50 Lakh Term Insurance

To purchase ₹50 lakh term insurance policy, you must be 18 years old with a maximum limit of 65 years, provide income proof and medical history. Disclose unhealthy lifestyle habits like smoking or alcohol consumption that affect premiums.

While a ₹50 lakh term plan is quite affordable, the premium rates of a term plan can vary depending on your age, policy tenure, and if you have chosen to add any additional riders⁵ to your plan.

A few key benefits of purchasing a ₹50 lakh term insurance policy include:

•  Lifetime protection under most insurance providers
• Tax benefits⁸ under applicable tax laws
• Easy customisation with add-on riders⁵
• Cost-effective life insurance coverage
• Security against existing and potential loans and liabilities. 

For a more detailed explanation of the benefits you can get under these points, refer to ‘Benefits of ₹50 Lakh Term Insurance’ mentioned above.

Using an online term insurance calculator to estimate any potential premium amounts under a term plan is recommended; it mitigates the risk of human errors that may occur during the calculator process, giving you a more accurate estimate.

A ₹50 lakh term insurance cover tends to be sufficient with a return of premium add-on that helps you get back all the premiums paid throughout the policy tenure.

In case you survive the policy duration of a ₹50 lakh term insurance policy, there won't be any payment after the policy matures unless you've opted for a Return of Premium benefit.

Term insurance plans may offer tax⁸ benefits as per the prevailing tax laws, subject to change from time to time. Eligible premiums paid towards the policy may qualify for a tax deduction of up to ₹1.5 lakh under Schedule I of the Income-tax Act, subject to applicable conditions and the chosen tax regime. Further, the death benefit received by nominees may qualify for tax exemption under Schedule II of the Income-tax Act. If a health rider is added to the policy, the premium paid towards the rider may also be eligible for tax benefits under the applicable provisions of the Income-tax Act

You can purchase more than one term policy. However, it can be expensive to pay premium payments for each plan, which are even higher for older individuals.

Instead, we recommend getting top-up plans and add-ons or opting for an increasing term insurance plan altogether if you think you may need more coverage in the future

Yes, your salary does influence the term insurance coverage available to you. Your annual income determines the maximum term insurance coverage you can purchase. The higher the coverage, the higher the premiums charged for the term plan.

A ₹ 50 lakh term insurance policy is an insurance policy that gives 50 lakh life coverage to policyholder's nominee in the event of policyholder's death.

The term insurance policy premium is based on age, health, policy duration, and lifestyle habits. For young and healthy person cost is relatively low.

Yes, you can add riders⁵ such as critical illness, accidental death, waiver of premium, or disability cover for added protection at an extra premium.

Yes, The premiums paid towards the policy may be eligible for tax⁸ deduction under Schedule I of the Income-tax Act, subject to applicable conditions and the chosen tax regime. Further, the death benefits received by the nominee may qualify for tax exemption under Schedule II of the Income-tax Act, subject to the prevailing tax laws.

The ₹50 Lakh Return Policy is a ₹50 lakh term policy with Return of Premium (ROP) option, where the premiums are returned in case the policyholder outlives the policy duration.