15 Year Term Life Insurance: Best Plans & Full Guide

A 15-year term life insurance policy offers short-to-medium-term financial coverage. The nominee gets the death benefit if the insured person dies during the policy term. However, if the insured person outlives the policy tenure, the policy ceases to exist.

Notably, there is no maturity benefit associated with term plans unless it’s not a Whole life cover or Return of Premium term plan.

A 15-year term insurance plan provides multiple benefits to your family in case of your demise. Check them out below:

• Low-Cost Coverage:A 15-year life insurance policy provides medium-to-short-term protection at a low cost.


• Financial Coverage:The dependents or family can use the sum assured received to meet their everyday needs.


• Death Benefits: The nominee gets the death benefit in case the insured individual dies during these 15 years.


• Planning for Future: The nominee can plan family’s future financial needs, such as marriage, education, or healthcare.


• Income Tax Benefit: The premiums paid for term insurance qualify for tax deduction u/s 80C under old tax regime. The maturity benefit is also exempt from tax u/s 10(10D) of Income Tax Act, 1961.

A 15-year term insurance plan is suitable for individuals who seek long-term financial protection. It provides long-term financial protection to your family. This coverage could prove to be a blessing in the event of your demise without having a financial backup.

A 15-year term life insurance plan can be a great option for the following groups:

• Young Professionals: As you grow in your career, long-term financial coverage ensures your family stays protected while build your future relentlessly.


• Working Women: It acts as a financial cushion for their family in case of unforeseen situations, ensuring stability during challenging times.


• Taxpayers: It is a great way to combine long-term financial protection with thoughtful tax planning (applicable under old tax regime only).


• Newly Married Couples: In the early years of marriage, responsibilities increase and life goals take shape. A 15-year term policy offers steady financial security to your spouse as you work towards milestones like buying a home, planning a family, or starting a business.

A 15-year term insurance plan works in the following way:

Step 1: Choosing the Right Insurer

Use an online term insurance calculator to compute the estimated premium payable for a policy. This premium is based on your desired sum assured, policy tenure, and other factors. Look for a credible insurance company that offers best insurance coverage as per your needs.

Step 2: Buying a Suitable Plan

Submit required documents for identity, address, and income proof to proceed. If required, you may need to undergo medical tests for a current health analysis. Finally, proceed with the payment to purchase the plan.

Once your application is approved, you should receive confirmation and policy documents.

Step 3: Maturity Benefits

Term plans do not offer maturity benefits if you outlive the policy term. However, you might receive your premiums back if you had opted for the return of premium feature.

Let’s understand how a 15 year term life insurance policy is different from other term life insurance plans in the following manner:

Overall, a 15-year term life insurance plan is ideal for financial protection for short-term and medium-term needs. It helps you to stay stress-free and focus on other key responsibilities.

It is advisable to purchase term insurance early in life so you can get adequate protection at lower premium. Also, check the insurer’s claim settlement ratio, claims process, and policy details thoroughly before purchasing it.

This helps you prevent any unpleasant surprise for your nominees in your absence, ensuring they get coverage when needed.

Follow this step-by-step process to buy a 15-year term insurance policy online:

Step 1: Enter Your Basic Details

Choose the insurance company, log in to their official portal and fill in the basic details like:

• Name
• Age
• Date of Birth
• Contact Details
• Smoking Habits
• Annual Income
• Expected Life Cover

After filling in these details, you can view the benefits and features of your desired policy. Read the details thoroughly and choose the most suitable option.

Step 2: Fill in the Proposal Form

Fill out the details in the life insurance proposal form, which needs essential details like:

• Personal Details
• Health Conditions
• Lifestyle Details
• Nominee Details
• Existing Life Cover

Step 3: Submit Required Documents

Next, the customer needs to provide various documents, such as:

• Identity Proof: Aadhaar Card or PAN Card
• Address Proof: Address certificate, electricity bill, or Aadhaar card
• Health Documents: Reports of the required medical tests

Note: The list of documents needed is provided while filling out the proposal form.

Step 4: Undergo Medical Test

You will need to undergo comprehensive medical tests at a recommended diagnostic centre. This will allow your insurer to have a clear understanding of your health conditions.

Step 5: Premium Payment

Pay the online premium through your preferred payment mode. Once the payment is successful, a confirmation message will be sent to you via an email.

Step 6: Issue of Policy

The insurer will verify your application form and associated documents. Based on their verification, the insurer will either issue the policy or reject it on practical grounds. You will receive confirmation and policy details upon acceptance of policy application.