50 Lakh Term Insurance Plan

Term insurance policies are a type of life insurance plan offered by insurance companies to guarantee a safeguard for one’s family and dependents in the event of one’s death or disability by providing financial coverage against the premiums paid by the policyholder if the policy is active. The coverage amount, known as the sum assured, is paid as a “death benefit” in the event of the insured's passing during the policy term.

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Term Insurance Plans

Term insurance plans are comparatively the most affordable life insurance policy as they provide large amounts of coverage against relatively low premiums. This is because term plans are purely risk-based – meaning the entire sum paid by policyholders as a premium is kept in reserve for payouts if the policy is claimed. If the policy matures or expires while the policyholder is still alive, there is no monetary benefit. In case of survival of the insured beyond the policy maturity date, the policy buyer has to renew his coverage, presumably under different payment conditions, or forgo their insurance entirely.

Most term insurance policies also offer some payout in the event of permanent or partial disability through critical illness or accident, such that the policyholder’s regular means of livelihood is disrupted.

What to Know Before Buying Term Insurance Plans?

There are several options for purchasing term insurances, as various insurance companies offer different types of insurance packages targeting different types of individuals. Readers should be aware of the following details with regards 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.”
  • 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.
  • The premium required for the 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.
  • Term insurance premiums often rise significantly with age. Consumers should keep this in mind when applying for a policy, as they will have to pay much higher premiums if they have to renew their policy in the event that they are alive at the time of policy expiry. Consumers should, therefore ideally, purchase a term insurance plan as soon as they start earning a decent monthly salary, and it is recommended to purchase a policy that provides coverage for at least 65 years.
  • The Income Tax act provides tax benefits for payments made towards term insurances.

Popular Term Insurance Plans 

The below table lists some well-reputed and popular term insurance plans.

Popular providers of Rs. 50 Lakh term insurance policies:

Insurer Life cover Max Limit Claims settled Rider policies* Montrly premium*
ICICI Prudential iProtect smart 50.1 Lakh 85 years 97.8% Waiver of premium cover Free Rs. 972
100% payout on terminal illness Free
Extra payout on accidental deatr Rs. 58
Cover against 34 critical illnesses Rs. 142
Max Life insurance Smart Secure Plus 50 Lakh 85 years 99.2% Get your premium back at age 55 Free Rs. 972
Early payout on terminal illness Free
Option to skip premiums Rs. 49
Extra payout on accidental death Rs. 62
Waiver of premium Rs. 15
Cover against 64 critical illnesses Rs. 416
PnB MetLife Mera Term Plan Plus 50 Lakh 99 years 97.2% Child education support benefit Rs. 40 Rs. 627
Cover for spouse Rs. 418
Waiver of premium and 100% payout in case of terminal illness Rs. 141
Extra payout on accidental disability Rs. 16
Extra payout on accidental death Rs. 82
Extra payout on cancer and heart attack Rs. 53
Extra payout on 10 serious illnesses Rs. 186
Aegon life iterm 50 Lakh 100 years 98.0% 100% payout on terminal illness Free Rs. 615
Extra payout on accidental death Rs. 48
Canara HSBC OBC iSelect Star 50 Lakh 99 years 97.8% 100% payout on terminal illness Free Rs. 736
Cover for child Rs. 368
Edelweiss Tokio life Zindagi+ 50 Lakh 80 years 97.8% Extra 50% cover for spouse Available Rs. 563
Cover for spouse Rs. 19
Waiver of premium Rs. 26
Enhanced critical illness Rs. 180
Death due to accident Rs. 52
Disability due to accident Rs. 42
Hospicare benefit Rs. 169
Aditya Birla Capital Digishield Plan 50 Lakh 80 years 97.5% Early payout on terminal illness Free Rs. 680
Extra payout on accidental death Rs. 74
Cover against accidental disability and death Rs. 159
Cover against 4 critical illnesses Rs. 170
Cash for hospitalization Rs. 1051
Waiver of premium Rs. 35
SBI life insurance eShield 50 Lakh 80 years 94.5% 100% payout on terminal illness Free Rs. 812
Extra payout on accidental death Rs. 53
Additional benefit on accidental disability Rs. 42
Bharti AXA Premier protect 50 Lakh 75 years 97.3% Extra payout on accidental death Rs. 51 Rs. 435
Cash for hospitalization Rs. 138
Kotak life Kotak e-term plan 50 Lakh 75 years 96.3% Cover against 37 critical illness Rs. 294 Rs. 514
Cash for hospitalization Rs. 138
ICICI prudential  POS – iprotect Smart 50 Lakh 65 years 97.8% Extra payout on accidental death Rs. 239 Rs. 640
India first e-term plan 50 Lakh 65 years 96.7% Death due to accident Rs. 144 Rs. 344
Disability due to accident Rs. 129
Critical illness Rs. 1340
Exide life insurance Elite term plan 50 Lakh 65 years 98.1% No riders available Rs. 420
Exide life insurance  Smart term edge comprehensive 50 Lakh 55 years 98.1% No riders available Rs. 681
Aditya Birla Capital Lifeshield plan 50 Lakh 80 years 97.5% Early payout on terminal illness Free Rs. 695
Cover against accidental disability and death Rs. 159
Cover against accidental death Rs. 74
Cover against 4 critical illnesses Rs. 170
Cash for hospitalization Rs. 1081
Surgical care Rs. 842

*The premiums and rider costs mentioned in the above table are values calculated for Rs. 50 lakh term insurance for a 25-year-old, non-smoking male, and only meant to act as a guide for comparison purposes. Policy premiums are subject to change with market conditions and will vary based on the health and income of the policy seeker. Readers are therefore encouraged to conduct their own due diligence before applying to a life insurance policy.

Benefits of Buying Rs 50 Lakh Term Insurance

There are several reasons why one might opt for a Rs50 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. 

Wrapping it up

The advent of online term plans has allowed consumers to easily compare various options and choose the one most appropriate to their needs, as well as calculate the premium required as per their requirements for coverage. Online term plans often provide significant discounts compared to the alternative, as the insurance agencies make savings on the expenditures associated with physical insurance policy sales through agents. Consumers can now leverage the increased convenience and superior savings from the comfort and safety of their homes. 

It should, however, be noted that most of the policy plans mentioned in the above table will compulsorily require an official medical health check-up before the buyer can be enrolled in the policy. This is because insurance providers will take the policyholder's health into account while assessing their risk profile to determine a suitable premium. 

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws.

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