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A 50 Lakh term insurance policy provides high life coverage at a low premium. This plan offers a payout of Rs. 50 Lakhs that acts as a financial safety net for your family members in case of your absence. Learn more about the best term insurance plan for Rs. 50 Lakhs in detail:
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A 50 Lakh Term Insurance plan is a life insurance plan with a life cover (sum assured) of Rs. 50 Lakh. This plan offers financial protection in the unforeseen event of the policyholder’s death during the policy term. The payout of Rs. 50 Lakhs is offered to the beneficiary, which helps them to live their lives comfortably with adequate financial protection.
A Rs. 50 Lakh term plan can be the right option for most family members to cover their financial needs and settle the policyholder's outstanding debts.
Term Plans
Buying a 50 Lakh Term Insurance Plan 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.
Let’s understand this with the help of an example:
Rajat is an 18-year-old non-smoking male with an annual income of Rs. 10 Lakhs. He chose a 50 Lakh term insurance plan for a 30-year policy term to safeguard his family in the unfortunate event of his demise. After comparing all plans on Policybazaar, he finally chose the best term plan with premiums as affordable as Rs. 414/month. This way, he made sure that his family was protected at uncertain times in the future.
Let’s take a look at some of the best 50 Lakh term insurance plans available in India in 2024:
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Promise | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. 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
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Here is a list of key features of of Rs. 50 Lakh term insurance:
Cost-effective: The 50 lakh term insurance premium is affordable, allowing you to secure the future of your family members comfortably. By paying a low amount of premiums, you can select to remain assured under the plan for longer.
Comprehensive protection: You can select to enhance your coverage with additional benefits (riders), such as accidental death benefit, critical illness benefit, and premium waiver.
High cover: With this plan, you can create a strong financial shield for your loved ones with a Rs 50 Lakh term insurance plan. This can help your family maintain high living standards and fulfill their goals, even in adverse times.
Financial security against liabilities and loans: In case of unforeseen death, your family can use the 50 lakh term insurance payout to pay off unpaid loans and liabilities.
*Note: To know the premium amount of your term insurance plan, you can easily use the term insurance calculator.
The benefits of a 50 Lakh Term Insurance plan are:
High Coverage at Affordable Premiums: You can secure a significant life cover of ₹50 lakh for relatively low premiums, ensuring financial protection for your family without straining your budget.
Financial Security for Family: In case of an unfortunate event, your family receives ₹50 lakh as a death benefit, which can help them cover living expenses, repay loans, and maintain their lifestyle.
Flexibility in Policy Tenure: You can choose a policy term that aligns with your financial goals, ensuring coverage during the most crucial phases of your life.
Rider Options: Many insurers offer additional riders, such as critical illness, accidental death, or disability riders, which provide enhanced protection beyond basic life cover.
Tax Benefits: Premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act. The death benefit received by the family is also tax-free under Section 10(10D).
Peace of Mind: Knowing that your family will be financially secure in your absence gives you peace of mind, allowing you to focus on your personal and professional life.
There are several options for purchasing term insurance, as various insurance companies offer different types of insurance packages targeting individuals. Readers should be aware of the following details about term insurance:
Claim Settlement Ratio – The ratio of the number of claims settled by an insurance company compared with the number of claims filed. An insurer with a higher claim settlement ratio (>99%) will be less likely to reject claims filed against any policy.
Max limit – Most term insurances provide a maximum coverage period of 75-100 years. In general, more extended periods of coverage will require higher premiums.
Life Cover – Life cover refers to the total lump sum assured amount distributed to the policyholder's beneficiaries/nominees.
Rider policies or Add-ons—These policies offered by various insurance companies have different add-on options that increase policy coverage, provide additional payouts, or provide various other benefits. Examples of standard rider policies include an "extra payout in the event of accidental death,” “return of premium on policy maturity,” and “coverage against critical illnesses.”
Waiver of Premium Cover—Some policies provide a “waiver of premium cover,” which means that the policyholder will be exempt from paying additional premiums if they are impacted by an illness or injury that affects their livelihood.
Factors Influencing Premium Rise—The term insurance premium for a 50 Lakh policy increases with the applicant's age at the time of registration, whether the applicant smokes, the amount being insured for, and any pre-existing health conditions the applicant might have. Disclosure of the full health information of the applicant is required, and violation of the same will be grounds for rejection of any policy claims.
Note: You can use the 50 Lakh term insurance plan premium calculator to compute the amount you would need to pay as premiums for your desired term life insurance plan.
Tax Benefits – The Income Tax act provides tax benefits for payments made towards term insurance premiums under sections 80C, 10(10D) of ITA, 1961.
A 50 lakh term insurance plan is ideal for individuals with specific financial needs and family responsibilities. Here’s a comparison of different scenarios to help determine if this coverage is right for you:
| Category | How 50 lakh term insurance benefits you |
| Primary Breadwinners | Ensures that your family’s financial needs, such as daily expenses and education, are covered in your absence. |
| Individuals with Loans | Helps settle outstanding debts, like home loans or personal loans, so your family isn’t burdened with repayments. |
| Young Parents | Provides financial support for children’s education and future goals if anything happens to you. |
| People Seeking Affordable Cover | Offers high coverage at affordable premiums, making it suitable for those on a budget but seeking comprehensive protection. |
| Business Owners | Protects your business partners and family by covering business liabilities in the event of your death. |
| Individuals Without Savings | If you don’t have substantial savings, a 50 lakh term insurance plan ensures your family gets a lump sum payout. |
A Rs. 50 Lakh term insurance plan can be helpful at all life stages, irrespective of when you decide to buy one. Below are some of the reasons you should consider purchasing this term plan based on your age range:
For individuals in their 20s: In their 20s, a term plan can provide financial protection for their parents in the future if they have taken out education loans for higher education.
For individuals in their 30s: In the 30s, a Rs. 50 Lakh term plan can provide financial support to their loved ones in case of an unforeseen death to help pay off car loans, property loans, etc., which the life assured may have opted.
For individuals in their 40s: In the 40s, the life cover (sum assured) from a Rs.50 Lakh term insurance plan can be used to provide the financial stability to their dependents in fulfilling their needs such as children’s education, marriage etc.
Finally, a modern lifestyle comes with its own set of medical conditions and diseases due to high stress and heavy work schedules. Because of this, most life insurance plans offer critical illness coverage while financially protecting loved ones’ lives after their death.
50 Lakh term insurance policy offers life coverage of Rs. 50 lakhs for a specific time period/policy term. And if anything unfortunate happens to the sum assured/policyholder during the plan term, the nominee/beneficiary receives the death benefit/payout of Rs. 50 Lakhs.
On the contrary, if the policyholder chooses a term plan with Return of Premium option, he/she will get back the premiums paid (minus GST) upon outliving the policy term.
Here is a step-by-step guide on how you can buy a 50 lakh term insurance plan online:
Step 1: Visit the term life insurance page
Step 2: Enter basic information like name, gender, date of birth, and phone number and click on ‘View Plans’
Step 3: Fill in your smoking habits, occupation type, annual income, and educational qualifications accurately
Step 4: Select the most suitable plan as per your requirements and proceed to pay
*Note: You can easily know what is term insurance to buy a 50 Term Insurance Plan without hassle.
Online term plans often provide significant discounts compared to offline 50 lakh term insurance plans as the agent commission is eliminated in the online plans. You can easily compare and buy a term plan online that is the most suitable for your financial needs. Term life insurance can secure your family financially in your absence and help you save on your yearly taxes.
†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
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