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Table of Content
1. What is a ₹50 Lakh Term Insurance Plan?
2. Why Buy ₹50 Lakh 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. What Are the Benefits of ₹50 Lakh Term Insurance?
6. How Does a ₹50 Lakh Term Plan Work?
7. Application and Underwriting
8. Who Should Buy a ₹50 Lakh Term Insurance Plan?
9. How to Choose the Right ₹50 Lakh Term Insurance Plan
10. Important Things to Know Before Buying Term Life Insurance Plans
11. Is ₹50 Lakh Sufficient Term Insurance Coverage for My Family?
12. Documents Required to Buy a ₹50 Lakh Term Insurance
13. 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.
A ₹50 lakh term insurance plan offers life coverage of ₹50 lakh, ensuring your family receives this lump sum amount in case of your unfortunate demise during the policy term. This coverage is fixed throughout the duration of the plan and is selected at the time of purchase. It is not a savings or investment tool, as there is no maturity benefit if you outlive the term. Instead, it serves the core purpose of income replacement and financial protection.
Term insurance 50 lakhs plans are ideal for individuals with financial dependents or long-term liabilities, like loans or children’s education. Premiums are generally affordable, starting from around ₹13 per day for a healthy 30-year-old non-smoker. This makes it accessible for salaried professionals, young couples, and growing families.
Term plans are also customisable, with options like critical illness add-ons or accidental death benefits. Choosing the right term length and premium payment mode ensures your family stays protected without disrupting your financial stability.
If you are looking for a practical, cost-effective way to safeguard your family’s financial future, a ₹50 lakh term insurance plan offers the right balance between affordability and meaningful coverage for most Indian households.
Here are the reasons why buying a term insurance premium for 50 lakhs is a smart choice:
Purchasing a ₹50 lakh term insurance provides you a strong protection, premium starting at just ₹13 per day for a healthy 30-year-old. Age, health, and lifestyle factors affect premiums, but most income levels may still afford them, particularly if they buy early plans online through policies like HDFC Life Click 2 Protect Super.
In case of the untimely death of the policyholder, ₹50 lakh can be used to cover basic expenses like food, electricity bills, school fees, and EMIs. A term plan guarantees financial dignity by assisting your spouse, elderly parents, and kids in carrying out their life objectives without sacrificing their standard of living or putting them in immediate financial stress.
₹50 lakh is a solid place to start for those in their 20s or 30s who are self-employed or salaried. It prepares for future obligations while locking in low premiums for decades. For those purchasing insurance for the first time, it is a cost-effective method to begin accumulating protection without breaking the bank.
A substantial amount of house loans, personal loans, or vehicle loans can be repaid with ₹50 lakh. It also serves as a safety net for the expenditures of children's schooling or further education. Your family will not have to deal with debt or interrupted plans in the event of an unexpected demise.
The policy duration, premium frequency, and payout methods of HDFC Life's term plans are all customizable. Riders like critical illness, accidental death benefits, or premium waivers can be added to your policy to increase coverage and protect against major health and economic disruptions in addition to death.
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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Read below to understand some key features of the ₹50 lakh term insurance plan:
If you are in your 20s or 30s, opting for a ₹50 lakh term insurance plan allows you to enjoy significantly lower premiums compared to older individuals. This is because younger policyholders are considered lower risk by insurers, resulting in more affordable premiums while still offering a high coverage amount for long-term financial security.
For ₹50 lakh in coverage, HDFC Life provides insurance durations ranging from 10 to 40 years, enabling customers to fit the term with their financial obligations. Depending on your financial flow, you may also decide whether to pay premiums monthly, quarterly, half-yearly, or annually. Due to this flexibility, it is simpler to match the insurance to your life scenario and budget.
Section 80C of the Income Tax Act of 19611 allows for an annual tax deduction of up to ₹1.5 lakh for term insurance premiums. Furthermore, your nominee's death benefit is completely tax-exempt under Section 10(10D)1. You may also be able to deduct premiums under Section 80D1 if you have chosen to have a wellness or critical illness rider.
If you choose riders, such as Accidental Death Benefit, Waiver of Premium, and Critical Illness Rider, you may need to upgrade your ₹50 lakh basic plan from HDFC Life. In some situations, such as an upfront payment upon the diagnosis of a serious disease or the remission of all subsequent payments if the insured becomes very ill or incapacitated, these riders offer extra coverage.
With its user-friendly interface, HDFC Life makes it possible to obtain term insurance digitally with less paperwork and fast approvals. From the comfort of their own homes, buyers may arrange medical exams, submit applications, compute premiums online, and obtain e-policy documentation. Digital reminders and auto-payments both make renewals easy, which reduces the stress associated with long-term financial planning.
When you buy a term insurance 50 lakhs plan, you get the following benefits from it:
In case of your untimely demise, a ₹50 lakh term plan guarantees your family will not experience financial difficulty. From paying the monthly rent to handling school fees or grocery bills, this cover replaces your income and helps them sustain their lifestyle without making tough sacrifices during emotionally difficult times.
Your sudden demise may put a significant strain on your family if you have personal obligations, car loans, or house loans. These obligations can be covered by the payoff from a ₹50 lakh term insurance policy, preventing your spouse from having to liquidate assets or take money out of savings to cover EMIs or your child's tuition.
You may obtain ₹50 lakh coverage for as little as ₹13 per day (based on a healthy, nonsmoking 25-year-old). That is less than what a cup of coffee would cost. Without compromising your spending plan, you may rest easy knowing that your family is financially secure no matter what the future holds.
Section 80C of the Income Tax Act of 19611 allows you to deduct up to ₹1.5 lakh from the premiums you pay for your ₹50 lakh term insurance plan. In the tragic event that you pass away, your family will get the whole benefit, without deductions, as the claim amount is fully tax-free under Section 10(10D)1.
Here is a detail of how a ₹50 lakh term insurance works with a practical example:
Amit, a 30-year-old software engineer, chooses ₹50 lakh coverage to protect his family’s expenses and repay loans. If he passes away during the term, his wife receives ₹50 lakh.
Amit opts for 30 years, covering his income-earning years.
He selects regular pay with annual premiums. HDFC Life also offers limited and single-pay options under Click 2 Protect Super.
Using HDFC Life’s premium calculator, Amit gets a quote based on age, health, and sum assured.
He adds critical illness and accidental death benefit riders for broader protection.
Amit fills in personal and medical details. HDFC Life reviews his medical reports before approving the policy.
Once issued, Amit starts paying annually. His family receives ₹50 lakh tax-free under Section 10(10D)1 if he passes away. Survival benefits apply only if the return of a premium rider is selected.
To understand who should buy a term plan of 50 lakh, read the pointers below:
For those in their 20s or early 30s, making between ₹4 and ₹8 lakh a year, this plan is perfect. At this point, securing a ₹50 lakh policy guarantees financial security at extremely modest premiums, ranging from ₹400 to ₹600 each month. Benefits of early acquisition include reduced rejection chances and lifetime affordability because of improved health and younger age.
For newlyweds or parents starting to make long-term commitments, a ₹50 lakh term cover provides a financial safety net. In addition to protecting objectives like a child's basic education or a spouse's living expenditures, this coverage may replace 4 to 5 years' worth of income. As India's education inflation rate as of May 2025 is 4.12%, it emphasises the importance of prompt preparation.
An unexpected death might leave the family responsible for repaying any debt, whether it be a ₹5 lakh personal loan or a ₹35 lakh property loan. By paying off existing debts, a ₹50 lakh term plan can save your family from financial hardship. This sum, for instance, is enough to pay back the average Indian home loan amount of ₹24.7 lakh (as of 2024)
A ₹50 lakh coverage balances cost with sufficiency for those who are new to term insurance. Without requiring large premium commitments, it offers comprehensive coverage for three essential needs: emergency help, debt protection, and income replacement. For the salaried middle class in particular, this makes it a smart and low-risk step towards long-term financial planning.
Choosing the right ₹50 lakh term plan involves more than just comparing prices. To ensure you are selecting a policy that genuinely meets the future needs of your family, it is important to evaluate multiple factors like the insurer’s credibility, coverage benefits, riders, policy duration, and the ease of the claim process.
Hence, the details are discussed below on how to choose the right term plan for 50 lakh:
The number of claims that an insurer successfully settles in a given year is indicated by the Claim Settlement Ratio (CSR). According to IRDAI's standard, a CSR above 95% indicates, more trust and a decreased likelihood of claim rejection. For instance, in FY 2024-2025, HDFC Life's CSR was 99.68%. Make sure to look up CSR on the official websites of the IRDAI or the insurer.
While choosing a low-cost plan may seem ideal, it is essential to balance affordability with adequate protection. Review and compare ₹50 lakh term insurance plans across insurers, considering factors like riders, premium payment options, and policy flexibility. A slightly higher premium could offer more comprehensive benefits. Use online tools like HDFC Life’s Term Insurance Calculator to evaluate features and make an informed, value-driven decision.
Riders are optional add-ons that enhance your base cover. The common add-ons include critical illness, accidental death benefit, and waiver of premium. Choose riders based on your life risks, for instance, a frequent traveller may consider accidental death cover. Riders offer extra safety at a small extra cost and can be added when you buy the policy.
Choose a policy term that aligns with your key financial responsibilities, such as covering your working years, repaying long-term loans, or securing your child’s future. Opting for a longer term early in life ensures extended coverage at a lower premium, as insurers offer better premium rates to younger individuals in good health.
Select insurance companies that provide easy online purchasing, prompt paperwork, and medical appointment scheduling. A seamless, open claim settlement process is also crucial. So, look up online reviews, complaint logs, and customer support options. During a difficult moment, a trustworthy claim procedure guarantees that your family will get the ₹50 lakh payout without unnecessary delays or hassles.
Here is a list of the important things to know before getting a term life insurance plan:
Before buying term insurance, assess how much coverage you need by considering your income, number of dependents, outstanding debts, and future goals like your child's education or your spouse's retirement. For instance, if your annual income is ₹8 lakh and you have a home loan and a child's future education to fund, a ₹50 lakh term plan could offer an income replacement plus debt coverage for 6 to 7 years.
Choose a policy term that covers you until retirement or until your major responsibilities (like home loan EMIs or children’s education) are complete. Also, choose a premium you can sustain for the long term. Starting financial plans at a young age helps. For instance, you can lock in a 30-year term at age 25 to keep premiums low. Missing premiums later can cause the policy to lapse, beating its entire purpose.
Before applying, keep certain documents ready, such as ID proof (like Aadhaar), address proof, income documents (ITR, payslip), and medical history. For a term insurance premium of 50 lakhs and above, insurers often mandate medical tests. Always disclose pre-existing health conditions truthfully. Non-disclosure of any critical information is a leading reason for claim rejection, according to IRDAI’s claim-related grievance data.
Term insurance has certain exclusions, like suicide within the first policy year, undisclosed medical issues, or risky lifestyle habits like substance abuse. For example, failing to disclose smoking habits can void your claim. Always review the exclusions section in your policy brochure. Knowing these beforehand avoids emotional and financial distress for your loved ones during claim settlement.
It is very important to read the terms and conditions of your term plan to understand your premium payment frequency, grace periods, revival conditions, and how each rider (like critical illness or waiver of premium) works. Make sure you know how to file a claim and what documents your nominee would need. A recent study by the Life Insurance Council revealed that most claim rejections come from policyholder misunderstanding or incomplete disclosures.
A ₹50 lakh term insurance premium is a practical starting point for young earners with moderate responsibilities. However, its adequacy depends on your income, dependents, lifestyle, and future goals. It is ideal to opt for coverage 10–15 times your income. You can also use a term calculator to determine suitable coverage.
Now, to understand if a ₹50 lakh term plan is enough for your family, read the pointers below:
Your coverage should increase with the number of individuals who depend on your income. If you have dependent parents, school-going children, or a non-working spouse, ₹50 lakh might not be enough to fulfil their long-term requirements. In these situations, it is best to select a bigger sum assured that guarantees all dependents will continue to get financial assistance even if you are not there.
Your monthly income has a major role in determining the standard of living for your family. A term plan should ideally replace that income for several years. Approximately 8–10 years of income replacement may be obtained with a ₹50 lakh plan if your yearly salary is ₹5–6 lakh. However, ₹50 lakh could only last a few years for those with greater incomes. Experts advise coverage that is 10–15 times your annual salary due to this.
After your demise, your family inherits your financial obligations. A sizable amount of ₹50 lakh settlement may be used to pay off outstanding debts, such as a ₹25 lakh credit card debt, a car, or a home loan. If your liabilities are high, you may want to opt for a larger cover to leave behind a financial cushion after loan repayment.
Two of the most costly life events for every parent to prepare for are marriage and education. According to a survey by LocalCircles , 44% of Indian parents said that since 2022, school fees have increased by 50–80%. At 4.12%, education inflation is now higher than overall inflation. Similarly, another report showcases that currently, the average Indian wedding costs ₹36.5 lakh. So, having ₹50 lakh may only cover one of these goals, not both.
Your family will need regular income for groceries, bills, healthcare, and emergencies. A household spending ₹30,000 – ₹40,000/month will need ₹3.6 – ₹4.8 lakh annually. With inflation at 3.07%, the value of ₹50 lakh will reduce over time. Hence, for long-term protection, it is critical to evaluate whether this amount will sustain your family’s lifestyle for at least 8 to 10 years.
Here are the documents necessary to purchase a ₹50 lakh term insurance plan:
- Passport, Driving Licence, etc.
- PAN is Mandatory Document
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)
IT Returns, Bank Statement, Salary Slips, etc.
It is important to show all your medical reports to your insurance provider when purchasing a ₹50 lakh term plan. For instance, HDFC Life officials may ask for your medical reports to help understand what premium will be suitable as per your health condition and ssfuture financial goals.
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.
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.
The premium amount for the term policy depends on your lifestyle, age, health, income range and more.
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.
You can purchase a term policy worth Rs. 50 lakhs directly from our website.
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.
Yes. The premiums paid towards the 50 lakh term insurance plan are eligible for deduction under Section 80C of the Income Tax Act 1961, and the death benefits are tax-exempt under Section 10(10D) of the same Act. These term insurance tax benefits make the plan financially efficient for policyholders.
Term insurance providers generally allow term insurance coverage of 10–15 times your annual income. So, to qualify for a ₹50 lakh term plan, your annual income should ideally be around ₹3.5 to ₹5 lakh. Nonetheless, the exact eligibility may vary based on age, health, and insurance guidelines.
You can use the HDFC Life online term insurance premium calculator to calculate the premium for your ₹50 lakh term plan. Just enter your age, gender, smoking habits, policy term, and sum assured (₹50 lakh), and the tool will estimate your premium instantly. Riders and payment frequency can also impact the final premium amount.
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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1. Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
HDFC Life Click 2 Protect Super (UIN: 101N145V08) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.
2. Add-Ons / Riders are subject to payment of additional premium.
@As per integrated annual report FY24-25, available on www.hdfclife.com. As of May 2025
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V08), 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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