Best Term Insurance For 15 Lakhs Online In India 2024

Table of Contents:

• What is a 15 Lakhs Term Insurance Policy?
• Advantages of a 15 Lakh Term Insurance Policy
• Top 5 Term Insurance Policies with 15 Lakhs Cover
• Premium Table for the 15 Lakhs Term Insurance Plans
• Steps to Purchase a 15 Lakh Term Insurance Policy
• Frequently Asked Questions (FAQs) – 15 Lakhs Term Insurance
• Conclusion

What is a 15 Lakhs Term Insurance Policy?

A 15 lakhs term insurance policy in India is a type of life insurance plan that provides a coverage amount of 15 lakhs rupees. This means that if the policyholder passes away during the term of the policy, their beneficiaries will receive a lump-sum payment of 15 lakhs as a death benefit. This financial payout can help the family and dependents manage their expenses, such as education costs, daily living expenses, and other financial obligations, in the absence of the insured individual.

Advantages of a 15 Lakh Term Insurance Policy

A 15 lakh term life insurance policy in India offers several advantages such as:

• Affordability: Term insurance policies, including the 15 lakh coverage option, are generally more affordable compared to other types of life insurance.
• High Coverage Amount: A 15 lakh policy provides a death benefit to your beneficiaries in case of your untimely demise. This payout can serve as a significant financial safety net, helping your family cover various expenses and maintain their lifestyle.
• Customizable Term Length: You have the flexibility to choose a term length that aligns with your specific needs. Whether it's a shorter term to cover a specific financial obligation or a longer term for extended protection, you can tailor the policy to your circumstances.
• Financial Security: The death benefit from a 15 lakh term insurance policy can provide financial security to your dependents and loved ones. It can help them manage immediate expenses, pay off debts, cover education costs, and maintain their standard of living.
• Ease of Purchase: Term insurance policies, including the 15 lakh coverage, can often be easily purchased online or through simple application processes. This buying process ensures convenience.
• Tax Benefits: Premiums paid for term insurance policies are eligible for tax benefits under Section 80C, Section 10(10D) of the Income Tax Act.
• No Investment Risk: Term insurance focuses solely on providing a death benefit and does not involve complex investment components. This ensures a straightforward and clear understanding of the policy's benefits.
• Convertibility/ Add-ons: Many term insurance policies offer the option to convert to a whole life insurance policy later on, without the need for a medical examination. Additionally, you can enhance your coverage by adding riders to your policy.

Top 5 Term Insurance Policies with 15 Lakhs Cover

1. Bajaj Allianz Smart Protect Goal Plan

Bajaj Allianz’s smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers.

Features & Eligibility:

• Entry Age: Minimum 18 years to Maximum 65 years
• Maximum age at Maturity: 75 years with ROP, 85 years without ROP, 99 years the whole life
• Sum Assured: Minimum 5 Lacs and Maximum as per Board approved guidelines.
• Life Cover: Self
• Policy Term: 5 years to 40 years
• Premium Payment: Single payment, Regular payment, or Limited payment.

2. Tata AIA Sampoorna Raksha Supreme

Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need. At each life stage, regardless of your gender, occupation, age, etc., this plan can prepare your family for life's uncertain events.

Features & Eligibility:

• Entry Age: Minimum 18 years to Maximum 65 years
• Maximum age at Maturity: 65 years to 100 years
• Sum Assured: Minimum Rs. 1 lac and Maximum as per Board approved guidelines.
• Premium Payment Term: Limited Pay, Single Pay, Regular Pay
• Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly. Single

3. Aditya Birla Sun Life Insurance DigiShield Plan

Aditya Birla Sun Life Insurance DigiShield Plan is a non-linked term insurance plan. This term life insurance plan has to be chosen per the customer’s requirements with reasonable premiums. Provides 10 different Aditya Birla Sun life insurance policy options as per your family's needs so they need not compromise on their lifestyle, even in your absence.

Features & Eligibility:

• Entry Age:

  For Plan Option: 1, 2, 3, 6, 7, 8, 10: Minimum 18 years to Maximum 65 years

  For Plan Option: 4, 5: Minimum 45 to Maximum 65 years

  For Plan Option: 9: Minimum 18 to Maximum of 50 years

• Maximum age at Maturity:

  For Plan Option: 1, 2, 3, 6, 7, 8, 10: 85 years

  For Plan Option: 4, 5: 100 years

  For Plan Option: 9: 69 years

• Sum Assured:

  For Plan Option: 1, 2, 3, 4, 5, 6, 7, 9, 10: Minimum- Rs. 30 Lakh and Maximum- No Limit

  For Plan Option: 8: Minimum- Rs. 1 Lakh and Maximum- Rs. 20 lakh

• Premium Payment: Single payment, Regular payment, or Limited payment.
• Premium Mode: Annual, Semi-annual, Quarterly, Monthly

4. HDFC Life Click 2 Protect Plan

An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance plan. It will provide an additional sum assured on Accidental death, money-back on all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.

Features & Eligibility:

• Entry Age: Minimum 18 years to Maximum 65 years
• Maximum age at Maturity: 85 years
• Sum Assured: Minimum Rs. 25lacs and Maximum as per Board approved guidelines.
• Premium Payment Term: Limited Pay, Single Pay, Regular Pay
• Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly. Single

5. PNB MetLife Mera Term Plan Plus

The plan offers you the flexibility to choose protection against Death, Critical Illness, Disability, and Terminal Illness along with various additional options like spouse coverage and whole-life protection. You can also customize your coverage with various cover enhancement options available under the plan.

Features & Eligibility:

• Entry Age: Minimum 18 years to Maximum 65 years
• Maximum age at Maturity: 75 years
• Sum Assured: Minimum Rs. 25 lacs and Maximum as per Board approved guidelines.
• Premium Payment Term: Limited Pay, Single Pay, Regular Pay
• Premium Payment Mode: Yearly, Half-Yearly, Quarterly, Monthly. Single

Premium Table for the 15 Lakhs Term Insurance Plans

*The above-mentioned values are for reference purposes only * Please compare quotes for exact values.

Steps to Purchase a 15 Lakh Term Insurance Policy

You can buy a term insurance policy for 15 lakhs online easily at PolicyBachat.com. The below steps are to be followed to buy a term insurance policy for 15 lakhs.

• Go to PolicyBachat Website. Click on the ‘Term’ Tab
• Provide the required information such as name, date of birth, occupation, income, etc.
• Compare premium rates from the list of companies provided.
• Select the best plan which suits your requirement.
• Make payment via online payments.

Frequently Asked Questions (FAQs) – 15 Lakhs Term Insurance

What Does 15 Lakhs Term Insurance Mean?

A 15 lakhs term insurance policy refers to a policy that provides a death benefit of 15 lakhs rupees to the beneficiaries in the event of the insured's death during the policy term.

Who Should Consider a 15 Lakhs Term Insurance Policy?

Individuals who want to financially protect their family or dependents in case of their untimely demise may consider a 15 lakhs term insurance policy. It can provide financial stability and support for the beneficiaries.

Can I Increase the Coverage Amount of My 15 Lakhs Term Insurance Policy?

Some insurance providers offer options to increase the coverage amount through policy riders, but this may involve additional underwriting and increased premiums.

How Much Does a 15 Lakhs Term Insurance Policy Cost?

The cost of the policy is determined by various factors, including the insured's age, health, lifestyle, term length, and coverage amount. Premiums are generally lower for younger, healthier individuals.

What is the Policy Term for a 15 Lakhs Term Insurance Policy?

The policy term varies depending on the insurance provider and the specific policy you choose. Common policy terms could range from 10 to 40 years or more.

Can I Add Riders to My 15 Lakhs Term Insurance Policy?

Yes, some insurance providers allow you to add riders or additional benefits to your term insurance policy. Common riders include accidental death benefits, critical illness coverage, and disability benefit.

Conclusion

A 15 lakhs term insurance policy offers a valuable financial safety net to protect your loved ones in the event of your untimely demise. Choosing a 15 lakhs term insurance policy involves careful consideration of various factors to ensure you select a plan that suits your needs and provides adequate financial protection for your loved ones.

Compare quotes at PolicyBachat now to find the perfect policy to unlock your family's financial security!