Term Insurance For 50 Year Old in India

Term insurance for a 50 year old in India ensures financial security for your loved ones. It helps cover outstanding loans, future expenses, and provides a safety net for your spouse and children. With flexible payout options, return of premium benefits, and riders for added protection, it’s a smart choice for long-term stability. 

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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:

Term Insurance Company  Term Insurance Plan Entry Age Sum Assured
ICICI Prudential Life Insurance ICICI Pru iProtect Smart 18 – 65 years 50 Lacs – 20 Crores
HDFC Life Insurance HDFC Life Click 2 Protect Super 18 – 65 years 50 Lacs - 20 Crores
Axis Max Life Insurance Axis Max Smart Term Plan Plus 18 – 60 years 25 Lacs – 20 Crores
Tata AIA Life Insurance Tata AIA Sampoorna Raksha Promise 18 – 65 years 25 Lacs – No limit
Bajaj Allianz Life Insurance Bajaj Allianz Life eTouch II 18 – 65 years 50 Lacs – No limit
Canara HSBC Life Insurance Canara HSBC Young Term Plan - Life Secure 18 – 45 years 25 Lacs – No limit
Digit Life Insurance Digit Glow Term Insurance 18 – 65 years  25 Lacs – 1 Crore
Kotak Life Insurance Kotak e-Term Insurance 18 – 65 years 51 Lacs - No limit
Edelweiss Life Insurance Edelweiss Life Zindagi Protect Plus 18 – 65 years 50 Lacs – No limit
Aditya Birla Sun Life Insurance ABSLI DigiShield 18 - 65 years 30 Lacs – No limit
SBI Life Insurance SBI Life eShield Next 18 – 60 years 50 Lacs – No limit
Bandhan Life Insurance Bandhan Life iTerm Prime 18 – 65 years -

*Disclaimer: ~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. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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

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+

Why Buy Term Insurance for 50 Year Old in India?

Here is why buy term insurance for over 50s is important:

  • Income Protection for Spouse – Your spouse will have a secure financial future even in your absence, helping them maintain their standard of living.

  • Child’s Education & Marriage – The policy payout can help fund your child’s higher education or wedding without financial stress.

  • Debt Repayment – Any unpaid home loans, personal loans, or business loans can be repaid, preventing financial burdens on your family.

  • Support for Aging Parents – If you have elderly parents dependent on you, term insurance ensures they continue receiving care and financial support.

  • Legacy & Wealth Transfer – Your loved ones will receive a lump sum payout, which can help them achieve long-term financial goals.

  • Retirement Security – The insurance payout ensures that your family does not have to dip into your retirement savings to meet expenses.

  • Critical Illness Protection – With the critical illness riders, you can get coverage for life-threatening illnesses such as heart disease, cancer, or stroke.

  • Peace of Mind – Knowing that your family’s financial future is protected allows you to focus on enjoying life without worries.

What are the 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, the following are the most important reasons to buy a term plan:

Here is how buying a term insurance for 50 year old in India can be beneficial for you:

  • 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, ensuring a financial safeguard for your future.

  • Smart Exit Benefit – Some life insurance companies offer a smart exit option, allowing policyholders to exit at a specific age and receive back a portion of the premiums paid, providing financial flexibility.

  • Rider Benefits – You can enhance your coverage with term insurance riders like critical illness, accidental death, and waiver of premium, offering additional financial protection against unforeseen health and life risks.

  • Tax Benefits – You can claim term insurance tax benefits on the premiums as they qualify for deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D), reducing overall tax liability.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%#

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

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 – Despite age being a factor, term insurance still offers relatively low premiums compared to other life insurance options, ensuring cost-effective financial security.

  • Long Policy Term – You can opt for coverage up to 85 or even 99/100 years of age, ensuring long-term financial protection for your family with plans like whole life insurance that provide coverage till you turn 99/100 years of age.

  • Flexible Premium Payment Options – Choose between regular pay (throughout the policy term), limited pay (for a shorter period), or single pay (one-time premium) based on your financial convenience.

  • Customizable Benefit Payout Options – The death benefit can be received as a lump sum, monthly income, or a combination of both to support your family’s financial needs in your absence.

  • High Sum Assured – You can secure a large sum assured at an affordable rate, ensuring your loved ones have sufficient funds to cover future expenses like daily needs, children’s education, or spouse’s retirement.

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

What are the Things to Consider Before Buying Term Insurance for 50 Year Old in India?

Before buying the best term insurance for 50 year old in India, here is a list of factors you should consider:

  • Coverage Amount – Choose a sum assured that can cover your family's future expenses, outstanding debts, and financial goals.

  • Policy Term – Opt for a policy term that aligns with your financial planning, whether it’s till retirement or whole life coverage up to 99 years.

  • Premium Affordability – Ensure the premium fits within your budget. You can select limited pay options to finish payments early while enjoying long-term coverage.

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

  • Rider Benefits – Enhance your coverage with riders like critical illness, accidental death, or waiver of premium to safeguard against unforeseen events.

  • Claim Settlement Ratio – Choose an insurer with a high claim settlement ratio to ensure your family faces no hassles while claiming benefits.

  • Benefit Payout Option – 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 assess health risks before issuing a policy, impacting premium rates.

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


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 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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