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50 Lakhs Term Insurance Plan

As a sole breadwinner of the family, creating financial stability for the family from the uncertainties of life, is a must and term insurance can help you achieve it. Term insurance plans are affordable and provide high coverage at nominal cost, that is, the premium for a Rs. 50 Lakh term insurance plan can be very reasonable and pocket friendly. In case an unpredictable event occurs, such as an unexpected demise of the life assured during the policy term, a death benefit shall be provided to the beneficiary under term insurance policy.

You can choose a coverage amount keeping in mind your current lifestyle, expenditure, financial liabilities etc. With a Rs. 50 Lakh term insurance plan you can ensure financial protection of your family in your absence.

What Is Rs. 50 Lakhs Term Insurance Plan?

A Rs. 50 Lakh Term Insurance is a term insurance policy with a sum assured of Rs. 50 Lakh, which is provided to the nominee as a death benefit, in case of an unpredictable death of the life assured anytime during the policy tenure. This type of term plan may come with a high sum assured but the premiums are quite low and these types of plans ensure long term financial security for the life assured and his/her family member in difficult circumstances.

Financial expenses and responsibilities of a person change over time. People choose Rs. 50 Lakh term insurance plans to ensure the financial security of their loved ones in case something unfortunate occurs. High sum assured can help your loved ones meet their daily expenses and financial goals even in your absence.

Best Rs. 50 Lakh Term Insurance Plans

Below is the list of the best 5 term insurance plans with a sum assured of Rs. 50 Lakh. Please note that the below-mentioned plan details may vary as per the plan variant chosen -

Plan Name

Min. & Max. Entry Age

(in years)

Max. Maturity Age

(in years)

Policy Term

(in years)

Min. Sum Assured

(in Rs.)

PPM*

PPT**

Max Life Smart Secure Plus

18-65

85

10-67

20 Lakh

Annually, Semi Annually, Quarterly and Monthly

Single, Regular and Limited Pay or Pay till 60

HDFC Life Click 2 Protect Life

18-65

Whole Life Cover

10-Whole Life

50,000

Single, Annually, Semi Annually, Quarterly and Monthly

Single, Regular and Limited Pay

Aegon iTerm

18-65

100

5-82

25 Lakh

Single, Annually, Semi Annually, and Monthly

Single, Regular and Limited Pay

ABSLI Life Shield

18-65

85

10-55

25 Lakh

Annually, Semi Annually, Quarterly and Monthly

Single, Regular and Limited Pay

PNB MetLife Mera Term Plan

18-65

99

10-81

10 Lakh

Annually, and Monthly

Single, Regular and Limited Pay

*Premium Payment Mode, **Premium Payment Term.

1. Max Life Smart Secure Plus Plan

Max Life Smart Secure Plus plan is a unique kind of term insurance plan. This plan helps the life assure to accommodate evolving financial requirements of their family. Max Life Smart Secure Plus plan provides financial protection to the family of the life assured in difficult circumstances such as untimely demise of the life assured during the policy term. This plan provides comprehensive protection at nominal cost. Under this plan 2 cover options are available namely Life Cover and Increasing Life Cover which one can choose from as per their insurance requirements. Max Life Smart Secure plan provides inbuilt terminal illness cover. This plan also provides a return of premium option under which 100% of the sum assured shall be provided at the end of the policy term, in case the life assured survives the entire policy tenure.

2. HDFC Click 2 Protect Life Plan

HDFC Click 2 Protect Life plan provides the life assured with financial support according to their altering lifestyle and changing requirements at different stages of life, this plan lets the life assured be truly financially protected at all times. Under this plan the life assured gets the option to choose from 3 different plan variants as per their needs, which are Life and Critical Illness Rebalance, Life Protect and Income Plus. HDFC Click 2 Protect plan provides whole life cover i.e life cover upto to the age of 99 years. This plan has a return of premium option under which return of all premiums shall be provided to the life assured in case the life assured survives the entire policy tenure. Under this plan the life assured can choose to enhance the coverage of the policy by adding additional coverages such as Return of Premium option, Waiver of Premium on diagnosis of critical illness option and Accidental Death Benefit option.

3. Aegon iTerm Plan

Aegon iTerm plan is a comprehensive, affordable protection plan. This plan provides financial security to the life assured and his/her loved ones from the uncertainties of life. Under this plan, one has the flexibility to customise the plan according to their requirements. Aegon iTerm has 3 plan options to choose from which are Life Protect, Protect Plus and Dual Protect. Under this plan the life assured can avail life cover till the age of 70 years. Aegon iTerm plan offers an option to receive a lump sum benefit on diagnoses of any of the listed 36 critical illnesses. A unique benefit under the Aegon iTerm plan is that this plan provides financial security to the family of the life assured, in case the life assured passes away from COVID-19. This plan also provides multiple death benefit payout options to choose from which are lump sum, monthly income or part lump sum and part monthly income.

4. ABSLI Life Shield Plan

ABSLI Life Shield is a customizable term insurance plan, that provides the life assured and family of the life assured, financial security from the uncertainties of life, such as an untimely demise of the life assured during the policy tenure. This plan offers 8 plan options to choose from namely Level Term Assurance, Level Term Assurance with Waiver of Premium Benefit, Increasing Term Assurance, Increasing Term Assurance with Waiver of Premium Benefit, Decreasing Term Insurance, Decreasing Term Insurance with Waiver of Premium Benefit, Return of Premium and Return of Premium with Waiver of Premium Benefit. BSLI Life Shield plan provides terminal illness benefit, in case the life assured is diagnosed with a terminal illness during the policy tenure. Under this plan the life assured can choose to opt for joint life cover option, under which the life assured can include his/her spouse under the same policy.

5. PNB MetLife Mera Term Plan

PNB MetLife Mera Term plan is an online term insurance policy. This plan is customizable as per the insurance requirement and budget of the life assured. PNB MetLife Mera Term plan provides financial security to the family of the life assured in case of an untimely demise of the life assured during the policy tenure. A death benefit is provided in case of an untimely demise of the life assured, which can help the family to maintain a healthy lifestyle in absence of the life assured. This plan provides life cover upto the age of 99 years. PNB MetLife Mera Term plan provides comprehensive coverage at a reasonable cost. Under this plan the life assured can choose to enhance the base cover of the policy by adding either Critical Illness Benefit rider or Accidental Death Benefit rider.

Who Should Purchase the Rs. 50 Lakh Term Insurance Plan?

An individual who has a regular source of income and financial dependents must consider purchasing a term insurance plan. Parents, professionals, married/unmarried people, recently retired people, self employed etc. in short people who are taxpayers should consider investing in a term life insurance for tax exemption and also create a financially secured future for their loved ones from the uncertainties of life. It is advised that a person who is young and has started making a living for themselves, should invest in term insurance plans as they get a substantial coverage amount at nominal premium cost.

Why Purchase Rs. 50 Lakh Term Insurance from InsuranceDekho?

Below mentioned are some reasons why you should choose InsuranceDekho to purchase Rs. 50 Lakh Term Insurance plan -

  • Hassle-free Policy Issuance - We offer a seamless policy issuance at InsuranceDekho. The policy shall be issued within minutes of payment without any hassle. The policy purchase and issuance process are completely transparent for your benefit.
  • Partnered with Best Life Insurance Companies - InsuranceDekho has partnered with some of the best life insurance companies in India that offer good term insurance plans. We have detailed information about the insurance providers on our website and you can choose an insurance provider according to their claim settlement ratios.
  • Dedicated Customer Assistance Team - Our customer assistance team is dedicated to providing a seamless experience and ideal solutions for customer’s queries. Our customer care executives are equipped with the right information to provide you with the best solutions.

Term Insurance Premium Calculator

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Disclaimer :
1. Premium has been calculated for coverage till 70 years
2. Eligibility depends on income, occupation and educational qualification

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