- Best 50 L Term Insurance Plans
- Why Should You Buy One?
- Benefits
Himanshu is a content marketer with 2 years of experience in the life insurance sector. His motto is to make life insurance topics simple and easy to understand yet one level deeper for our readers.
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Updated on Apr 08, 2025 4 min read
What is 50 Lakh Term Insurance?
A 50 lakh term insurance plan offers financial coverage of Rs 50 lakh for a particular policy tenure. In case of the policyholder’s uncertain death during the policy tenure, death benefits of Rs 50 lakhs will be provided to their loved ones or the nominee. Your family can use this amount to fulfill their financial responsibilities such as paying off ongoing debts, children’s education, marriage, etc.
There are various term plans of 50 lakh available in India. However, you must choose a plan that best aligns with your financial goals. We have also provided a list of the best term insurance plans for 50 lakhs that you can consider buying.
Best 50 Lakh Term Insurance Plans
Choosing the best term policy for 50 lakhs is important to make sure that your family can live a hassle-free life in your absence. We have created a list of the best 50 lakhs term insurance plans based on the claim settlement ratio of insurers, customer reviews, and benefits offered.
| S. No | Plan Name | Unique Features | CSR (FY 2023-24) | Minimum Annual Premiums | Entry Age |
| 1 | Axis Max Smart Term Plan Plus |
| 99.65% | Based on the minimum sum assured | 18 to 65 years |
| 2 | TATA AIA Sampoorna Raksha Promise |
| 99.13% | Rs 502/- per month | 18 to 65 years |
| 3 | ICICI i-Protect Smart Lump Sum Plan |
| 99.17% | Rs. 1083/- per month | 18 to 65 years |
| 4 | Bajaj Allianz e Touch II |
| 99.23% | Rs 873/- per month | 18 to 65 years |
| 5 | HDFC Life Click 2 Protect Super |
| 99.5% | Rs 1,181/- per month | 18 to 65 years |
| 6 | Bandhan Life I Term Prime |
| 99.66% | Rs 1,243/- per month | 18 to 65 years |
| 7 | Bharti Axa Life Flexi Term Plan Pro |
| 99.01% | Rs 1074-/ per month | 18 to 65 years |
How Does Term Policy for 50 Lakhs Work?
A 50 lakh term insurance pays an amount of Rs 50 lakhs to the policyholder’s family so that they can fulfil their financial obligations.
Let’s understand how a term plan of 50 lakh works with a simple premium illustration.
Ramesh a 30-year-old working in a private company buys TATA AIA Sampoorna Raksha Supreme Plan with a 50 lakh sum assured for a policy tenure of 30 years. The premium illustration and table below will help you understand the plan better.
| Policyholder’s Age | Plan Name | Sum Assured | Policy Tenure | Premium Payment Tenure | Annual Premiums |
| 30 years | TATA AIA Sampoorna Raksha Supreme | Rs 50 lakhs | 30 years | 30 years | Rs 9,136 |
Key Takeaways: (i) In case of Ramesh’s death during the policy tenure, his family would receive an amount of Rs 50 lakhs.
(ii) If he survives the policy tenure, the policy will lapse on the maturity date.
Why Should You Buy A 50 Lakhs Term Insurance Policy?
Buying a 50 lakhs term insurance policy offers several benefits to the policyholder. Let’s understand these benefits in detail to make the right decision.
Affordable Premiums
A 50 lakh term insurance policy is the most affordable form of life insurance that offers financial security to your family in your absence. You can buy a 50 lakh term insurance policy for premiums starting at just Rs 500. It is the best investment you can make to secure your family’s financial future.Income Protection
In case the policyholder is the sole earning member of the family, a 50 lakh term insurance policy provides financial benefits to make sure that his family can live a comfortable life.Choice of Policy Tenure
A term plan of 50 lakh allows policyholder to choose the policy tenure of their choice. Generally, a term plan offers policy tenure of 5 to 40 years. You can choose the policy term that aligns with your financial goals.Enhanced Protection
You can enhance the coverage of your term plan of 50 lakh by opting for additional rider benefits. There are various ridder benefits available with a 50 lakh term insurance plan such as accidental death benefit rider, waiver of premium rider, critical illness rider, etc.Tax Benefits
The premiums paid for a 50 lakh term insurance plan are eligible for tax exemption under Section 80 (C) of the Income Tax Act, 1961. Moreover, the death benefits paid to the nominee are also tax-free under Section 10 (10D).Peace of Mind
A 50 lakh term insurance policy offers peace of mind to the policyholders knowing that their family will be financially covered even in their absence.
Key Features of 50 Lakh Term Insurance Plan
Here are the key features of 50 lakh term insurance plans:
High Coverage
A 50 lakh term insurance plan offers a sum assured of Rs 50 lakhs which is a significant amount available at relatively low premiums.Protection Against Loans
If the policyholder has any ongoing loans or any liability, a 50 lakh term insurance plan ensures that their family does not face financial difficulty in paying back the loan amount.Economical Premiums
The premiums for a 50 lakh term policy are affordable which allows policyholders to stay invested for a long policy duration.Flexible Premium Payment Options
A 50 lakh term insurance policy offers flexible premium payment options to the policyholders. They can choose to pay their premiums either as a single premium, monthly, quarterly, half-yearly, or yearly.
Who Should Purchase a 50 Lakhs Term Insurance?
The following individuals should purchase a term insurance policy depending on their financial goals and budget.
Sole Earning Members
If you are a single earning member of your family, then you must purchase a term insurance plan with at least Rs 50 lakh coverage amount. It helps your family cover their expenses even in your absence.Parents With Children
Parents must purchase a 50 lakh term insurance policy to make sure that their children can fund their education and fulfil their financial responsibilities even if something happens to them.Young Professionals
If you are someone who has just started their career must buy at least a 50 lakh term plan to secure the financial future of your loved ones.Self-employed Individuals
A self-employed individual must buy a 50 lakh term insurance policy to make sure that their business continues and their family is financially stable in their absence.Individuals with Liabilities
You must buy a term plan with a minimum coverage of 50 lakhs if you have taken any loans. A term plan makes sure that their liabilities do not become a burden on their family.
Factors to Consider When Buying A 50 Lakh Term Insurance
Certain factors must be taken into consideration when buying a term insurance policy to make the right buying decision.
- Check the claim settlement ratio of the insurance company from which you are buying a 50 lakh term insurance policy. A good claim settlement ratio ensures that your family can easily get the claim amount in your absence.
- Choose a payout option that best suits your financial situation. There are various death benefit payout options available including lumpsum, periodic payout, or a combination of both.
- Compare various 50 lakh term insurance policies based on the benefits offered, and premium amount and choose the best fit for you.
- Add only necessary riders with your term insurance policy as every rider costs you an additional premium.
- Choose a policy tenure that aligns with your financial goals. The insurance companies allow you to choose coverage from 75 to 100 years.
- Read your plan documents carefully to make sure you understand its benefits, features, inclusions, and exclusions.
Documents Required to Buy 50 Lakhs Term Insurance Plan
Following are the documents required to purchase a term policy for 50 lakhs.
| Types of Documents | Documents |
| Identity Proof | Passport, Voter ID, Aadhaar Card, PAN Card |
| Income Proof | If salaried - Last 3 months’ salary slips and bank statements having salary credit information. |
| If self-employed - the last 3 years with Computation of Income (COI). | |
| Address Proof | Water Bill, Telephone Bill, Aadhaar Card, Rent Agreement, Electricity Bill |
| Medical Proof | Latest medical test reports provided by the designated hospital |
How to Buy 50 Lakhs Term Insurance Policy?
You can buy a 50 lakhs term insurance policy either from PolicyX.com- a leading web aggregator or the insurance companies.
Buying From PolicyX.com
Step 1
Visit PolicyX.com
Step 2
Click on ‘Term Insurance’ from the top of the menu.
Step 3
From the right side select your age and gender.
Step 4
Click on ‘View Plans’ and enter the required information including your city, annual income, date of birth, etc.
Step 5
A list of plans will be displayed on your screen. Select the sum assured as 50 lakhs.
Step 6
Choose the plan that suits your needs and make the premium payment.
Step 7
Proceed to pay via net banking, debit, or credit card.
Step 8
Receive the policy documents on your registered email ID.
Buying from the Insurer’s Website
You can visit the official website of the insurance company to buy a 50 lakhs term insurance.
Conclusion
A 50 lakhs term insurance policy is the most affordable form of life insurance plan that provides financial coverage to your family. Buying a term plan at a young age provides the benefits of low premiums. Compare and choose the plan that best suits your financial needs.
If you are still confused about which term plan for 50 lakhs is best, you can contact us at PolicyX.com. We offer No Spam, No Gimmicks, and Only Expert Insurance Advice.
FAQs: 50 Lakh Term Insurance Plan
1. How much is the premium for a 50 lakh term insurance?
The premiums for a 50 lakh term insurance start at just Rs 500.
2. Which 50 lakh term plan is best?
Axis Max Smart Secure Plus Plan is the best term insurance with 50 lakh coverage.
3. What is 50 lakh term insurance?
A 50 lakh term insurance offers a sum assured of Rs 50 lakhs to your family in case of your uncertain death.
4. How to buy 50 lakh term insurance?
You can buy 50 lakh term insurance either from PolicyX.com or the insurer’s official website.
5. What is the minimum age to buy 50 lakh term insurance?
The minimum age to buy 50 lakh term insurance is 18 years.
Other Term Insurance Companies
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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