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Term Plans for 50 Year Olds in India

Term insurance for a 50 year old in India is a life insurance plan that provides financial protection to your dependents if you pass away during... Read more the policy term. Many people spend their younger years managing loans, children’s education, or household responsibilities. Term insurance in your 50s in India can still be a practical step when dependents rely on your support and you can select a plan that aligns with your responsibilities Read less

Term insurance for a 50 year old in India is a life insurance plan ... Read more that provides financial protection to your dependents if you pass away during the policy term. Many people spend their younger years managing loans, children’s education, or household responsibilities. Term insurance in your 50s in India can still be a practical step when dependents rely on your support and you can select a plan that aligns with your responsibilities. Read less

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Reasons to buy term insurance in Your 50s

Here is why you should buy term insurance in your 50s:

Support for family responsibilities
Buying term insurance in your 50s helps your spouse or children manage long-term goals even in case of your untimely death.
Cover for pending financial commitments
Term insurance for 50 year old in India can help your dependents manage home loans, personal borrowings, or unpaid liabilities after your death.
Security during retirement years
Retirement may reduce regular income, so term insurance for 50s can provide stability for family members during that stage.
Tax relief under Income tax rules
Term plans may provide tax⁷ deductions under Section 80C, while death benefits can be exempt under Section 10(10D), subject to rules.
Option for additional riders
Riders⁸ such as critical illness or accidental cover can strengthen term insurance in your 50s with added safeguards.

Our bestselling Term Insurance plans

Choose a Tata AIA term insurance plan that suits your needs

Tata AIA

Sampoorna Raksha Promise

Up to 18.5% discount⁵ (1st year premium)
Option to get all premiums back⁶

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Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N176V11)

Tata AIA

Maha Raksha Supreme Select

Up to 18.5% discount⁵ (1st year premium)
Waiver of premium if diagnosed with Terminal illness

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Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V14)

Steps to apply for Tata AIA term insurance plans

The steps to apply for Tata AIA term insurance plans are as follows:

Visit the Tata AIA Life Insurance website and find the term insurance section.
Use the term insurance calculator to estimate your premium based on the sum assured and policy term. This tool can help you pick a plan that fits your budget.
Choose a term plan and consider adding riders⁸ like critical illness cover or accidental death benefit. These additions provide extra protection for specific situations.
Fill out the online application with required information such as ID proof, address proof, income proof, and upload your documents. Moreover, you might need to provide medical information for underwriting purposes.
Make the payment and read the policy documents carefully. It is important to understand all terms before completing your Tata AIA term insurance purchase

Advantages & disadvantages of buying term insurance in your 50s

The following table highlights the advantages and disadvantages of buying term insurance for 50 year old in India.

Advantages of Term Insurance in Your 50s	Disadvantages of Term Insurance in Your 50s
Provides financial support for dependents after your lifetime.	Premium rates are generally higher due to age-related risk.
Helps manage pending debts like loans or mortgages.	Medical check-ups may be required before policy approval.
Supports legacy planning for your family’s stability.	Policy tenure options may be shorter compared to younger buyers.
Offers tax⁷ deductions under Section 80C and tax-free payout under Section 10(10D).	Eligibility rules may be stricter for certain health conditions.

Key factors to consider before buying a term plan

While buying a term insurance for 50 year old in India, consider the following:

Required sum assured
Calculate how much coverage your family would need to manage living expenses, unpaid loans, and future obligations if your income stops.
Policy tenure suitability
Choose a term that lasts until major responsibilities end, such as loan repayment or dependent support, rather than selecting a default duration.
Health-based eligibility impact
Existing medical conditions can affect premium amounts or approval. Understanding this early helps avoid delays or unexpected costs.
Premium affordability over time
Ensure the premium fits comfortably within your current and expected retirement-phase income without straining household finances.
Claim settlement track record
Reviewing an insurer’s past claim settlement performance helps assess whether benefits are likely to reach nominees without complications.

Why choose Tata AIA's best term plans for 50 year olds

Tata AIA term plans provide structured protection for individuals seeking stability in their 50s, with plan choices designed around family responsibilities.

Trusted protection record
Tata AIA's individual death claim² settlement ratio is 99.41% in FY 2024-25, ensuring dependents receive benefits without unnecessary difficulty.
Flexible plan options
Tata AIA provides choices in payout structure, premium payment terms, and rider⁸ additions such as critical illness cover.
Digital policy access
Tata AIA allows policy purchase, premium tracking, and plan calculation through online services for convenience.
Rider-based support
Tata AIA term plans include rider options that can extend coverage against accident or health-related risks.
Long-term family focus
Tata AIA plans are structured to support dependents even when responsibilities remain in later life stages.

Conclusion

Purchasing a term insurance plan in your 50s can be a wise decision to secure your family’s finances in the later stages of life. Although the premiums may be slightly higher, the sense of financial security provided by the plan overshadows the expenses, especially when there are dependents or liabilities. A well-planned insurance plan with tax⁷ benefits and rider⁸ provide support in securing your family’s finances through income protection and responsibility planning in your 50s.

Can I get term insurance after 50 without medical tests?

Yes, some plans offer limited cover without medical tests after 50, but most policies require health checks for risk assessment.

Can I add critical illness coverage to term insurance?

Yes, critical illness riders⁶ can be added to term insurance plans, providing additional support if serious health conditions occur.

Are there any age limits for purchasing term insurance in your 50s?

Age limits depend on insurer rules, but many individuals can still buy term insurance for 50s with shorter tenure options available.

How much should you invest in your term life insurance policy?

Cover amounts are often chosen as 10 to 15 times annual income, depending on family needs, liabilities, and future responsibilities.

Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V11)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V14)
¹89,43,554 families protected till May 31, 2025.
²Individual Death Claim Settlement Ratio is 99.41% for FY 2024-25 as per latest annual audited figure.
³As on 31st May 2025, the company has a total Assets Under Management (AUM) of Rs 130,053 Crores
⁴Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of ₹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.
⁵As per the duly approved product design and terms & conditions of the product, this includes first year digital discount of 10% for Limited Pay/Regular Pay and 8.5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.
⁶Under 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.
⁷Income 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.
No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws. Tax laws are subject to amendments from time to time. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder.
⁸Rider 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.
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/2026/Feb/0921