India, Oct. 24 -- When it comes to securing the future of your family, one of the easiest and best tools is a term insurance plan. It guarantees that in case something untoward happens to you, your family is well taken care of. But how to choose the right sum assured is tricky. A lot of people question whether a Rs.50 lakh term insurance policy is enough, excessive, or perfectly okay. Here we will explain it in layman's terms and guide you through the advantages and disadvantages of a Rs.50 lakh plan.

For instance, if you purchase a 20-year term plan and something goes wrong with you in between, your family receives the amount assured. If nothing goes wrong, there is no claim. Some individuals like those plans that have savings benefits,...