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50 lakh Term Insurance
A Rs. 50 lakhs term insurance policies provide your loved ones financial stability and support. When you purchase such a plan, you ensure your family receives a payout of Rs. 50 lakhs if something happens to you. Investing in a term life insurance plan means investing in your family's future. Regardless of what happens to you, the payout enables them to achieve their future financial goals.
50 Lakh Term Insurance @Rs.13/day*
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Why Do I Need Rs 50 Lakh Term Insurance?
March 13, 2025
Table of Content
1. What Is a Rs. 50 Lakh Term Insurance?
2. Why Buy Rs. 50 Lakhs Term Insurance?
3. Why Sum Assured is an Important Factor When it Comes to Term Insurance?
4. Key Features of ₹50 Lakh Term Insurance
5. How Does a Rs. 50 Lakh Term Plan Work?
6. What Are the Benefits of Rs. 50 Lakhs Term Insurance?
7. Who Should Buy a ₹ 50 Lakh Term Insurance Plan?
8. How to Choose the Right Rs. 50 Lakhs Term Insurance Plan
9. Important Things to Know Before Buying Term Life Insurance Plans
10. Is ₹50 Lakhs Sufficient Term Insurance Coverage for My Family?
11. Documents Required to Buy a 50 Lakh Term Insurance
12. Summary
Every good financial plan includes a term insurance plan. These plans offer life cover for a specific time, providing your family with financial security during a difficult time. Since traditional term policies are pure life insurance products, they do not offer any additional maturity benefit, making them affordable. However, some plans today offer a Return of Premium option, which pays you an amount equal to all premiums paid on maturity if you outlive the policy term. A 23-year-old non-smoker can get a high sum assured of Rs. 50 lakhs for just Rs. 800 each month. Let’s better understand what a Rs. 50 lakhs term insurance plan is and how it benefits you.
What Is a Rs. 50 Lakh Term Insurance?
A 50-lakh term policy offers life insurance coverage of Rs. 50 lakhs for a given time. If anything happens to the policyholder during the plan tenure, the beneficiary receives a payout of Rs. 50 lakhs, ensuring financial security through life insurance protection.
Why Buy Rs. 50 Lakhs Term Insurance?
None of us knows what life has in store for us. An unexpected illness or accident could take us away from our loved ones. Term plans provide our loved ones with the finances they require during this uncertain time. The payout from the term plan should be enough to help your family maintain their standard of living in the future or pay off any outstanding loans. You can calculate your Human Life Value or HLV to better understand how much your family requires. HLV refers to the present value of future income expenses, investments, and liabilities. Individuals who earn around Rs 5 lakhs per year should get a term plan that offers at least Rs. 50 lakhs as the sum assured.
Here are some of the main reasons to consider buying this term plan:
Affordable:
A 50 lakh term plan premium is usually considered a reasonable investment by most people. This is because it does not disrupt the overall budget much and allows one to opt for a longer tenure. Not to mention, you can work and live your life in peace, knowing your family is financially secure.
Extensive Protection:
With riders and add-on options, a 50 lakh term insurance plan provides extensive protection. You can add suitable riders as per your specific needs, including a critical illness rider or an accidental death benefit rider or go for a return on the premium rider, among others. These riders boost your insurance cover for a nominally extra premium.
Greater Coverage
Considering the coverage provided for a nominal premium, term insurance 50 lakhs is perfect to secure your family financially. They can maintain the existing lifestyle and live comfortably even in your absence.
Protection Against Loans and Debts
If you have availed of loans to meet financial goals like owning a dream house, buying a car, going on a vacation, or higher education for children, the onus of repaying the loans shifts to your family in case of your untimely death. If you invest in a 50 lakh term plan, your family can repay the outstanding liabilities with the death benefit they receive.
Why Sum Assured is an Important Factor When it Comes to Term Insurance?
Choosing the right sum assured in your term insurance plans is essential for your family's financial security. This sum provides crucial protection in case of unexpected events, giving you peace of mind. A higher sum ensures your loved ones are well-supported, covering debts, education costs, and income replacement. Selecting the right amount is key to ensuring their future is secure. To explore the best term life insurance options and find the ideal sum assured for your needs, click the tabs below.
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Key Features of ₹50 Lakh Term Insurance
Here are some of the main term insurance 50 lakhs features that you must remember to make an informed decision:
Cost Effective
Term insurance premium for 50 lakhs is cost-effective considering the coverage it provides. This makes it an affordable option to secure your family financially. You can opt to remain invested for a longer period, considering the reasonable premium.
Extensive Protection
With options to avail of additional coverage alongside Rs.50 lakhs are available in the base plan with specific riders as per your requirements, easy claim settlement, etc. The 50 lakh term plan provides extensive protection to you and your family.
High Coverage
The term insurance 50 lakhs offers extensive coverage and gives you peace of mind that your family has enough funds for sustenance and to meet children’s education expenses, pay off outstanding loans and debts, and any unforeseen expenses in your absence.
How Does a Rs. 50 Lakh Term Plan Work?
We can understand how a Rs. 50 lakh term insurance works with an example. Rahul is a 24-year-old who just started working. His salary is enough to cover his basic monthly expenses. Rahul stays with his parents. Both of them are still working and have saved up for their retirement. Rahul purchases a term plan offering Rs. 50 lakh coverage for 30 years. After three years, he takes a loan to buy a two-wheeler. About a year later, while still repaying the loan, he meets with a fatal accident. His mother, the term policy beneficiary, receives the payout of Rs. 50 lakh. She can use the amount to pay off Rahul’s pending loan. The money helps her and her husband maintain their finances at a difficult time.
What Are the Benefits of Rs. 50 Lakhs Term Insurance?
The benefits of 50 lakhs term insurance are given below:
High Coverage at Affordable Premiums
Premium Payment Flexibility
Customisable Plans with Add-On Benefits
Tax Benefits under the Income Tax Act
Financial Stability for Your Loved Ones
Purchasing a 50 lakh term insurance provides financial security for your family in your absence. The advantage is you can get coverage as high as Rs. 50 lakhs for an affordable premium that remains the same for the entire tenure.
The term insurance 50 lakhs offers various premium payment options such as monthly, quarterly, half-yearly, and yearly allowing you to choose the option as per your convenience and affordability.
You can enhance the coverage of a 50 lakhs term plan with add-on / riders2 such as critical illness riders, accidental death benefit riders, survival benefits, or return of premium riders to the base plan. This benefit is available for an extra premium and is worth it as it provides financial security to you and your in case of unforeseen situations.
The premiums paid towards 50 lakh term insurance qualify for deduction from the taxable income under Section 80C of the Income Tax Act, 19611, and the death benefits are exempted from tax under Section 10 (10D) of the Income Tax Act, 19611.
Life coverage of Rs. 50 lakhs provides financial security for your loved ones when you are not around. They can use the payout from the term plan to pay off outstanding debts, children’s education, manage monthly expenses, etc.
Who Should Buy a ₹ 50 Lakh Term Insurance Plan?
All those who prioritise their family’s financial security should buy 50 lakh term insurance. However, a 50 lakh term plan is more beneficial for the following:
Age
Annual Income
Dependents & Their Needs
Existing Liabilities
Senior citizens are more susceptible to health concerns, they should ideally buy a 50 lakh term insurance plan. However, for affordable premiums for Rs. 50 lakh coverage, it is suggested to buy the term plan at a young age i.e., as soon as you start your career. You can ensure your family's financial stability for a longer time if you invest in the plan at an early age.
If you have a regular income, paying the premium for financial stability for loved ones will not seem a burden. You should not forget to follow the thumb rule to assess the sum assured, i.e., 10 times your annual income, while buying a 50 lakh term insurance. Nevertheless, you should assess your family’s requirements, considering the inflation rate, to decide if the sum assured arrived at is adequate to fulfil their future needs.
Your budget should include term insurance premium for 50 lakhs if there are financially dependent members in the family. You should assess their needs concerning education, marriage, medical expenses, etc., to ensure that the sum assured is adequate to cover their future financial needs.
If you have availed big-ticket loans such as home loans, education loans, etc., a 50 lakh term insurance to cover the existing liabilities is a must-have to spare your family from the burden of repaying the debts in case of your untimely demise.
How to Choose the Right Rs. 50 Lakhs Term Insurance Plan
When looking for a Rs. 50 lakh term policy, you should consider the following crucial points:
Premiums
Term policies are popular since they provide high coverage at affordable rates. Ensure you look for plans that offer the best benefits at a pocket-friendly premium.
Individual Death Claim Settlement Ratio
The IRDAI regularly releases the individual death claim settlement ratio for various life insurance companies. It lets you know how many claims the company settled of all requests received. The higher the ratio, the better.
Add-ons2
Always check the add-ons that various insurance companies offer. You could boost your coverage and enhance your family’s financial future by selecting the add-ons that suit your needs. There are several types of term insurance like the term insurance with return of premium which can be availed with the TROP add-on rider.
Reputation of the Insurance Company
Every insurance company has different terms and conditions as well as additional services and benefits for their 50 lakh term insurance. Make sure that you have checked all aspects in detail and compared them well before deciding. You must also go through company and plan reviews and recommendations from previous or existing customers. The claim settlement process and ratio are also important aspects to assess before finalising the plan.
Policy Term
Your existing liabilities, financial goals, and the time required to settle the dues and fulfil the goals should be the yardstick for choosing the coverage period for Rs. 50 lakh plans. It is recommended you buy the policy from an insurance company that offers whole-life coverage.
Riders2
Riders are add-on benefits that enhance the life coverage of Rs. 50 lakhs term plan and provides customisable insurance options. If you anticipate any critical illness in the future, considering your lifestyle habits, family history, etc., opting for a critical illness rider will save you from digging into your savings to manage treatment costs.
Type of Policy
Every insurance company’s directory has varied types of 50 lakh term insurance plans. Before confirming your choice you should compare the plans available with different players. Every plan has certain advantages and disadvantages. Read between the lines and understand the terms and conditions of the plans to make your selection resourceful.
Important Things to Know Before Buying Term Life Insurance Plans
Some factors impact your 50 lakh term insurance purchase, and you should focus on them before identifying the best plan. They are:
Claim Settlement Ratio
Claim settlement ratio indicates the number of claims settled without a fuss in proportion to the claim applications received. The reliability in terms of claim settlement is measured by the ratio. The data can be obtained from the report generated by IRDA every financial year. A 99% ratio indicates that the insurance company seldom rejects any claims filed.
Max Limit
The maximum coverage period for term insurance 50 lakhs, which varies with the insurer. Generally, it is between 75 to 100 years. Those who aim at affordable premiums for Rs. 50 lakh coverage should consider the fact that premiums are higher for extended periods before deciding on the policy term.
Life Cover
The sum assured represents the life cover provided for 50 lakh term insurance i.e., the death benefit that is provided to the nominees. Consider the financial needs of your family vis a vis the monthly expenses, your outstanding debts to enable loan repayment with insurance benefits, children’s education expenses, etc., before deciding the sum assured to ensure that your family does not face a financial crisis when you are not around.
Additional Coverage Options or Riders
The 50 lakh term insurance plans have various add-on benefits like critical illness riders, accidental death or disability riders, return of premium riders etc., that enhance the coverage for an additional premium. The survival benefits in return of premium policies make the plan a combination of protection and savings.
Premium Waiver Benefit
Premium waiver benefits are available in some 50 lakh term insurance plans. This benefit allows waiver of premium for a further period while retaining the life cover when the policyholder encounters any incident that results in loss of income.
Factors That Cause Premiums to Increase
One of the critical factors that impact premiums is age. The insurance policy for young earners is more cost-effective than the policy for older adults. Also the lifestyle, the existing health conditions, and the sum assured also impact the premium. The policyholder has to disclose every piece of information since the suppression of facts may result in claim rejection. You can calculate the applicable premium using the term insurance calculator.
Tax Benefits
Section 80C of the Income Tax Act 19611 allows the deduction of the premiums paid towards life insurance plans from the taxable income and the death benefits are tax-free under Section 10(10D) of the Income Tax Act, 19611 exempts death benefits from tax.
Is ₹50 Lakhs Sufficient Term Insurance Coverage for My Family?
Whether 50 lakh term insurance coverage is adequate for your family depends on the following:
Your Yearly Income and Current Lifestyle
The life cover should be adequate to beat inflation and enable your family to maintain the existing lifestyle. 10 to 20 times the annual income is the recommended life cover to serve the purpose of insurance.
Your Dependents and Their Needs
If you are the sole earning member of your family it is imperative to consider the number of dependants and their financial requirements like living expenses, education costs, marriage expenses, loan repayments, etc., for arriving at the sum assured.
Current Financial Obligations
Taking over the responsibility of repaying the debts you have incurred like home loans, car loans, personal loans, education loans, etc., in unprecedented times is the last thing you would wish for your family. You should consolidate all the outstanding liabilities at the time of purchasing a term plan and consider them while arriving at the sum assured for the term plan.
Human Life Value (HLV)
Human life value is a tool that enables insurance companies to determine the funds required for the family for sustenance if the policyholder expires during the policy term. It is an estimation of the economic worth of the policyholder considering his future income, liabilities, and expenses.
Documents Required to Buy a 50 Lakh Term Insurance
Submitting all the documents needed is as important as complying with the eligibility criteria for term plans. The mandatory documents required are:
Identity Proof
- Passport, Driving Licence, etc.
- PAN is Mandatory Document
Address Proof
Passport
Voter’s Identity Card issued by Election Commission of India
Permanent Driving License
Aadhaar Card
Central KYC Identifier (can be accepted, if the downloaded documents are from the list of Officially Valid Documents (OVD) reflecting across Sr. No. 1 to 4 and there is no change in the address basis the document downloaded from Centralized KYC Registry (CKYCR) database as mentioned on the proposal form)
Income Proof
IT Returns, Bank Statement, Salary Slips, etc.
Summary
If financial stability for loved ones is a priority, a 50 lakh term insurance is what you need. With an option to enhance coverage with add-on benefits like return on premium riders, accidental death and riders, accidental disability riders, terminal illness riders, critical illness riders, and premium payment flexibility, the term plan can be tailored according to your needs. If the life cover is adequate considering aspects like income, current financial obligations, and number of dependents, a term plan is a reliable choice.
FAQs on 50 lakh term insurance
Q: What are the eligibility criteria to purchase a Rs. 50 lakh term plan?
You must be at least 18 and earning to buy a term plan. If you're over 65, you might not be able to purchase a policy.
Q: What is the premium amount for a term plan offering coverage of Rs. 50 lakhs?
The premium amount for the term policy depends on your lifestyle, age, health, income range and more.
Q: What happens if I survive the policy tenure?
Term plans do not offer any maturity benefits. However, if you selected a Return of Premium policy, you will get the premiums back on maturity.
Q: How can I purchase a Rs. 50 lakh term plan?
You can purchase a term policy worth Rs. 50 lakhs directly from our website.
Q. Is 50 lakh term insurance enough?
To decide whether 50 lakh term insurance is enough, you should consider your income, number of dependents and their needs, outstanding liabilities, and human life value. It is generally recommended for the sum assured to be 10 to 20 times your annual income to beat the inflation.
Q. Are there tax benefits in a 50 lakh Term Insurance Plan?
Yes. The premiums paid towards the 50 lakh term insurance plan are eligible for deduction under Section 80C of the Income Tax Act 19611 and the death benefits are tax-exempted under Section 10(10D) of the Income Tax Act, 19611.
Related Article
- Term Insurance for NRI
- What is a Level Term Life Insurance policy?
- 5 Simple Steps to Follow When Buying Term Insurance
- 4 Simple Methods to Calculate : How Much Term Insurance You Need
References:
1. https://economictimes.indiatimes.com/markets/expert-view/what-should-be-the-criteria-for-selecting-the-right-kind-of-term-plan-dinesh-dilip-bhoi-answers/articleshow/110001188.cms?from=mdr
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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2. Add-Ons / Riders are subject to payment of additional premium.
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**If a customer is a Salaried individual and has opted for a cover of INR 2 Cr with Limited pay, then the total discounts applicable shall be: 10% +7% = 17% discount on the first year premiums.
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 40 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable.
15. HDFC Life Click 2 Protect Ultimate(UIN: 101N179V01) A Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. The policy must be in force on the date of death, with all premiums fully paid, except for the exclusion clauses mentioned in Part F of the policy document.
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