1.5 Crore Term Insurance Plan

Name: 1.5 Crore Term Insurance
Brand: Axis Max Life Insurance
Rating: 4.3 (5024 reviews)

Investing in your family’s future is a smart move and it is always better to go an extra mile rather than ending up in an uncomfortable & perplexed situation. 1.5 crore term insurance plan is a financial

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Alok Mishra

Insurance Writer

Alok Mishra is a Digital and Content Marketing specialist with 10 years of experience. He has spearheaded Web Content, Social Media & Branding, and Community Building initiatives to drive growth for prominent brands.

Reviewed by

Bhaskar Sinha

Insurance Expert

8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

1.5 Crore Term Insurance Plan

1.5 crore term insurance plan can be considered as the simplest form of insurance policy that allows an individual to stay financially protected. Since it is a pure life insurance product, you can get the large cover at reasonable premium rates, especially if you buy the plan early in life..

What is 1.5 Crore Term Insurance Plan?

Term plans are straightforward life insurance plans. Under this plan, the beneficiary receives a predetermined death benefit in case of the insured person’s demise during the policy period. As the policyholder, you have the control over the sum assured of the policy. So, if you were to opt for a term insurance plan with a cover amount of 1.5 crore, your loved ones would receive this sum in case of your untimely demise.

It is increasingly becoming a popular choice among policy buyers due to the growth in financial responsibilities and liabilities. Purchasing a term insurance plan for 1.5 crore ensures that the cover amount is sufficient to sustain your loved ones in your absence, many years from now.

Why Buy 1.5 Crore Term Insurance Plan?

Securing your family’s future is a crucial decision. As a policy buyer, you may find yourself struggling with the number of different options available to do so. If you are contemplating whether you should purchase 1.5 crore term insurance plan, we are here to help you out.

Here are some reasons you should consider the 1.5 cr term insurance to get long-term financial security:

Greater Coverage

1.5 crore term insurance allows you to establish a strong financial safety net around your loved ones. It means that they will be able to sustain their standard of lifestyle and accomplish their dreams, even during difficult times in life.

Cost-Effective

Buying the 1.5 crore term insurance plan is one of the most cost-effective ways to secure your loved ones’ future since it allows you to pay nominal premium rates for a hefty cover. You can choose to stay covered under the policy for an extended period by paying minimal premiums.

Additional Security

In addition to the base cover of the 1.5 cr term insurance plan, you can choose to enhance your coverage with add-ons such as a critical illness benefit*, accidental death benefit*, waiver of premium benefit, etc.

Security Against Loans & Liabilities

In case of your untimely demise, your family can use the financial support from the 1.5 crore term insurance plan to pay off outstanding loans and liabilities.

How does Term Insurance 1.5 Crore Plan Work?

A term insurance policy assures financial security to an individual’s family in the event of the insured's death within the policy's term. A 1.5 crore term insurance plan is a policy that provides to pay the nominee the sum assured of the stated amount in the event of the insured's death. This plan acts as a guardian for the policyholder's family, assisting them in meeting their financial needs and goals.

Let’s understand how it works:

A term insurance policy is a type of life insurance that offers coverage for a specific period of time, or 'term,' as the name implies.
If the policyholder dies while the term plan is still active, the beneficiary is entitled to a death benefit from the insurance company. If you buy a 1.5 cr term insurance plan, for example, the entire sum assured will be paid to the nominee according to the policy terms and conditions.
If you have a young family, a term plan may be the most cost-effective way to insure your family's future. Even if you choose one of the best term insurance plan for 1.5 crore, the premiums will not be a problem if the policy term is long.
Your premium is fixed and does not change during the course of your insurance policy. As long as you pay your payments on time, you are insured.
Having an 8-figure sum set aside for contingencies can put your mind at peace and cover significant expenditures. Hence, buying a 1.5 crore term insurance plan can prove to be a smart move in the long run.

How to Determine the Right Coverage Amount?

Determining the right coverage amount for your insurance policy is essentially calculating your life’s worth and it can be a morbid task. However, the primary goal of life insurance is to offer financial support to your family and dependents in the event of your death. Hence, it is important to answer this question to ensure that you choose the right cover amount.

If you are wondering whether 1.5 crore term insurance plan is for you, consider these questions taking an example:

What is your family’s income/expenses?

The monthly expenses for Pranav’s family are Rs 80,000, totaling Rs 9.6 lakh per year. It is generally suggested that coverage be provided at a rate of 10-15 times annual expenses. While this is entirely up to Pranav, a multiple of 15 is advised in his situation to factor in increasing education costs, inflation rate and his parents' healthcare costs. Based on predicted household expenses, his coverage would be Rs 1.4 crore at a multiple of 15 times. Hence, choosing one of the best term insurance plan for 1.5 crore makes the most sense for him financially.

What are the important life goals and events?

Pranav has two kids who are approaching crucial milestones in life including their higher education and marriage. He wants the best for his children and has already started a building a corpus of Rs. 30 lakhs over the next 20 years by investing in mutual funds.

These objectives would be jeopardized due to his premature death. As a result, it's a good idea to include this sum in Pranav’s term insurance requirements which makes the 1.5 crore term insurance plan a favorable choice.

What are your liabilities?

If Pranav has an outstanding home loan or car loan, it can become a significant burden on his family if he suffers a premature death. Hence, taking this liability into account is a wise move when determining the suitable cover amount for his term plan.

What are your current assets?

The investments you've made throughout the years are on the opposite end of the liabilities. Your family will be able to access these investments after you pass away. Your provident fund, mutual funds, fixed deposits, and other such investments are some examples. If Pranav has made 30 lakh worth of these investments, he can deduct this amount from the coverage required to secure his family.

What is your life stage at the time of purchase?

If Pranav is in his early thirties when he invests in the 1.5 cr term insurance plan, his financial planning would look different in terms of other investment priorities. This means that he can purchase the plan without affecting his overall financial standing much, since the premiums will be lower for him as opposed to if he bought the plan in his late 40s.

Ideally, your term insurance cover shall be sufficient to satisfy all outstanding debts as well as provide a source of income for the covered person's family. Answering the above-mentioned questions will give you a clearer understanding of your future priorities and current situation to help plan for your family’s future effectively.

How to Choose the Best Term Insurance Policy with the Right Sum Assured Option?

When selecting the best term insurance plan for yourself in order to financially protect your family, the most important factor to consider is choosing the right sum assured option. Your dependents shall receive this amount to maintain their existing lifestyle in the event of your demise. Click on the right sum assured option for you to know more about what suits your needs the best.

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₹50 Lakhs

Starting from ₹16/day^%*

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₹75 Lakhs

Starting from ₹24/day^%*

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BESTSELLER

Term Insurance

₹1 Crore

Starting from ₹26/day^%*

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Term Insurance

₹1.5 Crore

Starting from ₹39/day^%*

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₹2 Crore

Starting from ₹39/day^%*

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Term Insurance

₹5 Crore

Starting from ₹92/day^%*

Check Plan

Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125

Benefits of 1.5 crore Term Insurance Plan

Before you can invest your money in one of the best term insurance plan for 1.5 crore, there are some benefits you should know to make the most of the policy:

High Cover, Low Premium

One of the most significant advantages of purchasing a 1.5 crore term insurance plan is that it will not add to your financial burdens, as one might assume. The premiums for term plans are quite low because they are the purest form of life insurance. Plus, you'll be able to focus on long-term savings and investments because of this.

Flexibility of Payment

Certain insurance policies allow policyholders to choose the payout option for the death benefit. For example, based on your financial needs at the moment, you can choose between receiving a monthly income payment or receiving the entire death benefit in one single sum if you purchase 1.5 cr term insurance.

Customization Options

Like any other insurance plan, you can attach riders to your 1.5 crore term insurance plan to boost the coverage. Riders such as accidental death benefit*, critical illness benefit*, maturity/survival benefit, and return of premium variant**( can be added to your term plan, allowing you to modify and adapt it to your preferences and needs.

Enables Efficient Financial Planning

When compared to an older person with pre-existing ailments, premiums are lower at a young age. So, if you purchase one of the best term insurance plan for 1.5 crore at an early life stage, you can save your money in the long run.

Tax Benefits^#*

The sum assured, or death benefit, of term insurance policies is totally tax free , according to Section 10(10D) of the IT Act. So, whether you have a term insurance policy worth Rs 50 lakhs or Rs 1.5 crores, the payout, as well as any additional incentives, would be tax-free. Moreover, you can claim tax deductions on the premiums paid towards the 1.5 cr term insurance.

#*Tax benefits are subject to changes in tax laws. Also Read:- Tax benefits of term Insurance

Who Should Opt for Term Insurance Cover of 1.5 crore?

There is no one-for-all insurance policy or cover amount that suits everyone. Your financial profile is unique, and it is a personal financial decision whether you wish to get security with the best term insurance plan for 1.5 crore. However, following are some scenarios which make can help you identify whether it is for you:

If you have any dependent family members, it is prudent to purchase at least a 1.5 Crore term insurance policy, considering the inflation rates, rising education and healthcare costs. In order to determine the premium amount of the 1.5 crore term insurance plan, you can make use of the term insurance premium calculator.
Individuals who are the family's sole breadwinner should look for the best term insurance plan for 1.5 crore to ensure that their families are sufficiently insured in the event of their death.
These plans are best suited for individuals aged 25 to 35, as the policy term of 1.5 cr term insurance can be spread across several years of your life.
These plans are appropriate for those with an annual income above 5 lakhs.
Finding the best term insurance plan for 1.5 crore can also be a wise choice if you are the single breadwinner with several dependents.
In case you have liabilities such as outstanding loan repayments at the time of purchasing the insurance policy, it is best to go with one that offers a larger cover amount, so your family does not have to suffer in case of your untimely demise.

How to Select Relevant Term Insurance Plan?

For most of us, the key consideration when buying an insurance policy is the premium amount. This amount is determined by a number of factors, including age, number of riders, annual income, and so on.

So, to assist you in choosing one of the best term insurance plan for 1.5 crores, we've put together a table that compares premium expenses for various age groups for basic coverage and base coverage plus rider of Axis Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk Axis Max Life 1.5 Crore Term Insurance Plan | Everything You Need to Know life insurance plan | UIN: 104N118V10]. Let's have a look at some examples:

The following figures are calculated according to: Gender (Female) + DOB + Non-Smoker + Annual Income (5-7 lakhs) + Salaried Individual + Coverage upto 75 years of Age

*Premiums are exclusive of GST

Age	Premium for 1.5 Crore Term Insurance Plan (Monthly)	¹ Premium for 1.5 Crore Term Insurance + ¹Critical Illness & Disability Rider^# (Monthly)	Premium for 1.5 Crore Term Insurance + ²Waiver of Future Premium Rider^# (Monthly)
20	Rs. 886	Rs. 963	Rs. 909
30	Rs. 1,240	Rs. 1,365	Rs 1,293
40	Rs. 2,100	Rs. 2,314	Rs 2,251
50	Rs. 4,093	Rs. 4,411	Rs 4,609
60	Rs. 8,079	N/A	Rs 9,046

₁

Premiums exclude GST. CIDR rates mentioned in the table are for a sum insured of Rs. 5 lakhs (base cover unchanged) for the CIDR Gold Variant, valid up to Base Term.

¹ Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V02)

²Axis Max Life Waiver of Premium Plus Rider (UIN: 104B029V05)

Axis Max Life 1.5 Crore Term Insurance Plan | Everything You Need to Know

Axis Max Life Insurance offers flexible and innovative term plans such as Axis Max Life Smart Secure Plus Plan that allows policy buyers to get a coverage of 1.5 crore at nominal premium rates. This 1.5 crore term insurance plan includes numerous base/built-in features, such as two death benefit options and a regular or limited premium payment option.

Some benefits of this policy that make it one of the best term insurance policies for 1.5 crore are

Built-In Terminal Illness Cover

In-built feature offering up to 1 crore payout on diagnosis of Terminalillness.

Joint Life Cover*

Policyholders get the option of opting for add-on coverage for their spouse.

Premium Break^##

This feature provides policyholders the option to skip paying premiums while being covered – twice during the policy term.

Special Exit Value

Another in-built feature with surrender offering whereby the policyholder has the option to receive all premiums paid back at one specified point during the policy term.

Top-Up Sum Assured*

The option to voluntarily top-up to 100% of the base sum assured coverage.

The Smart Secure Plus Plan by Axis Max Life Insurance aims at making the policyholder’s and their family’s lives easier by providing adequate financial security. So, even when you're not present, you can rest assured that your family's future is in good hands.

Check Out Different Online Insurance Plans from Axis Max Life!

Axis Max Life Smart Secure Plus Plan
In case of your demise during policy term, your family will receive a comprehensive death benefit for your family
To assist you achieve your life goals, there are guaranteed maturity advantages, income benefits, and guaranteed additions
Lump sum, short-term, long-term, and whole-life income options with distinctive benefits are available
Know more
Axis Max Life Smart Wealth Plan
Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term
Guaranteed maturity benefits/Income Benefit and accrued guaranteed additions to help meet your life goals
Multiple variants -lumpsum, short term income, long term. income, and whole life Income with unique benefits
Know more
Short Term Income
Guaranteed income benefit at the end of the policy term based on the chosen frequency for the payout period
Lumpsum guaranteed death benefit payable to the nominee after the death of the life insured during policy term
Multiple premium payment tenure and policy period options to fit your profile and specific requirements
Know more
Long-Term Income
Guaranteed income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected
Terminal benefit that equals total premiums paid, post completion of the payout period payable to nominee
Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs
Know more
Term Plan with Return of Premium
Option to receive the premiums paid back on successful survival of the insured till end of policy term
Death benefits for your family members in case of any eventuality leading to the loss of your life
Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay
Know more
Axis Max Life Critical Illness and Disability Rider
Additional protection against up to 64 critical illnesses depending on the rider variant you select
Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury
Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate
Know more
Axis Max Life Waiver of Premium Plus Rider
Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free
Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms
Continued benefits of the base policy to give you peace of mind about maintaining various life expenses
Know more

Frequently Asked Questions

What Are the Eligibility Criteria for Buying 1.5 crore term insurance plan?

What is the premium for 1.5 crore term insurance?

How to calculate Term Plan Premium?

How To Buy 1.5 Crore Term Insurance Plan Online?

What Is the Minimum Age for Term Insurance Plan?

What Is the Benefit of Buying Term Insurance at Early Age?

What Are the Benefits of Buying ₹1.5 Crore Term Insurance in India?

What Rider Benefits Are Available on My ₹1.5 Crore Term Insurance?

What Happens If You Don’t Die During The Policy Term?

ARN NO: PCP/1.5CTI/140824

Disclaimers:

1)^*On payment of additional premium

2)^**On payment of additional premium. Upon policyholder’s selection of Return of Premium variant, this product shall be a Non-Linked & Non participating Individual Life Insurance Saving Plan

3)^# Applicable riders available on the payment of Additional Premium are Axis Max Life Critical Illness & Disability Rider | Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104b033V02 and Axis Max Life Waiver of Premium Plus Rider | A Non-Linked Non Participating Individual Pure Risk Premium Health Insurance Rider | UIN 104B029V05

4)^##Available at an additional premium for policies with Policy Term greater than 30 years & premium payment term greater than 21 years. Option to skip paying premium for 12 months, 2 premium breaks will be available during the Premium Payment Terms separated by interval of at least 10 years

Customer Reviews

Axis Max Life Term Insurance Plan

“Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Axis Max Life policy in future”

Subodh Mishra

Axis Max Life Term Insurance Plan

“I already have a policy and buying this was a nice experience. This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.”

Gaurang Kumar Pawar

Axis Max Life Term Insurance Plan

“I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.”

Vinay Sharma

Easy To Use Calculators For You

Age of Male Applicant	Premium Amount for Rs. 75 lakh Term Plan		Premium Amount for Rs. 1 crore Term Plan		Premium Amount for Rs. 1.5 crore Term Plan		Premium Amount for Rs. 2 crore Term Plan
Age of Male Applicant	Smoker	Non-Smoker	Smoker	Non-Smoker	Smoker	Non-Smoker	Smoker	Non-Smoker
18 Years (PPT: 67 years)	1,488/Month Total Premium: 11.33 lakh	930/Month Total Premium: 7.08 lakh	1,500/Month Total Premium: 11.42 lakh	938/Month Total Premium: 7.14 lakh	2,251/Month Total Premium: 17.13 lakh	1,407/Month Total Premium: 10.71 lakh	2,675/Month Total Premium: 20.37 lakh	1,672/Month Total Premium: 12.73 lakh
25 Years (PPT: 60 years)	1,966/Month Total Premium: 13.40 lakh	1,228/Month Total Premium: 8.38 lakh	2,054/Month Total Premium: 14.06 lakh	1,284/Month Total Premium: 8.75 lakh	3,081/Month Total Premium: 21.01 lakh	1,926/Month Total Premium: 13.13 lakh	3,607/Month Total Premium: 24.59 lakh	2,255/Month Total Premium: 15.37 lakh
35 Years (PPT: 50 years)	3,182/Month Total Premium: 18.08 lakh	1,989/Month Total Premium: 11.30 lakh	3,592/Month Total Premium: 20.41 lakh	2,245/Month Total Premium: 12.76 lakh	5,388/Month Total Premium: 30.61 lakh	3,367/Month Total Premium: 19.13 lakh	5,947/Month Total Premium: 33.79 lakh	3,717/Month Total Premium: 21.12 lakh
45 Years (PPT: 40 years)	5,971/Month Total Premium: 27.14 lakh	3,732/Month Total Premium: 16.96 lakh	6,629/Month Total Premium: 30.13 lakh	4,143/Month Total Premium: 18.83 lakh	9,944/Month Total Premium: 45.20 lakh	6,215/Month Total Premium: 28.25 lakh	12,546/Month Total Premium: 57.02 lakh	7,841/Month Total Premium: 35.64 lakh
55 Years (PPT: 30 years)	11,656/Month Total Premium: 39.73 lakh	7,285/Month Total Premium: 24.83 lakh	13,719/Month Total Premium: 46.77 lakh	8,574/Month Total Premium: 29.23 lakh	20,578/Month Total Premium: 70.15 lakh	12,861/Month Total Premium: 43.84 lakh	26,160/Month Total Premium: 89.18 lakh	16,350/Month Total Premium: 55.74 lakh
60 Years (PPT: 25 years)	16,846/Month Total Premium: 47.86 lakh	10,529/Month Total Premium: 29.91 lakh	19,966/Month Total Premium: 56.72 lakh	12,479/Month Total Premium: 35.45 lakh	29,949/Month Total Premium: 85.08 lakh	18,718/Month Total Premium: 53.18 lakh	37,689/Month Total Premium: 107.07 lakh	23,555/Month Total Premium: 66.92 lakh

1.5 Crore Term Insurance Plan

Secure Your Future with best Health Insurance Policy

1.5 Crore Term Insurance Plan

What is 1.5 Crore Term Insurance Plan?

Term Plan Calculator

Why Buy 1.5 Crore Term Insurance Plan?

Greater Coverage

Cost-Effective

Additional Security

Security Against Loans & Liabilities

How does Term Insurance 1.5 Crore Plan Work?

How to Determine the Right Coverage Amount?

What is your family’s income/expenses?

What are the important life goals and events?

What are your liabilities?

What are your current assets?

What is your life stage at the time of purchase?

How to Choose the Best Term Insurance Policy with the Right Sum Assured Option?

BESTSELLER

Benefits of 1.5 crore Term Insurance Plan

High Cover, Low Premium

Flexibility of Payment

Customization Options

Enables Efficient Financial Planning

Tax Benefits#*

Who Should Opt for Term Insurance Cover of 1.5 crore?

How to Select Relevant Term Insurance Plan?

Axis Max Life 1.5 Crore Term Insurance Plan | Everything You Need to Know

Built-In Terminal Illness Cover

Joint Life Cover*

Premium Break##

Special Exit Value

Top-Up Sum Assured*

Check Out Different Online Insurance Plans from Axis Max Life!

Frequently Asked Questions

What Are the Eligibility Criteria for Buying 1.5 crore term insurance plan?

What is the premium for 1.5 crore term insurance?

How to calculate Term Plan Premium?

How To Buy 1.5 Crore Term Insurance Plan Online?

What Is the Minimum Age for Term Insurance Plan?

What Is the Benefit of Buying Term Insurance at Early Age?

What Are the Benefits of Buying ₹1.5 Crore Term Insurance in India?

What Rider Benefits Are Available on My ₹1.5 Crore Term Insurance?

What Happens If You Don’t Die During The Policy Term?

Customer Reviews

Axis Max Life Term Insurance Plan

Axis Max Life Term Insurance Plan

Axis Max Life Term Insurance Plan

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DISCLAIMERS

Tax Benefits^#*

Premium Break^##