Term Insurance Premium of 50 Lakhs
At present, the popularity of insurance products is increasing in India. Till some time ago, people did not take much interest in insurance products. But with time people became aware about the insurance product. Looking at the insurance benefits, getting insurance has become a common practice now.
You will find different types of insurance plans offered by the insurance company. You can completely secure the financial future of your family members in your absence through a term insurance plan. If you die during the policy term, the amount is paid as death benefit to your nominee.
You can opt for this insurance benefit at the time of taking the policy. You can choose a term insurance plan with a sum assured ranging from Rs 2.5 lakh to Rs 100 crore as per your requirement. You can choose any sum assured as per your requirement and the need of your family. You will have to pay your premium according to the sum assured you choose.
Several factors affect the premium of a term insurance plan. The premium for a term insurance plan is determined on the basis of these factors.
Below we have tried to tell you in detail about the factors that affect the premium of a 50 lakh term insurance.
Factors Affecting 50 Lakh Term Insurance Premium
Following are the factors affecting the premium of term insurance of 50 lakhs
Gender plays a major role in the premium paid in a term insurance plan. Historically and in various reports, it has been assumed that women have a higher life expectancy than men. So a woman is offered a term insurance plan by an insurance company at a low premium. Thus a term insurance plan is available to a woman at a cheaper premium as compared to a man.
The premium for a term insurance plan also depends on the age. If you take Ekta Mission Plan at a young age then you have to pay the minimum premium whereas if you take a term insurance plan at an older age then you have to pay a higher premium. Hence it is necessary that you get your term plan at a young age so that you have to pay the minimum premium.
- Policy Term:
The policy term also affects the term insurance premium. If you take a term insurance plan for a shorter term then you have to pay a lower premium whereas if you opt for a maximum policy term then you have to pay a higher premium.
- Lifestyle and Behavior:
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The premium for term insurance also depends on the lifestyle and your habits. A person who smokes and consumes alcohol has to pay a higher premium. It is believed that smoking and consumption of alcohol can cause various types of diseases which can lead to early death. Whereas a person, who neither smokes nor consumes alcohol, is offered a term insurance plan by the insurance company at a lower premium.
If a person works in a risky business then he has to pay a higher premium.
- Residential Region:
If a person lives in a place where the risk of life is high then he has to pay a higher premium. For example, if he lives in a seismic zone, flood zone or tsunami zone, he will have to pay a higher premium.
- Add-on Benefits (Riders):
Adding a rider to a term insurance plan may require you to pay an additional premium. You can further enhance your term coverage through riders. If you add a rider, you will have to pay an additional premium for the same.
How Much Will Be The Premium For Term Insurance Of 50 Lakhs?
As we told you above that the premium for a term insurance plan depends on many factors. By taking a term insurance plan at a young age, you have to pay the minimum premium. Also, the term of the policy also affects the premium of a term insurance plan. So if you want to take a 50 lakh term insurance plan, the premium to be paid will depend on the factors mentioned above.
Generally speaking, for taking a term insurance plan of 50 lakhs, you will have to pay a minimum premium of ₹ 499 per month, which means you will have to pay a minimum premium of around ₹ 6000 annually.
Your 50 lakh term insurance premium may differ from one insurance company to another and from one term plan to another term plan.