A ₹50 lakh term insurance plan is a smart and affordable way to protect your family’s future. In case something unfortunate happens to you, your family receives ₹50 lakhs as a payout (death benefit). This lump sum can help them manage daily expenses, repay loans, fund education, and maintain their lifestyle. Let’s understand what a ₹50 lakh term insurance policy is, its features, benefits, premium cost, and how to buy the best term plan for your needs.
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A ₹50 lakh term insurance plan is a life insurance policy in which the insurer pays your nominee ₹50 lakhs if you pass away during the policy term. This plan offers pure life cover without any maturity or survival benefit, making it a cost-effective way to protect your loved ones financially.
For example, a 30-year-old healthy man who doesn’t smoke can get a 50 lakh term plan with a 30-year policy term by paying just ₹700/month. This shows how early purchase and good health can lead to lower term insurance premiums and better savings over time.
So, if you are wondering whether or not you should buy a ₹50 lakh term insurance plan, here’s some help. A ₹50 lakh life cover is a smart and affordable choice for many people. It’s especially useful for:
Curious about how term insurance for 50 lakhs works? It's easy. You pay regular premiums for a certain term, and if something happens to you within the term, your nominee gets the entire ₹50 lakh sum assured. Here's how it works step by step.
Select ₹50 lakh as the coverage amount and pick a term (duration) based on your financial goals.
To keep the policy active, you can make premium payments monthly, quarterly, or annually. These payment frequency options may vary based on the insurer’s terms, the chosen policy, etc.
There are many reasons to buy a ₹50 lakh term insurance plan. Some of the main benefits include high life cover at low cost, help with big financial responsibilities like home or education loans, easy customisation, and strong financial protection for loved ones in case of any unexpected event. Let’s understand these ₹50 lakh term insurance benefits in simple words.
A ₹50 lakh term insurance plan gives life cover of ₹50 lakh at an affordable premium. It is a smart and budget-friendly way to protect your family. For example, a healthy male can get the ACKO Life Flexi Term Plan starting at just ₹18 per day*.
Outstanding loans form a significant financial burden on families. Whether you have an education, a home, a car, or a personal loan, they impact your family's savings when you are no longer around to repay them. A ₹50 lakh term insurance coverage can cover all your significant financial liabilities. This ensures your family can avoid financial instability in your absence.
The sudden loss of income when the breadwinner passes away puts the family's lifestyle at risk. The absence of stable income requires several lifestyle adjustments, from budgeting for grocery shopping to giving up on annual family vacations.
Rising inflation impacts the cost of almost everything, while medical expenses are also snowballing. A term plan for 50 lakhs can help your family sustain the lifestyle they are used to, even when you are not around.
A cover of ₹50 lakh gives your family the financial support they require to fulfil significant life milestones. It may be used to finance your child's education, marriage, or to support your spouse or dependents over the long term.
Many ₹50 lakh term insurance plans offered by top insurers come with flexible features that let you customise the policy to your needs. This way, your plan grows with you and stays relevant to your changing financial responsibilities.
You can also add riders like accidental death benefit, critical illness cover, or disability income benefit. These make your plan stronger and give more protection.
You can claim income tax deductions on the premium paid under Section 80C, up to a maximum limit of ₹1.5 lakh per financial year. Plus, the death benefit payout is tax-free under Section 10(10D) of the Income Tax Act.
Term insurance gives you peace of mind by knowing that your family is financially protected even in your absence. This means you can focus on your present goals without worrying about their future security.
The ACKO Life Flexi Term Plan starts at just ₹18/day*, and adapts as your life changes. Watch this video to learn everything you need to know about ACKO’s Term Insurance Plan.
A ₹50 lakh term insurance plan is designed with essential features that ensure financial stability for your loved ones. Let’s take a look at the most important features of this plan.
Your nominee will receive a guaranteed payout of ₹50 lakhs if you pass away during the policy term.
You can choose a term that best suits your objectives: 10, 20, 30 years, or even longer.
You get a large life cover of ₹50 lakhs at very low premiums, especially if you start young. This makes it one of the most cost-effective life insurance options.
You can pay your premiums monthly, quarterly, yearly, or through limited pay options based on your preference and budget.
Most insurers, including ACKO, offer a 100% digital process from purchase to policy issuance.
Enhance your base cover with optional riders such as Accidental Death Benefit, Critical Illness Cover and Disability Income Benefit.
Reputed insurers offer a smooth and quick claim settlement experience, with digital support for documentation and payout.
The best term insurance for ₹50 lakhs is ideal for young professionals starting their careers, newly married couples preparing for future responsibilities, and anyone looking for strong life cover at a low premium. Let’s look at some of the people who can benefit most from this plan:
These are people in their 20s or early 30s, just starting their careers. If their parents, siblings, or anyone else depends on their income, a ₹50 lakh term insurance plan ensures financial support in case something happens. Since they are young, premiums are also lower, making it a smart time to start.
When one person earns for the whole family, their income supports everything bills, school fees, medical costs, and more. A term insurance cover of ₹50 lakh protects the family’s lifestyle and needs if that income suddenly stops due to an unfortunate event.
Entrepreneurs and self-employed people don’t always have company insurance or fixed income. If something happens, their family may not have savings or a steady income to fall back on. A ₹50 lakh term plan acts as a financial safety net to cover debts, daily expenses, or even business continuity.
Marriage brings new responsibilities. As couples begin to plan their future and grow their family, it’s important to secure that future. A term plan ensures that even if one partner is no longer around, the other has the financial support to manage home expenses and child care.
Parents of young kids often have big dreams: quality education, good healthcare, and a stable life. A ₹50 lakh life cover can help protect those goals by covering school fees, college expenses, or even wedding costs. This ensures the child’s future stays on track no matter what.
The best time to buy a ₹50 lakh term insurance plan is as early as possible, especially when you're young, healthy, and just starting your career. Here’s when it makes the most sense:
Buying early means lower premiums. If you're in your 20s or early 30s, you can lock in a high life cover at a low cost.
If parents, a spouse, or children rely on your income, a ₹50 lakh term plan helps protect them if anything happens to you.
Have a home loan, education loan, or personal loan? A term plan ensures your family doesn’t carry the burden if you're not around to repay it.
Marriage and parenting bring new responsibilities. A ₹50 lakh life cover gives your partner and children long-term financial protection.
If you're new to insurance, ₹50 lakh is a smart starting point. It offers solid protection without high premiums and covers most basic financial needs.
To determine the right coverage amount for the best term insurance plan for ₹50 lakh, you must look at your family’s financial needs and future goals. But is ₹50 lakhs sufficient? Below are some easy methods to determine your desired coverage based on financial goals.
Start by calculating your family’s annual expenses. Then, multiply that by how many years you wish to cover them. This provides a rough estimate of the minimum amount they'll need to continue their lifestyle.
Include all your existing financial liabilities, such as home loans, personal loans, or credit card debt. Your term plan should cover these, so your family doesn't struggle to repay them in your absence.
Younger and healthier individuals can get term insurance plans at lower premiums. Also, your age helps decide how long your family will depend on your income. Younger age = longer term.
Prices of daily things like food, education, and healthcare go up over time. When choosing the right sum assured, make sure it’s enough to meet future costs, not just today’s needs.
Consider significant future expenses like your child’s higher education or marriage. These milestones require planned savings and a life cover that ensures they’re not compromised if something happens to you.
Deduct any existing savings, fixed deposits, mutual funds, or property assets your family can tap into in case of emergencies. This prevents over-insurance and makes your premium more affordable.
Many financial advisors recommend multiplying your annual income by 15-20 times to estimate ideal life cover.
The sum assured is an important factor in your term insurance because it’s the amount your family will receive if something happens to you (in the event of your unfortunate demise). Choosing the right sum assured ensures that your loved ones have enough to manage daily expenses, repay loans, cover education costs, and replace lost income without financial stress.
If you're looking for more than ₹50 lakh coverage, you can explore the options below to find the right sum assured and buy the best term life insurance for your needs.
Not all term plans are equal. Whether it's premium charges or rider options, there are several things that distinguish one policy from another. Here's how you can choose the most suitable ₹50 lakh term insurance plan for your requirements.
Compare policies from different insurers to locate the most economical premium for your chosen coverage. Online aggregators or insurer websites enable one to check and compare.
Select a company with a claim settlement ratio of more than 95%. It reflects the insurer's promptness and ease in settling claims without delays or hassles.
You can select a flexible term plan that offers riders such as critical illness, accidental death, or disability. Riders provide important additional coverage that addresses your unique needs and lifestyle.
A good term plan offers flexible premium payment options. Some insurers even provide limited-pay options, where you pay for a few years and stay covered for the rest of your term.
Choose a reliable insurer with robust financial strength. Check actual reviews on service, claim settlement, and customer support.
Don’t settle for the first quote. Compare features, exclusions, premium costs, and added benefits across multiple insurers to choose the best plan.
ACKO Life offers an innovative term insurance plan that can be managed via the mobile app for ultimate convenience. The ACKO Life Flexi Term Plan is a unique life insurance option that adapts to your evolving lifestyle. It is packed with useful features and promises to provide your loved ones with a financially stable future, with the amount of money you choose for them. Here are 6 reasons to choose the ACKO Life Flexi Term Plan:
| Feature | ACKO Advantage | Traditional Plans |
| Claim Settlement Ratio | 99.38%* | Varies from 95-98% |
| Policy Adjustments | Instant changes via app | Often requires paperwork |
| Coverage Flexibility | Increase or decrease coverage anytime | Usually restricted to life events |
| Cost Efficiency | Up to 40% savings | Higher premiums |
| Premium Stability | Age-wise premiums remain fixed | May increase with inflation |
| Digital Experience | 100% online process | Often requires offline steps |
| Free Will Creation | Yes | Generally not offered |
Before buying a term life insurance plan, it’s important to understand what suits your life stage and budget. For example, if you’ve just started your career and earn around ₹6 lakhs per year, going for a ₹2 crore term insurance cover might feel heavy on your budget due to higher premiums. Instead, depending on your needs and financial responsibilities, a ₹50 lakh term plan can be a smarter, more affordable option.
Here are a few important things to keep in mind:
To buy the ACKO Life Flexi Term Plan online, you can follow this simple step-by-step guide:
Keep the following documents ready while buying a ₹50 lakh term insurance policy:
You will require valid ID proof, such as an Aadhaar card, PAN card, or Passport. This is required for KYC (Know Your Customer) purposes.
Proofs such as electricity bills can be submitted to authenticate your residence address as per regulatory norms.
Submit income-related proofs like salary receipts, Bank statements, ITR, etc.
Depending on your health conditions, lifestyle, and age, insurers may ask for recent medical test reports or a health check-up report before issuing the policy.
Here are things to keep in mind when purchasing the best term insurance plan for 50 lakhs:
The idea is to make an informed purchase decision for adequate protection at the best rates.
When considering buying life insurance, one of the first things you should assess is whether term life insurance is the best option for you. Term insurance is the most affordable choice if you're looking for a simple, cost-effective way to protect your family's financial future.
You can start by using a term insurance calculator to choose the best plan. This tool helps you calculate premiums based on various factors, including age, health, lifestyle, and type of coverage. For example, if you want to find the best term insurance plan for 1 crore, the calculator will help you determine the premium amount and whether it fits within your budget.
Considering rising inflation, unforeseen medical costs, and significant financial goals, inadequate insurance coverage can disrupt your family's financial security. A term insurance plan with a high sum assured acts as the first defence to protect your loved ones when you are not around. For young nuclear families and single breadwinners with significant liabilities, ₹50 lakh term insurance coverage suits a wide range of people.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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