With Axis Max Life Term Insurance Plan
Written by
Alok Mishra
Insurance Writer
Alok Mishra is a Digital and Content Marketing specialist with 10 years of experience. He has spearheaded Web Content, Social Media & Branding, and Community Building initiatives to drive growth for prominent brands.
Reviewed by
Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
Term insurance plans are economical and provide considerable coverage for a low cost. 50 lakh term insurance plans are insurance policies that allow an individual to stay financially protected. Since it is a pure life insurance product, you can get the large cover at reasonable premium rates, especially if you buy the plan early in life.
Term plans are straightforward life insurance plans. Under this plan, the beneficiary receives a predetermined death benefit in case of the insured person’s demise during the policy period. As the policyholder, you have the control over the sum assured of the policy. So, if you were to opt for a 50 lac term plan, your loved ones would receive this sum in case of your untimely demise.
A death benefit will be paid to the beneficiary under a term insurance policy if an unforeseeable event occurs, such as the death of the life assured during the policy period. You can select a coverage quantity based on your existing lifestyle, expenses, and financial obligations, among other factors. With a Rs. 50 lakh term insurance plan, you may safeguard your family's financial security in the event of your death.
High life coverat affordable premiums
Death Claim Paid Ratio99.65%^
Worldwide Claims
Coverage against64 critical illnesses@
As the sole breadwinner of your family, it is crucial to have a sound financial plan to ensure your loved ones’ well-being. Buying 50 lakh term insurance can be a wise financial decision in the long run.
The term insurance premium for 50 lakhs is nominal, enabling you to protect the future of your loved ones comfortably. By paying minimum premiums, you can choose to stay insured under the policy for a longer length of time.
In addition to the base cover of 50 lakh term insurance, you can choose to enhance your coverage with add-ons such as a critical illness benefit*, accidental death benefit*, waiver of premium benefit (Axis Max Life Waiver Of Premium Plus Rider UIN: 104B029V05)#, etc.
You can create a robust financial safety net for your loved ones with a 50 lac term insurance policy. It ensures that they will be able to maintain their quality of living and achieve their goals, even in the face of adversity.
In case of your untimely demise, your family can use the financial support from 50 lakh term insurance to pay off outstanding loans and liabilities.
A term insurance policy provides financial stability to a person's family if the insured passes away within the policy's term. A 50 lakh term insurance policy pays the named beneficiary the sum assured of the stated amount in the event of the insured's death. This plan serves as a financial guardian for the policyholder's family, aiding them in achieving their financial objectives.
Let’s understand how it works:
Evaluating the appropriate amount of coverage for your insurance policy is effectively calculating the value of your life, and it is certainly not a pleasant task. But, the goal of life insurance is to provide financial support to your family and dependents in the event that you face an untimely death. As a result, it's critical to respond to this question so that you can select the appropriate level of coverage.
Since older people are more susceptible to sicknesses and health concerns, term insurance premiums are greater, thus it's advisable to acquire 50 lakh term insurance when you're younger. The term insurance premium for 50 lakhs will be nominal and help you ensure that your family is financially stable for a long time to come.
When getting term insurance, a general rule that helps in planning is that the plan's sum assured should be at least ten times your annual salary. If you decide to purchase 50 lakh term insurance, make sure it is suited for your family according to your annual income. You can utilise Axis Max Life's term insurance calculator to make the process easier.
If you have family members who are financially reliant on you, you must consider if you can include the term insurance premium for 50 lakhs in your financial plan so that they are adequately supported in unprecedented times. You must also evaluate the amount of family members who financially rely on you and their future demands, such as education, marriage, loans, and other expenses. Overall, you must ensure that all of your family members' financial needs are met, particularly those who are financially dependent on you.
If you're purchasing 50 lac term plan, it's critical to consider any current liabilities. Whether it's a student loan, a home loan, or a car loan, you need to make sure that your term insurance policy will cover all of your commitments.
Finding the right coverage amount is critical when you are purchasing a life insurance policy. As a policy buyer, you should carefully assess your needs and ability to pay the term insurance premium for 50 lakhs so you can get financial security without facing additional burdens.
An important factor that you must consider choosing when purchasing the best term insurance plan for your family’s financial protection is the right sum assured. The following are some most popular sum assured options for you. You can click on any of the tabs given below to proceed and know more about sum assured amounts in details:
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
50 lakh term insurance comes with a slew of additional benefits in addition to full financial protection. Here are some of them:
One of the most significant advantages of purchasing a 50 lac term plan is that it will not add to your financial burdens, as one might assume. The term insurance premium for 50 lakh is quite low because they are the purest form of life insurance.
Certain insurance policies allow policyholders to choose the payout option for the death benefit. For example, based on your financial needs at the moment, you can choose between receiving a monthly income payment or receiving the entire death benefit in one single sum if you purchase 50 lakh life insurance.
Today, almost all insurance companies and providers offer add-on riders with 50 lakh term insurance. You can opt for riders such as accidental death benefit*, maturity/survival benefit, and return of premium**, enabling you to customize and personalize the term plan according to your preferences and requirements.
The sum assured, or death benefit, of term insurance policies is totally tax-free, according to Section 10(10D) of the IT Act. So, whether you have a term insurance policy worth Rs 50 lakhs or Rs 1.5 crores, the payout, as well as any additional incentives, would be tax-free. Moreover, you can claim tax deductions on the premiums paid towards the 50 lakh term insurance.
#*Tax benefits are subject to changes in tax laws.
If you fall under any of the following categories, you can consider purchasing 50 lakh life insurance:
For most of us, the key consideration when buying an insurance policy is the premium amount. This amount is determined by a number of factors, including age, number of riders, annual income, and so on.
The term insurance premium for 50 lakhs is nominal, especially if you purchase the plan early in life. Let’s look at a table that compares premium expenses of Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) for various age groups for basic coverage and base coverage plus rider for the 50 lakh term plan:
The following figures are calculated according to: Gender (Female) + DOB + Non-Smoker + Annual Income (5-7 lakhs) + Salaried Individual + Term Upto 75 years
For CIDR (SA: Rs 5 lakhs, Gold variant with Term upto base plan )
| Age | Premium for 50 lakhs Term Insurance Plan (Monthly) | Premium for 50 lakhs Term Insurance + Critical Illness Disability Rider# (Monthly) | Premium for 50 lakhs Term Insurance +Waiver of Premium Plus Rider# (Monthly) |
|---|---|---|---|
| 20 | Rs. 372 | Rs. 450 | Rs. 384 |
| 30 | Rs. 505 | Rs. 630 | Rs 525 |
| 40 | Rs. 830 | Rs. 1,044 | Rs 890 |
| 50 | Rs. 1,551 | Rs. 1,869 | Rs 1,746 |
| 60 | Rs. 2,905 | NA | Rs 3,253 |
Axis Max Life Insurance offers flexible and innovative term plans such as the Smart Total Elite Protection Term Plan (UIN: 104N125V07) that allows policy buyers to get a coverage 50 lakhs at nominal premium rates. This 50 lakh term insurance plan includes numerous base/built-in features, such as two death benefit options and a regular or limited premium payment option.
Some benefits of this policy are:
Smart Secure Plus Plan by Axis Max Life Insurance aims at making the policyholder’s and their family’s lives easier by providing adequate financial security. So, even when you're not present, you can rest assured that your family's future is in good hands.
ARN NO: PCP/50LTI/140824
#*Tax benefits are subject to changes in tax laws.
Other Disclaimers:
1)*On payment of additional premium
2)**On payment of additional premium. Upon policyholder’s selection of Return of Premium variant, this product shall be a Non-Linked & Non participating Individual Life Insurance Saving Plan
3)#Applicable riders available on the payment of Additional Premium are Axis Max life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V02 and Axis Max Life Waiver of Premium Plus Rider| A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104B029V05
4)##Available at an additional premium for policies with Policy Term greater than 30 years & premium payment term greater than 21 years. Option to skip paying premium for 12 months, 2 premium breaks will be available during the Premium Payment Terms separated by interval of at least 10 years
“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Axis Max lIfe policy in future”
Subodh Mishra
“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”
Gaurang Kumar Pawar
“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”
Vinay Sharma
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