50 Lakh Term Insurance Plan

A term insurance plan provides financial protection to your family in case of your untimely death. It is one of the most affordable forms of life insurance and yet offers comprehensive life for a specific duration. Opting for term insurance of ₹50 lakhs ensures that your family has the financial support to maintain their lifestyle and meet their goals even in your absence.

A term insurance plan provides financial protection to your family in case of your untimely death. It is one of the most affordable forms of life insurance and yet offers comprehensive life for a specific duration....
A term insurance plan provides financial protection to your family in case of...

Term Life Insurance that Welcomes Change

Life Cover Starting @ just ₹18/day*

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Choose India’s Only Personalised Term Plan

Modify coverage as per your life stages & commitments

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Hassle-Free Claim Settlement

99.38% Claim settlement ratio*

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Smart Income Tax Savings

Save up to ₹54,600* on your taxes

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Why You Need a ₹50 Lakhs Term Insurance Plan

Let's understand why a ₹50 lakh term insurance plan is essential.

Cover Major Financial Obligations

Outstanding loans form a significant financial burden on families. Whether you have an education, home, car, or personal loan, they impact your family's savings when you are no longer around to repay them.

The term insurance coverage amount should be large enough to cover all your significant financial liabilities. This ensures your family can avoid cash crunch or financial instability in your absence.

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Maintain Your Family's Lifestyle

The sudden loss of income when the breadwinner dies 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. Thus, an adequate term insurance plan ensures your family can sustain the lifestyle they are used to even when you are not around. The payout from a ₹50 lakh term plan invests in your family's future and allows them to maintain a decent living standard.

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Key Benefits of a ₹50 Lakhs Term Insurance

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High Sum Assured

With term insurance, you get life coverage of ₹50 lakhs at cost-effective premium rates. It adequately covers your family's financial needs and future goals.
 

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Several Riders

You can enhance your base coverage by opting for riders like accidental death, critical illness, disability, and premium waiver.
 

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Tax Benefits

The death benefit payout is tax-free under Section 10(10D) of the Income Tax Act. Moreover, you can claim income tax deductions on the premium paid.
 

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Peace of Mind

Knowing that your family is financially protected even in your absence gives you peace of mind. You can focus without worrying about meeting other financial goals

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Who Should Buy a ₹50 Lakh Term Insurance?

If you match the following profiles, you should strongly consider getting a term policy of ₹50 lakhs:

  • Young individuals who recently started working and have financial dependents
  • People between 30-40 years who have significant financial obligations
  • Sole breadwinners of families with children and ageing parents
  • Business owners or self-employed professionals
  • Newly married couples planning children shortly
  • Young parents with primary future goals for children
  • Retired individuals acting as the guardians of grandchildren

No matter your life stage, adequate term insurance ensures lifelong financial safety for your loved ones.

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Things to Remember When Buying Term Insurance

Here are things to keep in mind when purchasing a term insurance policy:

Start early when premiums are low - delay can mean higher premiums or maybe uninsurability
 

Be transparent about your health issues during the application - it helps determine accurate premiums
 

Compare plans across insurers before selecting one

Avoid opting for concise policy terms like 5 or 10 years

Include dependents like spouses, children, and parents as beneficiaries

Read policy documents carefully to know exclusions and claims process
 

Avoid renewing an existing policy - instead, buy a new one for better features
 

The idea is to make an informed purchase decision for adequate protection at te best rates.

Why Should You Consider ACKO Life Flexi Term Plan?

ACKO Life offers innovative term insurance plans that can be managed via the mobile app for ultimate convenience. The newly launched ACKO Life Flexi Term Plan brings unmatched flexibility and personalisation to traditional term plans. You can adjust your coverage and policy term to align with your changing needs.

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Flexibility

The ACKO Life Flexi Term Plan offers flexibility. You can modify coverage and tenure to keep pace with life's changes.
 

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Affordability

High coverage at cost-effective premiums makes their term plans worthwhile. Use a term plan premium calculator to find your rate.
 

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Convenience

The end-to-end app eliminates paperwork and allows policy management on the go.
 

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Customisation

Add riders for boosted coverage. Choose payout options to personalise death benefits for beneficiaries.
 

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Straightforward Claims

Technology simplifies verification and settlements of term insurance claims.

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So, when looking for convenient and customisable term insurance, the ACKO Life Flexi Term Plan is the perfect choice.

 

Conclusion

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 adequately shields their lifestyle even in your absence. It allows dependents to live a quality life with dignity through difficult times.

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Frequently asked questions

Whether a 50 lakh term insurance policy is sufficient depends on various factors, including financial obligations, lifestyle, and future goals. For instance, if you have significant liabilities such as a home loan or children's education expenses, 50 lakh might provide a buffer but not comprehensive coverage.
 

The ideal amount for term insurance varies based on individual circumstances but generally should be 10-15 times your annual income. This ensures that your family can maintain their standard of living and cover essential expenses in your absence. 
 

Term insurance is a vital financial tool that provides peace of mind by ensuring your family's financial stability during your untimely demise. Unlike other insurance products, term insurance offers substantial coverage at relatively low premiums, making it an affordable way to secure a significant sum. 
 

A term plan is suitable for anyone with financial dependents or significant liabilities. This includes family breadwinners, individuals with home loans or other substantial debts, and parents who want to secure their children's education and future. 
 

Term life insurance offers several significant benefits. It provides high coverage at low premiums, ensuring that your family is financially protected without straining your budget. Term insurance policies are straightforward to understand, with no investment components, ensuring the focus remains on protection.
 

Yes, term insurance offers tax benefits under the Income Tax Act. The premiums paid for term insurance policies are eligible for tax deductions under Section 80C, up to a maximum limit of ₹1.5 lakh per annum. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D).

 

As per the IRDAI, you can purchase an Accidental Death Benefit Rider with coverage up to three times (3x) the base sum assured of your life insurance policy.

A term plan is suitable for anyone with financial dependents or significant liabilities. This includes family breadwinners, individuals with home loans or other substantial debts, and parents who want to secure their children's education and future. 

As per the IRDAI, you have the option to decrease the premium amount or sum assured of your life plan after 3 years instead of the previous restriction of 5 years.

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Written by Neviya Laishram

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Reviewed by Vaibhav Kumar Kaushik Author info Icon

A professional Life Insurance writer, editor, and copywriter with a background in magazines, healthcare, education, and insurance.