₹50 lakhs term insurance

A term insurance policy is an important tool of financial protection. The policy covers the risk of a premature demise. If a family’s breadwinner buys the policy and passes away prematurely, during the policy tenure, the term insurance plan, such as a 50 lakh term insurance plan, would pay the death benefit which can help the family meet their financial needs in the absence of the breadwinner.
The sum assured that you choose under a term insurance policy depicts the coverage that you get. A term insurance plan offers different coverage options and a ₹50 lakh coverage is one of the options that you can choose.

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^*Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 50,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 4,923. 2nd Year onwards premium is Rs. 5,256. Total Premium Paid is Rs. 1,57,347 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

^##Tax benefifits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

^@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^{^^}Get Free Benefits up to ₹ 14,000 per year

S No.

Value Added Service

Frequency

Cost (₹)

1

Doctor Teleconsultations

Consultation per month
= 24 consultations per year

Average cost per session = ₹500
Total cost per year = ₹500 * 2 * 12 = ₹1200

2

Network Discounts
Medicines (M) - 10%, Lab Booking (L) - 10%,
In-Patient Hospitalization (P)- 5%,
Out-Patient Consultation (O) - 10%

Throughout the year

Assumption - Total Expenses of these throughout the Year	Total Discounts that can be availed throughout the year
M - ₹5,000	₹500
L - ₹5,000	₹500
O - ₹5,000	₹500
P - ₹10,000	₹500

Total per year as per assumptions

₹ 14,000

Note: The above mentioned costs are based on estimated average market price for respective services.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

Get ₹50 Lakhs Life Cover @ ₹14*/Day

Free Benefits upto ₹14,000 p.a.^{^^}

Zero Commission^@

Tax Benefits upto ₹46,800^##

What is a ₹50 lakhs coverage term insurance plan?

A ₹50 lakhs term insurance plan is one which offers a coverage of ₹50 lakhs. In other words, the sum assured under the policy is ₹50 lakhs which is generally paid if the life insured passes away during the policy tenure.

How does ₹50 lakhs term insurance work?

Under a ₹50 lakh term insurance plan, you choose the

Policy term

Premium paying term

Premium paying frequency

Optional riders, if needed

Based on the details selected, the sum assured of ₹50 lakhs, your age and other risk factors, the premium is determined. You pay the calculated premium over the chosen premium payment term and in the selected frequency. If the life assured passes away during the policy tenure, the death benefit will be paid.

On the other hand, if the life assured survives the policy tenure and the plan matures, no benefit is usually paid under basic term insurance plans. However, if you choose the return of premium term plan or the return of premium option and the policy matures, the premiums that you paid during the policy tenure will be refunded.

How much does a ₹50 lakh term insurance plan cost?

The premium of a ₹50 lakh term insurance policy depends on various factors. These factors are as follows

The policy tenureThe longer the tenure that you choose, higher will be the annual premium payable and vice versa⁸.

The premium payment term and frequency The ₹50 lakhs term insurance policy might offer the choice of single, limited or regular premiums and the premium could be different depending on the premium payment tenure as well as the mode of premium payment, i.e. annual, half-yearly, quarterly or monthly premiums¹³.

Age Premiums depend on the assured’s age. The older you are the higher the premium and vice-versa.

Gender Term insurance premiums are usually lower for females compared to males because females have a higher life expectancy compared to males¹.

Lifestyle habitsIf you smoke or drink, your premiums would be higher compared to when you don’t smoke or drink.

Medical historyThe premium depends on your medical history. If you have medical illnesses or ailments presently or have suffered from any in the past, the premiums would be higher.

Other risk factorsYour occupation, family medical history, etc. are also taken into consideration when determining the premium of a ₹50 lakh term insurance policy.

Riders selected⁹If you add riders to the ₹50 lakhs term insurance policy, the premiums may be affected since you may have to pay an additional nominal premium for each rider added to the coverage.

These factors are taken into consideration and then the cost or premium of a ₹50 lakh term insurance policy is determined.

Key features of ₹50 lakhs term plan

Some of the features of the ₹50 lakh term insurance plan are as follows

The death benefit paid under the policy is usually guaranteed⁸

There is no maturity benefit unless you choose the return of premium term plan or the return of premium option available under many term plans

A range of optional riders are usually offered with ₹50 lakhs term insurance plans. You can add suitable riders at an additional premium

Some plans also come with inbuilt rider benefits which provide enhanced coverage

The premiums are affordable and the choice of premium payment term and frequency offered under most plans allow you to pay the premiums easily

What are the benefits of buying ₹50 lakhs term insurance?

Some of the features of the ₹50 lakh term insurance plan are as follows

Insurance protection

Term plans cover the risk of premature demise occurring during the policy term. This provides you with financial security that in your absence the term plan would pay the financial benefit to your family to take care of their financial needs.

Affordable premiums

Term insurance plans have low and affordable premiums making them pocket-friendly. You can easily afford a ₹50 lakh term policy without straining your budget.

Choice of Riders

Term plans usually offer different types of riders that help in enhancing the scope of protection. You can choose from accidental death benefit rider, critical illness rider, term rider and more to customise your coverage per your needs.

Tax benefits

The premium paid for the ₹50 lakhs term insurance policy qualifies for a deduction under Section 80C up to ₹1.5 lakhs², under old tax regime, subject to specified terms and conditions. Moreover, the death benefit received is also tax-free³. If you choose the return of the premium plan, the premium refund received on maturity would also be tax-free under Section 10(10D)⁴ subject to specified terms and conditions.

How to determine the right amount of Term Insurance Coverage Amount?

There are different ways of calculating the right amount of term insurance coverage amount. Some of them are as follows

Basic method

Term plans cover the risk of premature demise occurring during the policy term. This provides you with financial security that in your absence the term plan would pay the financial benefit to your family to take care of their financial needs.

Financial need analysis

Under this method, your financial needs are analysed and then the coverage is determined. Your average annual expenses are considered along with your existing liabilities and specific financial goals. Then the coverage is determined which should be sufficient enough to provide your family with the funds needed to cover their expenses, pay off the loans and also create a fund for the goals that you have.

Human Life Value (HLV) method

Under this method, the overall value of your life is ascertained in financial terms. The method seeks to calculate a sum assured which would be sufficient to provide your family with regular income for their financial needs. For instance, if your annual personal expenses are ₹3 lakhs and you earn ₹10 lakhs ... Read MoreDisclaimers The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions...Read Less

Underwriter’s thumb rule

This rule also uses the multiple of your annual income to calculate the ideal coverage amount. However, the multiple changes with age. It starts at 15 if you are aged 20 to 30 years, then starts decreasing to 14 if you are 31-40 years, 12 in the 41-45 year bracket, 10 in the 46-50 year bracket, 8 in the 51-55 year bracket and 6 if you are aged 56 years and above.

How to choose the best ₹50 lakhs term insurance plan?

To choose the best ₹50 lakhs term insurance plan, here are some factors that you can consider

Coverage offeredWhile the coverage under term plans is quite simple, some plans offer inbuilt riders and other coverage benefits that increase the coverage scope. Check the coverage benefits offered and find a plan that aligns with what you need and offers more protection.

Premium ratCheck and compare the premium rate across different ₹50 lakh term insurance plans in tandem with the coverage offered. The best policy would be the one that offers a good scope of coverage at the most competitive premium rate.

Ease of PurchaseEasy-to-buy term plans are better as you can buy the coverage quickly and get insured at the earliest.

Claim processTerm plans with a simple and smooth claim process with a quick turnaround time are better.

Claim Settlement RatioAlso, check and compare the Claim Settlement Ratio (CSR) across insurance companies and choose a company having a high CSR for a better probability of claim settlements.

Things to Consider Before Buying A 50 Lakhs Term Insurance Policy

Some of the things to consider before buying a ₹50 lakh term insurance plan are as follows

Is the sum assured sufficient to cover your financial needs?

Should you choose riders with the policy and if you should which riders would be suitable?

What is the premium payable?

Offers a range of riders for coverage customization

Which premium payment term and frequency would be the most affordable choice for you?

Are you eligible to buy the policy?

What should be the suitable policy tenure that offers the maximum protection?

Who should opt for a ₹50 Lakhs Term Insurance?

A ₹50 lakhs term insurance plan is suitable for individuals who require coverage of ₹50 lakhs. Young adults who have just started their financial journey and have limited responsibilities can opt for the ₹50 lakhs term insurance plan. Later on, as their financial needs increase, they can add another term insurance policy to enhance their sum assured.

Individuals in other life stages too can consider the ₹50 lakhs term insurance plan if the plan covers their financial needs. They can also choose the plan to enhance their overall coverage with multiple-term plans if they already have an existing plan.

In a nutshell, a ₹50 lakh term insurance plan is suitable for those whose coverage needs can be fulfilled. So, you should assess your coverage needs and then make an informed choice.

Documents Required to Buy ₹50 Lakhs Term Insurance

Some of the documents required to buy ₹50 lakhs term insurance plan are as follows

Proposal form

Filled and signed by the proposer

Photographs

Recent coloured photographs

Proof of identity

Aadhaar card, PAN card, voter’s ID card, passport, driving license, etc.

Proof of address

Aadhaar card, voter’s ID card, passport, driving license, recent utility bills, Property Deed, Registered Rent Agreement, etc.

Proof of age

Birth certificate, Aadhaar card, Voter’s Identity card, PAN card, Passport, School certificate, Driving Licence, etc.

Proof of income

Salary slip, form 16, financial statements of the business, bank statement, etc.

Medical report

Medical examination report (if applicable)

Others

Any other document required by the insurance company

Eligibility Criteria for ₹50 Lakhs Term Insurance Plan

The eligibility criteria for buying a ₹50 lakh term insurance plan depends on the plan that you choose and can vary from insurer to insurer. However, some of the common criteria are as follows⁶

Entry ageThere’s a minimum and maximum entry age specified under the policy. The minimum age usually starts from 18 years while the maximum age can go up to 60 or 65 years. This will vary from product to product and from company to company depending on the terms and conditions.

Maturity ageThere’s a maximum age up to which the coverage is allowed. This age can go up to 85 years under some plans. Moreover, if you choose the whole life cover option, the maturity age can go up to 99 or 100 years

IncomeSome insurer’s may have a minimum income criterion for issuing a term plan. Some may not allow you to buy a term plan if your income is below 5lakhs while some may allow. Your income also impacts the maximum sum assured that you can avail under the plan.

Educational Qualification Usually, the minimum education qualification required to opt for a term insurance plan is graduation. However, some insurers may allow non-graduates to avail a term plan as well.

OccupationUsually, professionals, salaried, self-employed, housewives can opt for a term plan. Some insurers may impose restrictions on certain types of occupations that are high-risk in nature. This usually depends on the underwriting policy of the insurer.

OccupationInsurers may typically ask the applicant to undergo medical tests to determine health related risks if any before issuing a policy. Term insurance premiums and maximum allowed. sum assured may be impacted by applicant’s medical records.

How to buy ₹50 Lakhs Term Insurance Policy online?

To buy the ₹50 lakhs term insurance plan online, you can follow some simple steps which usually include the following

Visit the insurer’s website and choose the term plan that you want to buy

You can use the online term insurance premium calculator to find the premium payable for the policy by providing some of your details like your name, age, contact information, gender, smoking or tobacco consumption habit, education, occupation, income, etc.

You need to also choose the coverage details like the sum assured, policy tenure, premium payment tenure and frequency, choice of riders, etc.

Based on your selection and the personal details provided, the premium will be calculated and displayed

Pay the premium online through any available digital payment mode and submit your online proposal form. Payment modes may differ from insurer to insurer

The insurance company would underwrite the proposal and issue the coverage

If any medical check-up is required, schedule the check-up and get it done for quick policy issuance

Why Bajaj Allianz Life Insurance?

Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals

99.04%^~

Claim Settlement Ratio

1 Day^%

Claim Approval

AAA Rating^$

Rated by CARE^*

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Assets Under Management

2.82 Crore^#

Number of Lives Covered

516%^{^}

Solvency Ratio

Term Insurance with Return of Premium FAQs

1. What is the premium for a ₹50 lakh term insurance plan?

The premium of a ₹50 lakh term insurance plan depends on several factors like your age, smoking habits, policy duration, premium payment term and frequency, optional riders selected, etc. You can use the online premium calculator to find the premium payable for the ₹50 lakhs term insurance plan. Just enter your personal details and coverage details and the premium amount will be calculated quickly.

2. How can I calculate the premium for my ₹50 lakhs term insurance policy?

You can use the online term insurance premium calculator to calculate the premium payable for your ₹50 lakhs term insurance plan. Enter your details like age, smoking habits, medical history, coverage details, etc. and the calculator will calculate the premium instantly.

3. What happens if I outlive the policy period of a ₹50 lakh term insurance plan?

If you have chosen the basic term insurance policy which does not have a maturity benefit, nothing would be payable if you outlive the policy period and the plan matures. However, if you have chosen the return of premium option (if offered under the plan), the premiums paid over the policy tenure would be refunded on maturity of the policy.

4. What are the riders applicable to a ₹50 lakh term insurance policy?

A range of riders are available with a ₹50 lakh term insurance plan depending on the plan that you choose. Some of the common available riders are as follows –

● Accidental death benefit rider – The rider pays an additional benefit if the assured passes away in an accident during the policy tenure

● Accidental death and disability benefit rider – The rider pays an additional benefit if the assured passes away or becomes permanently disabled in an accident

● Critical illness rider – The rider covers a list of specified illnesses and pays a benefit if the assured is diagnosed with a covered illness during the policy term

● Term rider – This rider pays an additional benefit if the assured passes away during the policy tenure

Premium waiver rider – The rider waives the premiums of the policy if the policyholder passes away while the assured is alive or if the assured suffers from a disability or critical illness during the tenure

5. Are tax benefits applicable to ₹50 lakhs term insurance plans?

Yes, you get tax benefits on the premiums paid as well as the benefits received from a ₹50 lakh term insurance plan. The premium paid is allowed as a deduction from your taxable income. The deduction is available under Section 80C up to ₹1.5 lakhs subject to specified terms and conditions32. The death benefit received from the policy is completely tax-free43. If the return of premium option is selected and the premiums are refunded on maturity, such refunded premiums are also allowed as a tax-free income under Section 10(10D) subject to specified terms and conditions

6. Does the term insurance coverage available depend on salary?

Your salary might the maximum coverage you can avail. If you choose a coverage which is not proportionate to your salary, you might not be able to pay off the premium for the policy. Thus, your salary/income would determine the maximum coverage you can opt for.

7. Is a ₹50 lakh term insurance cover sufficient?

The sufficiency of a ₹50 lakh term insurance cover depends on your needs. You should assess the right coverage amount based on your age, number of dependents, income, expenses, financial goals, existing assets and liabilities and other factors. You can use the term insurance calculator available online and find which sum assured would best suit your coverage needs.

GLOSSARY - PULL SMS TABLE!
No.	Service	Type Keyword	Send To
1	For Callback for service related queries	SUPPORT<space>POLICY NO	8108222251
2	For Callback for renewal premium payment related queries (From Registered Mobile Number)	RENEW<space>POLICY NO
3	For Branch Address	BRANCH<space>PIN CODE
4	For Callback for Reinvestment related queries (From Registered Mobile Number)	REINVESTMAT<space>POLICY NO
5	For Fund Value of Policy (From Registered Mobile Number)	FV<space>POLICY NO
6	For Account Statement (From Registered Mobile Number)	ACCSTMT<space>POLICY NO
7	To Update Email Address (From Registered Mobile Number)	EREG<space>Unique ID*<space>DOB of policyholder in DDMMYYYY<space>email id
8	For Callback for queries related to fund switching	FSWITCH<space>POLICY NO
9	For IT Certificate (From Registered Mobile Number)	TAXCERT<space>POLICY NO
10	For Claim status	CLAIM<space>POLICY NO

GLOSSARY - PULL SMS TABLE!
No.	Service	Type Keyword	Send To
1	For Callback for service related queries	SUPPORT<space>POLICY NO	8108222251
2	For Callback for renewal premium payment related queries (From Registered Mobile Number)	RENEW<space>POLICY NO
3	For Branch Address	BRANCH<space>PIN CODE
4	For Callback for Reinvestment related queries (From Registered Mobile Number)	REINVESTMAT<space>POLICY NO
5	For Fund Value of Policy (From Registered Mobile Number)	FV<space>POLICY NO
6	For Account Statement (From Registered Mobile Number)	ACCSTMT<space>POLICY NO
7	To Update Email Address (From Registered Mobile Number)	EREG<space>UNIQUE ID as printed on policy bond<space>DOB of policyholder in DDMMYYYY<space>email id
8	For Callback for queries related to fund switching	FSWITCH<space>POLICY NO
9	For IT Certificate (From Registered Mobile Number)	TAXCERT<space>POLICY NO
10	For Claim status	CLAIM<space>POLICY NO

Calling From	Phone Number (Toll Free)
AUSTRALIA	80037371371
CANADA
HONG KONG
ISRAEL
MALAYSIA
NEW ZEALAND
PHILIPPINES
SINGAPORE
THAILAND
UNITED KINGDOM
BRUNEI	8014605
INDONESIA	0018030160202
JORDAN	080023194
OMAN	80074363
TURKEY	00800142030059
VIETNAM	1800400070
UNITED STATES	18339680951
Calling us from INDIA	18002097272
Rest of the World	+912067871700 (Call charges apply)

₹50 lakhs term insurance

Term Insurance Calculator

How does ₹50 lakhs term insurance work?

How much does a ₹50 lakh term insurance plan cost?

Key features of ₹50 lakhs term plan

What are the benefits of buying ₹50 lakhs term insurance?

Insurance protection

Affordable premiums

Choice of Riders

Tax benefits

How to determine the right amount of Term Insurance Coverage Amount?

How to determine the right amount of Term Insurance Coverage Amount?

How to choose the best ₹50 lakhs term insurance plan?

Things to Consider Before Buying A 50 Lakhs Term Insurance Policy

Who should opt for a ₹50 Lakhs Term Insurance?

Documents Required to Buy ₹50 Lakhs Term Insurance

Eligibility Criteria for ₹50 Lakhs Term Insurance Plan

How to buy ₹50 Lakhs Term Insurance Policy online?

Why Bajaj Allianz Life Insurance?

Term Insurance with Return of Premium FAQs

1. What is the premium for a ₹50 lakh term insurance plan?

2. How can I calculate the premium for my ₹50 lakhs term insurance policy?

3. What happens if I outlive the policy period of a ₹50 lakh term insurance plan?

4. What are the riders applicable to a ₹50 lakh term insurance policy?

5. Are tax benefits applicable to ₹50 lakhs term insurance plans?

6. Does the term insurance coverage available depend on salary?

7. Is a ₹50 lakh term insurance cover sufficient?

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