I came across a term insurance policy offering 50 lakh coverage for just ₹7,123 per year. It seems very cheap. Is it actually a good deal, or are there hidden catches I should be aware of?
Term insurance offers high coverage at low rates, but cheap premium costs sometimes cause skepticism. Policies with premium rates that look unrealistically low often will have age limits, health standards, or some other limitations.
credits : 50 Lakh Term Insurance: Get ₹50 Lakh Life Coverage at Just ₹13/Day
Checking Eligibility for Low-Cost 50 Lakh Term Cover
I tried applying for a 50 lakh term plan at ₹7,123/year. I realized that the premium was only available for healthy non-smokers under 35. A colleague of mine, slightly older and with mild health issues, had to pay a higher premium for the same coverage. This showed that low premiums often depend on strict eligibility conditions.
Understanding Policy Features and Exclusions for 50 Lakh Term Cover
A friend of mine bought the plan at this price. Later, he noticed exclusions for critical illnesses and accidental death riders. While the base sum assured was attractive, he had to pay extra for add-ons that he assumed were included. This highlighted that ultra-low premiums sometimes mean minimal coverage beyond death benefit.
Comparing 50 Lakh Term Cover With Similar Term Plans
I compared this plan with other insurers offering similar coverage. Some competitors charged slightly more but included waiver of premium and critical illness riders. Another colleague chose a higher premium plan for broader features, realizing that sometimes paying a bit more ensures better overall protection.
1 Like