A term life insurance policy is a type of life insurance that provides coverage for a specific period. It offers protection against death or the risk of death during this period. The person who purchases the policy pays a premium, and in return, the company agrees to pay out an agreed amount if the individual dies during the term.
Rs. 50000 term life insurance policy is the best way to protect your family from unfortunate events is with. These days, many term insurance policies are offering a minimum sum assured of 50,000 rupees. It will provide the protection that you need and it will be affordable as compared to other types of life insurance policies. If you are thinking about buying term life insurance for Rs.50000 then you should read this article to know more about it.
What is Rs.50000 Term Life Insurance?
The Rs.50000 term life insurance policy is a type of life insurance that will provide coverage for a Rs. 50000 sum assured amount in case of the sudden death of the insured. This means that if the life assured dies within the policy term, the nominees/beneficiary will get could claim amount from the insurance company. This type of term insurance coverage provides great life insurance protection for a set amount of time. It is an affordable cost-effective way to protect your family in the event of your death and allows you to choose the duration that works best for your budget family.
Why Need Rs.50000 Term Insurance?
Term insurance is a type of life insurance that covers the risk of death during the term. It is important to invest in this because it can help you protect your family from any financial loss. A term life insurance policy provides a lump sum amount of money to your family in case you die during the policy contract period. It is an important financial product that helps your family cope with the financial burden of your death. It is a wise decision to invest in Rs.50000 term insurance because it will help you build a secure future for yourself and your loved ones without any hassles or worries about money matters.
There are many reasons to buy 50000 term insurance. The most important one is that it will ensure that you and your family are safe. Below are the reasons to buy 50000 term life insurance
- It will provide financial protection for your family in the event of an unforeseen death
- It can help you build a legacy for your loved ones
- It can help you avoid the financial burden of long-term care
- You may qualify for tax benefits when buying 50000 term insurance
- You may qualify for discounts on other types of life insurance if you already have 50000 term insurance
Best Term Insurance Plans Over 50000
Earlier, most of the term life insurance plans come with Rs. 25 lakhs coverage only. To avail of such a high cover, insurers usually require buyers to have an annual income of Rs. 3-5 Lakhs. Therefore, most of the Indian population does not qualify for term insurance plans. However, some life insurance companies offer life cover of Rs. 50000 at an affordable premium to overcome this problem. Here are the best term insurance plans with Rs. 50000 Coverage.
Bharati AXA Life POS Saral Jeevan Bima Yojana
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 55 years
- Maximum age at Maturity: 28 years to 65 years
- Sum Assured: Minimum Rs.50,000 to No limit
- Premium Payment: Regular pay
- Premium Mode: Annual, Semi-annual, quarterly, Monthly
- Policy Term: 10 years, 15 years, 20 years,25 years
Key Benefits:
- Bharati AXA Life POS Saral Jeevan Bima Yojana is a Non-Linked Non-Participating term insurance plan
- This plan is designed to provide Life Insurance cover in case of death of an insured person and get the double sum insured in case of death due to an accident.
- The plan is available without any medical examination of the Life Insured person.
Bharti AXA Life Smart Jeevan Plan
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 50 years
- Maximum age at Maturity: 62 years
- Sum Assured: Minimum Rs. 50,000 to 5 lakhs
- Premium Payment: 12 years
- Premium Mode: Annual, Semi-annual, quarterly, Monthly
- Policy Term: 12 years
- This plan provides a return of premium option where 100% of the premiums paid are returned at the end of the policy term as a lump sum.
- This plan provides family protection for 12 years at a nominal premium when unexpected even happens to you.
- It provides easy and affordable premiums. And no lengthy underwriting procedure is involved to get insured.
Max Life Smart Secure Plus Plan
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 85 years
- Sum Assured: Minimum Rs. 50,000 to No limit
- Premium Payment: 12 years
- Premium Mode: Yearly, Half-Yearly, Quarterly, Monthly
- Policy Term: 5, 10, 12, 15, single pay, regular pay
Key Benefits:
- This plan is introduced to fulfill your financial security needs and provide support in case of any emergencies.
- This plan offers two death benefits and a maturity benefit
- You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, and additional payout on accidental death these will fulfill your needs.
SBI Life eShield Next Plan
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 65 years
- Maximum age at Maturity: 100 years
- Sum Assured: Minimum Rs. 50,000 to No limit
- Premium Mode: Yearly, Half-Yearly, Quarterly, Monthly
- Annual Premium:3600/-
Key Benefits:
- This protection plan is to give financial support to present needs and also covers the changes in life to the daily needs.
- It offers two rider options, and a better half & death payment mode.
Exide Life Term Rider
Features & Eligibility:
- Entry Age: Minimum 18 years to Maximum 60 years
- Maximum age at Maturity: 70 years
- Sum Assured: Minimum Rs. 50,000 to Maximum 50 Lacs
- Premium Mode: Yearly, Half-Yearly, Quarterly, Monthly
- Policy Term: 5 to 40 years
Key Benefits:
- Term Rider plan is an add-on plan that provides double life cover and nominal additional premium along with tax benefits.
- It offers you the chance to include add-ons in the policy at a rather low cost.
Premium Table for Rs.50000 Term Life Insurance Policy
| Company |
Plan Name |
Claim Settlement Ratio |
Premium( Yearly) |
| Bharti AXA Life Insurance |
Bharati AXA Life POS Saral Jeevan Bima Yojana |
99.05% |
3601/- |
| Max Life Insurance |
Max Life Smart Secure Plus Plan |
99.35% |
3584/- |
| Bharti AXA Life Insurance |
Bharti AXA Life Smart Jeevan Plan |
99.05% |
3620/- |
| Exide Life Insurance |
Exide Life Term Rider |
98.54% |
3550/- |
| SBI Life Insurance |
SBI Life eShield Next Plan |
93.09% |
3600/- |
*The above-mentioned values are for reference purposes only * Refer to our website for exact values.
How to Buy Rs. 50000 Life Insurance Policy?
The process of buying a 50000 term life insurance policy online has become simple with PolicyBachat. For buying a life insurance plan online please visit life insurance and follow the below steps.
Step 1: Go to the PolicyBachat website and click on the life insurance tab and then select the type of plan you want to buy.
Step 2: Next enter the below details clearly and correctly
- Gender of the applicant
- Tobacco consumption; Yes or No
- Annual income from the options given in the calculator
- Occupation type; Salaried or Self Employed
- Age of the applicant; to be entered as Date of Birth
- Name of the applicant and email id of the applicant.
Step 3: In this step, you can enter your requirements such as:-
- Sum assured required under the life insurance policy
- Tenure: maximum age at the coverage is required
- Premium payment type: Regular or Lump sum or Limited pay
- Premium payment frequency: Monthly, Quarterly, Half-yearly, or Yearly
- Payout type: Lump sum or Income or a combination of both
- Add-ons such as Critical illness cover, Waiver of premium, and Accidental disability cover can be selected and the premium would change accordingly.
Step 4: The final step is where you need to make payment to the insurance company and it only takes a few minutes to finish this process. The premiums displayed may be changed subject to medical underwriting. Once the premium payment is made, the customer receives confirmation regarding the same and the next step would be the tele medicals or physical medical verification where the customer needs to undergo medical tests or declare health condition on the telephone to the insurance company before the policy purchase.
Conclusion
Rs.50000 term life insurance can provide a lump sum amount to the nominee on the death of the insured person. This amount can be used for any purpose which may include repayment of loans, paying off mortgages and other financial commitments, investments, or even buying a new house, etc.
The best 50000 life insurance policy must be one that suits your needs and the needs of your family, but also one that does not put too much strain on your finances. Because of its affordability, accessibility, and large coverage. So, compare life insurance quotes online to grab the best term life insurance policy.