5 min read
Updated on Jan 16, 2023
Term insurance is becoming increasingly popular among the young population. The reasons are many. Life’s uncertainties, endless financial goals for the family, a secure financial future in the absence of the breadwinner, and of course, a multitude of benefits attached with buying term insurance. Now, since we’re already sold on buying term life insurance for our loved ones, the next question that arises is the amount to invest in. It is generally recommended to invest in a term insurance plan with a high sum assured since it would adequately cover all your financial goals and requirements. For instance, a 50 lakh term insurance policy is ideal for a secure financial future.
The whole idea of buying term insurance is to secure your financial future as well as that of your loved ones. The sum assured in the term plan is promised to the policyholder upon policy maturity. In addition, one of the biggest benefits of buying term insurance is that it assures financial support to the policyholder’s family in case of an unfortunate untimely demise of the former.
With these benefits assured, it only makes sense to buy a term insurance plan of a high sum assured. This would ensure that all the financial goals of the policyholder are adequately met and in case of their untimely demise, the family’s financial needs are sufficiently taken care of too. This is where a term insurance plan of Rs. fifty lakhs comes into play. Below we detail some more benefits of buying a 50 lakh term plan.
If you’re considering investing in term insurance of Rs. 50 lakhs, here are some of the key advantages on offer:
There are certain exclusions in a 50 lakhs term insurance plan, which are good to know before investing your money in one:
Now that we know the top benefits and exclusions of a term insurance plan, let us look at the top 5 plans worth considering for investment in 50 lakh term insurance:
|Name of the Plan||Age of Entry||Age of Maturity||Term of the Plan||Sum Assured (Minimum)||Mode of Premium Payment||Premium Payment Term|
|Aegon iTerm||Min – 18 years; Max – 65 years||100 years||5-82 years||Rs. 25,00,000||Single, monthly, half-yearly, and yearly||Single, Limited, and Regular Pay Options|
|PNB Metlife Mera Term Plan||Min – 18 years; Max – 65 years||99 years||10-81 years||Rs. 10,00,000||Monthly and yearly||Single, Limited, and Regular Pay Options|
|Max Life Smart Secure Plus||Min – 18 years; Max – 65 years||85 years||10-67 years||Rs. 20,00,000||Monthly, quarterly, half-yearly, and yearly||Single, Limited, and Regular Pay Options or Pay Upto 60 Years|
|ABSLI Life Shield||Min – 18 years; Max – 65 years||85 years||10-55 years||Rs. 25,00,000||Monthly, quarterly, half-yearly, and yearly||Single, Limited, and Regular Pay Options|
|HDFC Life Click 2 Protect Life||Min – 18 years; Max – 65 years||Coverage for lifetime||10-lifetime||Rs. 50,000||Single, monthly, quarterly, half-yearly, and yearly||Single, Limited, and Regular Pay Options|
Buying term insurance for Rs. 50 lakhs is a beneficial deal for a financially secure future, not just for yourself but also your loved ones in your absence. To know more about the term insurance premium for 50 lakhs, check out the premium calculator online on the PayBima website.
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Generally, while deciding the sum assured for a term insurance plan, the following factors must be taken into consideration: Generally speaking, it is best to buy term insurance in your 20s or 30s when you are younger, the premium rate is lower and you also get tax benefits on investment. Term insurance does not guarantee maturity benefits since the insurance company allocates the entire money invested into securing your financial future besides charging some nominal administrative charges. Yes, there are options to buy term life insurance in your 60s; however, these plans get costlier with age. Term insurance comes in handy when your spouse has no other source of income to support themselves after your death. In addition, term insurance also takes care of financial requirements post retirement.
FAQs on 50 Lakhs Term Life Insurance Policies
Is 50 lakh term insurance enough?
Number of dependent family members
Annual income of the breadwinner
Financial goals for the future for the entire family
Based on these, the sum assured cover for your term insurance plan can be determined. A simple formula for computing the sum assured for term insurance is:
Term insurance cover = Lifetime expenses for the family which includes annual expenditure taking into account the rate of inflation until retirement + expenditure on achieving financial goals + loans - savings.
At what age term insurance is best?
Do we get a maturity amount in term insurance?
Can a 65 year old get term life insurance?
Do I need term insurance after 60?
Generally, while deciding the sum assured for a term insurance plan, the following factors must be taken into consideration:
Generally speaking, it is best to buy term insurance in your 20s or 30s when you are younger, the premium rate is lower and you also get tax benefits on investment.
Term insurance does not guarantee maturity benefits since the insurance company allocates the entire money invested into securing your financial future besides charging some nominal administrative charges.
Yes, there are options to buy term life insurance in your 60s; however, these plans get costlier with age.
Term insurance comes in handy when your spouse has no other source of income to support themselves after your death. In addition, term insurance also takes care of financial requirements post retirement.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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