50 lakh term insurance plans provide your family members financial protection and stability. These term plans are affordable and offer high coverage at low premium rates. When you buy such a policy, you make sure your family members receive a payout of Rs. 50 Lakhs in case something happens to you.Read more
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A 50 Lakh Term Insurance plan offers a life cover (death benefit) of Rs. 50 Lakhs to the nominees/beneficiaries of the policyholder in the event of his/her untimely death during the policy term. With a Rs. 50 Lakh term plan, you can secure the financial security of your family in the event of your unfortunate death.
Let’s understand this with the help of an example:
Ram is a 30 year old non-smoking male, who earns a salaried income of Rs. 10 Lac per annum. He has chosen Rs. 50 Lac as life cover for 30 years and is paying a monthly premium of Rs. 588. If Ram unfortunately passes away during the policy term, his family will receive the death benefit, and it will help them stay financially secure for the rest of their lives.
As the sole breadwinner of your family, it is important to have a good financial plan to ensure your dear ones’ stability. Purchasing a 50 Lakh term insurance plan can be a good financial decision in the future.
Here is a list of few reasons you should consider buying Rs. 50 Lakh term insurance to get long-term security:
Cost-effective: The 50 lakh term insurance premium is affordable, allowing you to secure the future of your family members comfortably. By paying a low amount of premiums, you can select to remain assured under the plan for a longer time.
Comprehensive protection: You can select to enhance your coverage with additional benefits (riders) like accidental death benefit, critical illness benefit, waiver of premium, etc.
High cover: With this plan, you can create a strong financial shield for your dear ones with a Rs 50 Lakh term insurance plan. This can help your family maintain the quality of living standards and fulfill their goals, even in adverse times.
Financial security against liabilities and loans: In case of your unforeseen death, your family can use the 50 lakh term insurance payout to pay off unpaid loans and liabilities.
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There are several options for purchasing term insurance, as various insurance companies offer different types of insurance packages targeting different types of individuals. Readers should be aware of the following details with regard to term insurance:
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 limit – Most term insurances provide a maximum period of coverage of 75-100 years. In general, more extended periods of coverage will require higher premiums.
Life Cover – Life cover refers to the total lump sum assured amount distributed to the beneficiaries of the policyholder.
Rider policies or Add-ons – The term policies offered by various insurance companies have different add-on options that increase policy coverage, provide additional payouts or various other benefits. Examples of standard rider policies include an "extra payout in the event of accidental death,” “return of premium on policy maturity,” and “coverage against critical illnesses.”
Waiver of Premium Cover – Some policies provide a “waiver of premium cover,” which means that the policyholder will be exempted 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 of 50 Lakh policy increases with the age of the applicant 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.
Note: You can use the 50 Lakh term insurance plan premium calculator to compute the amount you would need to pay as premiums for your desired term life insurance plan.
Tax Benefits – The Income Tax act provides tax benefits for payments made towards term insurance premiums under sections 80C, 10(10D) of ITA, 1961.
Let’s take a look at some of the best 50 Lakh term insurance plans available in India 2023:
|70 Lac Term Insurance Plans||Entry Age||Maturity Age||Sum Assured|
|ICICI Prudential iProtect Smart||18 years - 65 years||99 years||Rs. 50 Lakhs to 10 Crores|
|HDFC Click 2 Protect Super||18 years - 65 years||85 years||Rs. 50 Lakhs to 2 Crores|
|Max Life Smart Secure Plus||18 years - 60 years||85 years||Rs. 25 Lakhs to 10 Crores|
|TATA AIA SRS Vitality Protect||18 years - 60 years||85 years||Rs. 50 Lakhs to 2 Crores|
|Bajaj Allianz Life eTouch||18 years - 55 years||99 years||Rs. 50 Lakhs to 10 Crores (2 Crores incase of Rider)|
|PNB MetLife Mera Term Plan Plus||18 to 50 years||80 years||Rs. 50 Lakhs to 1.5 Crores|
|Canara HSBC Young Term Plan Life Secure TROP||18 to 45 years||99 years||Rs. 25 Lakhs to 20 Crores|
|Aegon Life iTerm Prime||18 to 65 years||70 years||Rs. 25 Lakhs to No Limit|
|Edelweiss Tokio Zindagi Protect||18 to 65 years||100 years||Rs. 50 Lakhs to No Limit|
|Aditya Birla Capital DigiShield Plan||18 to 65 years||85 years||Rs. 50 Lakhs to No Limit|
Premium Waiver - In case of disability caused by an accident, your obligation to pay future policy premiums is lifted.
Terminal Illness Coverage - If you're diagnosed with a terminal illness, you'll receive the entire insurance amount.
Life Event Boost - You can raise your coverage amount when significant life events like marriage or the birth of your first or second child occur.
Tax Advantage - You can enjoy tax savings of up to Rs. 46,800 annually under Section 80C, and the policy's maturity returns are entirely tax-exempt.
Exit Option: You can exit the policy and get a refund of all premiums paid, minus GST, terminating the policy.
Terminal Illness Coverage: If diagnosed with a terminal illness, you receive a payout of 100% of the Sum Assured (up to 2 Crore).
Tax Savings: Save up to Rs. 46,800 in annual taxes under Section 80C, and your policy maturity returns are tax-free.
Extend Policy: After your policy term ends, you can extend it up to 5 times with an extra premium.
Terminal Illness Coverage: If you're diagnosed with a terminal illness, you'll receive a 100% payout of the Sum Assured (up to 1 Crore) from the insurance.
Tax Advantage: You can save up to Rs. 46,800 annually on taxes through Section 80C, and the policy's maturity returns are entirely tax-free.
Premium Payment Flexibility: You can choose between regular, limited, or similar premium payment terms.
Terminal Illness Coverage: In case of a terminal illness diagnosis, you'll receive a payout of 75% of your life cover amount from the insurance.
Annual Health Check-up: You're eligible for a free annual health check-up for the entire policy duration.
Tax Advantage: Enjoy tax savings of up to Rs. 46,800 yearly under Section 80C, and the maturity returns from the policy are entirely tax-exempt.
Terminal Illness Benefit: If the policyholder is diagnosed with a severe illness, the full life coverage amount will be paid immediately instead of waiting until their passing.
Premium Waiver: If the insured person becomes permanently disabled or diagnosed with a severe illness, they won't have to pay future premiums. The life coverage will remain in effect as usual.
Early Exit Benefit: Between ages 60-62, the policyholder can opt to surrender their policy. They will receive a refund of all the premiums paid (excluding GST), and the policy will terminate. This option is available if the policyholder is currently under 45 years old, and the policy term is 35 years or longer, with coverage until the age of 68 or older.
Tax Benefit: You can save up to Rs. 46,800 on taxes every year under Section 80C. Additionally, the returns you receive upon maturity of the policy are 100% tax-free.
There are several reasons why one might opt for an Rs. 50 Lakh term insurance policy at various stages of their life –
One in their twenties might opt for the term insurance plan to provide financial safety against education loans taken out by their parents for their higher studies and provide for their parents later in life.
In their thirties, A life insurance policy such as Rs. 50 Lakh term insurance plan can provide a means for one’s loved ones to overcome their financial liabilities such as loans against property, vehicles, etc., that the policyholder might have taken out.
In their forties, the sum assured to the dependents of the policyholder will provide financial security and guarantee their dependents’ needs and life goals, such as children’s education or marriage, will be provided for.
The modern-day lifestyle often results in various ailments and diseases. Most insurance plans have provisions to safeguard one's dependents and loved ones after their passing while also providing protection coverage against critical illnesses.
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 term life 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: Select the most suitable plan as per your requirements and proceed to pay
Online term plans often provide significant discounts compared to the offline term life 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 not only secure your family financially in your absence but also help you save on your yearly taxes.
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