Top 10 Insurance Companies Offering ₹50 Lakh Term Insurance Plans in India
Term insurance is one of the most affordable and effective ways to ensure financial security for your loved ones in case of an untimely demise. In India, several insurance companies offer term insurance plans with varying benefits and coverage options, including ₹50 lakh sum assured. Term insurance with a substantial coverage like ₹50 lakh provides ample financial protection to your family in case you’re no longer around to provide for them.
In this blog, we’ll explore the top 10 insurance companies offering ₹50 lakh term insurance plans in India, analyzing their features, premiums, benefits, and more. These policies are ideal for individuals seeking a high sum assured with affordable premiums.
1. LIC (Life Insurance Corporation of India) – Jeevan Amar
Overview:
LIC is the largest and most trusted life insurance company in India. The Jeevan Amar is a non-linked, pure term insurance plan that offers a high sum assured at affordable premiums. It provides financial security to the policyholder’s family in case of an untimely death.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (can be increased to ₹50 Lakh and beyond)
- Flexible premium payment options: Regular, Limited, or Single premium
- Life cover with the option of an accidental death benefit
- Tax benefits under Section 80C and 10(10D) of the Income Tax Act
Premiums:
LIC’s Jeevan Amar offers competitive premiums based on age, sum assured, and policy term. The policyholder can choose a ₹50 lakh coverage and adjust the term based on their requirements.
Why Choose:
LIC is known for its claim settlement ratio and reliable customer service, making it one of the most trusted options for term insurance.
2. HDFC Life – HDFC Life Click 2 Protect Plus
Overview:
HDFC Life Click 2 Protect Plus is a comprehensive and customizable term insurance plan offering a high sum assured with multiple variants of coverage.
Key Features:
- Minimum Sum Assured: ₹25 Lakh, can be increased to ₹50 Lakh and more
- Multiple coverage options like Life, 3D Life, and Income Benefit
- Accidental death benefit
- Tax benefits under Section 80C and 10(10D)
- Flexibility to increase coverage with life stage events (e.g., marriage, child birth)
Premiums:
Premiums are competitive and depend on the applicant’s age, sum assured, and policy term. A ₹50 lakh term policy can be availed at an affordable premium, particularly for younger individuals.
Why Choose:
HDFC Life offers an excellent claim settlement ratio and a wide range of flexible options, making it an ideal choice for those seeking comprehensive coverage.
3. ICICI Prudential Life – ICICI Pru iProtect Smart
Overview:
ICICI Pru iProtect Smart is a popular term insurance plan offering high coverage and benefits with the convenience of an online purchase.
Key Features:
- Minimum Sum Assured: ₹10 Lakh, but can easily be increased to ₹50 Lakh or more
- Multiple variants: Life Option, Life & Critical Illness Option, and Life & Accident Cover Option
- Income benefit in case of death
- Premium Waiver on diagnosis of a critical illness
- Tax benefits under Section 80C and 10(10D)
Premiums:
ICICI Pru iProtect Smart offers competitive premiums. The ₹50 lakh sum assured option is available at a reasonable cost, especially for those in their 30s.
Why Choose:
The flexibility of options, ease of purchasing online, and comprehensive coverage make ICICI Pru iProtect Smart one of the best options for term insurance.
4. Bajaj Allianz Life – Bajaj Allianz Life Secure
Overview:
Bajaj Allianz Life Secure is a pure term insurance plan with various add-ons that can be customized to meet your family’s needs. This plan offers a high sum assured of ₹50 lakh with a range of additional benefits.
Key Features:
- Minimum Sum Assured: ₹50 Lakh
- Accidental Death Benefit Rider
- Comprehensive death benefits including a lump sum payout or monthly income
- Option to choose coverage for critical illness
- Tax benefits under Section 80C and 10(10D)
Premiums:
Bajaj Allianz Life Secure offers flexible premium payments and affordable rates for high coverage options like ₹50 lakh.
Why Choose:
The wide range of additional benefits and the flexibility in coverage options make Bajaj Allianz Life Secure a great choice for term insurance.
5. Max Life – Max Life Smart Term Plan
Overview:
Max Life Smart Term Plan is another excellent offering in the term insurance space. It offers a high sum assured and a range of benefits to ensure comprehensive protection.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (₹50 Lakh and higher available)
- Accidental Death and Disability Benefit Rider
- Income Benefit Option for family security
- Comprehensive critical illness coverage
- Tax benefits under Section 80C and 10(10D)
Premiums:
Max Life Smart Term Plan is highly affordable and can be customized to meet your needs, whether you’re looking for just life coverage or adding riders for critical illness.
Why Choose:
Max Life’s easy claim process and affordable premiums make it an attractive option for those seeking reliable coverage.
6. SBI Life – SBI Life eShield
Overview:
SBI Life eShield is a pure term plan available online. The plan offers high coverage, including a ₹50 lakh sum assured, at affordable rates.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (₹50 Lakh available)
- Option for critical illness rider
- Accidental death and disability benefit rider
- Tax benefits under Section 80C and 10(10D)
Premiums:
SBI Life eShield offers an attractive premium structure, especially for younger policyholders. The ₹50 lakh coverage comes with very affordable premiums.
Why Choose:
SBI Life has a strong claim settlement record, and the online process makes it easy to secure high coverage at affordable rates.
7. Tata AIA Life – Tata AIA Life Term Insurance Plan
Overview:
Tata AIA offers a simple yet robust term insurance plan that provides financial protection to your family with a high sum assured and customizable options.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (₹50 Lakh can be chosen)
- Flexible premium payment options
- Rider options like critical illness and accidental death benefits
- Tax benefits under Section 80C and 10(10D)
Premiums:
The Tata AIA Life Term Insurance Plan is designed to be affordable, making ₹50 lakh coverage accessible even for policyholders in their 30s.
Why Choose:
Tata AIA’s strong customer service and the wide variety of rider options make it a great choice for term insurance.
8. Aditya Birla Sun Life – Aditya Birla Sun Life Term Plan
Overview:
Aditya Birla Sun Life’s term plan is a flexible, affordable option for those seeking ₹50 lakh of coverage. This plan offers several benefits at competitive premiums.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (₹50 Lakh available)
- Critical illness and accidental death riders
- Premium waiver on diagnosis of terminal illness
- Tax benefits under Section 80C and 10(10D)
Premiums:
Aditya Birla Sun Life’s term insurance plan offers low premiums for high coverage, particularly attractive for younger individuals.
Why Choose:
With a strong claim settlement ratio and customizable options, Aditya Birla Sun Life provides an excellent value-for-money plan.
9. Bharti AXA Life – Bharti AXA Life iTerm Plan
Overview:
Bharti AXA Life iTerm Plan is an online term insurance plan that offers high coverage and several add-ons at competitive premiums.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (₹50 Lakh option available)
- Critical illness and accidental death riders
- Flexible premium payment options
- Tax benefits under Section 80C and 10(10D)
Premiums:
This plan is budget-friendly and provides ₹50 lakh coverage at a reasonable cost, especially for individuals in their 30s.
Why Choose:
Bharti AXA Life iTerm Plan offers great flexibility in terms of coverage options, and the online process makes purchasing convenient.
10. Reliance Life – Reliance Term Life Insurance Plan
Overview:
Reliance Life offers a simple, no-frills term insurance plan that allows policyholders to select high coverage amounts, including ₹50 lakh.
Key Features:
- Minimum Sum Assured: ₹25 Lakh (₹50 Lakh option available)
- Accidental death and critical illness coverage
- Option to convert the policy into a paid-up policy
- Tax benefits under Section 80C and 10(10D)
Premiums:
Reliance Life’s premiums are very affordable, making ₹50 lakh coverage available to a wide range of customers.
Why Choose:
Reliance Life’s claim settlement process is quick, and the plan offers solid coverage with additional riders for enhanced protection.
Conclusion
Selecting the right term insurance plan can be overwhelming, especially when looking for coverage as high as ₹50 lakh. However, with these top 10 insurance companies, you have access to affordable premiums, reliable coverage, and numerous customization options to ensure your family is financially secure.
When choosing a plan, consider factors like premium affordability, claim settlement ratio, policy flexibility, and additional riders. A well-thought-out term insurance policy can protect your loved ones, providing them peace of mind, even when you’re no longer around to provide for them.
Always compare different plans and opt for the one that best suits your needs and budget.
