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 solution that lets you do so without any additional burden! Let’s understand how it works....Read More
With Max Life Term Insurance Plan
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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..
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.
Tax exemptionup to Rs.54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.34%
Coverage against 64 critical illnesses@
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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:
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 Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V05]. 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.
1Critical Illness & Disability Rider (Non Linked Non Participating Individual Pure Risk Premium Health Insurance Rider| UIN: 104B033V01)|
2Max Life Waiver of Premium Plus Rider (UIN: 104B029V04)
Max Life Insurance offers flexible and innovative term plans such as the Max Life Smart Secure Plus Plan [A non-linked non-participating individual pure risk premium life insurance plan | UIN: 104N118V05] 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
The Smart Secure Plus Plan by 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.
Like most term insurance policies, you can purchase 1.5 cr term insurance if you are 18 years old. The maximum age limit on the policy is 65 years.
The premium rate for 1.5 crore term insurance plan is determined by a number of personal characteristics, including age at the time of purchase, health status, smoking habits, gender, income range, and so on.
By entering basic information about yourself, such as your age, income range, and smoking habits, you may estimate the premium rates for your 1.5 cr term insurance using the term plan calculator on our website.
Once you understand how the insurance works, you can use the term plan calculator on the Max Life Insurance website to get an estimate of the premiums and complete the purchase by supplying the required information.
You can purchase the 1.5 crore term insurance plan if you are 18 years of age.
The main advantage of purchasing 1.5 cr term insurance when you're young is that you can receive life insurance at significantly lower prices. Aside from that, having life insurance allows you to organize your finances in terms of other assets and savings.
One of the advantages of buying 1.5 crore term insurance in India is that you obtain a large life insurance policy at a low premium rate. This means that your loved ones can be financially self-sufficient even in bad times, and that key life goals like a child's higher education will not be jeopardized.
You can add critical illness and disability rider, accident cover*, waiver of premium plus rider# to your 1.5 crore term insurance plan with Max Life Insurance.
If you have opted to get the premiums back at the end of the policy period, you get a maturity benefit in case of survival.
ARN NO: PCP/1.5CTI/200223
“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 Max lIfe policy in future”
Subodh Mishra
“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
“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
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