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

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.

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.

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.

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.

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