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Tata AIA 50 Lakh Term Insurance

Ensuring the financial well-being of your family requires careful financial planning and a commitment to economic security. If you're uncertain about how to start this important financial planning, now is an ideal time to consider buying a term plan worth Rs. 50 Lakhs. Tata AIA Life Insurance offers a term insurance coverage of 50 Lakhs with affordable premiums, making sure that financial burdens won't put any pressure on you. Let's understand the Tata AIA 50 Lakh Term Insurance in detail.

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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What is the Tata AIA 50 Lakh Term Insurance Plan? 

Tata AIA 50 Lakh Term Insurance Plan offers financial protection to your dependents/family in case of your unfortunate death. Hence, a 50 Lakh term plan offered by Tata AIA Life Insurance helps by offering a cover amount of Rs. 50 Lakhs.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How Does Tata AIA 50 Lakh Term Insurance Work? 

Buying 50 Lakh Term Insurance Plan offered by Tata AIA Life Insurance for a certain policy term helps the assigned nominee get a death benefit of Rs. 50 Lakhs, in the unfortunate case of your demise. This term life insurance policy ensures the financial well-being of your family in challenging circumstances. With its cost-effective premium rates and substantial life coverage, the Tata AIA 50 Lakh term plan stands out as a dependable choice for individuals seeking to safeguard their family's future. You can use the 50 Lakh term plan premium calculator for an appropriate estimate of your 50 lakh term plan premium.

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Why Buy Tata AIA 50 Lakh Term Insurance? 

Here are some of the reasons why you should buy Tata AIA 50 Lakh Term Insurance:

  • 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. 494.

  • Added Coverage Benefits: The Tata AIA 50 Lakh term insurance plan expands its coverage by offering additional advantages through riders, that provides cover for accidental death, terminal illness, and waiver of premium.

  • Providing Financial Assistance to Your Family: The Tata AIA 50 Lakh Term Insurance plan ensures that your dependents' financial requirements are addressed in your absence. Also, the beneficiaries have the flexibility to utilise the death benefit for settling loans, managing debts, and covering various expenses, or using the payout towards household and personal financial needs.

How to Determine the Right Coverage Amount? 

Here is a list of factors that can help determine if buying a 50 Lakh term plan is the right cover amount for you: 

  • Your Annual Income: When selecting a term insurance plan, it's smart to ensure the coverage is at least 10 times your yearly earnings. For instance, if you earn Rs. 3 Lakhs annually, aim for a term life insurance plan of at least Rs. 50 Lakhs. You can also use Policybazaar’s term insurance calculator for a better estimate.

  • Current Age: Your age influences your term insurance coverage needs to a large extent. As you age, health issues become more likely, resulting in higher premium costs. Choosing the Tata AIA 50 Lakh term insurance plan at a younger age ensures comprehensive coverage at lower rates, securing your loved ones' financial well-being and maintaining affordable premiums over time.

  • Financial Dependents and Their Needs: Evaluating if or not Rs. 50 Lakhs policy amount is going to be enough also depends on your family’s needs and your responsibility towards them. Consider the number of family members who depend on you for financial support, and consider their future requirements such as education, marriage, etc. It is vital to guarantee that all the financial needs of your dependents, particularly those reliant on your support, are thoroughly addressed.

  • Pay off Loans/Liabilities: When buying a term insurance plan, it is advisable to keep a track of all your outstanding loans and debts, like home loans, car loans or education loans. A 50 Lakh term insurance policy is a good choice for policy cover because it gives you a fairly high amount compared to other term life insurance plan options, covering your life goals. 

What are the Benefits of Tata AIA 50 Lakh Term Insurance? 

Here are some benefits of Tata AIA 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 rate, i.e. Rs. 494/month.

  • Additional Benefits with Optional Add-ons: The Tata AIA 50 Lakh term insurance plan offers you high life cover and further allows you to enhance it with the best add-ons like critical illness, accidental death, and waiver of premium riders. While these additional riders are not compulsory, they offer additional protection against multiple 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.

  • Convenient Online Purchase: Buying a Tata AIA 50 Lakh Term Insurance plan online is hassle-free, eliminating the need to visit Tata AIA'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.

  • Flexible Payout Options: Unlike many inurers that offer death benefit of term insurance plans as a lump sum, 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.

Who Should Opt for Tata AIA 50 Lakh Term Insurance?

Here is a list of all eligible people who can buy 50 Lakh Term Insurance:

  • Young individuals

  • Self-employed/Business Owners

  • People who have loans/debts 

  • Newly Married Individuals

  • Parents with children 

  • Sole earning member of the family

How do you buy Tata AIA 50 Lakh Term Insurance from Policybazaar?

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: Sel3ct the Tata AIA plan from the available list and pay using your preferred payment method.

FAQs

  • Q: What is a Tata AIA 50 Lakh Term Insurance Plan?

    Ans: Tata AIA 50 Lakh Term Insurance Plan is designed to provide a financial safety net for your loved ones in the event of your untimely demise, offering a sum assured or 'death benefit' of Rs. 50 Lakhs.
  • Q: Why Buy Tata AIA 50 Lakh Term Insurance?

    Ans: You must buy Tata AIA 50 Lakh Term Insurance plan to get high coverage at low premiums and additional benefits like accidental death coverage, terminal illness benefits, and waiver of premium riders.
  • Q: How do you determine the right coverage amount?

    Ans: When evaluating the right cover amount, you must consider factors like annual income, age, financial dependents, future needs, and outstanding loans. You can easily use Policybazaar’s term insurance calculator for accurate calculations.
  • Q: Who Should Choose Tata AIA 50 Lakh Term Insurance?

    Ans: Tata AIA 50 Lakh Term Insurance is a great choice for young individuals, self-employed/business owners, newly married couples, parents with children, single earning members, and individuals with debts.
  • Q: What are the key benefits of Tata AIA 50 Lakh Term Insurance?

    Ans: The key benefits of Tata AIA 50 Lakh Term Insurance are affordability, additional benefits through optional add-ons, online availability for easy purchase, flexible payout options, and tax benefits under sections 80C and 10(10D) of the Income Tax Act.

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