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What is ₹ 1.5 Crore Term Insurance?

What is a Rs. 1.5 crore term insurance plan? How can paying a regular premium for this policy enable you to look after your loved ones? Term plans provide family members with a financial safety net to fall back on. Even if something happens to you, the term plan will look after your loved ones and secure their finances and future dreams.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

Life Cover of 1.5 Crore @ Rs 32/day***

Term Insurance


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Term Insurance

Why Do I Need Rs 1.5 Crore Term Insurance?

1.5 Crore Term Insurance
March 05, 2024


Traditional term plans are pure life insurance products that provide life cover for a specific period. Today, these policies also offer coverage for your whole life. During the policy tenure, if anything happens to you, the policyholder, your beneficiary receives the sum assured. The idea is to provide your loved ones with the financial stability they need to maintain their standard of living and fulfil their future dreams. When purchasing a term plan, understanding the sum assured can seem difficult. Let’s better understand what a Rs. 1.5 cr term insurance policy is and how it works.

What Is a Rs. 1.5 cr Term Insurance?

A Rs. 1.5 crore term plan offers life coverage of Rs. 1.5 crores. If anything happens to the policyholder during the policy term, his beneficiary will receive a payout equal to that amount. Traditional term plans do not offer any maturity benefits, so individuals can opt for high coverage of Rs. 1.5 crore at affordable premiums. However, term plans today offer a Return of Premium variant, where the policyholder receives an amount equivalent to all premiums paid on maturity if they outlive the plan tenure.

Why Buy a Rs. 1.5 cr Term Insurance Plan?

We all know that life is unpredictable. We never know what tomorrow brings or when an accident could take us away from our families. Term policies allow you to provide your loved ones with a financial safety net to rely on in difficult times. When you purchase a Rs. 1.5 crore term plan, you give your family the finances they need to pay off any outstanding debt or replace your lost income. Before selecting the sum assured, you should calculate your HLV or Human Life Value, which is the present value of future income expenses, investments, and liabilities. Based on this, individuals who earn around Rs. 8 lakhs per year and have a few debts or loans benefit the most from a policy offering coverage of Rs. 1.5 crore.

How Does a Rs. 1.5 Crore Term Plan Work?

Let’s understand this with an example. Usha is thirty and takes care of her parents who are about to retire. She’s paying off a student loan and earns well. She purchases a term policy providing coverage of Rs. 1.5 crore for 25 years. After six years of coverage, she meets with a fatal accident. Her mother, who is the beneficiary, files a claim with the insurance company and receives the payment of Rs. 1.5 crore as the insurance payout. She can use a part of the amount to repay the rest of Usha’s outstanding loan and to take care of herself and her husband since they have retired and no longer have a steady income.

What Are the Benefits of a Rs. 1.5 cr Term Insurance Plan?

When you purchase a term insurance policy worth Rs. 1.5 crore, you benefit from:

  • High coverage at affordable premiums
  • Premium payment flexibility
  • Customisation with the purchase of riders
  • Tax benefits under the Income Tax Act *
  • Financial stability for family

How to Choose the Right Rs. 1.5 cr Term Insurance Plan

When looking for a Rs. 1.5 crore term policy, you should consider the following crucial points:

  • Claim Settlement Ratio

    The IRDAI regularly updates people about the claim settlement ratio of each insurance company. It lets you know how many claims the company settled of all requests received. The higher the ratio, the better.

  • Riders

    Always check the riders that various insurance companies offer. You could boost your coverage and enhance your family’s financial future by selecting the riders that suit your needs.

Frequently Asked Questions

Q: What are the eligibility criteria to purchase a Rs. 1.5 crore term plan?

A: To purchase a term plan, you must have income proof and be between the ages of 18 and 65.

Q: What is the premium amount for a term plan offering coverage of Rs. 1.5 crore?

A: The premium amount for the term policy depends on your lifestyle, age, health, income range and more.

Q: What happens if I survive the policy tenure?

A: Term plans do not offer any maturity benefits. However, if you opted for a Return of Premium policy, you will get the premiums back on maturity.

Q: How can I purchase a Rs. 1.5 crore term plan?

A: You can purchase a term policy worth Rs. 1.5 crore directly from our website.

Related Article

ARN - ED/04/23/1528

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

##As per the number declared in the investor presentation. View here.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
^ Available under Life & Life Plus plan options

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

*** Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 40 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable.  (Monthly premium of Rs. 966 and daily premium of Rs. 32)