In financial planning, one of the best coverages is the 15 Crore Term Insurance. It's not just a policy; it's proof of substantially securing your loved ones' future. Life can be uncertain, and a 15 crore term insurance plan is like a big safety net. Term insurance, in general, is a straightforward form of life insurance. It offers coverage for a specific period and pays a death benefit if the insured person dies within that timeframe. The premiums paid for term insurance are generally lower compared to other types of life insurance, making it an accessible way to ensure your family's financial security. Let's take a simple and easy look at what 15 Crore Term Insurance means, why it matters, and how it can help you and your family feel financially secure.
What is a 15 Crore Term Insurance?
A 15 Crore Term Insurance Plan is a type of life insurance policy that provides a coverage amount of 15 crore rupees in the event of the policyholder's death during the term of the insurance. In this plan, if the person who is insured passes away while the policy is active, their nominated beneficiaries will receive a lump sum payment of 15 crore rupees. This death benefit is helpful for the family and dependents of the insured individual, providing financial support to cover various expenses such as outstanding debts, daily living costs, education expenses, and more.
Importance of High Coverage - 15 Crore Term Insurance
The 15 crore term insurance plan specifically provides a high coverage amount, which can be particularly beneficial for those with substantial financial responsibilities, such as large loans, and dependents with future financial needs. This type of insurance aims to offer peace of mind, knowing that your loved ones will be financially protected even in your absence. The significance of opting for high coverage, such as a 15 crore term insurance, cannot be overstated. Here's why having 15 crore coverage matters and how it can impact your financial security and peace of mind:
- With a 15 Crore Term Insurance, you're ensuring that your family and dependents are well-protected against financial hardships.
- It will cover outstanding debts and liabilities like home loans, car loans, or other financial commitments.
- One of the most valuable aspects of having high coverage is the peace of mind it offers.
- High coverage supports your long-term financial goals such as children's education to their marriages.
- Having high coverage ensures that you and your family can maintain your quality of life even during unexpected events.
Benefits of 15 Crore Term Insurance
15 Crore Term Insurance offers many benefits. Here are the key advantages:
- Financial Protection: The primary advantage of a 15 Crore Term Insurance plan is the coverage it provides. With a coverage amount of 15 crores, your family is equipped to handle a wide range of financial needs, from daily expenses to significant life events.
- Complete Debt Relief: In the unfortunate event of your demise, any outstanding debts or liabilities you leave behind won't burden your family. The high coverage can be used to pay off mortgages, loans, and other financial obligations, ensuring your family's assets are preserved.
- Family Security: The comprehensive coverage of 15 crores offers a safety net that covers various aspects of your family's well-being. This includes education expenses, medical bills, lifestyle maintenance, and more. Your loved ones can maintain their quality of life even after you're gone.
- Future Financial Goals: A 15 Crore Term Insurance plan helps secure your family's long-term goals. Whether it's your children's higher education, their weddings, or other aspirations, the coverage ensures that they have the necessary financial support to pursue their dreams.
- Flexibility in Investments: With coverage in place, your family won't be forced to make rushed or ill-informed financial decisions. They have the freedom to invest wisely and diversify their portfolio over time, maximizing the potential of the insurance payout.
- Affordability: Despite the coverage, term insurance premiums are often more affordable compared to other life insurance options. This makes it accessible to a broader range of individuals who want to secure their family's future without straining their finances.
Best 15 Crore Term Insurance Plans Online in India
| Plan Name |
Claim Settlement Ratio |
Premium ( Per Monthly) |
|
| AEGON Life iTerm Prime |
99.37% |
7645/- |
Buy Now |
| HDFC Click 2 Protect Plan |
98.66% |
8058/- |
Buy Now |
| Bajaj Allianz Smart Protect Goal Plan |
99.02% |
7912/- |
Buy Now |
| TATA AIA Sampoorna Raksha Supreme Plan |
98.02% |
8245/- |
Buy Now |
| ICICI iProtectSmart Plan |
97.9% |
7747/- |
Buy Now |
*The above-mentioned values are for reference purposes only *Compare quotes for exact values.
Steps to Purchase 15 Crore Term Insurance at PolicyBachat
Here are steps to compare term insurance plans and their features & benefits, and premium prices at PolicyBachat.
Step 1: Visit the ‘PolicyBachat website and click the ‘Term’ tab.
Step 2: In the next step enter the below details clearly and correctly.
- Gender of the applicant
- Tobacco consumption; Yes or No
- Annual income from the options given in the calculator
- Occupation type; Salaried or Self Employed
- Age of the applicant; to be entered as Date of Birth
- Name of the applicant and email id of the applicant.
Step 3: In this step, you can edit your requirements such as:-
- Sum Assured Amount
- Tenure - maximum age at the coverage is required
- Premium payment Type - Regular or Lump Sum or Limited pay
- Premium Payment Frequency – Monthly, Quarterly, Half-yearly or Yearly
- Payout type - Lump sum or Income or Combination of both
- Add-ons - Critical Illness, Waiver of premium, Accidental disability cover, etc.
Step 4: In this step, compare different insurance plan premiums and features displayed on the screen. Then select the plan which is appropriate to your needs and budget. Then make payment via online payment method.
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How to Choose the Right Term Insurance Plan with 15 Cr Coverage
Here are some tips on how to find the best 15 Cr term insurance plans and what factors to consider when making your decision:
- Coverage Amount and Premiums: Look for plans that offer a coverage amount of 15 crores while keeping the premiums within your budget. Compare premium rates across different insurers to find the most competitive option.
- Claim Settlement Ratio: Research the claim settlement ratio of life insurers. A higher claim settlement ratio indicates that the insurer is more likely to process claims efficiently.
- Customer Reviews and Ratings: Check customer reviews and ratings for different insurance plans and companies. This can give you insights into the experiences of policyholders and the quality of service provided.
- Riders and Add-Ons: Some insurers offer additional riders or add-ons that can enhance your coverage, such as critical illness riders, accidental death benefit riders, or waiver of premium riders. Consider whether these options align with your needs.
- Online Process: Purchase policy through the online process is user-friendly and efficient. The ease of application, documentation submission, and policy management should be considered.
- Company Reputation: Opt for insurers with a strong reputation and a history of prompt and fair claim settlements.
- Policy Terms and Conditions: Read and understand the policy terms and conditions carefully. Make sure you are aware of any exclusions, or other important clauses.
- Financial Strength: Research the financial stability of the insurance company to ensure they will be able to fulfil their obligations when it comes to paying out claims.
- Customer Support: Evaluate the quality of customer support provided by the insurer. Prompt and helpful customer service can make a significant difference in your experience.
- Customization: Look for plans that allow you to customize your coverage and policy terms to suit your specific needs.
FAQs on 15 Crore Term Insurance
Why Should I Consider 15 Crore Term Insurance?
Opting for 15 Crore Term Insurance ensures that your family is financially secure in case of your untimely demise. The high coverage amount covers outstanding debts, and future financial needs, and provides a safety net for your loved ones.
Who is Eligible for 15 Crore Term Insurance?
Eligibility criteria vary among insurers, but typically individuals aged 18 to 65 years with good health are eligible. The age range and health requirements may vary from one insurer to another.
How are Premiums Calculated for 15 Crore Term Insurance?
Premiums are calculated based on factors like age, health, lifestyle, coverage amount, and policy term. Younger, healthier individuals often pay lower premiums.
Can I Add Riders to My 15 Crore Term Insurance Plan?
Yes, many insurers offer riders or add-ons that can enhance your coverage, such as critical illness riders, accidental death benefit riders, and more. These can be customized based on your needs.
What Happens If I Miss Premium Payments?
Missing premium payments can lead to policy lapses or discontinuation. Some insurers offer grace periods during which you can make late payments.
Is the Premium Amount Fixed for the Entire Policy Term?
In most cases, the premium remains fixed for the entire policy term, especially in level-term insurance plans. However, you should confirm this with the insurer.
How do I Make a Claim under My 15 Crore Term Insurance Plan?
In case of the policyholder's demise, the beneficiaries need to inform the insurance company and provide the necessary documents. The insurer will guide them through the claim settlement process.
Can I Buy 15 Crore Term Insurance Online?
Yes, many insurance companies and insurance web aggregators offer the option to purchase 15 Crore Term Insurance online. Online platforms make it convenient to compare plans, calculate premiums, and complete the application process.
Conclusion
15 Crore Term Insurance offers a robust shield of financial security for you and your loved ones. With its high coverage, it ensures that your family's dreams, aspirations, and well-being remain safeguarded, even in your absence. By opting for this high coverage, you're making a proactive investment in your family's future, providing them with the resources they need to navigate life's uncertainties with confidence.
Compare Quotes Today at Policybachat and Secure Tomorrow Forever with a 15 Crore Term Insurance Plan.