Financial Protection:A ₹ 50-lakh term plan offers assured financial protection to your loved ones to ensure they can cover their financial needs and live comfortably in your absence. A life cover^` of ₹ 50 lakh ensures that your family is adequately protected and can maintain their standard of living. The money can suffice to cover a number of things, such as outstanding loans, higher education expenses and daily living costs.

Affordable Premium:Term insurance plans are a cost-effective way to secure your family financially. A ₹ 50-lakh term plan offers a relatively affordable premium. This can be an ideal way to plan for the future without jeopardising your present financial needs.

Customisable Coverage:Term insurance plans can be tailored to meet your needs. You can select the policy term, coverage and premium payment frequency and add additional features like riders. This flexibility ensures the plan caters to your distinct needs at every step of life.

Income Replacement:A life cover^` of ₹ 50 lakh can be suitable to replace the breadwinner's income in case of an unfortunate event. It can cover a family's day-to-day needs, such as groceries, fuel, utilities and more. It can help families carry on the same standard of living as before without compromising on their essential daily requirements.

Debt Settlement:The responsibility to payoff the ongoing loan falls on the members of a family in the absence of the breadwinner. A ₹ 50-lakh term insurance plan can be useful to settle outstanding debts. The plan can provide enough financial liquidity to a family to settle overdue debts and ensure they are not burdened with financial strain.

Peace of Mind:A ₹ 50-lakh term insurance plan offers peace of mind, knowing your family will always have a financial security net to fall back on. It can serve as a reminder that you have done the needful to fortify their financial future against all eventualities. This can lower your financial stress and anxiety and help you live a peaceful life.

Tax Benefits:Apart from the life cover^`, a ₹ 50-lakh term insurance plan also offers tax^* benefits. You can claim a deduction of up to ₹ 1.5 lakh for the premiums paid toward your term insurance policy, subject to conditions prescribed under Section 80C^* of the Income Tax Act, 1961. Moreover, the ₹ 50 lakh insurance payout given to the nominee is also exempted subject to conditions prescribed under Section 10(10D)^* of the Income Tax Act, 1961.