Key takeaways:

• Rs. 15 crore life cover: Provides substantial financial protection for your family if you die during the policy term, subject to the policy terms.
• Suitable for high financial responsibilities: May be relevant for business owners, senior executives, NRIs, global professionals and individuals with multiple dependants.
• Premium depends on your profile: Age, health, lifestyle, income, policy term and sum assured can affect the premium.
• Financial protection: The death cover can help your family manage loans, household expenses and future financial goals.
• Flexible payment options: Depending on the insurer, premiums may be payable monthly, quarterly, half-yearly or annually.
• Optional riders: Depending on the plan, you may add benefits such as critical illness, accidental death, waiver of premium or terminal illness cover.
• Tax benefits: Eligible premiums and death cover may qualify for tax benefits or exemptions under applicable tax laws and conditions.

A Rs. 15 crore cover is a high-value term insurance plan, so your sum assured should be based on your income, liabilities, dependants and long-term financial goals.

A Rs. 15 crore term insurance plan provides a sum assured of Rs. 15 crore as life cover for the selected policy term. If the policyholder dies during the policy term, the nominee receives the applicable death cover according to the policy terms.

This level of cover may suit individuals with significant income, business responsibilities, substantial liabilities or multiple financial dependants. The actual sum assured you need should depend on your financial circumstances rather than the cover amount alone.

• Extensive financial security: Ensures your family maintains their standard of living even in your absence.
• Debt repayment: Helps cover significant liabilities like home loans, car loans, or business debts.
• Future financial goals: Provides funds for your family’s long-term needs, such as children’s education or marriage.
• Tax benefits: Premiums paid towards the policy are now eligible for deductions under Section 123 of the Income Tax Act 2025, earlier it was deducted under the Section 80C of the Income Tax Act, 1961 if you have opted for the old tax regime. You also get tax exemption for death cover received under Section 11 (read with Schedule II) of the Income Tax Act 2025. This is eligible under both old and new tax regime.
• Customisation options: Allows you to include riders for added coverage, enhancing the scope of the policy.

Here are the following groups as potential buyers:

• Senior corporate executives or CEOs with high incomes
• Business owners with loans, partnerships or other liabilities
• NRIs and global professionals seeking protection in India
• Individuals with multiple dependants, including children, spouses or elderly parents
• Individuals with legacy planning or estate distribution goals

However, eligibility for a Rs. 15 crore policy is subject to the insurer's underwriting process, income assessment and other applicable requirements.

It can help your family manage:

• Large home, personal or business loans
• Regular household expenses after the loss of your income
• Children's education and other long-term financial goals
• Financial responsibilities towards multiple dependants
• Business-related liabilities and financial commitments
• Legacy or intergenerational wealth planning

The appropriate cover should be calculated after considering your existing savings, investments and assets alongside your liabilities and future financial needs.

You may consider buying a high-value term plan:

• In your 20s or 30s: To secure life cover while you are younger.
• When taking large loans: To protect your family from substantial repayment obligations.
• After marriage or childbirth: When your financial dependants increase.
• When your income or business grows: To reassess whether your existing life cover is sufficient.
• During legacy planning: If you have substantial assets or long-term wealth-transfer objectives.

Consider these factors:

• Your actual coverage requirement: Calculate your liabilities, income replacement needs, dependants and future financial goals.
• Premium affordability: Ensure you can maintain premium payments throughout the policy term.
• Income and financial profile: High-value policies may require income documents and additional financial assessment.
• Health and lifestyle disclosure: Provide complete and accurate information during the application process.
• Policy exclusions: Read the policy documents to understand exclusions and conditions.
• Claim settlement record: Review the insurer's claim settlement information along with other factors.
• Riders: Select additional benefits only when they address a specific protection need.
• Payout option: Choose a payout structure that suits your family's financial requirements.

Key factors include:

• Age: Many insurers accept applicants between 18 and 65 years, although actual limits vary by insurer.
• Income proof: High-coverage plans typically require proof of a steady income to ensure affordability of premiums, similar to other high-value life insurance plans.
• Health: Medical examinations may be required to assess your health and insurability.
• Occupation: Your occupation and associated risks may be considered during underwriting.
• Lifestyle: Smoking and other lifestyle factors can influence underwriting and premium rates.

Meeting these criteria does not guarantee policy approval. The final decision depends on the insurer's assessment of your application and risk profile.

The premium for Rs. 15 crore term insurance is not the same for every applicant. It is influenced by factors such as age, health, lifestyle, income, sum assured and policy term.

Generally, younger and healthier applicants may pay lower premiums. A longer policy term may increase the premium but can provide protection for a longer period. High-value applications may also undergo additional financial and medical underwriting before the insurer decides the final premium.

• Critical illness rider: May provide a lump-sum benefit if you are diagnosed with a specified critical illness, subject to policy terms.
• Accidental death cover rider: May provide an additional cover if death occurs due to a covered accident.
• Waiver of premium rider: May waive future premiums if specified conditions, such as disability or critical illness, are met.
• Income benefit rider: May provide regular payouts to your family in addition to the applicable death cover.
• Terminal illness rider: May provide a benefit following the diagnosis of a covered terminal illness, subject to the policy terms.

Riders are optional and can increase the overall premium, so choose them based on your individual protection needs.

A Rs. 15 crore term insurance plan can provide substantial financial protection for individuals with high incomes, significant liabilities or multiple dependants. The right cover depends on your financial responsibilities, existing assets, future goals and the level of protection your family may need.

Before choosing a plan, compare the premium, policy term, eligibility requirements, payment options, exclusions and available riders. Providing accurate information during underwriting and choosing a premium that remains affordable over the policy term can help ensure that your life cover remains aligned with your family's long-term financial needs.