LIC Term Insurance 50 Lakh Review

"I recently got married and took a home loan. At that point, I understood how important it was to protect my family's future. I picked the LIC 50 lakh term plan because it was affordable and made me feel better knowing that my wife and kids would be secured financially if something happened to me. The process went well, the premiums were fair, and I feel good knowing that my family is taken care of. – Raj, 32, Software engineer.

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A ₹50 lakh term plan is one of the best and cheapest ways to make sure your loved ones are taken care of if something bad happens. LIC (Life Insurance Corporation of India) is one of the many insurance companies offering ₹50 Lakh term insurance policies for customers who want a substantial life cover at affordable premium rates.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What are the Key Features of LIC 50 Lakh Term Insurance Plans?

LIC 50 lakh term insurance plans have a lot of features that make them flexible and able to meet a lot of different needs. LIC offers insurance policies of ₹50 Lakhs under various term insurance plans. Here are some of the most important things about term insurance plans that offer 50 lakhs:

Pure Protection Plan

The LIC 50 lakh term plan is a pure risk cover, which means it doesn't have any savings or investment parts. The entire focus of this plan is to provide financial security to your loved ones in the event of your premature death.

Choosing the Type of Coverage

You have the option to select the type of sum assured you prefer:

Level Sum Assured: The coverage amount remains unchanged for the entire duration of the policy.

Increasing Sum Assured: The amount of your coverage may increase from time to time to reflect your changing financial requirements and to help maintain your purchasing power.

Flexible Premium Payment

Flexible Premium Payment Options

You can select the mode of premium payment with LIC:

Regular Pay: You can pay your premiums monthly, quarterly, half, yearly, or yearly as long as the policy stays active.

Limited Pay: You can choose to pay premiums for only a few years, but the coverage lasts for the whole term.

Long Policy Tenure

Some LIC term insurance plans cover you until you turn 70 or even 75, which means your family will be safe for a long time.

Tax Benefits

Section 80C of the Income Tax Act allows you to take the premiums you pay for LIC term insurance plans off your taxes. U/s 10(10D) the death benefit is also completely tax-free.

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What are the Benefits of LIC 50 Lakh Term Insurance?

There are many reasons why LIC 50 lakh term insurance plans are a great choice:

Financial Security For Your Family

The biggest advantage with the LIC 50 lakh term plan is that it pays the money to the deceased's family in the event of his or her death. The nominee will get 50 lakhs, which they can use to pay off debts, cover everyday costs, or reach long-term goals like sending their kids to school.

Affordable Premiums

Term insurance is among the cheapest ways of acquiring a high life cover. In fact, the LIC 50 lakh plan is an affordable option, especially for young buyers who can get competitive premiums without straining their budget.

Peace of Mind

Having a substantial life cover makes it easier to focus on financial goals without anxiety about the welfare of the family in case of one's demise. Knowing that one is covered brings mental peace.

Flexible Payment Options

Policyholders of LIC can make their choice between regular, limited, or single premium payment options. This means that you can adjust the payment of your premiums depending on your financial situation.

Simple and transparent policy terms

LIC term insurance policies are simple and the terms and conditions are quite clear. Policyholders will have no difficulty grasping their cover and benefits because there is no room for confusion.

Riders and Additional Coverage:

Optional riders can give more protection:

LIC’s Accidental Death Benefit Rider: Additional cover in case of death due to accidental causes

LIC’s Critical Illness Rider: The insured person will receive a lump sum payment upon being diagnosed with any of the specified illnesses like cancer, heart attack, or stroke;These riders allow the planholder to have a more comprehensive and versatile plan by suiting it to their needs at an additional cost.

Additional LIC Term Insurance 50 Lakh Policy Details

Grace Period:

To avoid Policy lapses, LIC gives a grace period after the premium due date: 30 days for annual, semi-annual, and quarterly premiums 15 days for monthly premiums

The policy will remain in force during this time, and you will be allowed to make the payment.

Free Look Period:

LIC grants a 15-day cooling-off period or free look period from the date of receipt of the policy. If the terms are not acceptable to you, then you may return the policy for a refund of premiums (less the deductions for expenses such as medical tests, stamp duty etc.).

Policy Revival:

In case your policy lapses due to non-payment of premiums, you will have a period of 5 years within which the policy can be revived, by payment of the overdue premiums along with the interest thus continuing your risk cover.

Nominee Facility:

One or more beneficiaries can be nominated by the policyholder at the time of purchase or at any time afterwards. If the policyholder dies, the money can be smoothly transferred to the dependents.

Summing Up

The LIC 50 lakh term insurance plan is a simple, affordable, and trustworthy way to protect your family's financial future. It gives you peace of mind because it makes sure your loved ones are safe in case of an emergency. The plan also has a lot of extra riders, long policy terms, and flexible ways to pay your premiums.

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FAQs

Q: Is LIC term insurance 50 lakh any good?

Ans: A 50 lakh term plan from Life Insurance Corporation of India (LIC) might be a good idea if you want reliable protection. Besides being a very economical way of providing financial security for your family, it is also issued by a trusted insurer.
Q: Who should have a Rs 50 lakh term insurance policy?

Ans: A 50 lakh term insurance policy is an ideal solution for people with dependents like married working professionals, young parents, or person earning the main income. It can be a great support to a family in case of the death of the insured when it will be helpful in taking care of the daily living expenses, repayment of loans, or the studies of children, basically, it guarantees the family will not have to face financial difficulties.
Q: How much premium for LIC 50 lakh term insurance?

Ans: The premium of a 50 lakh term plan from Life Insurance Corporation of India varies with the age, policy term, health, and lifestyle habits of the person. As a rule of thumb, the premiums for younger and healthier applicants are cheaper and might be as low as a few thousand rupees per year for basic coverage.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month 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 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/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 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/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 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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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