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50 Lakh Term Insurance Plan

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. 

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What Is 50 Lakh Term Insurance Plan?

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. Under this plan, the policyholder does not receive a maturity payout if they outlive the plan unless they buy Return of Premium (ROP) additional benefit during the plan buying. With a Rs. 50 Lakh term plan, you can secure the financial security of your family in the event of your unfortunate death. Some of the policies also allow flexibility to enhance the plan’s coverage. 

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Best 50 Lakh Term Insurance Plans in India 2024

Let’s take a look at some of the best 50 Lakh term insurance plans available in India 2024:

50 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
  1. ICICI Prudential iProtect Smart

    • 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.

  2. HDFC Life Click 2 Protect Super

    • 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.

  3. Max Life Smart Secure Plus

    • 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.

  4. TATA AIA SRS Vitality Protect

    • 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.

  5. Bajaj Allianz Life eTouch

    • 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.

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How Does 50 Lakh Term Insurance Work? 

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. 564. 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.

Key Features of ₹50 Lakh Term Insurance Plan? 

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 a 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. 

Why Should you Buy a Rs. 50 Lakh Term Insurance Plan? 

A Rs. 50 Lakh term insurance plan can be helpful at all life stages irrespective of when you decude to buy one. Below are some of the reasons you should consider purchasing this term plan: 

  • For individuals in their 20s: In 20s, term plan can provide financial protection for their parents in future if they have availed any education loans for the purpose of higher education. 

  • For individuals in their 30s: In 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 40, the life cover (sum assured) from a Rs.50 Lakh term insurance plan can be used to provide the financial stability to their dependents in fulfilling their needs such as children’s education, marriage etc. 

At last, a modern style of living with its own set of medical conditions and diseases due to high stress and heavy work timings. Because of this, most of the life insurance plans offer a critical illness cover while financially protecting the loved ones’ life assured after their death. 

What to Know Before Buying Term Life Insurance Plans?

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.

What is 50 Lakh Return Policy?

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.

How to Determine the Right Life Coverage for Your Term Insurance? 

Assessing the required life coverage for your term plan is effectively computing the value of your life. However, you should remember that life insurance is the best way to provide financial protection to your loved ones and financial dependents in case of an unforeseen demise. As a result, you should consider below factors to choose your right amount of coverage: 

  • Age: Younger people typically charged lower rates of premium than older people for the same life cover. The reason is that insurers consider them an investment of lower-risk as they are less prone to medical conditions. Thus, you must buy a term plan at early ages and evaluate your current age, lifestyle, and medical conditions to determine your required coverage. 

  • Annual Income: Typically, the sum assured of a term plan should be at least 10X of your yearly salary. If you decide to buy Rs. 50 lakhs term plan, make sure that the life cover will compensate for your current living standard and the lifestyle needs of your family while considering your yearly income. 

  • Financial Dependents and their Requirements: If your family members are financially dependent on you, you should always ensure that the financial needs of your family are met in difficult times. Thus, it is important to take Rs. 50 lakh term plan into your financial portfolio. You should also consider the number of your family members who are financially dependent on you for their future expenses such as child’s education, marriage, home and car loans, and other living costs. 

  • Current Liabilities: Many insurance providers include add-on riders with their term insurance policies. These riders enable policyholders to enhance the base coverage amount of their term policy and must be selected at the time of policy purchase, unless the policy allows for mid-term additions. These supplementary features also come with their own specified sum-assured amounts, necessitating additional premium payments. Some commonly chosen term insurance riders include Accidental Death, Terminal Illness, Critical Illness, Accidental Total and Permanent Disability, Hospicare, and Waiver of Premium Benefit.

How to Buy a 50 Lakh Term Life Insurance Plan?

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

Wrapping it up

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. 


  • Q: What is a 50 Lakh Term Insurance Plan?

    Ans: 50 Lakh Term Insurance Plan is a term life insurance policy that pays a death benefit of 50 lakhs to your nominees/beneficiaries if you unfortunately pass away during the policy term.
  • Q: What is Terminal Illness Benefit?

    Ans: Terminal Illness Benefit means that if you're diagnosed with a severe illness, you'll get your full life coverage amount right away.
  • Q: What is Waiver of Premium Benefit?

    Ans: Waiver of Premium Benefit means that if you're permanently disabled or have a severe illness, you won't have to pay future premiums, and your coverage stays active.
  • Q: Are there tax benefits in 50 Lakh Term Insurance Plan?

    Ans: Yes, you can save on taxes every year under Section 80C, and policy maturity returns are tax-free in 50 Lakh Term Insurance Plan.
  • Q: What is 50 Lakh Return Policy?

    Ans: 50 Lakh Return Policy means that if the policyholder buys a term insurance plan with return of premium option, he/she will get back the premiums paid (minus GST) if he/she outlives the policy term.
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