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1.5 Crore Term Insurance Plan

Raghav is a 30 years old healthy IT employee who has two children and has a home loan. Now, he is wondering if buying a 1.5 Cr term insurance will be beneficial. However, how he would go for the selection of the right plan? What are the factors to consider while buying a 1.5 Crore term insurance plan? Does a 1.5 Crore cover amount sufficient for the financial needs of his family? Before selecting any plan, Raghav needs to understand what is 1.5 Crore Term Insurance Plan and how it works: 

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What is 1.5 Crore Term Insurance Plan?

1.5 Crore Term Insurance Plan is the simplest type of insurance plan that offers a sum assured of Rs. 1.5 Crore upon the death of the policyholder during the policy term. This plan helps an individual to be financially secured. Since it is a pure life insurance product a policyholder can receive large life cover at low premium rates, mainly if he/she buys it early in life.

Note: Now that you know that what is 1.5 Crore Term Insurance Plan, you should also know about what is term insurance before buying any term plan for your loved ones.

Why Buy a 1.5 Crore Term Insurance Plan?

The primary goal of Raghav is to secure his family’s future. Apart from that here are some more reasons that he should consider for 1.5 Cr term insurance:

  • Comprehensive Coverage: 1.5Cr Term Insurance plan helps a policyholder to build a strong financial safety shield around his/her family members and help them in difficult times.

  • Cost Effective: A 1.5 Cr term insurance is one of the most affordable types of life insurance as it offers large life cover at highly affordable premiums. With these plans, you can stay covered under the policy for a long term at nominal premiums.

  • Enhanced Protection: With the best term insurance plan for 1.5 Crore, you get the benefit of adding various riders to the base plan for enhanced coverage. You can also increase your sum assured through different options like life stage benefits and voluntary top-ups.

  • Protection Against Liabilities And Loans: In case of a policyholder's unforeseen death, his/her family members can use the death benefit availed from the 1.5 Crore Term Insurance Plan to pay back unpaid liabilities and loans.

Now after researching and understanding why buying a 1.5 Crore Term Insurance plan is important, Raghav contacts a policybazaar agent to know how this term insurance work?

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

How Does 1.5 Crore Term Insurance Plan Work?

  • Term insurance is a life insurance product that offers pure risk cover for a fixed period.

  • If the policyholder passes away unfortunately while the plan is in force, the nominee/beneficiary will be eligible to receive a death payout from the insurer as per the policy’s T&Cs.

  • These plans are best suited for small families as you can get the best term insurance plan for 1.5 crore at affordable premiums.

  • The premium amount will be fixed and will not change during the policy term. The policy will provide coverage during the policy term as long as you keep paying the premiums.

  • With a 1.5 cr term insurance plan, you can live a stress-free life knowing your family will be financially secure in your absence.

Thus, buying a 1.5 Crore Term Insurance Plan is a smart decision for the future.

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one crore term plan

Secure Your Family Future Today


Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

How to Decide the Right Cover Amount of Term Insurance?

As already discussed, 1.5 crore term insurance plan offers financial help to policyholder’s family members and dependents in case of his/her unforeseen death. Raghav might wonder whether a 1.5 Cr term insurance plan is sufficient for him or not. To be clear, he can consider these questions in his search for the best term insurance plan for 1.5 crore:

What is Family's Annual Income/Monthly Expenses?

Raghav needs to find the right life cover for his family, and the best way to do that is by considering his annual income and the family’s monthly expenses. By a general thumb rule, the life cover should be at least 10 to 15 times the current annual income. But to get the exact life cover suitable for his life, Raghav uses the human life value calculator and inputs details about his age, annual income, and existing insurance plans.

What are his Financial Goals?

Raghav would need to assess his family’s future financial goals before opting for term insurance, such as if he is planning to fund his child’s higher education or fund their wedding. An untimely death, could hinder his plans, and thus, a 1.5 cr term insurance could help him ensure that the family is still able to fulfil their needs even in his absence.

Does He Have Any Liabilities, Loans, Or Debts?

If Raghav has an unpaid car or home loan, it can turn out to be a burden on his family members if someday he dies. So, considering this point is a smart decision when determining the right coverage for his term insurance plan.

Does He Have Any Current Assets?

One should always ensure that the investments made all over the years will be easily accessed by his/her family after him/her. Some examples of investment are mutual funds, FDs (fixed deposits), Provident Funds, etc. If Raghav already has 50 Lakh of investments, he can deduct this sum from the life cover needed to safeguard his family. For example,

What is his Existing Life Stage?

The current life stage of a person impacts the life cover as a cover of 1 crore might be enough for a single person looking to secure his/her parents. But as responsibilities increase, like taking care of spouse and children, a 1 crore life cover might not be enough. Thus, Raghav may want to opt for a higher cover like term insurance 1.5 Crore to fulfil his changing needs.

Let us understand this with an example:

Raghav was thinking of purchasing a term plan that provides high life cover. Let’s see Raghav’s finances:

  • Age of Raghav – 30 years

  • Age at Retirement – 60 years

  • Existing expenses of the family – Rs. 3 Lakhs for a year

  • Expenses of the family for the next 25 years with a certain % of inflation – Rs.2 Crore

  • Home Loan – 60 Lakhs

  • Child’s Higher Education in Future – 50 Lakhs

  • Full Expenses – (2 Crore + 60 Lakhs + 50 Lacs) Rs. 3.10 Crores

  • Investments (Mutual Fund + PF) – 50 Lakhs

  • Required Life Cover - Rs. 3.10 Cr – Rs. 50 Lacs = Rs. 2.4 Cr

So, a 1 Cr Term Insurance plan will not be sufficient and it is short up to Rs. 1.4 Crore for Raghav’s family in case of an eventuality and he would check for a term plan with a large cover.

What Are the Benefits of 1.5 Crore Term Insurance Plans?

Here is a list of benefits of buying the best term insurance plan for 1.5 crore in India 2024:

  • High coverage at low premium rates

  • Flexibility in Payment i.e., pay monthly or receive the death benefit in one single sum

  • Easy customization of plans by attaching riders like critical illness benefit, accidental death benefit, return of premium, etc.

  • Helps in financial planning for the long run

  • Tax Benefits are available as per the prevailing laws of the Income Tax Act, 1961.

Raghav is now clear that 1.5 Cr Term Insurance will be the right one for him, but he is still confused about choosing the best term insurance plan for 1.5 Crore and what factors he should consider while buying this plan.

How To Choose the Right Rs. 1.5 Crore Term Insurance Plan?

Raghav first has to research the different term insurance plans to make sure the product he buys fulfills all his needs. Here are some of the factors that one should look into before buying a term plan:

Premium Rate: It is advisable to choose the best term insurance plan for 1.5 Crore with low premium rates that fit within your budget to avoid the chances of policy lapses.

Claim Settlement Ratio: CSR (Claim Settlement Ratio) is the number of claims that the insurance company settles yearly. A CSR of above 95% indicates that the insurer is committed to accomplishing its obligations to its life assured. So, to ensure that your nominees receive the claim timely, you should opt for an insurer with a high CSR.

Add-ons: You can enhance the coverage of your term insurance 1.5 Crore by adding riders to the base plan:

  • Terminal Illness Cover

  • Critical Illness Cover

  • Accidental Death Benefit

  • Accidental Disability Cover

  • Hospicare Benefit

  • Waiver of Premium

Who Should Opt for 1.5 Crore Term Insurance Plans?

The following people should opt for the 1.5 Cr term insurance:

  • People with dependant family members like parents, spouse, or kids can ensure their financial security with a 1.5 Cr term insurance plan.

  • People who are the sole breadwinners of their family can take care of inflation, rising costs, and other financial needs by opting for the best term insurance plan for 1.5 Crore. 

  • People who have outstanding loans and debts can ensure the family is able to repay the remaining liabilities using the term insurance 1.5 Crore payout.

How To Buy 1.5 Crore Term Insurance Plan from Policybazaar?

Below is the step-to-step guide to buying a 1.5 Cr term insurance from Policybazaar:

  • Step 1: Go to the 1.5 Crore Term Insurance Plan page

  • Step 2: Fill in the basic details such as name, Date of Birth, and contact number and click on ‘View Plans’

  • Step 3: Answer the questions about smoking or chewing habits, annual income, occupation type, educational qualification, and language

  • Step 4: After submitting all the details, a list of all available 1.5 Crore term insurance plans will be displayed

  • Step 5: Choose the plan that suits your financial needs and proceed to pay

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


  • What is the eligibility conditions for buying term insurance 1.5 crore?

    Ans: The eligibility conditions for buying a 1.5 cr term insurance plan are to be within the ages of 18 to 65 years. The specific eligibility conditions for each plan are different, thus, you should check the policy documents of your desired term insurance 1.5 Crore.
  • What is the premium amount for a 1.5 crore term insurance plan?

    Ans: The premium amount for 1.5 cr term insurance depends on a variety of factors like age, health conditions, and policy term. You can easily compare and buy the plan with the most suitable premium rates online from Policybazaar.
  • What happens if I survive the Term Insurance 1.5 Crore policy tenure?

    Ans: Regular 1.5 cr term insurance plans do not provide anything in case of survival of the policy term. However, if you have opted for a Term Return of Premium plan, you will get the premiums paid back on maturity.
  • How can I buy 1.5 crore term insurance plan?

    Ans: You can buy the best term insurance plan for 1.5 crore online from Policybazaar by comparing the available plans and selecting the most suitable plan based on their premium rates, life cover, and benefits offered.

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