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Term Insurance plans are cost-effective and offer high coverage at a low premium rate. Max life 50 lakh term insurance plans are insurance plans that allow a person to stay financially secure. Since it is a pure life insurance plan, you can get the sum assured at affordable rates, especially if you buy term plan at an early age.
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Term Insurance plans are type of life insurance plans wherein the beneficiary/nominee gets a pre-determined death benefit of Rs. 50 Lakhs in case of the death of life assured during the policy term. With Rs. With a 50 Lakhs term insurance plan, you can secure your family's financial security in case of death.
Note: Know what is term plan first and then buy a term plan for your loved ones.
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
Term Plans
As the sole earner of your family, it is very important to have a sound financial plan to ensure the well-being of your dear ones. Purchasing a 50 Lakh term insurance plan can be a smart financial decision in the future. Here is a list of a few reasons that one should consider before buying term plan:
Cost-Effective: The premium for a Axis Max Life Insurance 50 Lakh Term Insurance is affordable, allowing you to safeguard the future of your loved ones with ease. By making minimal premium payments, you can opt to maintain coverage under the policy for an extended duration.
Comprehensive Security: Beyond the fundamental 50 lakh term insurance coverage, you can enhance your protection by selecting additional features like critical illness benefit*, accidental death benefit*, waiver of premium benefit Max Life Waiver Of Premium Plus Rider, and more.
Higher Cover: A 50 lakh term insurance policy enables you to establish a strong financial safety net for your loved ones. This ensures they can sustain their quality of life and pursue their aspirations even during challenging circumstances.
Security Against Loans & Liabilities: In the event of your premature demise, financial assistance from the 50 lakh term insurance can be used by your family to settle outstanding loans and liabilities.
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Let’s understand how this life insurance plan works:
Term insurance is a life insurance type that provides coverage for a specific duration or 'term.'
The beneficiary is entitled to receive a death benefit from the insurance company if the policyholder passes away while the term plan is active.
With a 50 lakh term insurance plan, the policy terms dictate that the entire sum assured is paid to the nominee in the event of the policyholder's demise.
50 lakh term insurance offers a cost-effective way to secure your family's future, especially for those with young families. The affordable premium allows for early planning.
The premium amount for a term insurance policy, such as 50 lakhs, remains consistent throughout the policy tenure.
If the policyholder survives the term, there are typically no survival benefits unless they choose a Return Of Premium Variant, which may offer a refund of premiums paid.
If you are not sure whether Max Life 50 Lakhs Term Insurance is the right option for you, consider the following points:
Age: Opting for a 50 lakh term insurance at a younger age is advisable as premiums tend to be nominal, ensuring long-term financial stability for your family due to the increased susceptibility to health concerns in older individuals.
Current Annual Income: When considering term insurance, a general rule that helps in financial planning is that the sum assured should be at least 10 times your annual income. If opting for a max life insurance 50 lakh term insurance plan, align it with your family's needs based on your annual earnings.
Financial Dependents and Their Needs: Considering dependents in your financial planning is crucial, especially for those relying on you. Assess the financial requirements of family members, addressing needs like education, marriage, and loans, and ensuring comprehensive support in unpredictable circumstances with a 50 lakh term insurance plan.
Current Liabilities: When buying a 50 lakh term plan, it's essential to account for existing liabilities, such as student loans or mortgages, ensuring comprehensive coverage. Assessing your needs and financial capacity is vital as a policy buyer, ensuring you secure financial stability without added burdens, especially when opting for a 50 lakh term insurance premium.
Young individuals
Sole earning member
People with Debts
Self-employed/Business Owners
Parents with children
Newly Married
Step 1: Visit Policybazaar and go to the Term Insurance
Step 2: Fill in the basic details such as Name, Date of Birth, and contact number and then click on ‘View Plans’.
Step 3: Answer the questions about Smoking habits, annual income, type of occupation, and educational qualification.
Step 4: After submitting all the information, a list of all available 50 Lakh term insurance plans will be displayed.
Step 5: Choose the plan that suits your financial needs and proceed to pay.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/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 38 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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+Rs. 820/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 38 years of age.
+Rs. 1,443/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 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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