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1.5 Crore Term Insurance Plan

Set the best backup for your future. A term insurance policy with a sum assured of ₹1.5 crore lets the layer of financial protection for your family cover important situations. For high coverage of affordable life insurance, term plans from IndiaFirst Life can be the ideal choice. Get yourself and your loved ones the financial protection they need.

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Policy remains effective in your absence (WOP)
Lifestyle Protection
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What is Term Insurance With ₹1.5 Crore Sum Assured?

Choosing the right sum assured amount for your term insurance is one of the most crucial steps of your life insurance purchase journey. It is the amount you leave behind for your loved ones, so their financial stress may be alleviated. A ₹1.5 crore sum assured term insurance plan comes with a life coverage worth ₹1.5 crore. It is a significant value that your nominee can make a death benefit claim for.

Before you opt for a ₹1.5 crore sum assured plan, ensure that you are well aware of what term insurance is, and how it fits into your financial planning. Also, do consider whether ₹1.5 crore is the right sum assured amount for you.

What Are Some of the Potential Benefits of ₹1.5 Crore Term Insurance Plans?

Opting for a ₹1.5 crore term insurance plan provides numerous advantages for policyholders and their families. Here are some key benefits:

Financial Security

A term insurance plan with a sum assured of ₹1.5 crore offers significant financial protection to your loved ones.

Affordable Premiums

The premiums for a ₹1.5 crore policy are generally lower compared to other life insurance products offering similar coverage.

Tax Benefits

The premiums paid are eligible for deductions under Section 80C of the Income Tax Act, reducing your taxable income. Additionally, the death benefit received by the beneficiaries is exempt from tax under Section 10(10D).

Flexibility

Many term insurance plans offer flexibility in choosing the policy term and premium payment options.

Rider Options

Riders can be added to your ₹1.5 crore term insurance policy at a nominal cost, offering comprehensive coverage for various contingencies.

Who Should Purchase ₹1.5 Crore Term Insurance Plans?

Term life insurance plans can prove to be beneficial to almost every person, and especially so for people with dependents. The following type of people may find ₹1.5 crore term insurance plans to be useful:

Individuals with Liabilities
Individuals with Dependents
Individuals with High-Risk Jobs
Those worried about Inflation

Individuals with Liabilities

You may not have many family members entirely financially dependent on you. However, you may have a home loan you do not want to burden them with, in the event of your untimely passing.

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Individuals with Dependents

If you have a chronically ill family member you care for, or a child who seeks to pursue higher education.

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Individuals with High-Risk Jobs

Individuals with high-risk job but also have significant income

If you work in risky conditions, it may help to have a life cover through which your family can maintain their lifestyle after you are gone.

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Those worried about Inflation

If you are worried about inflation and rising costs and If you expect your family’s need to increase in the coming years, a ₹1.5 crore term insurance policy can help you with future planning.

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How Does Term Insurance With ₹1.5 Crore Sum Assured Work?

Determine whether ₹50 lakh is sufficient coverage, on the basis of your financial responsibilities, dependents, and future goals.

Here are some factors to consider:

Basics

Irrespective of the sum assured amount, almost all term insurance plans work in a similar fashion. The fundamental goal most term insurance plans fulfil is being a source of financial support for your nominee or beneficiary after you are gone.

For example, if you are looking to secure the future education of your child in your absence, a ₹1.5 Crore term insurance sum assured can be of significant help.

Right Choice

Choosing the right sum assured is one of the few factors to consider before you make the purchase. Once you have settled on a ₹1.5 crore term insurance cover, consider other factors before the purchase, such as premium amount, term duration, rider inclusion, and more.

Term Insurance Calculators

To ensure that the premium cost is not beyond your budget, use a term insurance calculator. It allows you to get estimates based on your personal details, plan requirements, and the customisations chosen.

Nominee Awareness

Once you make the plan purchase, ensure that your nominee is fully aware of what the plan entails and how they may claim it. If you have chosen riders, ensure that they understand the same.

Plan Selection

Looking to buy a new term plan? Choose from the range of IndiaFirst Life term insurance plans. Buy them online here.

How to Choose the Right ₹1.5 Cr Term Insurance Plan?

Consider the following factors to ensure that the plan you are choosing is right for you.

Choosing the right sum assured

You may use a term insurance calculator to ensure that ₹1.5 crores is the right sum assured for you. It is important to factor in your annual income as well as your liabilities to figure out the right sum assured amount.

Claim Settlement Ratio

Choosing the right insurance provider is at least as important as choosing the right policy and sum assured. The claim settlement ratio gives insights into the claim settlement trend of the insurer. It can be a helpful parameter to consider.

Policy Riders

Check for the availability of riders and how much they add to the cost. Add them if they fit your budget and suit your needs.

How to Buy a ₹1.5 Crore Term Insurance Plan from IndiaFirst Life?

Term insurance policies from IndiaFirst Life can be conveniently purchased online.

Follow these steps to get started:

Select the plan that suits your needs and proceed to the purchase page.
Enter the details of the plan and provide your personal information.
Review and confirm the plan details.
Submit the required documents and pay the premium.
You will receive your policy document.

Alternatively, consult your insurance agent or an IndiaFirst Life advisor for guidance during the purchase process.

Need help in choosing the right life insurance plan? Call us now at 8828840199 or request a call back here.

Why Buy a ₹1.5 Crore Term Insurance Plan from Us?

Wide range of plans to choose from

Reliable customer service team

Easy claim settlement process

Access to expert advice

98.22% claim settlement ratio

Need Help In Choosing The Right Term Plan?

Frequently Asked Questions

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General

Premiums and Payments

What is the minimum income requirement to be eligible for term insurance of ₹1.5 crore?

Answer: There is no stringent minimum income requirement for the sum assured chosen. The approval for the sum assured is subject to the approval of the underwriting team. To avoid any issue with policy purchase, just ensure that you are able to afford the premium for the chosen sum assured.

Who is eligible for a ₹1.5 crore term plan?

Answer: You must be at least 18 years of age to purchase a term life insurance plan, irrespective of the sum assured you are trying to secure. Check the eligibility criteria of the term policy you seek to ensure that you may be able to get the plan.

How can I purchase a ₹1.5 crore term plan?

Answer: You can log onto the IndiaFirst Life website and choose the plan you want to purchase. The purchase process can be completed online, provided you are able to submit the necessary documents and pay the premium amount. Alternatively, you can also take the help of an insurance agent.

What happens if the life assured survives the policy tenure?

Answer: If you have opted for a level term insurance policy and survive the policy tenure, there are no maturity benefits of term insurance to be claimed. However, if your plan has a return of premium option, you may claim the premium return upon plan maturity.

What is the premium amount for a ₹1.5 crore term insurance plan?

Answer: The premium amount for a plan depends on various factors, such as your age and gender, as well as the sum assured chosen. You may use a term insurance calculator to get estimates for the chosen plan and sum assured, based on your personal details.

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