakh Term Insurance plan helps you create that financial cushion. Under a term insurance with sum assured of Rs. 50 Lakh, the nominee shall receive a death benefit equal to Rs. 50 Lakh in case of an unforeseen demise of the life assured. A Rs. 50 Lakh Term Insurance plan can help you ensure financial security of your family in your absence.

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Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

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Best Term Insurance Plans

1 Crore
1.5 Crore
2 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 707/Month
Key Features:
  • Zero Cost Benefit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 98.14%
Starting From 812/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
24hr Claim Settlement
Key Features:
  • Terminal illness
  • Special Exit - Option to get your premiums back
  • Renewability Option
See More Plans

Term Insurance Premium Calculator

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1Cr
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2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What is Rs. 50 Lakh Term Insurance?

As the sole breadwinner of the family, creating financial stability is a must, and a term insurance plan can help you achieve it. Term plans are affordable and provide high coverage of Rs. 50 lakhs at a very reasonable and pocket-friendly premium. If the policyholder dies during the policy tenure, a death benefit is paid to the beneficiary under term insurance. You can select a coverage amount keeping in mind your current lifestyle, expenditures, financial liabilities, and others, a 50 lakh term insurance is recommended for extensive coverage.

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Best Rs. 50 Lakh Term Insurance Plans

The following are the best 50 lakh term insurance plans offered by insurance companies in India:

Term Insurance Plan

Entry Age

Max. Maturity Age

Min. Sum Assured

Policy Tenure

Max Life Smart Secure Plus

18- 65 years

85 years

Rs. 20 lakh

10- 67 years

HDFC Life Click 2 Protect Plan

18- 65 years

Whole life coverage

Rs. 50,000

10 minus whole life cover

Aegon iTerm Plan

18- 65 years

100 years

Rs. 25 lakh

5- 82 years

PNB MetLife Mera Term Plan

18- 65 years

99 years

Rs. 10 lakh

10- 81 years

ABSLI Life Sheild

18- 65 years

85 years

Rs. 25 lakhs

10- 55 years

1. Max Life Smart Secure Plus Plan

Max Life Smart Secure Plus plan is a unique kind of term insurance plan. This plan helps the life assured to accommodate evolving financial requirements of their family. Max Life Smart Secure Plus plan provides financial protection to the family of the life assured in difficult circumstances such as the untimely demise of the life assured during the policy term. This plan provides comprehensive protection at a nominal cost.

The key features of the plan include:

  • It is available in two variants- life cover and increasing life cover insurance plan.
  • It provides terminal illness coverage to the policyholders.
  • The plan provides a return of premium option. With this benefit, 100% of the sum assured shall be provided at the end of the policy tenure, in case the life assured survives the entire policy tenure.

2. HDFC Life Click 2 Protect Plan

HDFC Click 2 Protect Life plan provides the life assured with financial support according to their altering lifestyle and changing requirements at different stages of life. This plan lets life assured be truly financially protected at all times.

The key features of this plan are highlighted below:

  • The plan is available in three variants- Life and Critical Illness Rebalance, Life Protect and Income Plus plan.
  • The plan provides whole-life coverage to the policyholders.
  • Return of premium benefit is offered to the policyholders. This means life assured will get 100% sum assured for surviving the policy tenure.
  • The policyholders can enhance the coverage of their plan by purchasing additional riders such as Return of Premium Option, Waiver of Premium Rider, Critical Illness Benefit Rider, and others.

3. Aegon iTerm Plan

Aegon iTerm plan is a comprehensive, affordable protection plan. This plan provides financial security to the life assured and his/her loved ones from the uncertainties of life. Under this plan, one has the flexibility to customise the plan according to their requirements.

The key features of this plan are highlighted below:

  • There are three plan options to choose from- Life Protect, Protect Plus and Dual Protect.
  • Under this plan, the life assured can avail life cover till the age of 70 years.
  • The plan offers an option to receive a lump sum benefit on diagnoses of any of the listed 36 critical illnesses.
  • This plan also provides multiple death benefit payout options to choose from, which are lump sum, monthly income, or part lump sum and part monthly income.

4. PNB MetLife Mera Term Plan

PNB MetLife Mera Term Plan is an online term insurance policy. The policyholders can customize this plan as per their specific financial needs and budget. The plan also provides financial security to the family in case of the untimely demise of the life assured.

The key features of this plan are highlighted below:

  • The plan provides lifetime coverage to the policyholders.
  • You can enhance the plan's coverage by purchasing additional riders.
  • The policyholders have the flexibility to pay a premium at their convenience.
  • The grace period to pay a pending premium amount is 30 days.
  • You can start your savings with this plan at an early age.

5. ABSLI Life Shield Plan

It is a customized term insurance plan that provides financial security in case of the unfortunate death of the policyholder. You can either buy this plan as an individual term plan or a joint life insurance policy.

The key benefits of this plan are highlighted below:

  • This term life insurance policy provides 8 plan options, which include Level Term Assurance with Waiver of Premium Benefit, Increasing Term Assurance with Waiver of Premium Benefit, Decreasing Term Insurance, Decreasing Term Insurance with Waiver of Premium Benefit, Return of Premium and Return of Premium with Waiver of Premium Benefit.
  • The policyholders can opt for different riders to enhance the coverage of their base term plan.
  • Get life coverage for both yourself and your spouse under a single-term insurance plan.

Benefits of Purchasing Rs. 50 Lakh Term Insurance

The following are the benefits of purchasing an Rs. 50 lakh term insurance plan:

  • Financial Protection: In case of your absence, a 50 lakh term insurance plan will provide financial protection to your loved ones. An insurance company pays a death benefit in case of the untimely death of the policyholder.
  • Add-on Benefits: The policyholders can enhance the coverage of their plan by including riders to their base term insurance plan. However, you may have to pay an extra premium to an insurance company for purchasing riders.
  • Economical Premium: You can buy a term insurance plan at an early age. Term insurance companies even provide lower premium rates to young individuals. Therefore, you can ensure financial stability for your loved ones at affordable premiums.
  • Lifetime Protection: Many term insurance companies provide whole-life insurance coverage to the policyholders. As a result, you don’t have to worry about the future of your family at any point in time. During a lifetime, if anything happens to the policyholder, an insurance company will pay a death benefit to the nominee.
  • Tax Benefits: With a 50 lakh term insurance plan, you can also enjoy tax benefits as specified under section 8010(10D) of the Income Tax Act of 1961. The tax deduction is applicable to the premium paid towards term insurance plans.

How Does Rs. 50 Lakh Term Insurance Work?

As mentioned above, in a 50 lakh term insurance policy, you get coverage of Rs. 50 lakhs. The policyholder pays regular premiums to the insurance company throughout the policy term. In the unfortunate event of the policyholder's demise during this period, the designated beneficiaries receive the sum assured, i.e., Rs. 50 lakh. This payout is typically tax-free and serves as a crucial financial cushion for the family, helping them meet various financial obligations, such as outstanding debts, mortgage payments, and day-to-day expenses.

In case the policyholder fails to pay the premium on time, then the 50 lakh term insurance policy will lapse. Thus, you must regularly pay the premium to keep this term insurance plan active.

Things to Know Before Buying 50 Lakh Term Insurance?

There are a number of things you need to consider before buying a 50 lakhs term insurance such as those listed below:

  • Claim Settlement Ratio: One of the most important things you need to check before buying a 50 lakh term insurance is the claim settlement ratio of the insurance company. You should choose a company that has a higher claim settlement ratio or CSR as this ensures efficiency in term insurance claim settlement.
  • Additional Coverage: You should also check if the term insurance plan you are buying offers additional coverage or not. There are a few term insurance plans that even provide maturity benefits along with death benefits, so you need to check that.
  • Riders: Almost every insurance company offers riders which you can include in your base term insurance policy. So, before buying a 50 lakh term insurance policy, you need to check whether riders are available or not.
  • Policy Terms and Conditions: Before buying a 50 lakh term insurance, you must read the terms and conditions. This will help you get a clear understanding of the inclusions and exclusions of the term insurance policy.

What is the Cost of 50 Lakh Term Insurance?

The exact premium or the cost of Rs. 50 lakh term insurance cannot be directly estimated as it depends on several factors. These factors include the policyholder’s age, medical history, lifestyle, and a few others. Moreover, even gender determines the premium you need to pay for your 50 lakh term insurance plan. Generally, the premium for women policyholders is lower as compared to the others.

You can however use a term insurance premium calculator to get an exact estimate of the term insurance premium. The term insurance premium calculator is also available on InsuranceDekho’s website.

How to Buy Rs. 50 Lakh Term Insurance with InsuranceDekho?

Listed below are the steps in which you can buy Rs. 50 lakh term insurance plan with InsuranceDekho:

  • Click on the official website of InsuranceDekho and go to the term insurance option
  • Enter details such as age, name, mobile number, whether you are a smoker or non–smoker, etc
  • Once you enter all the details, you will be able to view a list of term insurance plans
  • From the plans available, you will be able to identify the plans offering coverage of Rs. 50 lakhs. Select a desired plan and proceed with the premium payment
  • Finally, when the payment is completed, you will receive policy details on your registered email id

Who Should Buy Rs. 50 Lakh Term Insurance Plan?

The following are the individuals who must purchase Rs. 50 Lakh term insurance plans:

  • An individual who has a regular source of income and financial dependents must consider purchasing a term insurance plan.
  • Parents, professionals, married/unmarried people, recently retired people, self-employed etc.
  • Taxpayers should consider investing in term life insurance for tax exemption and also create a financially secure future for their loved ones from the uncertainties of life.
  • Young individuals who have started making a living for themselves should invest in term insurance plans as they get a substantial coverage amount at a nominal premium cost.
  • If you are a sole breadwinner, then a 50 lakh term insurance is recommended as it creates a safety net for your loved ones even when you are not around

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