A term insurance plan provides financial protection to your family in case of your untimely death. It is one of the most affordable forms of life insurance and yet offers comprehensive life for a specific duration. Opting for term insurance of ₹50 lakhs ensures that your family has the financial support to maintain their lifestyle and meet their goals even in your absence.
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Let's understand why a ₹50 lakh term insurance plan is essential.
Outstanding loans form a significant financial burden on families. Whether you have an education, home, car, or personal loan, they impact your family's savings when you are no longer around to repay them.
The term insurance coverage amount should be large enough to cover all your significant financial liabilities. This ensures your family can avoid cash crunch or financial instability in your absence.
The sudden loss of income when the breadwinner dies puts the family's lifestyle at risk. The absence of stable income requires several lifestyle adjustments, from budgeting for grocery shopping to giving up on annual family vacations.
Rising inflation impacts the cost of almost everything, while medical expenses are also snowballing. Thus, an adequate term insurance plan ensures your family can sustain the lifestyle they are used to even when you are not around. The payout from a ₹50 lakh term plan invests in your family's future and allows them to maintain a decent living standard.
With term insurance, you get life coverage of ₹50 lakhs at cost-effective premium rates. It adequately covers your family's financial needs and future goals.
You can enhance your base coverage by opting for riders like accidental death, critical illness, disability, and premium waiver.
The death benefit payout is tax-free under Section 10(10D) of the Income Tax Act. Moreover, you can claim income tax deductions on the premium paid.
Knowing that your family is financially protected even in your absence gives you peace of mind. You can focus without worrying about meeting other financial goals
If you match the following profiles, you should strongly consider getting a term policy of ₹50 lakhs:
No matter your life stage, adequate term insurance ensures lifelong financial safety for your loved ones.
Here are things to keep in mind when purchasing a term insurance policy:
Start early when premiums are low - delay can mean higher premiums or maybe uninsurability
Be transparent about your health issues during the application - it helps determine accurate premiums
Compare plans across insurers before selecting one
Avoid opting for concise policy terms like 5 or 10 years
Include dependents like spouses, children, and parents as beneficiaries
Read policy documents carefully to know exclusions and claims process
Avoid renewing an existing policy - instead, buy a new one for better features
The idea is to make an informed purchase decision for adequate protection at te best rates.
ACKO Life offers innovative term insurance plans that can be managed via the mobile app for ultimate convenience. The newly launched ACKO Life Flexi Term Plan brings unmatched flexibility and personalisation to traditional term plans. You can adjust your coverage and policy term to align with your changing needs.
The ACKO Life Flexi Term Plan offers flexibility. You can modify coverage and tenure to keep pace with life's changes.
High coverage at cost-effective premiums makes their term plans worthwhile. Use a term plan premium calculator to find your rate.
The end-to-end app eliminates paperwork and allows policy management on the go.
Add riders for boosted coverage. Choose payout options to personalise death benefits for beneficiaries.
Technology simplifies verification and settlements of term insurance claims.
So, when looking for convenient and customisable term insurance, the ACKO Life Flexi Term Plan is the perfect choice.
Considering rising inflation, unforeseen medical costs, and significant financial goals, inadequate insurance coverage can disrupt your family's financial security. A term insurance plan with a high sum assured acts as the first defence to protect your loved ones when you are not around. For young nuclear families and single breadwinners with significant liabilities, ₹50 lakh term insurance adequately shields their lifestyle even in your absence. It allows dependents to live a quality life with dignity through difficult times.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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