₹50 Lakh Term Insurance

Rs. 50 Lakh Term Insurance plan is a life insurance plan that permits Rs. 50 lakh as sum assured that the nominee of the insured receives in case the insured dies during the term of the policy.

If you are the sole earning member of your family with dependents who are entirely reliant on you for their needs, you might want to provide them financial security against any unforeseen situations in life. In this case, term insurance plans are helpful as they are cost-effective and are available with greater coverage.

A Rs. 50 Lakh Term Insurance plan is a term insurance cover that allows high coverage of life of the insured at a nominal cost. Thus, the premium for Rs. 50 lakh term insurance that is required to be paid by the insured for a Rupees 50 Lakh Term Insurance is very reasonable and pocket-friendly. This term insurance plan safeguards the beneficiary or family members of the insured against unforeseen events like sudden death of the insured during the duration of the policy. In such cases, the nominee of the insured receives a death benefit under the policy to help them survive a financially secure life.

Wrapping Up

A Rs. 50 lakh Term Insurance Plan suits best for people who have financial dependents. So, if you have a regular income source, buying a term insurance with a minimum 50 lakh rupees plan is beneficial. Be it bachelors or married people, job holders or business personnel, self-employed and so on, everyone can get a term plan to secure their family members. Further, these plans come with tax deduction benefits, so that is another advantage of the term plans.

Thus, anyone who is young and earning should buy a term plan and start investing in the same to secure a family and evade tax by paying a reasonable premium rate.