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Term Insurance Calculator

Term Insurance Calculator

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    Tata AIA Life Insurance Company Limited will send you updates on new products, services, insurance solutions, existing policy or related information and/or process your information in accordance with Privacy Policy. Select here to opt.

    50 Lakh Term Insurance Plan


    Term insurance policies offer a practical solution to financially secure your family at a minimal cost. They are much more affordable than other life insurance policies, and a ₹50 lakh term insurance plan is a popular option.

    To know if this is the right coverage for you and your family, we have explained what a ₹50 lakh term insurance plan is, its benefits, and how to buy one. This can help you determine which Tata AIA life term plan to pick so you and your family can get the right coverage.
     

    Our Best Selling 50 Lakh Term Insurance Plan

    What is ₹50 Lakh Term Insurance?


    A term insurance plan is a form of life insurance where the insured's nominee receives a death benefit on their untimely demise during the policy term. A term plan for ₹50 lakhs offers ₹50 lakhs as its sum assured payment amount as a death benefit.
     

    Under this plan, the insured does not receive a maturity benefit if they survive the policy unless they opt for a Return of Premium (ROP) add-on during the policy purchase. Otherwise, when the policy ends, its coverage will lapse along with it (if the insured survives). Like other term insurance policies, a ₹50 lakh term plan is considered a pure life insurance policy. Some of them also allow you the flexibility to increase their coverage.

    A Happy Family Covered Under 50 Lakh Term Plan

    Key Features of ₹50 Lakh Term Insurance

    • Long-term Financial Safety with a ₹50 Lakh Term Insurance Policy

      Long-Term Financial Safety

      A ₹50 lakh term insurance policy offers long-term financial safety as most plans can last anywhere between 10 - 55 years. For example, Tata AIA Sampoorna Raksha Promise term plan offers whole life coverage until 100 years1.

    • Get Peace of Mind with 50 Lakh Term Insurance Coverage

      Comprehensive Coverage

      As stated, some term plans allow you to extend your coverage amount or opt for add-on riders5 - which sometimes also have their own sum assured amounts, to get more comprehensive coverage. This offers peace of mind by ensuring your family members will not suffer financial hardships in case the worst happens.

    • Secure Your Family’s Future at a Nominal Cost

      Nominal Cost

      The premium rates for term insurance plans are dependent on their coverage (sum assured) amount, although generally, they tend to be more affordable when compared to other life insurance policies on the market. Hence, a ₹50 lakh term insurance premium will be quite low - allowing you to buy a term plan to cover you and your family early in your career without burning through your savings.

    • Secure Your Family’s Financial Stability with 50 Lakh Term Plan

      Availability of Loans

      Home loans are long-term commitments, and if you are the sole earner in your family, the burden of paying off the loans may fall on your family members in the event of an untimely death. Most term plans last 15 - 20 years, which matches up with the tenure of a home loan. Hence, a ₹50 lakh term policy can be a viable safety net when you opt for long-term financial commitments to protect against any uncertainties. For more information on this topic, you can refer to our blog on Guide to Loan Against Your Life Insurance Policy. 

    50 Lakh Term Insurance Plan Premium Calculator


    Why Should You Purchase A ₹50 Lakh Term Insurance Policy?

    A ₹50 lakh term insurance policy can be useful at all stages of life regardless of when you decide to purchase one. Here are some reasons you should consider getting one:

    • 01.

      For people in their twenties, term insurance can provide a financial safety net for their parents later in life if they have taken any educational loans for higher education purposes.
      01.
      For people in their twenties, term insurance can provide a financial safety net for their parents later in life if they have taken any educational loans for higher education purposes.
    • 02.

      For people in their thirties, a ₹50 lakh term policy can offer their loved one’s financial assistance in the event of their untimely demise to help pay off property loans, car loans, etc., which the insured may have taken out.
      02.
      For people in their thirties, a ₹50 lakh term policy can offer their loved one’s financial assistance in the event of their untimely demise to help pay off property loans, car loans, etc., which the insured may have taken out.
    • 03.

      For people in their forties, the sum assured from a ₹50 lakhs term plan can be used to guarantee the financial stability of their dependents' needs like life goals, children's education, marriage, etc.
      03.
      For people in their forties, the sum assured from a ₹50 lakhs term plan can be used to guarantee the financial stability of their dependents' needs like life goals, children's education, marriage, etc.
    • 04

      Lastly, a modern lifestyle brings with it its own set of health conditions and ailments due to high stress and hectic work schedules. For this reason, most term plans offer a critical illness cover while financially safeguarding the insured individual's loved ones after their passing.
      04
      Lastly, a modern lifestyle brings with it its own set of health conditions and ailments due to high stress and hectic work schedules. For this reason, most term plans offer a critical illness cover while financially safeguarding the insured individual's loved ones after their passing.

    Why Choose Tata AIA Life Insurance Term Plans?

    4 Hours Express Claim settlement - Why Choose Tata AIA Life Insurance?

    4 Hours

    Express Claim Settlement6

    Worth of Assets Under Management - Why Choose Tata AIA Life Insurance?

    99.13%

    Individual Death Claim Settlement Ratio4

    Worth of Assets Under Management - Why Choose Tata AIA Life Insurance?

    77 Lakh+

    Families protected so far7

    Worth of Assets Under Management - Why Choose Tata AIA Life Insurance?

    500+ Branches

    Presence across major cities in India

    6T&C apply


    How Does a ₹50 Lakh Term Insurance Plan Work?


    If you have a young family, a term policy may be the most cost-effective approach to protect their future. A ₹50 lakh term policy is essentially a term insurance policy and functions similarly to most other term insurance policies.

    It is a type of life insurance policy that provides coverage for a certain period, or 'term.' Here are some key takeaways to help you understand how they work:
     

    • The beneficiary or policy nominee is entitled to a death benefit if the insured dies while the term plan is still active. For a ₹50 lakhs term policy, the sum assured, or death benefit payout will be ₹50 lakhs. 
    • The entire sum assured amount is paid upfront only to the policy nominee. Some term plans also allow for an upfront sum assured payment of a certain amount while the rest gets paid out in regular intervals for a certain time period.
    • The premium rates will primarily depend upon the policy tenure and if you have opted for any add-on riders5 or cover before policy purchases. However, since the coverage amount is ₹50 lakhs, the premiums for this policy are generally affordable.
    • The premium rate remains constant and unchanged throughout the policy tenure. Failure to make premium payments on time can result in the termination of the term policy. 
    • If the insured survives the policy term, they do not get any survival benefits unless they have opted for a Return of Premium or other covers that offer maturity/survival benefits on policy purchase. Under a basic plan, the insured does not get any return payments or payout amounts on survival.
    • The death benefit or sum assured is only paid to the nominee if the insured passes away during the policy tenure. It is not applicable if they pass before policy commencement or after the policy tenure lapses.


    What are the Key Benefits of ₹50 Lakh Term Insurance

    guaranteed-Income-icon

    Lifetime Protection

    Most term insurance policies offer whole-life coverage options to their policyholders. As a result, you don't have to worry about your family's future at any point in time. 

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    Tax Benefits

    The premium payments for term plans are tax8 deductible under Section 80C of the Income Tax Act 1961, up to a maximum of ₹1.5 lakh per annum. Moreover, the death benefits and maturity benefit payouts under a term plan are tax-exempt under Section 10(10D).

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    Easy Customization

    You can enhance the coverage of your term plan by including riders5 to your basic ₹50 lakhs term insurance plan. This will require an extra premium payment. However, it is often worth the extra cost if you suffer from or are prone to developing future health conditions since the coverage you receive is quite substantial in the case of critical illness riders.

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    Cost-Effective

    As stated in the previous sections, you can buy a term plan at an early age. Insurance providers often provide lower premium rates to younger individuals. The premium rates are also decided upon policy purchase and stay the same throughout the policy tenure. Therefore, you can ensure financial stability for your loved ones at an economical price.

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    Security Against Loans and Liabilities

    Existing liabilities like debt or loans incurred from big purchases, like a house, will require long-term incremental payments. In the event of an untimely demise, your family can use the sum assured payout from your ₹50 lakhs term policy to settle any outstanding loans or financial liabilities that may fall onto them to pay.


    How to Determine the Right Coverage for Your Term Insurance?


    Evaluating the required coverage for your term insurance policy is effectively calculating your life's value, and that is anything but pleasant. However, you must remember that life insurance aims to provide financial security to your family and dependents in the event of an untimely death. As a result, you must consider the following factors to select your appropriate coverage level.

    • Young Individuals - Boy and Girl Image

      Age

      Younger individuals generally get charged lower premium rates than older policyholders for the same coverage amount. This is because insurance providers consider them a lower-risk investment as they a less prone to health conditions. Hence, you should get a term policy at a younger age and assess your current age, health condition, and lifestyle to gauge your needed coverage.
      Young Individuals - Boy and Girl Image

      Age

      Younger individuals generally get charged lower premium rates than older policyholders for the same coverage amount. This is because insurance providers consider them a lower-risk investment as they a less prone to health conditions. Hence, you should get a term policy at a younger age and assess your current age, health condition, and lifestyle to gauge your needed coverage.
    • Parents - Mother Father and Child

      Your Annual Income

      Generally, the term plan's sum assured should be at least ten times your annual salary. If you decide to purchase ₹50 lakhs term insurance, ensure that the sum assured will compensate for your current standard of living and your family's lifestyle requirements while considering your annual income.
      Parents - Mother Father and Child

      Your Annual Income

      Generally, the term plan's sum assured should be at least ten times your annual salary. If you decide to purchase ₹50 lakhs term insurance, ensure that the sum assured will compensate for your current standard of living and your family's lifestyle requirements while considering your annual income.
    • Newly married couples

      Dependents and Their Needs

      If you have family members who depend on you financially, you must ensure that your family members' financial needs are met in unprecedented times. Hence, you must factor in the ₹50 lakh term plan insurance premiums into your financial plan. You must also consider the number of family members who financially rely on you for their future demands, like educational expenses, marriage, loans, and other cost of living expenses.
      Newly married couples

      Dependents and Their Needs

      If you have family members who depend on you financially, you must ensure that your family members' financial needs are met in unprecedented times. Hence, you must factor in the ₹50 lakh term plan insurance premiums into your financial plan. You must also consider the number of family members who financially rely on you for their future demands, like educational expenses, marriage, loans, and other cost of living expenses.
    • Working Woman - Woman With Mobile in Her Hand

      Existing Liabilities

      If you are buying a ₹50 lakhs term policy, always factor in your current liabilities. Whether it is a home loan, a student loan, or a car loan, you need to make sure that your term insurance payout will cover all of your commitments. The right coverage amount is critical when purchasing a life insurance policy. As a buyer, you should carefully assess your needs, liability (if any), and your ability to pay all your insurance premiums in a timely manner for a ₹50 lakh plan to get the required coverage.
      Working Woman - Woman With Mobile in Her Hand

      Existing Liabilities

      If you are buying a ₹50 lakhs term policy, always factor in your current liabilities. Whether it is a home loan, a student loan, or a car loan, you need to make sure that your term insurance payout will cover all of your commitments. The right coverage amount is critical when purchasing a life insurance policy. As a buyer, you should carefully assess your needs, liability (if any), and your ability to pay all your insurance premiums in a timely manner for a ₹50 lakh plan to get the required coverage.



    How Much Does a ₹50 Lakh Term Insurance Cost?


    The exact cost of a ₹50 lakh term insurance policy depends on several factors. There is no standardized amount, and it will depend on your future requirements. Prominent factors include age, coverage amount, medical history, current lifestyle (whether you smoke/drink/or have pre-existing health conditions), and occupation. Some insurance providers offer women lower premium rates or discounts under their term plans. You can find such discounts under most Tata AIA life insurance plans.

    One way to estimate your potential premiums under a ₹50 lakh term insurance would be to use a term insurance calculator. These are free online tools insurance providers offer on their website, which allow you to input factors like your age, annual income, number of insured members, and add-on riders that you would like to include under the policy to give you an estimated premium rate.

    If you want to buy a policy under Tata AIA and want to know your ₹50 lakh term insurance premium, you can use our Tata AIA Term Insurance Calculator to estimate your potential premiums under your preferred term insurance policy. 

    How to Choose the Best ₹50 Lakh Term Insurance Policy?

    • Secure Your Future with 50 Lakh Term Insurance for a Long Term

      Claim Settlement Ratio (CSR)

      The insurance provider's claim settlement ratio is essential when choosing a term insurance plan. The CSR shows you the percentage of claims settled by the insurance company against the total number of claims filed in a fiscal year. For reference, Tata AIA's Individual death claims settlement ratio4 for FY 2023 - 2024 was 99.13%.

      While it should not be the only deciding factor when choosing a ₹50 lakh term insurance plan, the CSR indicates the likelihood of your claims being accepted and settled by the insurance company. So, a higher CSR means the more likely your insurer will settle your claim.

    • Policy Term

      Policy term or tenure refers to the coverage period under the term insurance policy. The maximum coverage period under term insurance plans like Tata AIA Sampoorna Raksha Promise Plan can go up to 100 years1 for a policyholder.

      Hence, you must assess how long you want your life insurance coverage to last since most term plans do not offer survival benefits and opting for a ₹50 lakh term plan with whole life cover may be a better option. 

    • Multiple Premium Payment Options for 50 Lakh Term Insurance

      Riders

      Most insurance providers offer add-on riders5 with their term insurance policies. These can be used to increase the base coverage amount your term policy offers, and they must be opted for on policy purchase unless your policy allows mid-term inclusions. These add-ons also offer their own sum-assured amounts and require additional premium payments. Some popular term insurance riders are Accidental death, terminal illness, critical illness, accidental total, and permanent disability, hospicare, and waiver of premium benefit.

    • Choose the Right Variant

      Insurance providers offer different types of term insurance plans under their roster. It is recommended that you shop around and compare different term plans with each other before buying one, as each type of term plan will have its own pros and cons.

      For example, at Tata AIA, we offer different types of term insurance policies that satisfy different coverage requirements. Always analyze your requirements and carefully choose a plan that can benefit you the most. 

    • The Ideal 50 Lakh Term Insurance Variant Tailored to Your Needs

      Read the Policy Document Carefully

      Policy documents may be wordy, but you must not skip reading them before signing onto any term policy. They contain the clauses and conditions under which your term plan functions and will directly impact your experience with the term plan. Hence, once you have decided on a ₹50 lakh term insurance plan, make sure to go through every clause and term and only then sign the policy document. This way, you have a thorough idea of your term plan.

    How Can I Purchase a ₹50 Lakh Term Insurance Policy?

    Now that you know what to look for when choosing a ₹50 lakh term insurance plan, here is how you can buy one from Tata AIA:

    To explore what term plans we offer, visit our Term Insurance page by hovering over the Plans tab and then clicking 'Term Insurance’

    Click on the term insurance policy you wish to know more about.

    To know your premium estimates under a particular plan, enter your details and click 'Check Premium.'

    To proceed with your buying process, hover over the 'Where Do I?' tab and click on the term insurance policy you want to buy.

    Enter your details on the given fields and click 'Continue' to proceed with your buying process.

    Documents Required to Purchase ₹50 Lakh Term Insurance

    • The term policy application form is duly filled and signed. It can be downloaded from the insurance provider's website..

    • Mandatory KYC Documents:

      • Identity Proof: This can be any government-authorized identity proof like Aadhar, Passport, Driver's License, or Voter ID
      • Address Proof: This can be any identity proof stating your current address or documents like utility bills that state your current residential address.
    • Income Proof: PAN Card, Bank statements, ITR, salary slips, etc.


    Who Should Opt for a ₹50 Lakh Term Insurance?


    Those who wish to create a financially secure future for their family members or loved ones from the uncertainties of life can opt to buy a ₹50 lakhs term insurance plan. This can include people like:

    • 01

      Individuals with a regular, fixed income and financial dependents

      should consider purchasing a ₹50 lakhs term insurance plan since it is a more affordable type of life insurance. These can be professionals, parents, married/unmarried people, recently retired people, self-employed, etc.
    • 02

      Taxpayers

      should consider investing in a term plan for the tax deductions and exemptions it can provide, as it can help them save money and aid with financial planning in the long run.
    • 03

      Younger individuals who have just started earning their own income

      should invest in a ₹50 lakhs term insurance policy as it is much cheaper than other types of life insurance while providing substantial coverage.
    • 04

      Those with existing liabilities like loans or debt

      who do not wish for their family members to bear the burden of paying for them in the event of an untimely death.
    • 05

      For those who a prone to developing health conditions or critical illnesses

      whether it be due to their family medical history or living a hectic lifestyle -the sum assured payout from a critical illness cover or a health rider can be used to pay for medical treatments.
    • 06

      Parents or recently retired individuals

      who wish to safeguard their children's and family's financial future. 
    • 07

      Married and unmarried people with dependents

      can benefit from buying a ₹50 lakhs term insurance plan to secure their future at a nominal price.


    Frequently Asked Questions (FAQs) About ₹50 Lakh Term Insurance

    What are the eligibility criteria for purchasing a ₹50 lakh term insurance policy?

    Like most life insurance policies, you can purchase a ₹50 lakh term policy if you are at least 18 years old. The maximum age limit on most term policies is 65 years unless you have opted for a whole life cover.

    What is the premium for a ₹50 lakh term insurance plan?

    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.

    Is 50 Lakh term insurance enough for my family?

    The coverage amount will depend on your family’s financial needs. A 50 Lakh cover is ideal for middle-income families but may need to be increased if you have significant financial obligations.

    What are the benefits of purchasing a ₹50 lakh term insurance policy in India?

    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 customization 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 our Benefits of ₹50 Lakh Term Insurance mentioned above. 

    How can I calculate the premium for my ₹50 lakh term insurance policy?

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

    Is a ₹50 lakh term insurance cover sufficient?

    This will depend on factors like your current lifestyle, your number of dependents, your annual income, and existing liabilities like debt or loan payments (if any) that are yet to be paid off. 

    What happens if I outlive the policy period of a ₹50 lakh term insurance plan?

    Unless you have opted for a Return of Premium benefit under the plan, that coverage amount will lapse along with the policy once the policy tenure is over. This is because most term insurance plans do not offer any survival benefits to the policyholder unless your policy wording specifically states otherwise. 

    What are the riders applicable to a ₹50 lakh term insurance policy?

    Some popular add-on riders5 that people opt for when purchasing term insurance are:

    • Accidental Death Benefit
    • Terminal Illness Cover
    • Critical Illness Cover  
    • Accidental Total and Permanent Disability Benefit  
    • Hospicare Benefit

    You can also check our blog on Which Riders to Choose for Your Term Insurance Plan? To learn more about the riders mentioned here and about other riders, you can opt for when buying a term plan. 

    Are tax benefits applicable to ₹50 lakh term insurance plans?

    Term plans offer tax8 deductions under their annual premium payments of up to ₹1.5 lakhs to policyholders under Section 80C of the Income Tax Act 1961.

    You may also be eligible for other deductions or exemptions under sections 80D and 10(10D) if you have opted for medical insurance coverage or are a nominee under a term policy and received a death benefit payment, respectively.

    Can I purchase two term insurance plans for higher coverage?

     

    It is possible to purchase more than one term policy. However, you must note that buying more than one plan can get expensive as you will be paying more premiums and will need to go through the application process again when buying a new plan.

    Moreover, the premium rates charged for older individuals are higher than younger policyholders for the same coverage amount.

    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. 

    Does the term insurance coverage available depend on salary?

     

    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.

    Generally, your maximum term insurance coverage should range between 10 to 15 times your annual income. For example, if your annual income is ₹5 lakhs, you may be able to afford a ₹50 lakhs term insurance policy.

    Disclaimer

    • Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V03)
    • *Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹ 50 Lakh Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
    • 1Not applicable under PoS, please refer sales brochure for more information
    • 2This includes first year digital discount of 10% for Limited Pay/Regular Pay and 5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.
    • 3Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
    • 4Individual Death Claim Settlement Ratio is 99.13% for FY 2023 - 24 as per the latest annual audited figures.
    • 5Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
    • 6Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
    • 777,26,727 families protected till December ’23.
    • 8Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
    • This product is underwritten by Tata AIA Life Insurance Company Ltd. 
    • Insurance cover is available under this product.
    • In case of non-standard lives, extra premiums will be charged as per our underwriting guidelines. 
    • This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
    • For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
    • Premium will vary depending on the option chosen
    • Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
    • L&C/Advt/2025/Jan/0093