Buy 1.5 Crore Term Insurance Plan Online In India 2024

Updated On: 2023-09-01

Author : Team Policybachat

Term insurance is a fundamental component of financial planning that provides a safety net for your loved ones during your untimely demise. It offers a cost-effective way to secure your family's financial future, ensuring they are not financially burdened during challenging times. Financial planning involves considering various aspects of your present and future financial needs. Among these, ensuring the well-being of your family in case of an unexpected tragedy ranks high. This is where term insurance steps in. Unlike other insurance types, term insurance is designed solely to offer a death benefit to beneficiaries in the event of the policyholder's death during the specified term.

Term insurance plans provide policyholders with the flexibility to choose their coverage amount, commonly referred to as the sum assured. When it comes to securing a substantial coverage amount, 1.5 crore term insurance emerges as a powerful solution. This type of insurance offers a coverage amount of Rs. 1.5 crore, providing a substantial cushion that can shield your family from financial hardships during challenging times. Whether it's paying off debts, maintaining their quality of life, or realizing important life goals, a 1.5 crore term insurance policy can offer the financial support your family needs to move forward.

What is 1.5 Crore Term Insurance

1.5 Crore Term Insurance in India refers to a type of life insurance policy that provides a coverage amount of Rs. 1.5 crores. This coverage amount, also known as the sum assured, is the maximum payout that the insurance company will provide to the beneficiaries in the unfortunate event of the policyholder's death during the term of the policy.

How Does a 1.5 Crore Term Insurance Plan Work?

Term insurance is a form of life insurance that offers pure protection, focusing solely on providing a death benefit to the policyholder's beneficiaries. In the case of 1.5 crore term insurance, the policy ensures that if the policyholder passes away within the policy term, their designated beneficiaries will receive a lump-sum payout of Rs. 1.5 crore.

For instance, if you purchase a 20-year term insurance policy, your coverage will be in effect for 20 years from the date of policy inception. If you pass away during the policy term, your beneficiaries will receive the sum assured of Rs. 1.5 crore. This payout can be helpful for your family to cover various financial needs including outstanding debts, living expenses, education costs, fulfilling long-term goals, and securing their financial future.

Benefits of 1.5 Crore Term Insurance

Purchasing a 1.5 Crore Term Insurance Plan offers numerous benefits and reasons to consider, especially if you want to ensure the financial well-being and security of your loved ones in the event of your untimely demise. Here are the benefits of buying a 1.5 Crore Term Insurance Plan:

  • Financial Protection: A coverage amount of Rs. 1.5 crore provides a safety net for your family. In your absence, this amount can cover a wide range of financial needs, including outstanding debts, daily living expenses, education costs, medical bills, and more.
  • Maintaining Lifestyle and Goals: The payout from the insurance can help your family maintain their current lifestyle and achieve long-term financial goals, such as higher education for children, their marriages, and other life milestones.
  • Debt Settlement: If you have outstanding loans, mortgages, or other debts, the insurance payout can be used to settle these financial obligations, preventing your family from inheriting these burdens.
  • Income Replacement: The insurance amount can act as a substitute for your lost income, ensuring that your family's financial needs are met even after you're no longer there to provide for them.
  • Flexibility in Spending: The lump-sum payout provides flexibility to your beneficiaries in deciding how to allocate the funds according to their immediate and future needs.
  • Affordability: Term insurance plans are generally more affordable than other types of life insurance policies, especially when considering the coverage amount they offer. This makes it an accessible option for individuals looking to secure their family's financial future.
  • Peace of Mind: Knowing that your family will be financially secure and well taken care of, even in your absence, can provide you with immense peace of mind.
  • Customization with Riders: Many insurers offer riders or add-ons that can enhance the coverage of your term insurance plan. These riders can provide additional benefits such as coverage for critical illnesses, accidental death, disability, and more.

Factors to Consider When Opting for 1.5 Crore Term Insurance

When opting for a 1.5 Crore Term Insurance in India, several crucial factors should be taken into consideration to make an informed decision that aligns with your financial needs and goals. Here are the key factors to consider:

  1. Coverage Amount (Sum Assured)
  2. Policy Term
  3. Premium Affordability
  4. Your Age and Health
  5. Insurance Provider's Reputation
  6. Claim Settlement Ratio
  7. Terms and Conditions
  8. Riders and Add-ons
  9. Policy Exclusions
  10. Waiting Period and Maturity Age
  11. Financial Goals and Liabilities
  12. Premium Payment Frequency

By carefully considering these factors, you can select a 1.5 Crore Term Insurance plan that aligns with your family's needs and provides them with comprehensive financial security.

Top 10 Best 1.5 Crore Term Insurance Plans

S.No Life Insurance Company Plan Name Claim Settlement Ratio Policy Term Premium Per Month
1 Max Life Insurance Smart Secure Plus Plan 99.5% 25 Years 985/-
2 HDFC Life Insurance HDFC Click2 Protect 99.3% 25 Years 1048/-
3 PNB  MetLife Insurance Mera Term Plan Plus 99.06% 25 Years 1154/-
4 TATA AIA Life Insurance Sampoorna Raksha Supreme 99.01% 25 Years 1032/-
5 ICICI Prudential Life Insurance iProtectSmart - Life 97.9% 25 Years 1148/-
6 Aditya Birla Sun Life Insurance Digi-Shield 98.1% 25 Years 1145/-
7 AEGON Life Insurance iTerm Prime 99.37% 25 Years 1054/-
8 Kotak Mahindra Life Insurance e-Term 98.5% 25 Years 1002/-
9 Bajaj Allianz Life Insurance Smart Protect Goal 99% 25 Years 1125/-
10 Canara HSBC OBC Life Insurance iSelect 99.01% 25 Years 1148/-

*The above-mentioned premiums are for just illustration purposes only*. Please compare quotes for the exact premiums.

How to Choose the Right 1.5 Crore Term Insurance Plan

Choosing the right 1.5 Crore Term Insurance Plan involves a systematic evaluation of various factors to ensure that the plan aligns with your family's financial needs and provides adequate coverage. Here's a step-by-step guide to help you make an informed decision:

  1. Assess Your Financial Needs: Calculate your family's current and future financial needs, including outstanding debts, education expenses, daily living costs, and long-term goals.
  2. Determine the Policy Term: Consider the duration for which you need coverage based on your family's financial timeline and goals. It could be until your children are financially independent or until you reach retirement.
  3. Evaluate Your Premium Budget: Determine how much you can afford to pay as premiums while maintaining your other financial obligations. Ensure that the premium doesn't strain your finances.
  4. Research Reputable Insurers: Look for insurance companies with a strong reputation for customer service and prompt claim settlement. Check online reviews, ratings, and financial stability.
  5. Compare Plans Online: Compare life insurance quotes from PolicyBachat or insurance companies offering 1.5 crore term insurance plans. Compare premiums, features, riders, and policy terms to find the best fit.
  6. Check Claim Settlement Ratio: The claim settlement ratio indicates the insurer's track record of settling claims. Choose a company with a high claim settlement ratio, as this indicates smoother claims processing.
  7. Understand Policy Exclusions: Read and understand the policy's terms and conditions, especially the exclusions, and situations not covered by the insurance.
  8. Evaluate Additional Riders: Assess optional riders such as critical illness, accidental death, disability, etc. Choose riders that address specific needs relevant to your family's situation.
  9. Understand Premium Payment Flexibility: Check if the plan offers flexibility in premium payment frequency (monthly, quarterly, annually) to match your cash flow.
  10. Read Policy Documents Thoroughly: Carefully read the policy documents before signing. Understand the terms, conditions, and coverage details to avoid misunderstandings later.
  11. Disclose Information Truthfully: Provide accurate information about your health, lifestyle, and other factors while applying. Misrepresentation can lead to claim rejection.

By following these steps and comparing quotes online, you can select a 1.5 Crore Term Insurance Plan that offers comprehensive coverage and meets the specific financial needs and goals of your family.

Eligibility Criteria for 1.5 Crore Term Insurance

Minimum Age 18 years
Maximum Age 65 years
Policy Term 5 to 100 years
Maturity Age Based on Policy
Premium Payment Term Regular Pay, Limited Pay, Single Pay
Premium Payment Frequency Single, Yearly, Half-Yearly, Quarterly, Monthly

How to Buy a 1.5 Crore Term Insurance Plan Online in India

The Process of buying a 1.5 crore term insurance plan online has become simple with PolicyBachat. All you need to do is fill out an application form and then make a payment for the premium. The entire process takes less than 15 minutes. To buy term insurance online, follow the below steps:-

  • Step 1: Visit PolicyBachat's official website and then enter the details such as Gender, Annual Income, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth.
  • Step 2: Now the different plans and their premium price list from different insurance companies will be displayed on the screen.
  • Step 3: The next step is to select the best term insurance with a coverage amount of Rs. 1.5 crores. You can change your premium by adding the riders you want. After deciding, you can purchase a policy from PolicyBachat directly.

1.5 Crore Term Insurance Claim Process

Step 1: Claim Intimation:

  • In the case of maturity claims, a policyholder should inform the insurance company regarding the maturity of the policy or the survival of the policyholder.
  • In case of Death claims, the nominee of the policyholder or the immediate family members can lodge a claim with the insurance company.

The claim intimation can be done online or offline which should contain basic information such as the Name of the Policyholder, Policy number, Date of Maturity, etc. In case of offline intimation, the claim form can be availed from the nearest life insurance branch and duly filled before submission.

A claim intimation number is provided by the insurance company which is to be retained and used for any further communication with the insurance company.

Step 2: Submission of Documents:

Once the claim intimation is done and the claim intimation number is obtained, the next step is to provide all the relevant documents to the insurance company. It is advisable to submit all the documents in one go to avoid to and fro communication with the insurance company.

The following documents are to be provided by the nominee or the policyholder:

  • Certificate of Death (Death Claim)
  • Panchanama report (Death claim)
  • Statement from the hospital if the insured is admitted
  • Certificate from medical attendant stating that the illness of the insured
  • F.I.R Report (Accident death claim)
  • Cremation or burial report
  • Certificate from the employer if the deceased is an employee.
  • Age proof
  • Residence proof
  • Relation proof with the policyholder(Death claim)
  • Deeds of assignment (if any)
  • Policy document
  • Duly filled claim form/ claim intimation number
  • Bank account details
  • Any other documents as required by the insurance company.

Step 3: Claim Settlement:

As per regulation 8 of the IRDA (Policyholder’s Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all the required documents. If the claim is an early claim (a claim which occurred within 3 years from the date of policy start date) then there would be further investigation by the insurer. This procedure has to be completed within six months from the date of receiving written intimation of the claim.

After receiving all the documents the claim is processed and the insurance company releases the funds into the account mentioned in the claim intimation form.

FAQs - 1.5 Crore Term Insurance

Why Should I Consider 1.5 Crore Term Insurance?

A 1.5 Crore Term Insurance plan offers a substantial coverage amount that can help your family manage various financial needs, including debts, living expenses, education costs, and long-term goals, ensuring their financial security even in your absence.

Can I Enhance the Coverage of My 1.5 Crore Term Insurance Plan?

Yes, many insurers offer optional riders or add-ons that can be added to your 1.5 Crore Term Insurance plan. These riders, such as critical illness rider or accidental death benefit rider, can provide additional protection for specific situations.

Who Should Opt for 1.5 Crore Term Insurance?

Opting for a 1.5 Crore Term Insurance Plan is a strategic choice for individuals who have significant financial responsibilities and want to secure their family's future comprehensively. This coverage amount is ideal for those who wish to ensure that their loved ones are well-protected against various financial uncertainties. Here's a breakdown of who should consider this coverage:

  • Breadwinners with Dependents
  • Parents with Educational Goals
  • Homeowners with Mortgages
  • Long-Term Financial Planners
  • Single-Income Families
  • Entrepreneurs and Self-Employed
  • Health-Conscious Individuals
  • Middle-Aged Individuals
  • Those with No Group Insurance

Is It Necessary to Undergo Medical Tests for a 1.5 Crore Term Insurance Plan?

Medical tests might be required, especially if you're applying for a higher coverage amount. Accurate health information helps insurers assess the risk and determine the premium.

How Do I Calculate the Premium for a 1.5 Crore Term Insurance Plan?

The premium for a 1.5 Crore Term Insurance plan is influenced by factors like your age, health condition, lifestyle, policy term, and sum assured. Many insurers provide online premium calculators to help estimate the premium based on these factors.

What Happens If I Survive The Policy Term of My 1.5 Crore Term Insurance Plan?

Term insurance plans do not offer a maturity benefit. If you survive the policy term, the coverage ends, and you won't receive any payout.


Opting for a 1.5 Crore Term Insurance Plan is a prudent and strategic step towards securing your family's financial future. This coverage amount can be a cornerstone of protection, ensuring that your loved ones are shielded from the financial uncertainties that life may bring. By selecting a 1.5 Crore Term Insurance Plan, you're committing to safeguarding your family's aspirations, dreams, and well-being, even in your absence. This coverage empowers your family to weather the storms of life, providing them with the means to fulfil educational goals, manage living expenses, and accomplish long-term objectives without the burden of financial strain.

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