Term Insurance For 50 Year Old in India

Note: Know more about what is term insurance first before reading this article.

Best Term Insurance for 50 Year Old in India

Here is a list of some of the best term insurance for 50 year old in India that you can buy to ensure the financial security of your family:

˜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

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Why Buy Term Insurance for 50 Year Old in India?

Here is why buying term insurance for over 50 is important:

• Income Protection for Spouse: Your spouse will have a secure financial future even in your absence which can help them maintain their current quality of life.

• Child’s Education and Marriage: In your absence, the family might struggle with paying for the child's future education or wedding. The term insurance payout can help your family pay for your child’s future endeavours without any financial stress.

• Debt Repayment: Your family can use the payout amount to take care of the outstanding debts, like home, business, or student loans, in your absence.

• Support for Ageing Parents: If your parents are dependent on you, you can ensure that your parents are financially independent in their lives with the term insurance payout received from you.

• Create a Legacy: Loved ones will receive a tax-free lump sum payment that can help them achieve their life goals and dreams, such as a home or fund their future endeavors or your child’s wedding expenses.

• Retirement Security: Using the term insurance payout could help secure that your family would not need to use your retirement money to cover daily expenses.

• Critical Illness Protection: You can add the critical illness riders and get covered against life-threatening illnesses such as heart disease, cancer, or stroke. The rider will pay the benefit amount in case of diagnosis of any of the covered illnesses.

• Peace of Mind: Knowing that your family’s financial future is will be protected in your absence allows you to focus on leading a stress-free life.

Benefits of Buying Term Insurance for 50 Year Old in India

Here are a number of reasons why a 50 year or above individual needs a term insurance plan. If you are over 50 years old, the following are the most important reasons to buy a term plan:

• Death Benefit: In case of your unfortunate demise, your family receives a lump sum payout to manage daily expenses, pay off debts, and secure future financial goals like your child's education or spouse’s retirement.

• Maturity Benefits (Return of Premium Plans): If you choose a Term Return of Premium (TROP) plan, all the premiums paid are refunded at the end of the policy term in case you outlive the policy.

• Smart Exit Benefit: Some life insurance companies offer a smart exit option, which allows the policyholders to exit the policy at a specific stage and receive back the total premiums paid.

• Rider Benefits: You can improve your base cover with term insurance riders like critical illness, accidental death, and waiver of premium, which offer additional protection against unforeseen events.

• Tax Benefits: You can claim term insurance tax benefits on the premiums under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

What are the Key Features of Term insurance for 50 Year Old in India?

Here are the key features of term insurance for 50 year old in India:

• Affordable Premiums: This type of insurance provides lower premiums in comparison to other insurance types and offers large coverage for the long term.

• Long Policy Term: You can also cover yourself up to an advanced age of 85 or even 99/100 years by going for whole life insurance policies that cover you till you are 99/100 years of age.

• Flexible Premium Payment Options: One can choose from regular pay (entire policy duration), limited pay (short duration), or single pay (premium paid for all or part of policy duration) depending upon their convenience.

• Benefit Payout Options: The death benefit may be received as a cash amount, monthly income, or as a combination of both to meet your family’s needs in your absence.

• High Sum Assured: Benefit from a high sum assured with a reasonable premium, and ensure that the people who are dear to us receive a satisfactory payout amount, which can cater to future expenses that include daily needs, education, or retirement plans for the spouse.
  

How to Buy Term Insurance for 50 Year Old in India?

Here is how you can buy the best term insurance for 50 year old in India online by following the below steps:

• Step 1: Visit the term insurance page of Policybazaar

• Step 2: Fill in your details like name, gender, and contact information

• Step 3: Select the right smoking habit, occupation type, educational qualifications, and annual income.

• Step 4: Select the best term insurance for 50 year old in India and proceed to pay.

Things to Consider Before Buying Term Insurance for 50 Year Old in India

• Coverage Amount: You should always choose a sum assured that can cover your family's future expenses, outstanding debts, and financial goals in your absence.

• Policy Term: Always go for a policy term that covers you until your dependents are no longer dependent on you anymore. For people with non-working spouse or parents, they can buy whole life insurance to offer long term protection.

• Premium Affordability: One should always ensure that the premium is affordable. One can choose to make a limited pay to complete the payments early while enjoying the benefits of a longer term.

• Return of Premium Option: If you want maturity benefits, you can opt for a term plan with return of premium (TROP) benefits, which refunds the total premiums paid if you survive the policy term.

• Rider Benefits: You can improve your base cover with riders like critical illness, accidental death, or waiver of premium to secure against unforeseen events.

• Claim Settlement Ratio: You should choose an insurer with a high claim settlement ratio to make sure your family faces no hassles when applying for a term insurance claim.

• Benefit Payout Option: You should decide whether your family will need a lump sum, monthly income, or a combination of both in your absence.

• Medical Check ups: Be prepared for medical tests, as insurers evaluate health risks before issuing a policy, which impacts premium rates.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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