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Best Life Insurance Policy for 15-year Term

Term life insurance is one of the most affordable types of life insurance. It is also one of the most economical ways to cover your family in the event of your death. Term life insurance can also be a way to provide a financial safety net for your family in case you become disabled and can't work anymore.

Best Life Insurance Policy for 15-year Term

The 15 Year Term Life Insurance Policy is a great way to plan for the future. It's a good way to make sure that your family has money when you pass away. The 15 Year Term Life Insurance Policy is not just for people who are in their 20s and 30s. Anyone can get it because it's not based on your age, but on how much coverage you need.

Table of Contents:

What is 15 Year Term Life Insurance Policy?

A 15-year term life insurance policy is a type of life insurance policy that is designed to provide coverage for a predetermined period i.e., 15 years. It provides coverage for the insured person until the age of 85, and the death benefit amount is paid out at the end of the policy term. The premium will increase each year to keep up with inflation. This type of life insurance is best suited for people who are in good health and want to protect their family from financial loss in case they die prematurely.

How does a 15-year Term Life Insurance Policy Work?

A 15-Year Term Life Insurance Policy is a type of life insurance that lasts for a period of 15 years. Such policies are designed to cover the financial needs of the insured person's family in the event of death. This type of policy ensures that the beneficiary will receive a lump sum amount, which is the face value of the policy, in case of death within 15 years.

The following are some key points to know about this type of life insurance:

  • The premium paid each year is usually higher than that of a 20-year or 30-year term life insurance policy.
  • It offers less coverage than other types of policies but it can be more affordable and beneficial for those who are in good health and have no dependents.

What Are the Benefits of a 15-Year Term Life Insurance Policy?

The benefit of a 15-year term life insurance policy is that it can be used as temporary coverage or a supplement to permanent life insurance. Insurance companies offer this kind of policy because they know that people may not need permanent coverage right away and they want to allow them to purchase it later.

  • Affordable Coverage: The main benefit of having a 15-year term life insurance policy is that it is more affordable than other types of policies. You can get comprehensive comparable coverage at significantly lower premiums.
  • Flexibility: A 15-year term life insurance policy also offers flexibility in your coverage options. You can choose how much coverage you want and what type you want to receive in return for your premium payment each month. It also offers flexibility with how long you have to wait before you can get your payout.
  • Financial Needs: 15-year term insurance policy can help your spouse take care of his/her growing educational pursuits with the benefit amount on your death.
  • Death benefit: It Provides death benefits in the event of the unfortunate demise of the policyholder during this term period.
  • Tax benefit: Individuals can avail of tax benefits under Section 80C of the Income Tax Act 1961.
  • Riders Availability: It provides extra benefits and cover by adding additional riders to this plan, enhancing the protection.

Eligibility Criteria for 15-Year Term Life Insurance

Minimum Age 18 years
Maximum Age 65 years
Policy Term 15 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
Sum Assured Based on Policy

Best 15-Year Term Life Insurance Plans in India

The best 15-year term life insurance plans in India are listed below:

Bajaj Allianz Smart Protect Plan:

Bajaj Allianz’s smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers. Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 75 years
Sum Assured 50 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

Max Life Smart Secure Plus Plan:

The Smart Secure plus plan is introduced to fulfill your financial security needs and provide support in case of any emergencies. Max Life Smart Secure plus plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, and additional payout on accidental death these will fulfill your needs.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs to 50 Lacs
Premium Payment Term Single payment, Regular payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

HDFC Life Click 2 Protect Plan:

An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance to give assurance of a 98.01% claim settlement ratio, additional sum assured on Accidental death, money-back all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

PNB MetLife Mera Term Plan Plus:

The plan offers you the flexibility to choose protection against Death, Critical Illness, Disability, and Terminal Illness along with various additional options like spouse coverage and whole life protection. You can also customize your coverage with various cover enhancement options available under the plan.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 75 years
Sum Assured 25 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

TATA AIA Sampoorna Raksha Supreme Plan:

Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 65 years
Sum Assured 1 Lac to No limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

ICICI Prudential iProtectSmart Plan:

ICICI Prudential iProtectSmart Plan gives protection for your family and critical illness cover. Life covers up to 99 years and the policy term starts from 40 years.

Entry Age Minimum 25 years
Maximum age at Maturity 70 years
Sum Assured 1 Lac to No limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

Aditya Birla Sun Digi Shield Plan:

Aditya Birla Sun Life Insurance DigiShield Plan is a non-linked term insurance plan. This term life insurance policy has to be chosen as per the requirements of the customer with reasonable premiums. Provides 10 different Aditya Birla Sun Life Insurance Policy options as per your family's needs so they need not compromise on their lifestyle, even in your absence.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 70 years
Sum Assured 1 Lac to No limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

What is the Best Way to Calculate the Cost of a 15-Year Term Life Insurance Policy?

The best way to calculate the cost of a 15-year term life insurance policy is by using an online life insurance calculator. By using this online calculator you can calculate your premium amount in simple steps. But calculating the cost of a 15-year term life insurance policy is not as simple as it sounds. Many factors need to be taken into account before you come up with an accurate and precise estimate. Below are the factors that determine the cost of a 15-year term life insurance policy.

  • Age
  • Health History
  • Type of Policy
  • Length of Coverage
  • Gender
  • Habits/L Location
  • Family History
  • Sum Assured

These all factors will determine how much it costs to purchase a 15-year term life insurance policy. The cost of a 15-year term life insurance policy is typically lower than a 30-year or 50-year term policy because it covers fewer years. It does not cover your entire life but instead covers you for 15 years from now. If you are in good health and have no pre-existing conditions, then this type of plan may work well for you.

Premium Table of 15-year Term Life Insurance Policies

Company Plan Name Total Payout Premium
Bajaj Allianz Life Insurance Bajaj Allianz Smart Protect Plan Rs. 50 Lacs 4258/- Buy
Max Life Insurance Max Life Smart Secure Plus Plan Rs. 50 Lacs 5248/- Buy
HDFC Life Insurance HDFC Life Click 2 Protect Plan Rs. 50 Lacs 5628/- Buy
PNB MetLife Insurance PNB MetLife Mera Term Plan Plus Rs. 50 Lacs 4365/- Buy
TATA AIA Life Insurance TATA AIA Sampoorna Raksha Supreme Rs. 50 Lacs 5795/- Buy
ICICI Prudential Life Insurance ICICI Prudential iProtectSmart Plan Rs. 50 Lacs 4358/- Buy
Aditya Birla Sun Life Insurance Aditya Birla Sun Digi Shield Plan Rs. 50 Lacs 5258/- Buy

* The above-mentioned values are for reference purposes only * Refer to our website for exact values.

How to Buy 15-Year Term Life Insurance Policy

Buying life insurance is one of the most important decisions you will make. Your family will rely on your life insurance to provide for them after your death. A Term Life Insurance policy offers a guaranteed payout for a specific period or term that you choose. To purchase the best 15-year term life insurance policy follow the below steps

  • Go to PolicyBachat Website. Click on Life Tab
  • Provide the required information such as name, date of birth, etc.
  • Compare premium rates from the list of companies provided
  • Select the plan which suits your requirement
  • Make payment via online payments.

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