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What is ₹ 50 lakh Term Insurance?

A Rs. 50 lakhs term insurance policies provide your loved ones financial stability and support. When you purchase such a plan, you ensure your family receives a payout of Rs. 50 lakhs if something happens to you. Investing in a term plan means investing in your family's future. Regardless of what happens to you, the payout enables them to achieve their future financial goals.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

Life Cover of 50 Lakh @ Rs 15/day***

Term Insurance


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Term Insurance

Why Do I Need Rs 50 Lakh Term Insurance?

50 Lakhs Term Insurance
March 06, 2024


Every good financial plan includes a term insurance plan. These plans offer life cover for a specific time, providing your family with financial security during a difficult time. Since traditional term policies are pure life insurance products, they do not offer any additional maturity benefit, making them affordable. However, some plans today offer a Return of Premium option, which pays you an amount equal to all premiums paid on maturity if you outlive the policy term. A 23-year-old non-smoker can get a high sum assured of Rs. 50 lakhs for just Rs. 800 each month. Let’s better understand what a Rs. 50 lakhs term insurance plan is and how it benefits you.

What Is a Rs. 50 Lakh Term Insurance?

A 50-lakh term policy offers life coverage of Rs. 50 lakhs for a given time. If anything happens to the policyholder during the plan tenure, the beneficiary receives a payout of Rs. 50 lakhs.

Why Buy Rs. 50 Lakhs Term Insurance?

None of us knows what life has in store for us. An unexpected illness or accident could take us away from our loved ones. Term plans provide our loved ones with the finances they require during this uncertain time. The payout from the term plan should be enough to help your family maintain their standard of living in the future or pay off any outstanding loans. You can calculate your Human Life Value or HLV to better understand how much your family requires. HLV refers to the present value of future income expenses, investments, and liabilities. Individuals who earn around Rs 5 lakhs per year should get a term plan that offers at least Rs. 50 lakhs as the sum assured.

How Does a Rs. 50 Lakh Term Plan Work?

We can understand how a Rs. 50 lakh term insurance works with an example. Rahul is a 24-year-old who just started working. His salary is enough to cover his basic monthly expenses. Rahul stays with his parents. Both of them are still working and have saved up for their retirement. Rahul purchases a term plan offering Rs. 50 lakh coverage for 30 years. After three years, he takes a loan to buy a two-wheeler. About a year later, while still repaying the loan, he meets with a fatal accident. His mother, the term policy beneficiary, receives the payout of Rs. 50 lakh. She can use the amount to pay off Rahul’s pending loan. The money helps her and her husband maintain their finances at a difficult time.

What Are the Benefits of Rs. 50 Lakhs Term Insurance?

When you purchase a term insurance policy worth Rs. 50 lakhs, you benefit from:

  • High coverage at affordable premiums
  • Premium payment flexibility
  • Customise your plans with of add-ons benefits
  • Tax benefits under the Income Tax Act*
  • Financial stability for your loved ones

How to Choose the Right Rs. 50 Lakhs Term Insurance Plan

When looking for a Rs. 50 lakh term policy, you should consider the following crucial points:

  • Premiums

    Term policies are popular since they provide high coverage at affordable rates. Ensure you look for plans that offer the best benefits at a pocket-friendly premium.

  • Individual Death Claim Settlement Ratio

    The IRDAI regularly releases the individual death claim settlement ratio for various life insurance companies. It lets you know how many claims the company settled of all requests received. The higher the ratio, the better.

  • Add-ons

    Always check the add-ons that various insurance companies offer. You could boost your coverage and enhance your family’s financial future by selecting the add-ons that suit your needs. There are several types of term insurance like the term insurance with return of premium which can be availed with the TROP add-on rider.

Frequently Asked Questions

Q: What are the eligibility criteria to purchase a Rs. 50 lakh term plan?

A: You must be at least 18 and earning to buy a term plan. If you're over 65, you might not be able to purchase a policy.

Q: What is the premium amount for a term plan offering coverage of Rs. 50 lakhs?

A: The premium amount for the term policy depends on your lifestyle, age, health, income range and more.

Q: What happens if I survive the policy tenure?

A: Term plans do not offer any maturity benefits. However, if you selected a Return of Premium policy, you will get the premiums back on maturity.

Q: How can I purchase a Rs. 50 lakh term plan?

A: You can purchase a term policy worth Rs. 50 lakhs directly from our website.

Related Article

ARN - ED/04/23/1703

Tomorrow's Assurance, Today's Investment!


₹ 50 Lakh

Term Insurance at just ₹ 15/Day*

  • Claim Settlement Ratio of 99.5%##
  • Save more with 5% Discount*
  • Same Day Claim Processing*

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

##As per the number declared in the investor presentation. View here.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

^ Available under Life & Life Plus plan options

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

***Online Premium for Life Option, Male Life Assured, Non-Smoker, 25 years of age, Policy term of 30 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Annualized Premium of 5379/365=14.73)