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A Rs. 50 lakh term insurance plan is a life insurance policy with a sum assured amount of Rs. 50 Lakh. This plan offers financial protection in case of an unforeseen event of the policyholder's death during the policy term. The amount of Rs. 50 lakh ensures financial stability for your family and helps them take care of their financial needs and liabilities in your absence. Let us look at the best term insurance plan for 50 lakhs available in India, their benefits, and features.
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A 50 lakh term insurance policy offers life insurance coverage of Rs. 50 Lakhs for a fixed time. In case of any mishap with the policyholder during the policy term, the nominee or beneficiary receives a payout of ₹50 lakhs. This term insurance plan ensures the family's financial protection by helping them manage loans, monthly expenses, and the child's education in the absence of the main income earner.
Term Plans
Here is why you should buy the best term insurance plan for 50 lacs in India:
Affordable Premiums: The 50 lakh term insurance premium is affordable, compared to the other types of life insurance, and thus allows you to secure the financial future of your family members.
Large Cover Amount: With this term policy for 50 Lakh cover, you can create a strong financial shield for your loved ones. This can help your family maintain high living standards and fulfil their goals, even in adverse times.
Comprehensive Riders: You can choose to enhance your policy’s base coverage with optional riders, such as accidental death benefit, critical illness benefit, and premium waiver.
Pay off Liabilities/Loans: In case of unforeseen death, your family can use the term insurance 50 lakhs payout to pay off unpaid loans and liabilities like home loans or business loans that might burden your family.
Income Replacement: The term insurance 50 lakhs payout amount can help you with income replacement in the unfortunate absence of the main income earner.
Buying a 50 Lakh Term Insurance Plan helps the assigned nominee get a death benefit of Rs. 50 Lakhs, in the unfortunate case of your demise. This term life insurance policy ensures the financial well-being of your family in challenging circumstances.
Let’s understand this with the help of an example:
Rajat is an 18-year-old non-smoking male with an annual income of Rs. 10 Lakhs. He chose a 50 Lakh term insurance plan for a 30-year policy term to safeguard his family in the unfortunate event of his demise. After comparing the available term plan 50 lakh plans on Policybazaar, he finally bought the best term insurance plan for 50 lakhs premium starting at just Rs. 412/month. This way, he made sure that his family was protected at uncertain times in the future.
Let’s take a look at the best term insurance plan for 50 lakhs available in India 2025:
*Disclaimer: ~Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For 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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Here is a list of key features of the best term insurance plan for 50 lakhs in India:
Low Entry Age: The entry age limit of term insurance plans is between 18 years to 65 years. This large age limit gap of the term policy for 50 lakhs cover allows a wider range of individuals to secure their loved ones.
Premium Pay Options: There are various premium payment options available with 50 lakh term insurance. The premium payment terms like regular term, limited term, and single term, along with the term policy for 50 lakhs premium pay modes like monthly, quarterly, semi-annual, and annual.
Flexible Payout Benefits: With term insurance 50 lakhs plans, you can choose the most suitable payout options like monthly income, lump sum payments, increasing monthly income, or lump sum + monthly income.
*Note: You can calculate the term insurance premium for 50 lakhs for yourself using the 50 lakh term insurance calculator.
The following are the benefits of buying the best term insurance plan for 50 lakhs in India:
High Coverage at Affordable Premiums: You can secure a large life cover for a much lower 50 lakh term insurance premium, ensuring financial protection for your family without straining your budget.
Financial Security for Family: With the term plan 50 lakh, in case of an unfortunate event, your family receives ₹50 lakh as a death benefit, which can help them cover living expenses, repay loans, and maintain their lifestyle.
Flexibility in Policy Tenure: You can choose a term policy for 50 lakhs policy tenure that aligns with your financial goals, ensuring coverage during the different life stages.
Rider Options: Many insurers offer important term insurance riders, such as critical illness, accidental death, or disability riders, which provide enhanced protection beyond the base term plan 50 lakh life cover.
Tax Benefits: You can claim term insurance tax benefit under Sections 80C and 10(10D) of the Income Tax Act, 1961 as per the prevailing tax laws.
Peace of Mind: Knowing that your family will be financially secure in your absence gives you peace of mind, allowing you to focus on your personal and professional life.
Here is a list of the factors you should consider before buying term policy for 50 lakhs in India:
Claim Settlement Ratio: The ratio of the number of claims settled by an insurance company compared with the number of claims filed. An insurer with a higher claim settlement ratio (>99%) will be less likely to reject claims filed against any policy.
Max Policy Term Limit: Most life insurance plans provide a maximum policy term of 75-100 years. In general, more extended periods of coverage will require higher term insurance premium for 50 lakhs.
Large Sum Assured: Life cover refers to the total lump sum assured amount distributed to the policyholder's beneficiaries/nominees.
Rider policies or Add-ons: These policies offered by various life insurance companies have different add-on options that increase policy coverage, provide additional payouts, or provide various other benefits.
Waiver of Premium Cover: Some policies provide a “waiver of premium cover,” which means that the policyholder will be exempt from paying additional premiums if they are impacted by an illness or injury that affects their livelihood.
Factors Influencing Premium Rise: The term insurance premium for a 50 Lakh policy increases with the applicant's age at the time of registration, whether the applicant smokes, the amount being insured for, and any pre-existing health conditions the applicant might have. Disclosure of the full health information of the applicant is required, and violation of the same will be grounds for rejection of any policy claims.
Tax Benefits: The Government of India provides tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961 for the term insurance premium for 50 lakhs life cover.
A 50 lakh term insurance plan is ideal for individuals with specific financial needs and family responsibilities. Here’s a comparison of different scenarios to help determine if this coverage is right for you:
| Category | How term insurance 50 lakhs benefits you |
| Primary Breadwinners | Ensures that your family’s financial needs, such as daily expenses and education, are covered in your absence. |
| Individuals with Loans | Helps settle outstanding debts, like home loans or personal loans, so your family isn’t burdened with repayments. |
| Young Parents | Provides financial support for children’s education and future goals if anything happens to you. |
| People Seeking Affordable Cover | Offers high coverage at affordable premiums, making it suitable for those on a budget but seeking comprehensive protection. |
| Business Owners | Protects your business partners and family by covering business liabilities in the event of your death. |
| Individuals Without Savings | If you don’t have substantial savings, a term insurance 50 lakhs plan ensures your family gets a lump sum payout. |
A Rs. 50 Lakh term insurance plan can be helpful at all life stages, irrespective of when you decide to buy one. Below are some of the reasons you should consider purchasing this term plan based on your age range:
For individuals in their 20s: In their 20s, a term plan can provide financial protection for their parents in the future if they have taken out education loans for higher education.
For individuals in their 30s: In the 30s, a Rs. 50 Lakh term plan can provide financial support to their loved ones in case of an unforeseen death to help pay off car loans, property loans, etc., which the life assured may have opted.
For individuals in their 40s: In the 40s, the life cover (sum assured) from a Rs. term insurance 50 lakhs plans can be used to provide the financial stability to their dependents in fulfilling their needs such as children’s education, marriage etc.
50 Lakh term insurance policy offers life coverage of Rs. 50 lakhs for a specific time period/policy term. And if anything unfortunate happens to the sum assured/policyholder during the plan term, the nominee/beneficiary receives the death benefit/payout of Rs. 50 Lakhs.
On the contrary, if the policyholder chooses a term plan with Return of Premium option, he/she will get back the premiums paid (minus GST) upon outliving the policy term.
Here is a step-by-step guide on how you can buy a 50 lakh term insurance plan online:
Step 1: Visit the term life insurance page
Step 2: Enter basic information like name, gender, date of birth, and phone number and click on ‘View Plans’
Step 3: Fill in your smoking habits, occupation type, annual income, and educational qualifications accurately
Step 4: SSelect the best term insurance plan for 50 lakhs as per your needs and proceed to pay
*Note: You should first understandwhat is term insurance and then buy the best term insurance plan for 50 lakhs without hassle.
Online term plans often provide significant discounts compared to offline 50 lakh term insurance plans, as the agent commission is eliminated in the online plans. You can easily compare and buy a term plan online that is the most suitable for your financial needs. Term life insurance can secure your family financially in your absence and help you save on your yearly taxes.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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