Written by
Alok Mishra
Insurance Writer
Alok Mishra is a Digital and Content Marketing specialist with 10 years of experience. He has spearheaded Web Content, Social Media & Branding, and Community Building initiatives to drive growth for prominent brands.
Reviewed by
Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
1.5 crore term insurance plan can be considered as the simplest form of insurance policy that allows an individual to stay financially protected. Since it is a pure life insurance product, you can get the large cover at reasonable premium rates, especially if you buy the plan early in life..
Term plans are straightforward life insurance plans. Under this plan, the beneficiary receives a predetermined death benefit in case of the insured person’s demise during the policy period. As the policyholder, you have the control over the sum assured of the policy. So, if you were to opt for a term insurance plan with a cover amount of 1.5 crore, your loved ones would receive this sum in case of your untimely demise.
It is increasingly becoming a popular choice among policy buyers due to the growth in financial responsibilities and liabilities. Purchasing a term insurance plan for 1.5 crore ensures that the cover amount is sufficient to sustain your loved ones in your absence, many years from now.
High life coverat affordable premiums
Death Claim Paid Ratio99.65%^
Worldwide Claims
Coverage against64 critical illnesses@
Securing your family’s future is a crucial decision. As a policy buyer, you may find yourself struggling with the number of different options available to do so. If you are contemplating whether you should purchase 1.5 crore term insurance plan, we are here to help you out.
A term insurance policy assures financial security to an individual’s family in the event of the insured's death within the policy's term. A 1.5 crore term insurance plan is a policy that provides to pay the nominee the sum assured of the stated amount in the event of the insured's death. This plan acts as a guardian for the policyholder's family, assisting them in meeting their financial needs and goals.
Let’s understand how it works:
Determining the right coverage amount for your insurance policy is essentially calculating your life’s worth and it can be a morbid task. However, the primary goal of life insurance is to offer financial support to your family and dependents in the event of your death. Hence, it is important to answer this question to ensure that you choose the right cover amount.
When selecting the best term insurance plan for yourself in order to financially protect your family, the most important factor to consider is choosing the right sum assured option. Your dependents shall receive this amount to maintain their existing lifestyle in the event of your demise. Click on the right sum assured option for you to know more about what suits your needs the best.
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
Before you can invest your money in one of the best term insurance plan for 1.5 crore, there are some benefits you should know to make the most of the policy:
There is no one-for-all insurance policy or cover amount that suits everyone. Your financial profile is unique, and it is a personal financial decision whether you wish to get security with the best term insurance plan for 1.5 crore. However, following are some scenarios which make can help you identify whether it is for you:
For most of us, the key consideration when buying an insurance policy is the premium amount. This amount is determined by a number of factors, including age, number of riders, annual income, and so on.
So, to assist you in choosing one of the best term insurance plan for 1.5 crores, we've put together a table that compares premium expenses for various age groups for basic coverage and base coverage plus rider of Axis Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk Axis Max Life 1.5 Crore Term Insurance Plan | Everything You Need to Know
life insurance plan | UIN: 104N118V10]. Let's have a look at some examples:
The following figures are calculated according to: Gender (Female) + DOB + Non-Smoker + Annual Income (5-7 lakhs) + Salaried Individual + Coverage upto 75 years of Age
*Premiums are exclusive of GST
| Age | Premium for 1.5 Crore Term Insurance Plan (Monthly) | 1 Premium for 1.5 Crore Term Insurance + 1Critical Illness & Disability Rider# (Monthly) | Premium for 1.5 Crore Term Insurance + 2Waiver of Future Premium Rider# (Monthly) |
|---|---|---|---|
| 20 | Rs. 886 | Rs. 963 | Rs. 909 |
| 30 | Rs. 1,240 | Rs. 1,365 | Rs 1,293 |
| 40 | Rs. 2,100 | Rs. 2,314 | Rs 2,251 |
| 50 | Rs. 4,093 | Rs. 4,411 | Rs 4,609 |
| 60 | Rs. 8,079 | N/A | Rs 9,046 |
1
Premiums exclude GST. CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Gold Variant, valid up to Base Term.
1
Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V02)
2Axis Max Life Waiver of Premium Plus Rider (UIN: 104B029V05)
Axis Max Life Insurance offers flexible and innovative term plans such as Axis Max Life Smart Secure Plus Plan that allows policy buyers to get a coverage of 1.5 crore at nominal premium rates. This 1.5 crore term insurance plan includes numerous base/built-in features, such as two death benefit options and a regular or limited premium payment option.
ARN NO: PCP/1.5CTI/140824
“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Axis Max Life policy in future”
Subodh Mishra
“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”
Gaurang Kumar Pawar
“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”
Vinay Sharma
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