50 Lakh Term Insurance Plan

50 Lakh Term Insurance Plan

 

There is no price you can put on your life. However, you can make sure that you are adequately prepared for a future when you are no longer around to ensure your loved ones’ security and happiness. Buying 50 lakh term insurance gives you that peace of mind.

Introduction - 50 Lakh Term Insurance Plan

Term insurance plans are economical and provide considerable coverage for a low cost. 50 lakh term insurance plans are insurance policies that allow an individual to stay financially protected. Since it is a pure life insurance product, you can get the large cover at reasonable premium rates, especially if you buy the plan early in life. 

What Is 50 Lakh Term Insurance Plan?

Term plans are straightforward life insurance plans. Under this plan, the beneficiary receives a predetermined death benefit in case of the insured person’s demise during the policy period. As the policyholder, you have the control over the sum assured of the policy. So, if you were to opt for a 50 lac term plan, your loved ones would receive this sum in case of your untimely demise.

A death benefit will be paid to the beneficiary under a term insurance policy if an unforeseeable event occurs, such as the death of the life assured during the policy period. You can select a coverage quantity based on your existing lifestyle, expenses, and financial obligations, among other factors. With a Rs. 50 lakh term insurance plan, you may safeguard your family's financial security in the event of your death.

Why Buy 50 Lakh Term Insurance Plan? 

As the sole breadwinner of your family, it is crucial to have a sound financial plan to ensure your loved ones’ well-being. Buying 50 lakh term insurance can be a wise financial decision in the long run.  

Here are some reasons you should consider the 50 lakh term insurance to get long-term financial security:

Cost-Effective

The term insurance premium for 50 lakhs is nominal, enabling you to protect the future of your loved ones comfortably. By paying minimum premiums, you can choose to stay insured under the policy for a longer length of time. 

Comprehensive Security 

In addition to the base cover of 50 lakh term insurance, you can choose to enhance your coverage with add-ons such as a critical illness benefit*, accidental death benefit*, waiver of premium benefit (Max Life Waiver Of Premium Plus Rider UIN: 104B029V04)#, etc. 

Higher Cover 

You can create a robust financial safety net for your loved ones with a 50 lac term insurance policy. It ensures that they will be able to maintain their quality of living and achieve their goals, even in the face of adversity.

Security Against Loans & Liabilities 

Comprehensive Security 

In addition to the base cover of 50 lakh term insurance, you can choose to enhance your coverage with add-ons such as a critical illness benefit*, accidental death benefit*, waiver of premium benefit (Max Life Waiver Of Premium Plus Rider UIN: 104B029V04)#, etc. 

Higher Cover 

You can create a robust financial safety net for your loved ones with a 50 lac term insurance policy. It ensures that they will be able to maintain their quality of living and achieve their goals, even in the face of adversity.

Security Against Loans & Liabilities 


In case of your untimely demise, your family can use the financial support from 50 lakh term insurance to pay off outstanding loans and liabilities. 

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How Does 50 Lakh Term Insurance Work? 

A term insurance policy provides financial stability to a person's family if the insured passes away within the policy's term. A 50 lakh term insurance policy pays the named beneficiary the sum assured of the stated amount in the event of the insured's death. This plan serves as a financial guardian for the policyholder's family, aiding them in achieving their financial objectives.

Let’s understand how it works:

  • A term insurance policy, as the name implies, is a type of life insurance that provides coverage for a certain length of time, or 'term.'
  • The beneficiary is entitled to a death benefit from the insurance company if the policyholder dies while the term plan is still active.
  • If you buy a 50 lakh term insurance plan, for example, the policy terms and conditions dictate that the entire sum assured will be paid to the nominee. A term plan may be the most cost-effective approach to protect your family's future if you have a young family. The term insurance premium for 50 lakhs is affordable and you can easily plan your family’s future at an early stage in life. 
  • While the premium amount remains unchanged throughout the policy tenure, failure of payment of premiums will result in the termination of the term insurance 75 lakh policy.
  • In case the policyholder doesn’t die during the policy term, there will be no survival benefits unless they opt for a Return Of Premium Variant**. 

How to Determine the Right Coverage Amount? 

Evaluating the appropriate amount of coverage for your insurance policy is effectively calculating the value of your life, and it is certainly not a pleasant task. But, the goal of life insurance is to provide financial support to your family and dependents in the event that you face an untimely death. As a result, it's critical to respond to this question so that you can select the appropriate level of coverage.

If you're unsure whether 50 lakh term insurance is the right option for you, consider the following pointers:

Age

Since older people are more susceptible to sicknesses and health concerns, term insurance premiums are greater, thus it's advisable to acquire 50 lakh term insurance when you're younger. The term insurance premium for 50 lakhs will be nominal and help you ensure that your family is financially stable for a long time to come.

Annual Income 

When getting term insurance, a general rule that helps in planning is that the plan's sum assured should be at least ten times your annual salary. If you decide to purchase 50 lakh term insurance, make sure it is suited for your family according to your annual income. You can utilise Max Life's term insurance calculator to make the process easier.

Age

Since older people are more susceptible to sicknesses and health concerns, term insurance premiums are greater, thus it's advisable to acquire 50 lakh term insurance when you're younger. The term insurance premium for 50 lakhs will be nominal and help you ensure that your family is financially stable for a long time to come.

Annual Income 

When getting term insurance, a general rule that helps in planning is that the plan's sum assured should be at least ten times your annual salary. If you decide to purchase 50 lakh term insurance, make sure it is suited for your family according to your annual income. You can utilise Max Life's term insurance calculator to make the process easier.

Dependents & Their Needs

If you have family members who are financially reliant on you, you must consider if you can include the term insurance premium for 50 lakhs in your financial plan so that they are adequately supported in unprecedented times. You must also evaluate the amount of family members who financially rely on you and their future demands, such as education, marriage, loans, and other expenses. Overall, you must ensure that all of your family members' financial needs are met, particularly those who are financially dependent on you.

Existing Liabilities

If you're purchasing 50 lac term plan, it's critical to consider any current liabilities. Whether it's a student loan, a home loan, or a car loan, you need to make sure that your term insurance policy will cover all of your commitments.

Finding the right coverage amount is critical when you are purchasing a life insurance policy. As a policy buyer, you should carefully assess your needs and ability to pay the term insurance premium for 50 lakhs so you can get financial security without facing additional burdens. 

Benefits of 50 Lakh Term Insurance Plan 

50 lakh term insurance comes with a slew of additional benefits in addition to full financial protection. Here are some of them:

Affordable

One of the most significant advantages of purchasing a 50 lac term plan is that it will not add to your financial burdens, as one might assume. The term insurance premium for 50 lakh is quite low because they are the purest form of life insurance.

Payout Options

Certain insurance policies allow policyholders to choose the payout option for the death benefit. For example, based on your financial needs at the moment, you can choose between receiving a monthly income payment or receiving the entire death benefit in one single sum if you purchase 50 lakh life insurance.

Source:

* As per annual audited financials, FY 2019-20

Easy Customization

Today, almost all insurance companies and providers offer add-on riders with 50 lakh term insurance. You can opt for riders such as accidental death benefit*, maturity/survival benefit, and return of premium**, enabling you to customize and personalize the term plan according to your preferences and requirements. 

Tax Benefits#*

The sum assured, or death benefit, of term insurance policies is totally tax-free, according to Section 10(10D) of the IT Act. So, whether you have a term insurance policy worth Rs 50 lakhs or Rs 1.5 crores, the payout, as well as any additional incentives, would be tax-free. Moreover, you can claim tax deductions on the premiums paid towards the 50 lakh term insurance.  

#*Tax benefits are subject to changes in tax laws.

Easy Customization

Today, almost all insurance companies and providers offer add-on riders with 50 lakh term insurance. You can opt for riders such as accidental death benefit*, maturity/survival benefit, and return of premium**, enabling you to customize and personalize the term plan according to your preferences and requirements. 

Tax Benefits#*

The sum assured, or death benefit, of term insurance policies is totally tax-free, according to Section 10(10D) of the IT Act. So, whether you have a term insurance policy worth Rs 50 lakhs or Rs 1.5 crores, the payout, as well as any additional incentives, would be tax-free. Moreover, you can claim tax deductions on the premiums paid towards the 50 lakh term insurance.  

#*Tax benefits are subject to changes in tax laws.

Who Should opt for Term Insurance Cover of 50 Lakh? 

If you fall under any of the following categories, you can consider purchasing 50 lakh life insurance:

  • A person with a regular source of income and financial dependents can pay the term insurance premium for 50 lakhs without any additional financial burden.
  • Parents, professionals, married/unmarried persons, recently retired people, self-employed people, and other taxpayers might consider purchasing 50 lakh term insurance to provide a financially secure future for their loved ones.
  • A person who is young and has begun working for themselves is advised to invest in term insurance plans since they provide sizeable  coverage at a low premium cost.
  • If you have any dependent family members, it is prudent to purchase 50 lakh term insurance policy, considering the inflation rates, rising education and healthcare costs. In order to determine the term insurance premium for 50 lakhs, you can make use of the term insurance premium calculator.
  • Individuals who are the family's sole breadwinner should look for a 50 lac term plan to ensure that their families are sufficiently insured in the event of their death.
  • In case you have liabilities such as outstanding loan repayments at the time of purchasing the insurance policy, it is best to go with one that offers a larger cover amount, so your family does not have to suffer in case of your untimely demise. 

How To Select The Right 50 Lakh Term Insurance Plan? 

For most of us, the key consideration when buying an insurance policy is the premium amount. This amount is determined by a number of factors, including age, number of riders, annual income, and so on.

The term insurance premium for 50 lakhs is nominal, especially if you purchase the plan early in life. Let’s look at a table that compares premium expenses of Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V02 for various age groups for basic coverage and base coverage plus rider for the 50 lac term plan:

The following figures are calculated according to: Gender (Female) + DOB + Non-Smoker + Annual Income (5-7 lakhs) + Salaried Individual + Term Upto 75 years

For CIDR (SA: Rs 5 lakhs, Gold variant with Term upto base plan )

Age

 

Premium for 50 lakhs Term Insurance Plan (Monthly)

Premium for 50 lakhs Term Insurance + Critical Illness Disability Rider# (Monthly)

Premium for 50 lakhs Term Insurance +Waiver of Premium Plus Rider# (Monthly)

20

 

Rs. 372

Rs. 450

Rs. 384

30

 

Rs. 505

Rs. 630

Rs. 525

40

 

Rs. 830

Rs. 1,044

Rs. 890

50

Rs. 1,551

Rs. 1,869

Rs. 1,746

60

Rs. 2,905

NA

Rs. 3,253

1Premiums exclusive of GST.CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Platinum Plus Variant, valid up to the age of 60.

50 Lakh Term Insurance Plan | Max Life 

Max Life Insurance offers flexible and innovative term plans such as the Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V02] that allows policy buyers to get a coverage 50 lakhs at nominal premium rates. This 50 lakh term insurance plan includes numerous base/built-in features, such as two death benefit options and a regular or limited premium payment option. 

Some benefits of this policy are:

  • Built-In Terminal Illness Cover- In-built feature offering up to 1 crore payout on diagnosis of Terminalillness.
  • Joint Life Cover* – Policyholders get the option of opting for add-on coverage for their spouse.
  • Premium Break## – This feature provides policyholders the option to skip paying premiums while being covered – twice during the policy term.
  • Special Exit Value – Another in-built feature with surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.
  • Top-Up Sum Assured* – The option to voluntarily top-up to 100% of the base sum assured coverage. 

  • Built-In Terminal Illness Cover- In-built feature offering up to 1 crore payout on diagnosis of Terminalillness.
  • Joint Life Cover* – Policyholders get the option of opting for add-on coverage for their spouse.
  • Premium Break## – This feature provides policyholders the option to skip paying premiums while being covered – twice during the policy term.
  • Special Exit Value – Another in-built feature with surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.
  • Top-Up Sum Assured* – The option to voluntarily top-up to 100% of the base sum assured coverage.

The Smart Secure Plus Plan by Max Life Insurance aims at making the policyholder’s and their family’s lives easier by providing adequate financial security. So, even when you're not present, you can rest assured that your family's future is in good hands.

Check out the different Online Insurance Plans from Max Life!

Check out the different Online Insurance Plans from Max Life!

Frequently Asked Questions

✅  What Are the Eligibility Criteria for Buying 50 lakh term insurance plan?

Like most term insurance policies, you can purchase 50 lac term plan if you are 18 years old. The maximum age limit on the policy is 65 years.

✅  What is the premium for 50 lakh term insurance?

✅  What is the premium for 50 lakh term insurance?

✅  How to calculate Term Plan Premium?

The term insurance premium for 50 lakhs is quite affordable. By entering basic information about yourself, such as your age, income range, and smoking habits, you may estimate the premium rates for your 50 lac term plan using the term plan calculator on our website.

✅  How To Buy 50 Lakh Term Insurance Plan Online?

Once you understand how the insurance works, you can use the term plan calculator on the Max Life Insurance website to get an estimate of the premiums and complete the purchase by supplying the required information.

✅ What Is the Minimum Age for Term Insurance Plan?

You can purchase the 50 lakh term insurance plan if you are 18 years of age. 

✅  What Is Benefits of Buying Term Insurance at Early Age?

The main advantage of purchasing 50 lakh term insurance when you're young is that you can receive life insurance at significantly lower prices. Aside from that, having life insurance allows you to organize your finances in terms of other assets and savings.

✅ What Are the Benefits of Buying 50 lakh Term Insurance in India?

One of the advantages of buying 50 lac term plan in India is that you obtain a large life insurance policy at a low premium rate. This means that your loved ones can be financially self-sufficient even in bad times, and that key life goals like a child's higher education will not be jeopardized.

✅  What Rider Benefits Are Available on My 50 lakh Term Insurance?

You can add critical illness and disability rider# (Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V01)

, accident cover*, waiver of premium plus rider# (Max Life Waiver of Premium Plus Rider UIN: 104B029V04) to your 50 lakh term insurance plans with Max Life Insurance. 

✅  What Happens If You Don’t Die During the Policy Term?

If you have opted to get the premiums back at the end of the policy period, you get a maturity benefit in case of survival.

#*Tax benefits are subject to changes in tax laws.

Other Disclaimers:

1)*On payment of additional premium

2)** On payment of additional premium. Upon policyholder’s selection of Return of Premium variant, this product shall be a Non-Linked & Non participating Individual Life Insurance Saving Plan

3)#Applicable riders available on the payment of Additional Premium are Max life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V01 and Max Life Waiver of Premium Plus Rider| A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104B029V03

4)##Available at an additional premium for policies with Policy Term greater than 30 years & premium payment term greater than 21 years. Option to skip paying premium for 12 months, 2 premium breaks will be available during the Premium Payment Terms separated by interval of at least 10 years

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ARN NO: PCP/50LTI/111022

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