Premium for 50 lakh term insurance depends on several factors like age, smoker or non smoker health condition, occupation, gender and place of residence. In general, the premium would range between ₹10,000 to ₹20,000 annually.
Here are some factors that can affect the premium:
Age: Generally, the lower the age, the lower the premium for a term policy.
Smoker or Non-Smoker: If you are a smoker you will have to pay higher premiums as compared to non-smokers.
Health Condition: If you have a pre-existing health condition such as diabetes or hypertension, the premium might be higher.
Occupation: If you have a higher-risk occupation, the premium might be higher. For example, if you are a pilot, the premium might be higher than a banker.
Gender: Male and female policies have different premiums as female life expectancy is higher than males.
Place of Residence: The premium you will pay also depends on where you live. The premiums differ based on the city, state or region.
You can use this Term Insurance Premium Calculator to find out the premiums for a 50 lakh term insurance policy.
You should also compare the premiums of various insurers before selecting the one that best fits your needs and budget. You can use the Term Insurance Comparison Tool to get the best deal.