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Term Insurance Calculator
Term Insurance Calculator
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.
Tata AIA
Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V03)
Table of Content
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 ₹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.
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.
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.
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.
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:
Express Claim Settlement6
Individual Death Claim Settlement Ratio4
Families protected so far7
Presence across major cities in India
6T&C apply
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:
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.
Age
Age
Your Annual Income
Your Annual Income
Dependents and Their Needs
Dependents and Their Needs
Existing Liabilities
Existing Liabilities
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.
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 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.
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.
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.
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.
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.
The term policy application form is duly filled and signed. It can be downloaded from the insurance provider's website..
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:
Individuals with a regular, fixed income and financial dependents
Taxpayers
Younger individuals who have just started earning their own income
Those with existing liabilities like loans or debt
For those who a prone to developing health conditions or critical illnesses
Parents or recently retired individuals
Married and unmarried people with dependents
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.
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.
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.
A few key benefits of purchasing a ₹50 lakh term insurance policy include:
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.
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.
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.
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.
Some popular add-on riders5 that people opt for when purchasing term insurance are:
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.
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.
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.
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.
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