Limited Pay Term Insurance Plans for 15 Years

The limited Premium payment option allows you to pay the premium amount for a shorter time period such as 5, 10, 12, or 15 years and enjoy the benefits of term insurance coverage for a longer time period. You can choose to pay the premiums before the policy term ends. 

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Note: Know more about what is term insurance first before reading this article.

one crore term plan
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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What is a Limited Payment Option for 15 years in Term Insurance?

Limited-term plans provide you the benefit or the option of paying premiums for a limited time period such as 15 years, ensuring that your coverage is increased for longer time periods. However, this doesn’t affect the term coverage period of the insurance plan. In simple words, you will receive the life cover for the whole policy term, irrespective of the premium payment term.

Mr. Rao, a 30 years old male, has purchased a term insurance plan with a policy term of 30 years. He wants to pay his premiums prior to retirement, at 55 years of age. So, if he chooses a limited pay option, then he can opt to pay his premium amounts in the next 15 years.

Why Do You Need a Limited Pay Option?

  • If you are planning a major shift in your career i.e., from job to business

  • If you are looking to opt for a sabbatical in future

  • If you are thinking to buy a whole life cover

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Benefits of Limited Pay Option for 15 years

The following are the benefits of the limited pay option:

  1. Shorter time period

    You can get a shorter premium payment term for a longer policy tenure and life coverage. With appropriate planning based on your earnings, you can select the time of payment as long as you are in your employment stage. However, you can increase the policy tenure during your retirement

  2. Reduces the chance of a policy lapse:

    In various cases, it is quite common that you buy a term insurance plan without any financial planning and fails to pay the premium amount on deadlines throughout the time period. In the case of a limited pay option, the premium payment term is short, and you can reduce the chances of policy lapse easily.

  3. Tax Benefits

    With a term plan with limited pay, the yearly premium for the plan naturally increases. The premium rates are higher for limited pay in comparison to the regular pay option. As the premium gets higher yearly, the tax deduction amount u/s 80C of the Income Tax Act can be increased, allowing for up to 1.5 LPA.

  4. Plan for a high-life cover

    If you are planning to buy a term plan at an early age, the premium will be comparatively less because of the reduced risk of death when you are young Also, the financial commitments are less at this age, so you can contribute a large amount for the term insurance plan.

    You can buy and complete all the important payments before getting married and planning other long tenure financial goals. It makes sure that a high life cover amount might help in definite financial planning with sufficient savings and insurance options for your complete life with ease.

Who Should Buy Limited Pay Term Insurance Option?

A limited pay option is suitable for some specific types of individuals who have:

  • A short span of career: If you’re an artist or a sportsperson working in the creative industry, the career is usually of short span. Thus, the income that is earned is limited to a specific tenure.

  • Unpredictable working surroundings: If you’re working with an organization that doesn’t have strong groundwork and cannot survive economic developments in the future.

  • Business professions: If have just started a new business and the income or earnings are not that consistent

  • Retirement: If you’re nearing the age of retirement, you can select to pay till the retirement stage and enjoy the benefits throughout life.

How Does Limited Pay Term Insurance Work?

Let’s understand this with the help of an example

As discussed limited premium payment option is the best option that lets you remain covered for a longer time, while you pay less amount of premium. It is suitable for those who want to pay the premiums when they are still working and have a regular income source while staying protected even when they retire. The faster you pay the premium amount, the lower the total amount. The limited payment option also offers a discount on the total premium.

As per this table, you are required to pay Rs. 16169 for limited pay for 15 years, whereas Rs. 42259 for 5 years. So, in case of limited pay for 15 years, you are required to pay a lesser premium amount than 5/10 years.

Let’s understand this with the help of the below example:

Premium Payment Term Annual Premium Discount
5 years Rs. 42,259 Save up to 45%
10 years Rs. 22,320 Save up to 40%
15 years Rs. 16,169 Save up to 36%
Pay in one go Rs. 2,25,759
Rs. 1 Crore Term insurance premium amount for a 32-year-old non-smoker male.

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Wrapping It Up!

Term plans have become a necessity concerning unpredictable life events. You should plan for the purchase at an early age to protect the financial needs of your family. However, you have the option to choose the product at your convenience. The limited pay term insurance plan is one such option.

Also, you have the facility to get all the term insurance benefits during the policy tenure. Choose the best insurance company with a good claim settlement ratio. With limited plans, you can enjoy a larger risk coverage while paying for a short time.

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


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.

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