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50 LAKH TERM INSURANCE PLAN
A term insurance plan is one of the simplest and most affordable ways to secure your family’s financial future. A ₹50 lakh term insurance cover provides a safety net by offering your loved one’s financial support in case of your untimely demise. It ensures peace of mind while being budget friendly.
What is a 50 Lakh Term Insurance?
A 50-lakh term insurance plan is a life insurance policy that offers your family a lump sum payout of ₹50,00,000 if something happens to you during the policy term. It acts as a financial shield, helping your loved ones manage daily expenses, repay debts, or achieve long-term goals even in your absence.
How Does a 50 Lakh Term Insurance Plan Work?
When you purchase a 50-lakh term insurance plan, you agree to pay regular premiums (monthly, quarterly, or annually). In return, the term insurance guarantees that your family will receive a ₹50 lakh payout if you pass away during the policy term. If you survive the tenure, no maturity benefit is usually paid unless you’ve opted for a plan with a return of premium option.
Why Buy 50 Lakh Term Insurance?
- Provides affordable coverage with high protection value.
- Ensures your family is financially secure even in your absence.
- Helps cover big expenses like children’s education, medical needs, or loan repayments.
- Offers peace of mind at a relatively low premium.
Key Features of 50 Lakh Term Insurance
- High coverage at low premium - affordable way to get large coverage.
- Flexible premium payment options - pay monthly, half-yearly, or yearly.
- Optional riders - enhance your cover with add-ons like accidental death benefit or critical illness cover.
- Tax benefits - premiums qualify for deductions under Section 80C; payouts are exempt under Section 10(10D).
- Simple claim settlement- A hassle-free claim settlement process ensures your family receives the benefit without delays.
- Online availability - buy plans quickly and conveniently from anywhere.
How to Determine the Right Coverage for Your Term Insurance?
A 50-lakh term insurance plan may be suitable for many, but the right coverage depends on factors like your age, income, lifestyle, existing liabilities, and future financial goals. It’s important to understand how premiums vary with age and policy term. Buying a policy early gives you wider coverage and keeps premiums affordable throughout the term.
Sample Premium Comparison for ₹50 Lakh Term Insurance
| Age (in Years) | Policy Term | Premium Payment Frequency | Approx. Annual Premium (₹) | Notes |
| 25 | 30 years | Yearly | 5,000 – 6,500 | Lowest premiums, early purchase advantage |
| 30 | 30 years | Yearly | 7,000 – 9,000 | Affordable for long-term cover |
| 35 | 25 years | Yearly | 10,000 – 12,500 | Premium rises with age |
| 40 | 20 years | Yearly | 14,000 – 18,000 | Higher premiums due to age & health risks |
| 45 | 15 years | Yearly | 20,000 – 25,000 | Limited term options available |
Buying Guide: Step-by-Step to Purchase Your ₹50 Lakh Term Plan
- Assess your financial needs and choose the right coverage.
- Compare different term insurance plans online.
- Select policy term and premium payment frequency.
- Fill in the proposal form with accurate details.
- Submit required documents and complete KYC.
- Undergo a medical examination (if required).
- Pay your first premium to activate the policy.
Documents Required to Purchase ₹50 Lakh Term Insurance
- Identity proof (Aadhaar, Passport, PAN)
- Address proof (Utility bill, Driving license)
- Income proof (Salary slips, Form 16, ITR)
- Age proof (Birth certificate, Aadhaar)
- Passport-size photographs
Who Should Purchase a ₹50 Lakh Term Insurance?
- Young professionals looking for affordable, high coverage.
- Families with dependents like children or elderly parents.
- Individuals with outstanding loans (home, education, personal).
- Anyone seeking tax savings while ensuring financial security.
Frequently Asked Questions (FAQs)
Premiums depend on your age, health, lifestyle, and policy term. Younger and healthier individuals usually pay lower premiums.
For someone earning ₹4–6 lakh annually, ₹50 lakh coverage can be suitable. However, if you have higher income or bigger liabilities, you may need a higher cover.
Standard term plans don’t offer maturity benefits. If you want a return of premiums, you can choose that variant by paying a higher premium.
Yes. Premiums are eligible for deduction under Section 80C, and the death benefit is tax-free under Section 10(10D).
Yes, most insurers, including Aviva, offer flexible payment options.
Premiums are calculated based on age, policy term, health history, lifestyle habits (like smoking), and chosen term insurance riders or add-ons.