Term Insurance 5794 views December 26, 2019

Best Term Insurance Plan For 50 Lakhs

The best and most affordable way in which a person can insure his own life is by taking a term insurance plan. A term plan offers a pure life cover at a very reasonable rate. This is why term insurance is very popular in India. There are many good life insurance companies selling good term insurance covers. As a result, you will find many options when you set out to buy a life cover for Rs 50 lakhs or more. Read on to know more.

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Tips to find the best term insurance plan for 50 Lakhs

As mentioned above, there are some very good options available in term insurance. However, not every plan may suit you. Here are some handy tips for you to locate your ideal coverage:

1. List your requirements

Begin by listing out your requirements. This is the first and most important step towards finding your ideal cover. No two people have the same life insurance requirements. Your life cover would depend on the number of dependent family members you have, the other sources of the family’s income, your loan liability, medical costs, etc. Once you take all these factors into consideration, you will know exactly what type of term insurance plan would suit you. You will also know the exact coverage amount. This will help you to shortlist a few options and find the best term insurance plans for Rs 50 lakhs thereafter.

2. Make a budget

Next, you need to make a budget. The different term insurance plans from the different life insurance companies are priced differently. For example, ICICI Prudential i-Protect Plan with a cover of Rs 50 lacs for a period of 10 years costs Rs 4,068 annually. The same cover for the same duration costs Rs 3,363 annually when you buy the Bajaj Allianz e-Touch Online Term plan. You, therefore, need to make a budget and see how much you can afford to pay each year towards the term insurance premiums. The plan should be affordable and the rates should never be too steep. This will help you to maintain the term cover with ease.

3. Compare

As there are many options on offer, you must compare term insurance to find the best term insurance plans for Rs 50 lakhs. It is very easy to run a comparison and then to find the best match. The process can be completed online, free of charge. It barely takes a few minutes. You just need to enter some basic information about yourself and your insurance requirements and then the results are flashed on your screen. You can compare the term life insurance quotes and see which plan is best suited for you.

4. Buy online

A very useful tip for you is to shop online for the best term insurance plans for Rs 50 lakhs. When you shop online, you get to make an unbiased choice after assessing the pros and cons of all the term plans. At times, insurance agents convince you to buy plans that are not too useful. So go online, understand the options and then buy a good term cover. When you buy online, you also pay less as the online term insurance plans are more reasonably priced in comparison to the regular, offline term insurance policies.

5. Add suitable riders

And last, but not the least, do not forget to add a few riders to your term insurance cover. Riders are add-on covers that you can get by paying an added premium amount. There are many term insurance riders available. These include the critical illness rider, accidental death rider, etc. Choose the ones that you need and make your term plan more flexible and better suited for your needs.

Remember these tips and find your ideal term life insurance cover in no time.

The best term insurance plan for 50 lakhs

Here is a list of the very best term insurance plans for Rs 50 lakhs:

  1. LIC e-Term Plan
  2. ICICI Prudential i-Protect Plan
  3. HDFC Life Click2Protect Plan
  4. Max Life Online Term Plan
  5. Bajaj Allianz e-Touch Online Term
  6. SBI Life e-Shield

Choose any of these options and you will have the best term insurance plans for Rs 50 lakhs with which you can keep the financial wellbeing of your loved ones protected for a long time.

Best Term Insurance Plan For 50 Lakhs – Conclusion

Term insurance is a boon to our modern-day lives. A good term life insurance policy offers a comprehensive cover at a very nominal cost. This is why everyone, from all walks of life, must consider getting a good term insurance cover. As you saw, the options are many and so you will not have any problems finding a cover of your choice. Keep the points mentioned above in mind and start shopping for the best term insurance plans for Rs 50 lakhs without any further delay.

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