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A 15-year Term Life Insurance Policy

Know everything about a 15-year term life insurance from its features and benefits to how it provides short-term financial security.

Choose from a wide range of term insurance plans, starting at Rs. 15/day*

A 15-year term life insurance is an affordable way to secure financial protection for a fixed period, offering peace of mind to your family. It ensures that your loved ones are financially covered in the event of your untimely death during the policy term. In India, where family responsibility is a priority, opting for a term life insurance plan helps protect the future of your dependents. With a 15-year term, this policy strikes a balance between cost-effectiveness and coverage, ideal for covering short to medium-term financial obligations like loans or children's education.

What is a 15-year term life insurance?

A 15-year term life insurance plan is a policy that offers coverage for a duration of 15 years. During this period, if the insured passes away, their beneficiaries receive a lump sum payout (sum assured). It does not provide maturity benefits if the policyholder survives the term, making it a pure risk protection plan. The plan ensures that your family is financially secured during critical years when they may be dependent on your income.

Key features of a 15-year term life insurance

A 15-year term life insurance comes with several features that make it a preferred choice for many policyholders:

  • Fixed term duration: The policy provides life coverage for 15 years, ensuring protection for a specific period.
  • Lower premiums: Term insurance plans generally have lower premiums compared to other life insurance products due to the absence of maturity benefits.
  • Customisable sum assured: Policyholders can choose the coverage amount based on their financial needs and responsibilities.
  • Optional riders: Additional riders, such as critical illness or accidental death covers, can be added for enhanced coverage.
  • Flexible premium payment: You can choose between annual, semi-annual, quarterly, or monthly premium payments depending on your convenience.

Key benefits of a 15-year term life insurance

A 15-year term life insurance offers several benefits that make it a valuable financial tool:

  • Financial security: The plan ensures that your dependents receive a lump sum payout if something happens to you, securing their future.
  • Debt protection: It can cover outstanding loans or liabilities, ensuring that your family is not burdened by debts after your passing.
  • Tax benefits: Premiums paid for term insurance qualify for tax deductions under Section 80C of the Income Tax Act, while the death benefit is exempt under Section 10(10D).
  • Affordability: With lower premiums compared to whole life policies, a 15-year term plan is cost-effective for high coverage.
  • Flexible coverage: It offers the option to enhance the coverage with riders, giving you flexibility according to your needs.

Eligibility criteria for a 15-year term life insurance

To apply for a 15-year term life insurance, certain eligibility criteria must be met:

  • Age range: Most insurers allow entry for individuals between the ages of 18 to 65, though it can vary.
  • Income proof: Applicants must provide proof of income to determine their eligibility and the sum assured amount.
  • Health requirements: A medical examination may be required to assess your health condition and any existing medical conditions.
  • Residency status: The policy is usually available for Indian residents and non-resident Indians (NRIs).
  • Premium payment capacity: The applicant should have a stable income to regularly pay premiums throughout the term.

Factors to consider when choosing a 15-year term life insurance

When selecting a 15-year term life insurance plan, there are key factors you should keep in mind:

  • Coverage amount: Ensure that the sum assured is sufficient to cover your family’s financial needs, including education, debts, and daily expenses.
  • Premium affordability: Choose a plan with premiums that fit within your budget without compromising coverage.
  • Rider options: Consider adding optional riders like critical illness or accidental death benefit to extend the policy’s coverage.
  • Claim settlement ratio: Check the insurer’s claim settlement ratio to ensure reliability and timely payouts.
  • Policy renewal options: Some term plans offer the option to renew at the end of the term, allowing continued coverage if needed.

How to calculate a 15-year term insurance plan premium?

The premium for a 15-year term life insurance policy is based on factors like age, health, lifestyle, and the coverage amount. Insurers evaluate medical history, smoking habits, and occupational risks to determine costs. Younger and healthier individuals typically receive lower premiums. Using an online calculator and comparing different insurers can help estimate the best rates. Selecting the right policy ensures financial security for dependents throughout the term.

Conclusion

A 15-year term life insurance plan is a practical and affordable way to ensure financial protection for your loved ones during critical years. By offering substantial coverage at lower premiums, it secures your family’s future against uncertainties. With additional rider options and tax benefits, this plan is ideal for those seeking temporary but reliable life coverage. Make sure to choose a plan that aligns with your financial needs and long-term goals.


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Frequently asked questions

How does a 15-year term life insurance policy work?

A 15-year term life insurance policy offers coverage for 15 years, during which your beneficiaries receive a death benefit if you pass away. It is a pure protection plan, meaning there are no maturity benefits or payouts unless the policyholder dies within the term.

Why should you opt for a 15-year term life insurance policy?

Choosing a 15-year term life insurance policy is beneficial if you want affordable, temporary coverage to secure your family’s financial future, pay off debts, or fund children’s education. It offers peace of mind and is ideal for covering specific time-bound financial needs.

What are the eligibility criteria for a 15-year term life insurance plan?

Eligibility criteria for a 15-year term life insurance plan include being between the ages of 18 and 65, proof of income or financial stability, and often undergoing a medical assessment. Each insurer may have its own specific age and health requirements.

How can you apply for a 15-year term life insurance plan?

To apply for a 15-year term life insurance plan, visit the insurer’s website or contact an agent, choose the sum assured and premium, submit the required documents, and complete any necessary medical assessments. The policy will be issued after approval and premium payment.

What documents are required to apply for a 15-year term life insurance policy?

Documents required to apply for a 15-year term life insurance policy include identity proof (Aadhaar, PAN), address proof, income proof (salary slips, tax returns), age proof, and any necessary medical reports. Insurers may request additional documents depending on the applicant’s profile.

Who is eligible to purchase a 15-year term insurance plan?

Anyone who meets the insurer’s eligibility criteria, including age, health, and income requirements, can apply for a 15-year term insurance plan. It is ideal for individuals seeking medium-term financial security with fixed premiums, ensuring protection for dependents over the policy’s duration.

Is it possible to extend the death cover after a 15-year term plan ends?

The death cover does not continue after the policy expires. However, some insurers offer renewal or conversion options. Reviewing the policy’s terms in advance helps determine whether extending coverage through renewal or switching to a longer-term plan is a suitable option.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third-party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finserv Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

Note - While we have made all the efforts and taken utmost care in gathering precise information about the products, features, benefits etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective products sales brochure and policy/membership wordings before concluding sales.

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