Start Saving Money on Insurance Policy

Compare Life, Health, Car and Two wheeler Insurance rates from top Insurance companies for free.

1,000+ Reviews
Been Here Before?
Get Back to My Quotes

Best Life Insurance for 50 year old in India

When you are 50 years old, it is time to start thinking about life insurance. You have a lot of responsibilities and you need to think about your family’s future. Life insurance will provide financial security for your loved ones.

There are a variety of life insurance plans for 50 year old in India. It is important to compare the benefits and premiums before deciding on one plan. The best life insurance plan will be one that covers all your needs, provides the maximum coverage at the lowest price, and has no hidden costs or exclusions.

Life Insurance for 50 year old

What are the Best Life Insurance Plans in India for a 50 year old?

The best life insurance plans for a 50 year old can depend on a variety of factors like age, health, and lifestyle. It is important to consider the specifics of the individual’s situation before choosing an insurance plan.

There are many types of life insurance plans available in India, including term, whole life, and endowment policies.

  • Term policies provide coverage for a specific period and at the end of that period, they expire. 
  • Whole life policies provide coverage for your entire lifetime and are guaranteed renewable at any point during that time. 
  • Endowment policies are designed to build up cash value over time which can then be used as an income source during retirement.

What are the Advantages of Life Insurance for 50 years old?

Following are the advantages of buying an insurance policy in your 50’s

  • Financial Protection: A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder.
  • Cover Expenses: The life insurance policies also help you in paying your medical bills, cost of treatments, illness bills.
  • Investment Option:  The amount collected from the policyholder is invested in safe bonds by the insurance companies and the period installments are paid to the policyholder. The policyholder can opt for the same amount of payout each month or increase payout depending on the expenses of the policyholder.
  • Savings for a Long Term:  life insurance plans in India mainly focus on creating the annuity that can further invest in creating a steady flow of cash for your post-retirement years.
  • Short Tenure: Buying life insurance in the 50’s means your insurance tenure will be short. Generally, it ranges between 10 years to 25 years only.
  • Tax Benefits: It will help you to save money on your tax. You can avail of tax benefits under section 80C of the income tax Act 1961.

What are the Disadvantages of Life Insurance for 50 years old?

Insurance is a product that people buy to protect themselves against the risk of unforeseen events. A life insurance policy is a contract with an insurance company where the insured pays a periodic premium for an agreed-upon amount of coverage.

Some disadvantages of life insurance for 50 year olds are:

  • The cost of living increases with age, which means that the premiums will also increase. Life insurance premium increases with the increase in age of the prospect due to the high mortality ratio which can be observed to increase as the age increases.
  • The health history of the prospect also plays an important role in deciding the premium to be charged by the insurance company. If you are not in perfect health, then you may not be eligible for coverage.
  • You may have to pay high deductibles if you do need to make a claim.

How to Choose Life Insurance for 50 year old

Most people think that buying life insurance at an elderly age like the 50s is a bad investment but it is because of no proper research before investing your money on it. Following are the factors should consider before buying life insurance in your 50’s

  • Get Riders: by adding add-ons/ Riders you can enhance your coverage. Some life insurance plan riders worth considering are disability due to an accident rider, critical illness rider, etc.
  • Tenure:  When buying a life insurance policy in your 50s, you will get a short tenure period. Generally, it ranges between 10 years to 25 years only. Therefore, always make sure that you select the most suitable one for your age.
  • Premium:  Choose your premium paying frequency as per your requirement such as monthly, quarterly, yearly, etc. Moreover, you can also pay your premium in a lump sum.
  • Medical Analysis Check-up:  Elderly people have health problems. Different insurance policies offer you different coverage for medical or health issues. So, before going to proceed always make sure that your policy offers you coverage for all the health issues you suffer from or might suffer from.

How to Buy Life Insurance Policy for 50 years old

Life insurance is an essential part of your financial portfolio, making it possible for you to give your loved ones a secured future. The process of buying a life insurance policy online has become simple with PolicyBachat. For buying a life insurance plan online please visit our website Policybachat.com Following steps to purchase the life insurance policy online in our portal

  • Step 1: Firstly, Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
  • Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
  • Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company before proceeding to fill out the proposal form details.

FAQ’s of Life Insurance for 50 year old:

Are the Premium Costs Higher for a 50 Year Old in India?

Yes, the premium cost depends on the age and health of the person applying for it, as well as the length of coverage. Higher age is equal to the higher premium.

What are the Benefits of Getting Term Life Insurance for a 50 Year Old in India?

Term life insurance in India is a type of life insurance designed to cover a person for a fixed period, usually 10 or 20 years. The main reason why people get term life insurance in India is that it is cheaper than other types of life insurance. It offers financial protection to the family in case the breadwinner dies during the tenure of the policy. Another benefit of getting term life insurance in India is that it does not require medical tests like other types of policies do, which means that it can be bought online and instantaneously.

How Much Does Term Life Insurance Cost for a 50 Year Old in India?

Term life insurance is a type of life insurance that provides coverage for a fixed period. It is also called temporary life insurance. The term can be anything from a few months to 30 years or more, with most term policies being 10 to 20 years.

The cost of term life insurance depends on the age and health of the person applying for it, as well as the length of coverage. In India, the cost will depend on the plan chosen and whether it is renewable or not.

Recent Posts

Reviews & Overall Rating

PolicyBachat has near-perfect ratings on Google and Facebook. Here’s what our customers are saying.

PolicyBachat Rating

Dots

Start Saving Money on Insurance Policy

Compare Life, Health, Car and Two wheeler Insurance rates from top Insurance companies for free.

1,000+ Reviews
Been Here Before?
Get Back to My Quotes

Leave a rating!

0.0 (0 votes)

Please wait while your request is being processed.