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. 

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. 

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:

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.

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 )

^{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:

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.

Frequently Asked Questions