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Securing your family's financial stability involves thoughtful financial planning and a dedication to financial security. If you're unsure about beginning this important financial journey, now is an ideal moment to understand what are the best plans available for a life cover of Rs. 50 Lakhs. PNB Metlife Insurance offers a term insurance coverage of 50 Lakhs with affordable premiums, ensuring that financial challenges won't cause any trouble to you. Let's understand the details of PNB 50 Lakh Term Insurance here.
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PNB 50 Lakh Term Insurance Plan offers financial protection to your family in the unfortunate event of your death. Hence, a 50 Lakh term plan offered by PNB Metlife Insurance helps by offering a cover amount of Rs. 50 Lakhs so that you can be certain that your loved ones are going to have a financially stable future.
Term Plans
Buying 50 Lakh Term Insurance Plan offered by PNB Life Insurance for a certain policy term assists the assigned beneficiary/nominee in getting a death benefit of Rs. 50 Lakhs, in the case of your untimely demise. This term life insurance policy ensures the financial well-being of your family in rough times. With its cost-effective premium rates and comprehensive life coverage, the PNB 50 Lakh term insurance plan stands out as a trustworthy choice for individuals seeking to safeguard their family's future. You can also use the 50 Lakh term plan premium calculator to know an estimate of your 50 lakh term plan premium.
Here are some of the valid reasons why you should consider buying the PNB 50 Lakh Term Insurance plan:
High cover at affordable premiums: While many consider the 50 Lakh term insurance plan to have high premiums, this is not the case. Buying a term plan early in life allows you to access all the benefits of term insurance at a monthly premium as affordable as Rs. 481/month.
Added Coverage Benefits: The PNB 50 Lakh term insurance plan expands its coverage by providing extra benefits through riders, that provides cover for risks, like accidental death, terminal/critical illness, and waiver of premium.
Providing Financial Assistance to Your Family: The PNB 50 Lakh Term Insurance plan makes sure that your loved ones’ financial requirements are addressed in your absence. Also, the nominees have the flexibility to use the death benefit for settling loans and managing debts, or in covering various expenses towards household and personal needs.
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Here is a list of all the factors that can help you in determining if buying Rs. 50 Lakh is the right cover amount for your term plan:
Your Annual Income: When going for a term insurance plan, it's wise to ensure the coverage is at least 10 times your yearly earnings. For example, if you earn Rs. 3 Lakhs per year, you must surely aim for a term life insurance plan of at least Rs. 50 Lakhs life cover. You can use Policybazaar’s term policy calculator for a more accurate estimate.
Current Age: Your age has a large impacts on your term insurance coverage. As you grow older, health issues become more likely, and this results in higher premium rates. Selecting the PNB 50 Lakh term insurance plan at a younger age ensures a comprehensive life cover at much lower rates, thereby, securing your loved ones' financial well-being and maintaining affordable premiums over time.
Financial Dependents and Their Needs: Assassing if Rs. 50 Lakhs policy amount is going to be enough or not also depends on your family’s wants/needs and your responsibility towards them. Consider the number of family members that depend on you for financial support, and consider their future requirements such as education, career, marriage, basic sustenance etc. It is crucial to guarantee that all the financial needs of your dependents, particularly those relying on your support, are thoroughly addressed.
Pay off Loans/Liabilities: When buying a term insurance plan, it is advised to have an idea of all your pre-existing loans/debts, like home loans, car loans or education loans. A 50 Lakh term insurance policy is a smart choice for policy cover because it provides you with a fairly high amount compared to other term life insurance plan options, covering your life goals.
Here are some benefits of PNB 50 Lakh Term Insurance:
Affordability: The cost of a 50 Lakh term insurance premium is quite reasonable, and if you buy term plan at a younger age, you can get it at a much lower premium rate, i.e. Rs. 481/month.
Additional Benefits with Optional Add-ons: The PNB 50 Lakh term insurance plan provides you with a high life cover and also allows you to enhance it with the best add-ons like critical illness, accidental death, and waiver of premium riders. Although these additional riders are not compulsory, they offer additional protection against a number of risks. It is important to note that you can only add these riders at the beginning of the policy, i.e., during the initial purchase.
Seamless Online Purchase: Buying a PNB 50 Lakh Term Insurance plan online is hassle-free, eliminating the need to visit PNB's branch or wait in long queues. With Policybazaar, you can easily make the purchase from the comfort of your home and enjoy a 10% discount on online term plan purchases of the Policybazaar website or app.
Flexible Payout Options: Unlike many insurers that offer death benefit of term insurance plans in a lump sum mode, you have the flexibility to choose from various payout methods. For instance, you can choose the combination of a lump sum or the monthly income payout option, eventually giving you better control over managing your expenses.
Tax Benefits: Another significant benefit of acquiring the best term plan for 50 Lakhs is eligibility for tax deductions under sections 80C and 10(10D) of the Income Tax Act, 1961.
Step 1: Visit the official website of Policybazaar and click on ‘Term Insurance’
Step 2: Fill in your basic details like Name, DoB, and contact number and then click on ‘View Plans’.
Step 3: Answer the questions about your smoking habits, your annual income, your type of occupation, and your qualifications.
Step 4: After providing all the necessary information, a list of all available 50 Lakh term insurance plans will be displayed.
Step 5: Select the PNB plan from the available list and pay using your preferred payment method.
˜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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