Term insurance on your mind? Here are the 5 best term insurance plan for 50 lakhs that you can consider investing in.
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.
If you’re considering investing in term insurance of Rs. 50 lakhs, here are some of the key advantages on offer:
Premium returned to policy holder: The premium paid by the policyholder during the policy term is actually returned to them in case of some term insurance plans.
Loan facility available: Term insurance policyholders are allowed the option to avail loan which can be repaid during the tenure of the policy.
Add-on riders available: 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.
Death benefit assured to the beneficiary: policyholder’s nominee would receive Rs. 50 lakhs as death benefit upon the former’s death.
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.
There are certain exclusions in a 50 lakhs term insurance plan, which are good to know before investing your money in one:
1. Term insurance does not cover death caused due to suicice/self-harm/indulgence in hazardous activities, such as risky adventure sports.
2. Pre-existing illnesses are not covered under term insurance plans.
3. Term insurance does not cover death caused under the influence of drugs or excessive consumption of alcohol.
4. 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.
let us look at the top 5 plans worth considering for investment in 50 lakh term insurance:
Name of the Plan
Age of Maturity
PNB Metlife Mera Term Plan
Max Life Smart Secure Plus
ABSLI Life Shield
HDFC Life Click 2 Protect Life
Coverage for lifetime