5 Best 50 Lakhs term life insurance policies in India – Know benefits & things not covered


6 min read

Term insurance on your mind? Here are the 5 best term insurance plan for 50 lakhs that you can consider investing in.

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.

Visual Stories by PayBima

Why Buy a 50 Lakh Term Plan? How much is term life insurance for a 50 year old?

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.

Also Read: Best 1 Crore Term Life Insurance Plans in India

Top 5 Benefits of Buying 50 Lacs Life Insurance Policy

If you’re considering investing in term insurance of Rs. 50 lakhs, here are some of the key advantages on offer:

  1. Premium returned to policyholder: This is one of the most unique points of a 50 lakh term insurance plan. The premium paid by the policyholder during the policy term is actually returned to them in case of some term insurance plans. One example is the Return of Premium policy. The premium is returned either at the end of the term plan or in events when the policyholder needs the amount the most, for instance, birth of a child, higher education, marriage, buying a home, and the like.
  2. Loan facility available: Term insurance policyholders are allowed the option to avail loan which can be repaid during the tenure of the policy. Moreover, the policyholder is given the flexibility to either repay only the interest or the principal with the interest.
  3. Add-on riders available: Another benefit of buying a 50 lakh term insurance policy is that it enables the policyholder to receive additional coverage on the base plan in the form of add-on rider options. These include waiver of premium rider, critical illness rider, accidental disability rider, and more. These riders can be added to the base term insurance plan upon payment of a nominal premium and help increase the actual coverage of the policy.
  4. Death benefit assured to the beneficiary: This is one of the top advantages of buying any term insurance plan. And when a policyholder takes term insurance for a sum assured as high as Rs. 50 lakhs, it means that the policyholder’s nominee or beneficiary (family member) would receive Rs. 50 lakhs as death benefit upon the former’s death.
  5. Ideal preparation for retirement: By investing in term insurance of Rs. 50 lakhs, you can be rest assured of leading a comfortable life post retirement. Term life insurance policies promise the benefit of pension payouts after retirement and this is why these plans are generally preferred among investors.

Also Read: Does Life Insurance Cover Heart Attack Death?

Family Health Insurance from PayBima

What is Not Covered in 50 Lakh Term Life Insurance Policy

There are certain exclusions in a 50 lakhs term insurance plan, which are good to know before investing your money in one:

  • Term insurance does not cover death caused due to suicice/self-harm/indulgence in hazardous activities, such as risky adventure sports.
  • Pre-existing illnesses are not covered under term insurance plans. This is because any health conditions that you may be suffering from before buying the plan or any other hereditary conditions that run in the family and are likely to affect you in the future may have a direct impact on your premium for the term plan.
  • Term insurance does not cover death caused under the influence of drugs or excessive consumption of alcohol.
  • A policyholder’s death caused due to their involvement in a criminal act would not attract death benefit under term insurance to the nominee/beneficiary of the policyholder.

Also Read: Why Should You Consider Life Stage Benefit When Choosing A Term Plan

Best Term Life Insurance Companies

5 best Term Insurance Plans for 50 lakhs

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

Read More: Cost of an INR 50 Lakh Term Insurance Plan in India?


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.

Found this post informational?

Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

Also, check out the PayBima’s Guide and Glossary section –

Also Read: Top 5 Companies Providing ₹2 Crore Term Insurance Plans


View this post on Instagram


A post shared by paybima (@paybima)

FAQs on 50 Lakhs Term Life Insurance Policies

Is 50 lakh term insurance enough?

Generally, while deciding the sum assured for a term insurance plan, the following factors must be taken into consideration:
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?

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.

Do we get a maturity amount in term insurance?

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.

Can a 65 year old get term life insurance?

Yes, there are options to buy term life insurance in your 60s; however, these plans get costlier with age. 

Do I need term insurance after 60?

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. 

Other Term Insurance Products

Dec 09, 2022
Author Bio
Author Image

PayBima Team
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.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Latest Posts

Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back