Rs. 50 Lakh Term Insurance

The following are the best 50 lakh term insurance plans offered by insurance companies in India:

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 assured 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 the untimely demise of the life assured during the policy term. This plan provides comprehensive protection at a nominal cost.

The key features of the plan include:

• It is available in two variants- life cover and increasing life cover insurance plan.
• It provides terminal illness coverage to the policyholders.
• The plan provides a return of premium option. With this benefit, 100% of the sum assured shall be provided at the end of the policy tenure, in case the life assured survives the entire policy tenure.

2. HDFC Life Click 2 Protect 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 life assured be truly financially protected at all times.

The key features of this plan are highlighted below:

• The plan is available in three variants- Life and Critical Illness Rebalance, Life Protect and Income Plus plan.
• The plan provides whole-life coverage to the policyholders.
• Return of premium benefit is offered to the policyholders. This means life assured will get 100% sum assured for surviving the policy tenure.
• The policyholders can enhance the coverage of their plan by purchasing additional riders such as Return of Premium Option, Waiver of Premium Rider, Critical Illness Benefit Rider, and others.

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.

The key features of this plan are highlighted below:

• There are three plan options to choose from- Life Protect, Protect Plus and Dual Protect.
• Under this plan, the life assured can avail life cover till the age of 70 years.
• The plan offers an option to receive a lump sum benefit on diagnoses of any of the listed 36 critical illnesses.
• 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. PNB MetLife Mera Term Plan

PNB MetLife Mera Term Plan is an online term insurance policy. The policyholders can customize this plan as per their specific financial needs and budget. The plan also provides financial security to the family in case of the untimely demise of the life assured.

The key features of this plan are highlighted below:

• The plan provides lifetime coverage to the policyholders.
• You can enhance the plan's coverage by purchasing additional riders.
• The policyholders have the flexibility to pay a premium at their convenience.
• The grace period to pay a pending premium amount is 30 days.
• You can start your savings with this plan at an early age.

5. ABSLI Life Shield Plan

It is a customized term insurance plan that provides financial security in case of the unfortunate death of the policyholder. You can either buy this plan as an individual term plan or a joint life insurance policy.

The key benefits of this plan are highlighted below:

• This term life insurance policy provides 8 plan options, which include Level Term Assurance with Waiver of Premium Benefit, 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.
• The policyholders can opt for different riders to enhance the coverage of their base term plan.
• Get life coverage for both yourself and your spouse under a single-term insurance plan.

The following are the benefits of purchasing an Rs. 50 lakh term insurance plan:

• Financial Protection: In case of your absence, a 50 lakh term insurance plan will provide financial protection to your loved ones. An insurance company pays a death benefit in case of the untimely death of the policyholder.
• Add-on Benefits: The policyholders can enhance the coverage of their plan by including riders to their base term insurance plan. However, you may have to pay an extra premium to an insurance company for purchasing riders.
• Economical Premium: You can buy a term insurance plan at an early age. Term insurance companies even provide lower premium rates to young individuals. Therefore, you can ensure financial stability for your loved ones at affordable premiums.
• Lifetime Protection: Many term insurance companies provide whole-life insurance coverage to the policyholders. As a result, you don’t have to worry about the future of your family at any point in time. During a lifetime, if anything happens to the policyholder, an insurance company will pay a death benefit to the nominee.

The following are the individuals who must purchase Rs. 50 Lakh term insurance plans:

• 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.
• Taxpayers should consider investing in term life insurance for tax exemption and also create a financially secure future for their loved ones from the uncertainties of life.
• Young individuals who have started making a living for themselves should invest in term insurance plans as they get a substantial coverage amount at a nominal premium cost.