A 15-crore term insurance plan is a high-value term policy designed to provide extensive financial protection for individuals and their families. With this type of coverage, policyholders can secure their loved ones’ future by offering substantial financial support in case of an unforeseen event. This article delves into the benefits, eligibility criteria, premium options, and available add-on riders for such plans, helping you make an informed decision about securing your family's financial future.

• A 15 crore term insurance plan offers substantial financial protection for your family in the event of an unforeseen situation.

• It covers debts, future financial goals like children’s education, and provides tax benefits under Section 80C.

• To qualify, applicants generally need to meet age, income, health, and occupation criteria, with insurers favouring low-risk applicants.

• Premiums depend on age, health, and policy tenure, with options for flexible payment modes and potential discounts for non-smokers.

• Riders such as critical illness, accidental death covers, and waiver of premium add more layers of security to your policy.

A term insurance plan offering coverage of Rs. 15 crore provides multiple advantages, including:

• 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 eligible for deductions under Section 80C of the Income Tax Act, 1961.

• Customisation options: Allows you to include riders for added coverage, enhancing the scope of the policy.

To qualify for a high-value term insurance plan, applicants must meet certain eligibility requirements, which may vary across insurers. Common criteria include:

• Age: Most insurers accept applicants aged between 18 and 65 years.

• Income proof: High-coverage plans typically require proof of a steady income to ensure affordability of premiums.

• Health status: A medical examination may be necessary to assess overall health and determine insurability.

• Occupation: Individuals in low-risk professions are more likely to secure approval for high-value policies.

• Lifestyle habits: Non-smokers and individuals with healthier lifestyles may receive better terms and lower premiums.

The premium for a 15-crore term insurance plan depends on several factors, including the policyholder’s age, health, and tenure of the policy. Here are key aspects of premiums and payment options:

• Premium calculation: Younger and healthier individuals generally pay lower premiums for high-value coverage.

• Policy term: Longer tenures may have higher premiums, but they offer extended protection.

• Payment modes: Insurers typically offer flexible payment options, such as annual, semi-annual, quarterly, or monthly premiums.

• Premium discounts: Non-smokers or those with no pre-existing medical conditions may qualify for reduced rates.

• Online policies: Many insurers provide discounts for policies purchased online, as these eliminate intermediary costs.

Enhance your policy’s coverage with additional riders tailored to meet specific needs. Common add-ons include:

• Critical illness rider: Provides a lump sum if the policyholder is diagnosed with a critical illness like cancer, heart disease, or kidney failure.

• Accidental death cover rider: Offers additional compensation to beneficiaries if the policyholder dies in an accident.

• Waiver of premium rider: Waives all future premiums if the policyholder becomes disabled or critically ill.

• Income benefit rider: Ensures regular payouts to the family in addition to the lump sum benefit, providing consistent financial support.

• Terminal illness rider: Pays out the sum assured if the policyholder is diagnosed with a terminal illness during the policy term.

A 15-crore term insurance plan offers robust financial protection, making it an excellent choice for those seeking extensive coverage for their families. With benefits like high coverage, tax savings, and add-on customisation, these plans provide security and peace of mind. By understanding the eligibility criteria, premium structure, and rider options, you can select a policy that aligns with your financial goals and ensures your family’s future remains secure, even in your absence.