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50 Lakh Term Insurance

Secure your family on a budget with Tata AIA's 50 lakh term insurance!

A 50 lakh term insurance plan provides high coverage at a low cost. It offers a payout of ₹50 lakhs, which acts as a financial cushion for your family in your absence. Read on to learn what the best term insurance plan for 50 lakhs is with Tata AIA.

 

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    What is ₹50 Lakh Term Insurance?


    In simple terms, 50 lakh term insurance is a term plan that offers ₹50 lakhs as its sum assured amount. It is a form of life insurance where your family receives a death benefit of ₹50 lakhs in the event of your demise during the policy's term.

    50 lakh term insurance premiums stay the same throughout the policy term and the policy will not offer any maturity benefits if you survive/outlive it – unless you have opted for a Return of Premium (ROP) feature.

    Also Read: Term Plans with Return of Premium

    A Happy Family Covered Under 50 Lakh Term Plan

     

    How Does a 50 Lakh Term Insurance Plan Work?


    50 lakh term insurance works the same as any term insurance policy.

    The premiums for the plan are decided on policy purchase. They will remain level throughout the policy's term. The plan will offer a death benefit to your family members in the event of your passing.

    Moreover, unless you have opted for an ROP feature, the plan will not offer any survival/maturity benefits if you outlive the policy term. The sum assured amount will lapse along the with policy on expiry.

    To give you a better idea, let us consider an example to see how 50 lakh term insurance works.

    Example:
     

    Mr. Navin aged 33, non-smoker is a salaried employee who buys a 50 lakh term insurance plan to secure his family – his wife and dependent child. He opts for a basic plan with a tenure of 30 years and names his wife as the beneficiary. Under these parameters,

    • If Mr. Navin dies during the 30-year policy term, his wife will be paid the ₹50 lakh death benefit by the insurance company. This amount will be fully #tax-exempt under applicable tax laws.
    • His 50 lakh term insurance premiums will be ₹11,193 per year. It will stay the same throughout the 30-year policy term.
    • If Mr. Navin survives the policy term, he will not receive any payouts or maturity proceeds, and the policy's coverage will lapse on maturity/expiry.

    For 50 Lakh Term Insurance With Return of Premium:

    • In case he opts for an ROP feature his annual premiums will increase to ₹19,486 and he will be offered a refund on all premiums paid during the policy's term on maturity.
    • This maturity benefit will also be #tax exempt since his annual premiums do not exceed ₹5 lakhs. If yearly premiums exceed ₹5 lakhs, he will be taxed according to his tax slab rate under his chosen tax regime. This is as per the Central Board of Direct Taxes (CBDT) new guidelines.

    Also Read: Term Insurance Tax Benefits Under Section 80C & 80D

     


    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 key benefits of buying 50 lakhs term insurance:

    guaranteed-Income-icon

    Lifetime Protection

    Most term plans offer coverage between 5 - 40 years. However, the best term insurance plans for 50 lakhs will offer whole-life coverage options to their policyholders. This ensures your family gets sustained pure risk coverage throughout your lifetime.

     

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    Cost-Effective

    Since it is a term insurance policy, you can expect cheaper premiums. Moreover, the younger you are in age, the cheaper your premiums will be for the same ₹50 lakh coverage when compared to an older policyholder.

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    Better Financial Planning

    50 lakh term insurance premium rates stay the same throughout the policy term. Therefore, you know exactly how much money you have to set aside each year/month. This frees you up to focus on other financial pursuits or goals, resulting in better financial planning and increased security for your loved ones.

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    +Tax Benefits

    50 lakh term insurance premiums are #tax deductible under Section 80C of the Income Tax Act 1961, up to a maximum of ₹1.5 lakh per annum. Moreover, the death benefit payouts under a term plan are tax-exempt under Section 10(10D).

    save-tax-icon

    Medical Coverage with Riders

    The best term insurance plans for 50 lakhs offer optional ^riders. This is because 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 critical illness covers and other health ^riders to take care of your medical expenses while financially securing your loved ones.

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    Security Against Loans and Liabilities

    Debt and loans for 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 insurance policy to settle any outstanding amounts that may be passed onto them.


    Who Should Opt for a 50 Lakh Term Insurance?


    Anyone can benefit from buying a 50 lakh term insurance policy. These plans are incredibly flexible and cater to a wide range of people at any life stage. Here are some scenario-wise and age-wise reasons as to who should get a term plan for 50 lakhs:
     

    • 01

      People Starting Their Careers

      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.
    • 02

      Sole Earners

      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.
    • 03

      Taxpayers

      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.
    • 04

      People with Loans/Debts

      A 50 lakh term plan can be beneficial for people 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

      Older Parents and Retirees

      Parents or recently retired individuals who wish to safeguard their families against life's uncertainties can benefit from a 50 lakh term insurance policy. This is especially true if you have a dependent spouse or children yet to be independent.
    • 06

      People Prone to Critical Illnesses

      People prone to developing health conditions or critical illnesses due to their family medical history or living a hectic lifestyle can opt for a 50 lakh term insurance plan with a critical illness cover.

      This can help take care of medical costs while securing their family in case of any eventualities. Moreover, policyholders who opt for health riders with medical coverage are eligible for tax# deduction under Section 80D.
      Also Read: Critical Illness Insurance: Features and Benefits

    How Much Does a 50 Lakh Term Insurance Cost?

    The exact cost of a 50 lakh term insurance policy will depend on several factors, as there is no standard amount. Prominent factors that will affect your premium rates include:

    • 01.

      Your Age: The younger you are, the lower your term insurance premiums will be. This is because insurers associate less risk with younger policyholders since they are less likely to develop serious health conditions.
      01.
      Your Age: The younger you are, the lower your term insurance premiums will be. This is because insurers associate less risk with younger policyholders since they are less likely to develop serious health conditions.
    • 02.

      Coverage Amount and Policy Tenure: How much coverage and how long you need it for will also affect your overall 50 lakh term insurance premiums. The higher both these values are, the more premiums you will have to pay.
      02.
      Coverage Amount and Policy Tenure: How much coverage and how long you need it for will also affect your overall 50 lakh term insurance premiums. The higher both these values are, the more premiums you will have to pay.
    • 03.

      Medical History: Your medical history is another important factor that will affect the cost of your term plan. For example, people with a family medical history towards certain types of cancers are more likely to be diagnosed with them later in life. This can increase their death risk, resulting in higher 50 lakh term insurance premiums.
      03.
      Medical History: Your medical history is another important factor that will affect the cost of your term plan. For example, people with a family medical history towards certain types of cancers are more likely to be diagnosed with them later in life. This can increase their death risk, resulting in higher 50 lakh term insurance premiums.
    • 04

      Chosen Add-ons: The more ^riders you add to your policy, the higher your premium rate. Thankfully, they are optional. We recommend you carefully evaluate the benefits and the cost of your chosen ^riders before adding them to your 50 lakh term plan.
      04
      Chosen Add-ons: The more ^riders you add to your policy, the higher your premium rate. Thankfully, they are optional. We recommend you carefully evaluate the benefits and the cost of your chosen ^riders before adding them to your 50 lakh term plan.
    • 05

      Lifestyle and Occupation: Your current lifestyle choices can also affect your premium rates. For example, insurers will charge smokers higher premiums than non-smoking policyholders. Moreover, people who work more hazardous jobs, like miners, police officers, etc., can also be charged higher rates.
      05
      Lifestyle and Occupation: Your current lifestyle choices can also affect your premium rates. For example, insurers will charge smokers higher premiums than non-smoking policyholders. Moreover, people who work more hazardous jobs, like miners, police officers, etc., can also be charged higher rates.

    Most insurers provide a term insurance calculator on their website to determine your insurance premiums. This tool can help provide real-time estimates. Calculate your premiums using our 50 lakh term insurance plan premium calculator given below!
     

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    Is ₹50 Lakhs Enough Term Insurance Coverage for My Family?
     

    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 term insurance aims to provide financial security to your family in the event of a premature death. 

    To ensure you pick the right coverage amount, here are the key factors you should consider:

    • Young Individuals - Boy and Girl Image

      Your Annual Income and Current Lifestyle

      Generally, your sum assured should be at least 10 times your annual salary. Some experts even suggest that it should be 20 times when you factor in rising inflation rates. If you decide to buy 50 lakh term insurance, ensure that the sum assured will compensate for your current standard of living and your family's lifestyle requirements.
      Young Individuals - Boy and Girl Image

      Your Annual Income and Current Lifestyle

      Generally, your sum assured should be at least 10 times your annual salary. Some experts even suggest that it should be 20 times when you factor in rising inflation rates. If you decide to buy 50 lakh term insurance, ensure that the sum assured will compensate for your current standard of living and your family's lifestyle requirements.
    • Parents - Mother Father and Child

      Dependents and Their Needs

      Are you the sole earner in your family? If you have family members who depend on you financially, you must ensure their financial needs are met in unprecedented times. You must also consider future demands, like educational expenses, marriage, loans, and other cost of living expenses.
      Parents - Mother Father and Child

      Dependents and Their Needs

      Are you the sole earner in your family? If you have family members who depend on you financially, you must ensure their financial needs are met in unprecedented times. You must also consider future demands, like educational expenses, marriage, loans, and other cost of living expenses.
    • Newly married couples

      Existing Liabilities

      Always factor in your current liabilities – Do you have any accumulated debt or loans that need to be paid off? 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 current and future commitments. 

      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 term plan to get the required coverage.

      Newly married couples

      Existing Liabilities

      Always factor in your current liabilities – Do you have any accumulated debt or loans that need to be paid off? 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 current and future commitments. 

      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 term plan to get the required coverage.

    • Working Woman - Woman With Mobile in Her Hand

      Human Life Value (HLV)

      This refers to calculating your economic value by considering all of the factors stated above – your future income, liabilities and expenses. If you are looking for a target number to make financial planning a little easier, you can use Tata AIA's Human Life Value Calculator to know your potential sum assured amount.
      Working Woman - Woman With Mobile in Her Hand

      Human Life Value (HLV)

      This refers to calculating your economic value by considering all of the factors stated above – your future income, liabilities and expenses. If you are looking for a target number to make financial planning a little easier, you can use Tata AIA's Human Life Value Calculator to know your potential sum assured amount.

    How to Choose the Best Term Insurance Plan for 50 Lakhs?

    Here are some key points to check before buying a 50 lakh term insurance plan:
     

    • Insurer's Reputation

      Not all life insurers are the same. Look into what services and term plans they offer for ₹50 lakhs, as the benefits can be vastly different across providers. Moreover, check customer reviews/testimonials and their claims settlement process since a hassle-free claim process means less stress for your family during death claim settlements.

    • 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 as it shows you the likelihood of your claims being accepted and settled by the insurance company. A higher CSR usually means the insurer is more likely to accept and settle your claim. For reference, Tata AIA's Individual death claims settlement ratio% for FY 2022 - 2023 was 99.01%.

    • Policy Term

      How long do you require term insurance coverage? Do you have any existing liabilities that will take a while to settle? Your 50 lakh term insurance plan must offer coverage long enough for you to settle/achieve your financial obligations/goals. Look for insurers that offer whole-life cover options under the plans.

    • Multiple Premium Payment Options for 50 Lakh Term Insurance

      Riders

      The 50 lakh term insurance plan must come with a wide selection of add-ons that offer coverage relevant to your needs. For example, if you work in more hazardous areas or are prone to accidents look for policies that offer accidental death covers. Some popular riders to look for are Accidental death, critical illness, Accidental total or permanent disability, hospicare, and waiver of premium cover.

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

      Policy Type

      Insurers offer different types of term insurance plans under their roster. Shop around and compare different term plans before buying one, as each type of term plan will have its own pros and cons.

      We also recommend checking policy documents and brochures for this. They will contain clauses and conditions under which your term plan functions and will directly impact your experience with the term plan.

    Why Choose Tata AIA Life 50 Lakh Term Insurance?

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

    4 Hours

    Express Claim Settlement##

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

    The Tata AIA Assurance

    99.01% Individual Death Claim Settlement Ratio%

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

    72 Lakh+

    Families protected so far~~

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

    Affordable Premium

    Start with premiums as low as Rs 415/month**

    ##T&C apply

    Key Features of ₹50 Lakh Term Plan

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

      Long-Term Financial Safety

      Tata AIA's 50 lakh term insurance policy offers long-term financial security in the form of a whole life cover of up to 100 years* of age. So, if anything were to happen during your lifetime, your family members would receive a 1guaranteed death benefit.

    • Get Peace of Mind with 50 Lakh Term Insurance Coverage

      Comprehensive Coverage

      Extend your coverage amount with our life stage benefit or opt for add-on riders^ to get more comprehensive coverage for your family. With Tata AIA's 50 lakh term insurance plan, your family members will not suffer financial hardships in case the worst happens.

    • Secure Your Family’s Future at a Nominal Cost

      Budget Friendly

      We offer affordable premium rates for our term insurance plans! Moreover, if you buy our plans online, you can be eligible for even lower 50 lakh term insurance premiums and additional discounts. For example, we offer women and non-smokers preferential premium rates.

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

      Flexible Payment Options

      We offer multiple premium payment frequencies like monthly/quarterly/half-yearly/annual. You can also opt for single/limited/regular pay options to ensure maximum payment flexibility.  

      Moreover, your family can receive their death payout as regular income, a lump sum or a combination of lump sum and regular income based on the plan options chosen. This ensures they can effectively deal with any financial emergencies that arise in your absence.

    • Online Procedures Icon

      Tailored to Fit You!

      You can enhance the coverage of your basic 50 lakhs term insurance plan by including riders^. This is beneficial 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.

    Popular Tata AIA Term Insurance Plans

    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.

    • Identity Proof: This can be any government-authorised 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.

    Life Insurance Related Articles

    Frequently Asked Questions (FAQs)

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

    You can purchase a 50 lakh term policy if you are between 18 and 65 years old, as these are the maximum entry age limits most insurers impose under their term plans.

    What happens if I outlive my 50 lakh term insurance plan?

    Unless you have opted for a Return of Premium benefit, that coverage amount will lapse along with the policy once the policy expires. This means you will not receive any payments or survival benefits on expiry.

    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 riders^ to your plan.

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

    You can use an online term insurance calculator to estimate any potential premium amounts. It mitigates the risk of human errors that may occur during the calculation process, giving you real-time and accurate estimates.

    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 benefits# under applicable tax laws
    • Easy customisation with add-on riders^
    • Cost-effective life insurance coverage
    • Security against existing and potential loans and liabilities.

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

    Some popular add-on riders 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

    Are tax benefits applicable to 50 lakh term insurance plans?

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

    You may also be eligible for other deductions or exemptions under Section 80D if you have opted for riders that offer medical insurance coverage. Moreover, your family can get tax exemption under Section 10(10D) on their death benefit payment.

    Can I purchase two term insurance plans for higher coverage?

    Yes, you can buy and own more than one term insurance policy. However, this 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.

    Disclaimer

    • The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V04) - A Non-Linked Non-Participating Individual Life Insurance Plan 
    • Tata AIA SRS Vitality Protect is a term solution which includes Tata AIA Life Insurance Sampoorna Raksha Supreme, a non-linked, non-participating, individual life insurance plan (UIN: 110N160V04) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V02). Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
    • *Applicable for specific plan options. Please refer brochure for additional details.
    • ~Applicable for specific plan options. Please refer brochure for additional details. 
    • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
    • $Under Life Plus Option, an amount equal to the 105% 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. 
    • ^Riders are not mandatory and are 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/Intermediary/ branch. 
    • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider,  Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V02) are available under this plan
    • **Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 50 Lakhs. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Option. 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.
    • #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment 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.
    • +Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
    • ##Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 Lakh. 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.
    • %Individual Death Claim Settlement Ratio is 99.01% for FY 2022 - 23 as per the latest annual audited figures.
    • ~~72,34,092 families protected till Mar’23.
    • Tata AIA Vitality - A Wellness Program that offers you an upfront discount at policy inception. You can also earn premium discount / cover booster (as applicable) for subsequent years on policy anniversary basis your Vitality Status (tracked on Vitality app). Please refer rider brochures for additional details on health and wellness benefits.
    • Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
    • This product is underwritten by Tata AIA Life Insurance Company Ltd.   
    • The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
    • Insurance cover is available under this product.
    • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
    • 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.
    • In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
    • L&C/Advt/2024/Jan/0144