50 Lakh Term Insurance Plan
Term Insurance and Investment Plans
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Term Insurance (Women)
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Introduction - 50 Lakh Term Insurance Plan
Term insurance plans are economical and provide considerable coverage for a low cost. 50 lakh term insurance plans are insurance policies that allow an individual to stay financially protected. Since it is a pure life insurance product, you can get the large cover at reasonable premium rates, especially if you buy the plan early in life.
What Is 50 Lakh Term Insurance Plan?
Term plans are straightforward life insurance plans. Under this plan, the beneficiary receives a predetermined death benefit in case of the insured person’s demise during the policy period. As the policyholder, you have the control over the sum assured of the policy. So, if you were to opt for a 50 lac term plan, your loved ones would receive this sum in case of your untimely demise.
A death benefit will be paid to the beneficiary under a term insurance policy if an unforeseeable event occurs, such as the death of the life assured during the policy period. You can select a coverage quantity based on your existing lifestyle, expenses, and financial obligations, among other factors. With a Rs. 50 lakh term insurance plan, you may safeguard your family’s financial security in the event of your death.
Family's Financial Planning Starts Here
High life coverat affordable premiums
Death Claim Paid Ratio99.51%^
Worldwide Claims
Coverage against64 critical illnesses@
High life coverat affordable premiums
Death Claim Paid Ratio99.51%^
Worldwide Claims
Coverage against64 critical illnesses@
Why Buy 50 Lakh Term Insurance Plan?
As the sole breadwinner of your family, it is crucial to have a sound financial plan to ensure your loved ones’ well-being. Buying 50 lakh term insurance can be a wise financial decision in the long run.
Here are some reasons you should consider the 50 lakh term insurance to get long-term financial security:
Cost-Effective
The term insurance premium for 50 lakhs is nominal, enabling you to protect the future of your loved ones comfortably. By paying minimum premiums, you can choose to stay insured under the policy for a longer length of time.
Comprehensive Security
In addition to the base cover of 50 lakh term insurance, you can choose to enhance your coverage with add-ons such as a critical illness benefit*, accidental death benefit*, waiver of premium benefit (Max Life Waiver Of Premium Plus Rider UIN: 104B029V04)#, etc.
Higher Cover
You can create a robust financial safety net for your loved ones with a 50 lac term insurance policy. It ensures that they will be able to maintain their quality of living and achieve their goals, even in the face of adversity.
Security Against Loans & Liabilities
In case of your untimely demise, your family can use the financial support from 50 lakh term insurance to pay off outstanding loans and liabilities.
How Does 50 Lakh Term Insurance Work?
- A term insurance policy provides financial stability to a person’s family if the insured passes away within the policy’s term. A 50 lakh term insurance policy pays the named beneficiary the sum assured of the stated amount in the event of the insured’s death. This plan serves as a financial guardian for the policyholder’s family, aiding them in achieving their financial objectives.
Let’s understand how it works:
- A term insurance policy, as the name implies, is a type of life insurance that provides coverage for a certain length of time, or ‘term.’
- The beneficiary is entitled to a death benefit from the insurance company if the policyholder dies while the term plan is still active.
- If you buy a 50 lakh term insurance plan, for example, the policy terms and conditions dictate that the entire sum assured will be paid to the nominee. A term plan may be the most cost-effective approach to protect your family’s future if you have a young family. The term insurance premium for 50 lakhs is affordable and you can easily plan your family’s future at an early stage in life.
- While the premium amount remains unchanged throughout the policy tenure, failure of payment of premiums will result in the termination of the term insurance 75 lakh policy.
- In case the policyholder doesn’t die during the policy term, there will be no survival benefits unless they opt for a Return Of Premium Variant**.
How to Determine the Right Coverage Amount ?
Evaluating the appropriate amount of coverage for your insurance policy is effectively calculating the value of your life, and it is certainly not a pleasant task. But, the goal of life insurance is to provide financial support to your family and dependents in the event that you face an untimely death. As a result, it’s critical to respond to this question so that you can select the appropriate level of coverage.
If you’re unsure whether 50 lakh term insurance is the right option for you, consider the following pointers:
Age
Since older people are more susceptible to sicknesses and health concerns, term insurance premiums are greater, thus it’s advisable to acquire 50 lakh term insurance when you’re younger. The term insurance premium for 50 lakhs will be nominal and help you ensure that your family is financially stable for a long time to come.
Annual Income
When getting term insurance, a general rule that helps in planning is that the plan’s sum assured should be at least ten times your annual salary. If you decide to purchase 50 lakh term insurance, make sure it is suited for your family according to your annual income. You can utilise Max Life’s term insurance calculator to make the process easier.
Dependents & Their Needs
If you have family members who are financially reliant on you, you must consider if you can include the term insurance premium for 50 lakhs in your financial plan so that they are adequately supported in unprecedented times. You must also evaluate the amount of family members who financially rely on you and their future demands, such as education, marriage, loans, and other expenses. Overall, you must ensure that all of your family members’ financial needs are met, particularly those who are financially dependent on you.
Existing Liabilities
If you’re purchasing 50 lac term plan, it’s critical to consider any current liabilities. Whether it’s a student loan, a home loan, or a car loan, you need to make sure that your term insurance policy will cover all of your commitments.
Finding the right coverage amount is critical when you are purchasing a life insurance policy. As a policy buyer, you should carefully assess your needs and ability to pay the term insurance premium for 50 lakhs so you can get financial security without facing additional burdens.
Benefits of 50 Lakh Term Insurance Plan
50 lakh term insurance comes with a slew of additional benefits in addition to full financial protection. Here are some of them:
Affordable
One of the most significant advantages of purchasing a 50 lac term plan is that it will not add to your financial burdens, as one might assume. The term insurance premium for 50 lakh is quite low because they are the purest form of life insurance.
Payout Options
Certain insurance policies allow policyholders to choose the payout option for the death benefit. For example, based on your financial needs at the moment, you can choose between receiving a monthly income payment or receiving the entire death benefit in one single sum if you purchase 50 lakh life insurance.
Easy Customization
Today, almost all insurance companies and providers offer add-on riders with 50 lakh term insurance. You can opt for riders such as accidental death benefit*, maturity/survival benefit, and return of premium**, enabling you to customize and personalize the term plan according to your preferences and requirements.
Tax Benefits#*
The sum assured, or death benefit, of term insurance policies is totally tax-free, according to Section 10(10D) of the IT Act. So, whether you have a term insurance policy worth Rs 50 lakhs or Rs 1.5 crores, the payout, as well as any additional incentives, would be tax-free. Moreover, you can claim tax deductions on the premiums paid towards the 50 lakh term insurance.
#*Tax benefits are subject to changes in tax laws.
Who Should opt for Term Insurance Cover of 50 Lakh?
If you fall under any of the following categories, you can consider purchasing 50 lakh life insurance:
- A person with a regular source of income and financial dependents can pay the term insurance premium for 50 lakhs without any additional financial burden.
- Parents, professionals, married/unmarried persons, recently retired people, self-employed people, and other taxpayers might consider purchasing 50 lakh term insurance to provide a financially secure future for their loved ones.
- A person who is young and has begun working for themselves is advised to invest in term insurance plans since they provide sizeable coverage at a low premium cost.
- If you have any dependent family members, it is prudent to purchase 50 lakh term insurance policy, considering the inflation rates, rising education and healthcare costs. In order to determine the term insurance premium for 50 lakhs, you can make use of the term insurance premium calculator.
- Individuals who are the family’s sole breadwinner should look for a 50 lac term plan to ensure that their families are sufficiently insured in the event of their death.
- In case you have liabilities such as outstanding loan repayments at the time of purchasing the insurance policy, it is best to go with one that offers a larger cover amount, so your family does not have to suffer in case of your untimely demise.
How To Select The Right 50 Lakh Term Insurance Plan?
For most of us, the key consideration when buying an insurance policy is the premium amount. This amount is determined by a number of factors, including age, number of riders, annual income, and so on.
The term insurance premium for 50 lakhs is nominal, especially if you purchase the plan early in life. Let’s look at a table that compares premium expenses of Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V07 for various age groups for basic coverage and base coverage plus rider for the 50 lac term plan:
The following figures are calculated according to: Gender (Female) + DOB + Non-Smoker + Annual Income (5-7 lakhs) + Salaried Individual + Term Upto 75 years
For CIDR (SA: Rs 5 lakhs, Gold variant with Term upto base plan )
**1Premiums exclude GST.** CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Platinum Plus Variant, valid up to the age of 60.
50 Lakh Term Insurance Plan | Max Life
Max Life Insurance offers flexible and innovative term plans such as the Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V07] that allows policy buyers to get a coverage 50 lakhs at nominal premium rates. This 50 lakh term insurance plan includes numerous base/built-in features, such as two death benefit options and a regular or limited premium payment option.
Some benefits of this policy are:
**Built-In Terminal Illness Cover-** In-built feature offering up to 1 crore payout on diagnosis of Terminalillness.
**Joint Life Cover* –** Policyholders get the option of opting for add-on coverage for their spouse.
**Premium Break## –** This feature provides policyholders the option to skip paying premiums while being covered – twice during the policy term.
**Special Exit Value –** Another in-built feature with surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.
**Top-Up Sum Assured* –** The option to voluntarily top-up to 100% of the base sum assured coverage.
The Smart Secure Plus Plan by Max Life Insurance aims at making the policyholder’s and their family’s lives easier by providing adequate financial security. So, even when you’re not present, you can rest assured that your family’s future is in good hands.