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Written by

Alok Mishra
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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.

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Reviewed by

Bhaskar Sinha
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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

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..

What is 1.5 Crore Term Insurance Plan?

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.

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Why Buy 1.5 Crore Term Insurance Plan?

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.

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Here are some reasons you should consider the 1.5 cr term insurance to get long-term financial security:

Greater Coverage

1.5 crore term insurance allows you to establish a strong financial safety net around your loved ones. It means that they will be able to sustain their standard of lifestyle and accomplish their dreams, even during difficult times in life.

Cost-Effective

Buying the 1.5 crore term insurance plan is one of the most cost-effective ways to secure your loved ones’ future since it allows you to pay nominal premium rates for a hefty cover. You can choose to stay covered under the policy for an extended period by paying minimal premiums.

Additional Security

In addition to the base cover of the 1.5 cr term insurance plan, you can choose to enhance your coverage with add-ons such as a critical illness benefit*, accidental death benefit*, waiver of premium benefit, etc.

Security Against Loans & Liabilities

In case of your untimely demise, your family can use the financial support from the 1.5 crore term insurance plan to pay off outstanding loans and liabilities.

How does Term Insurance 1.5 Crore Plan Work?

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:

  • A term insurance policy is a type of life insurance that offers coverage for a specific period of time, or 'term,' as the name implies.
  • If the policyholder dies while the term plan is still active, the beneficiary is entitled to a death benefit from the insurance company. If you buy a 1.5 cr term insurance plan, for example, the entire sum assured will be paid to the nominee according to the policy terms and conditions.
  • If you have a young family, a term plan may be the most cost-effective way to insure your family's future. Even if you choose one of the best term insurance plan for 1.5 crore, the premiums will not be a problem if the policy term is long.
  • Your premium is fixed and does not change during the course of your insurance policy. As long as you pay your payments on time, you are insured.
  • Having an 8-figure sum set aside for contingencies can put your mind at peace and cover significant expenditures. Hence, buying a 1.5 crore term insurance plan can prove to be a smart move in the long run.

How to Determine the Right Coverage Amount?

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.

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If you are wondering whether 1.5 crore term insurance plan is for you, consider these questions taking an example:

What is your family’s income/expenses?

The monthly expenses for Pranav’s family are Rs 80,000, totaling Rs 9.6 lakh per year. It is generally suggested that coverage be provided at a rate of 10-15 times annual expenses. While this is entirely up to Pranav, a multiple of 15 is advised in his situation to factor in increasing education costs, inflation rate and his parents' healthcare costs. Based on predicted household expenses, his coverage would be Rs 1.4 crore at a multiple of 15 times. Hence, choosing one of the best term insurance plan for 1.5 crore makes the most sense for him financially.

What are the important life goals and events?

Pranav has two kids who are approaching crucial milestones in life including their higher education and marriage. He wants the best for his children and has already started a building a corpus of Rs. 30 lakhs over the next 20 years by investing in mutual funds.

These objectives would be jeopardized due to his premature death. As a result, it's a good idea to include this sum in Pranav’s term insurance requirements which makes the 1.5 crore term insurance plan a favorable choice.

What are your liabilities?

If Pranav has an outstanding home loan or car loan, it can become a significant burden on his family if he suffers a premature death. Hence, taking this liability into account is a wise move when determining the suitable cover amount for his term plan.

What are your current assets?

The investments you've made throughout the years are on the opposite end of the liabilities. Your family will be able to access these investments after you pass away. Your provident fund, mutual funds, fixed deposits, and other such investments are some examples. If Pranav has made 30 lakh worth of these investments, he can deduct this amount from the coverage required to secure his family.

What is your life stage at the time of purchase?

If Pranav is in his early thirties when he invests in the 1.5 cr term insurance plan, his financial planning would look different in terms of other investment priorities. This means that he can purchase the plan without affecting his overall financial standing much, since the premiums will be lower for him as opposed to if he bought the plan in his late 40s.

Ideally, your term insurance cover shall be sufficient to satisfy all outstanding debts as well as provide a source of income for the covered person's family. Answering the above-mentioned questions will give you a clearer understanding of your future priorities and current situation to help plan for your family’s future effectively.

How to Choose the Best Term Insurance Policy with the Right Sum Assured Option?

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.

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₹50 Lakhs

Starting from  ₹16/day%*

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₹75 Lakhs

Starting from  ₹24/day%*

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₹1 Crore

Starting from  ₹26/day%*

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₹1.5 Crore

Starting from  ₹39/day%*

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₹2 Crore

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₹5 Crore

Starting from  ₹92/day%*

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 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/280124

Benefits of 1.5 crore Term Insurance Plan

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:

High Cover, Low Premium

One of the most significant advantages of purchasing a 1.5 crore term insurance plan is that it will not add to your financial burdens, as one might assume. The premiums for term plans are quite low because they are the purest form of life insurance. Plus, you'll be able to focus on long-term savings and investments because of this.

Flexibility of Payment

Certain insurance policies allow policyholders to choose the payout option for the death benefit. For example, based on your financial needs at the moment, you can choose between receiving a monthly income payment or receiving the entire death benefit in one single sum if you purchase 1.5 cr term insurance.

Customization Options

Like any other insurance plan, you can attach riders to your 1.5 crore term insurance plan to boost the coverage. Riders such as accidental death benefit*, critical illness benefit*, maturity/survival benefit, and return of premium variant**( can be added to your term plan, allowing you to modify and adapt it to your preferences and needs.

Enables Efficient Financial Planning

When compared to an older person with pre-existing ailments, premiums are lower at a young age. So, if you purchase one of the best term insurance plan for 1.5 crore at an early life stage, you can save your money in the long run.

Tax Benefits#* 

The sum assured, or death benefit, of term insurance policies is totally tax free , according to Section 10(10D) of the IT Act. So, whether you have a term insurance policy worth Rs 50 lakhs or Rs 1.5 crores, the payout, as well as any additional incentives, would be tax-free. Moreover, you can claim tax deductions on the premiums paid towards the 1.5 cr term insurance.

#*Tax benefits are subject to changes in tax laws. Also Read:- Tax benefits of term Insurance

Who Should Opt for Term Insurance Cover of 1.5 crore?

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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:

  • If you have any dependent family members, it is prudent to purchase at least a 1.5 Crore term insurance policy, considering the inflation rates, rising education and healthcare costs. In order to determine the premium amount of the 1.5 crore term insurance plan, you can make use of the term insurance premium calculator.
  • Individuals who are the family's sole breadwinner should look for the best term insurance plan for 1.5 crore to ensure that their families are sufficiently insured in the event of their death.
  • These plans are best suited for individuals aged 25 to 35, as the policy term of 1.5 cr term insurance can be spread across several years of your life.
  • These plans are appropriate for those with an annual income above 5 lakhs.
  • Finding the best term insurance plan for 1.5 crore can also be a wise choice if you are the single breadwinner with several dependents.
  • In case you have liabilities such as outstanding loan repayments at the time of purchasing the insurance policy, it is best to go with one that offers a larger cover amount, so your family does not have to suffer in case of your untimely demise.

How to Select Relevant Term Insurance Plan?

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: 104N118V11]. 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 1.5 Crore Term Insurance Plan | Everything You Need to Know

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.

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Some benefits of this policy that make it one of the best term insurance policies for 1.5 crore are

Built-In Terminal Illness Cover

In-built feature offering up to 1 crore payout on diagnosis of Terminalillness.

Joint Life Cover*

Policyholders get the option of opting for add-on coverage for their spouse.

Premium Break## 

This feature provides policyholders the option to skip paying premiums while being covered – twice during the policy term.

Special Exit Value

Another in-built feature with surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.

Top-Up Sum Assured*

The option to voluntarily top-up to 100% of the base sum assured coverage.

The Smart Secure Plus Plan by Axis Max Life Insurance aims at making the policyholder’s and their family’s lives easier by providing adequate financial security. So, even when you're not present, you can rest assured that your family's future is in good hands.

Check Out Different Online Insurance Plans from Axis Max Life!

  • Axis Max Life Smart Secure Plus Plan

    In case of your demise during policy term, your family will receive a comprehensive death benefit for your family

    To assist you achieve your life goals, there are guaranteed maturity advantages, income benefits, and guaranteed additions

    Lump sum, short-term, long-term, and whole-life income options with distinctive benefits are available

    Know more
  • Axis Max Life Smart Wealth Plan

    Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term

    Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals

    Multiple variants -lumpsum, short term income, long term. income, and whole life Income with unique benefits

    Know more
  • Short Term Income

    Guaranteed income benefit at the end of the policy term based on the chosen frequency for the payout period

    Lumpsum guaranteed death benefit payable to the nominee after the death of the life insured during policy term

    Multiple premium payment tenure and policy period options to fit your profile and specific requirements

    Know more
  • Long-Term Income

    Guaranteed income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected

    Terminal benefit that equals total premiums paid, post completion of the payout period payable to nominee

    Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs

    Know more
  • Term Plan with Return of Premium

    Option to receive the premiums paid back on successful survival of the insured till end of policy term

    Death benefits for your family members in case of any eventuality leading to the loss of your life

    Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay

    Know more
  • Axis Max Life Critical Illness and Disability Rider

    Additional protection against up to 64 critical illnesses depending on the rider variant you select

    Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury

    Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate

    Know more
  • Axis Max Life Waiver of Premium Plus Rider

    Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free

    Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms

    Continued benefits of the base policy to give you peace of mind about maintaining various life expenses

    Know more

Frequently Asked Questions

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What Are the Eligibility Criteria for Buying 1.5 crore term insurance plan?

What is the premium for 1.5 crore term insurance?

How to calculate Term Plan Premium?

How To Buy 1.5 Crore Term Insurance Plan Online?

What Is the Minimum Age for Term Insurance Plan?

What Is the Benefit of Buying Term Insurance at Early Age?

What Are the Benefits of Buying ₹1.5 Crore Term Insurance in India?

What Rider Benefits Are Available on My ₹1.5 Crore Term Insurance?

What Happens If You Don’t Die During The Policy Term?

ARN NO: PCP/1.5CTI/140824

Disclaimers:

1)*On payment of additional premium

2)**On payment of additional premium. Upon policyholder’s selection of Return of Premium variant, this product shall be a Non-Linked & Non participating Individual Life Insurance Saving Plan

3)# Applicable riders available on the payment of Additional Premium are Axis Max Life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V02 and Axis Max Life Waiver of Premium Plus Rider | A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider | UIN 104B029V05

4)##Available at an additional premium for policies with Policy Term greater than 30 years & premium payment term greater than 21 years. Option to skip paying premium for 12 months, 2 premium breaks will be available during the Premium Payment Terms separated by interval of at least 10 years

Customer Reviews

Axis Max Life Term Insurance Plan

“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

Axis Max Life Term Insurance Plan

“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

Axis Max Life Term Insurance Plan

“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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