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What Is The Premium For A Term Insurance Of Rs. 50 Lakh?

Published On May 16, 2021 2:00 PM By InsuranceDekho

A life insurance plan is one of the best ways to invest your money while contributing to the financial security of your loved ones. An Rs. 50 Lakh term insurance is one of the most reasonable amounts that you can save up. However, it might seem to be daunting initially. There are various factors which affect the premium for a Rs. 50 Lakh term insurance plan.

Factors Affecting Premium of A Rs. 50 Lakh Term Insurance Plan

With steady and regular premium payments, you can save up Rs. 50 lakh on your term insurance, in no time. The premium on your Rs. 50 Lakh term insurance plan depends on various factors:


Your age is one of the biggest factors that will affect the amount of premium you will have to pay. The older you get, the more will be the amount. This is because there are more risks involved as you age. This is also why it is always advisable to purchase a term insurance plan as early as possible. You can have a longer time as well as lower premium rates to save up to your goal.

Health Concerns

When you apply to purchase term insurance, a full health checkup is usually mandatory. The reason for this is because the premium rate to be levied to you is dependent on your health. If there are any severe health concerns such as a terminal or critical illnesses, you will have to pay more premium than usual.

Occupational Hazards

If your job requires you to be in risky situations often, you may have to pay more premium. You are required to submit your details of your occupation when you apply for term insurance. If there are high risks involved the likes of which are associated with mining, nuclear research etc, you will probably have to pay a higher premium than usual.


Women are charged with lower premium rates. The reason behind this is because studies show that women generally outlive men.


If you smoke or consume tobacco in any form, you will have to pay a higher premium for your Rs. 50 lakh term insurance plan. This is because tobacco users have proven to be more susceptible to health concerns and have a shorter lifespan. If you have, however, not consumed any tobacco in the past twelve months and intend to continue doing so, you may appeal for a non-smoking status. 


The best way to ensure the correct premium for term insurance of Rs. 50 lakh is to consult the respective insurance company and refer to the term plan that you intend to purchase. Nonetheless, the above factors are some of the few that generally affect premium rates.

Also read 

Life Insurance Premium and Tax Benefits

10 Popular Term Insurance Plans in India        

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard. 

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