LIC Term Insurance 50 Lakh

For young earners, newlyweds, or those with a small financial family, this amount of cover is usually considered a good starting point.

What is LIC ₹50 Lakh Term Plan?

A LIC 50 lakh term insurance plan is a pure risk cover, where LIC guarantees to pay a sum of 50 lakh to your nominee if you die during the policy term, with no survival benefit. This plan is meant only for financial protection and therefore no maturity benefit is payable if you survive the term.

Going for a LIC 50 lakh term plan means you are taking a 50 lakh sum insured under one of LIC's term insurance offerings. The concept is simple you pay a little premium regularly, and your family gets a large financial cushion in your absence.

This insurance cover provides the financial support your family may require to cover their daily expenses, repay outstanding loans, provide your children's education, or simply meet any financial liabilities that arise. Thus securing a LIC term plan of 50 lakhs is more about your commitment to the family and security than about returns.

LIC Term Plans That Offer ₹50 Lakh Cover

These term insurance plans allow you to customise your coverage as per your needs.

LIC Digi Term 876

LIC Digi Term 876 is an online term insurance plan that caters to those who like to buy and manage their policies digitally. It offers you the liberty to get a 50 lakh cover along with flexible tenure and premium options without going to the branch.

• It is an online exclusive with lower distribution costs, which can help keep premiums competitive.

• You get the option to choose between level sum assured or increasing sum assured as per your future financial needs.

• Different premium payment options are available regular pay, limited pay, and single pay.

• Coverage is available up to a long policy term, and you can choose the tenure based on age and goals.

LIC Yuva Term 875

LIC Yuva Term 875 is the offline version of Digi Term, offered through LIC agents and intermediaries. It suits buyers who prefer face-to-face guidance and assistance during the purchase process.

• It can be purchased through an agent for personalised support.

• Choice between level cover and increasing cover for a 50 lakh sum assured.

• Various premium payment options that can be adjusted to different income patterns.

• Perfect for those who do not feel comfortable buying insurance online.

LIC New Jeevan Amar 955

LIC New Jeevan Amar (Plan 955) is a pure term insurance plan designed to offer simple life cover through LIC’s offline agent network. It allows you to opt for a ₹50 lakh sum assured with flexible tenure and premium options.

• Choice between level sum assured and increasing sum assured to match long-term financial needs.

• Flexible premium payment modes – regular pay and limited pay options available.

• Option to add rider benefits such as accidental death rider for enhanced protection.

• Long policy term availability, making it suitable for individuals seeking extended life cover through an agent-assisted process.

LIC New Tech Term 954

LIC New Tech Term is yet another online term insurance plan from LIC providing the flexibility in coverage structure and the option of rider benefits.

• Ability to decide between level cover and increasing cover throughout the policy period.

• Possibility of rider benefits such as accidental death benefit for greater protection.

• Very wide entry age and long coverage period options.

• Allows purchase online with minimum paperwork and instant policy issuance.

LIC Digi Credit Life 878

LIC Digi Credit Life is an online term insurance plan specifically designed to protect outstanding loans. The cover starts high (for example ₹50 lakh) and gradually reduces in line with your loan balance over time.

• Decreasing sum assured that matches the reducing home loan, LAP, or business loan liability.

• Purchasing online is possible with an easy and fast proposal procedure.

• Single premium and limited premium payment options matching the loan tenure.

• In case of your untimely demise, your family will not have the burden of loan repayment.

LIC Yuva Credit Life 877

LIC Yuva Credit Life is sold through the offline network of LIC agents for borrowers who require guidance.

• Cover reduces over time in proportion to the outstanding loan amount.

• Purchased through an LIC agent, making documentation and underwriting support easier.

• Premium payment structure designed to match the loan tenure.

• Suitable for individuals taking home loans or large secured loans who want dedicated loan protection.

Features of LIC ₹50 Lakh Term Insurance

A term insurance of 50 lakh cover from LIC has a simple set of features making it an easy-to-understand and convenient product to deal with.

Pure Protection Plan

This is a completely pure protection plan where you will neither get any savings component nor bonus. The entire focus of the plan is to provide the financial security of your family.

Choice of Cover Type

You can opt for a level sum assured where the sum insured of 50 lakh remains unchanged throughout the policy term, or an increasing sum assured option where the overall cover rises with time.

Flexible Premium Payment Options

You have the option to pay the premiums on a regular basis during the policy term, for a limited period, or even as a single premium. Such flexibility offers you the possibility to manage the LIC term insurance premium for 50 lakh as per your budget.

Long Policy Tenure

In some plans, you can decide on a policy term which will cover you until you reach 7075 years of age.

These aspects are what make the LIC term plan 50 lakhs simple and versatile to various financial situations.

Benefits of LIC Term Plan 50 Lakhs

The following are some of the benefits of buying 50 lakh LIC insurance policy:

Financial Security for Your Family

The main benefit of a LIC 50 lakh term insurance policy is the comfort your family will be taken care of financially, with a huge amount, if you are not there.

Affordable Premiums

Term insurance is one of the most economical forms of life insurance. The LIC term insurance premium for 50 lakh is usually quite reasonable, especially if you buy at a young age.

Tax Benefits

You can get a deduction up to 1.5 lakhs under Section 80C for the premiums paid and the death benefit received is totally exempt from tax under Section 10(10D) of the Income Tax Act.

Peace of Mind

It really feels great when you know for sure that your family will get money from you no matter what, so you can set your life goals without the fear that always needs to be there.

Who Should Choose LIC Term Insurance Plan 50 Lakh?

An LIC term insurance plan offering 50 lakhs is ideal for certain groups of people, especially those at the beginning of their financial journey.

Young Professionals

If you have just started earning and have limited responsibilities, this cover provides a solid safety net at a low cost.

Newly Married Individuals

This cover ensures that your spouse is financially protected in case of an unfortunate event.

People with Small Loans

If you have a home loan, personal loan, or business loan of around ₹40–50 lakh, a LIC term plan 50 lakhs can secure that liability.

Budget-Conscious Buyers

If affordability is your priority but you still want meaningful life cover, this is a practical choice.

Those with Employer Insurance

If your employer already provides some life cover, you can supplement it with a LIC term insurance 50 lakh policy for additional protection.

However, if you have multiple dependents, high income, or large financial goals, you may need a higher cover along with this plan.

Summing Up

An LIC 50 lakh term plan offers pure protection, flexible options, and the trust that goes with LIC. You can decide on the purchase online or through a branch, the plan's structure will be straightforward and clear. Going for a LIC term insurance plan 50 lakh is to select a plan that is affordable, straightforward, and safe. It may not be sophisticated, but it does exactly what term insurance is supposed to do safeguard those who are most dependent on you.