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₹1.5 Crore Term Insurance

Protect your loved ones with 1.5 crore term insurance cover, the most affordable way to secure their financial future. Read this blog to learn everything you need to know about this policy.

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

In an increasingly uncertain world, securing the financial future of our loved ones has become paramount. Term insurance, one of the most popular life insurance products, provides a straightforward and cost-effective way to protect your family’s financial well-being in the event of your untimely demise.

Key Takeaways

  • 1.5 crore term insurance offers a benefit of 1.5 crore rupees to the nominee in case of the policyholder’s passing during the policy term.
  • It provides comprehensive financial protection, affordability, and tax benefits.
  • It can be customized to serve your typical needs.
  • It is essential to assess your insurance requirements and research insurance providers before choosing the right policy.

Among the various term insurance plans available, the ₹1.5 crore term insurance plan stands out as a comprehensive solution to provide substantial cover for your dependents. This blog will explore the benefits and considerations associated with ₹1.5 crore term insurance and understand why it is an essential part of financial planning.

What is 1.5 crore Term Insurance?

₹1.5 crore term insurance is a type of insurance policy that offers a death benefit of ₹1.5 crore to the nominee in the case of the policyholder’s demise during the policy term. It means that if the insured person passes away during the coverage period, their family or chosen beneficiaries will receive the lump sum of ₹1.5 crore, providing significant financial security.

Advantages of 1.5 crore Term Insurance

Such a large amount of money can provide someone with the best possible benefits and security during emergencies. These emergencies can either be financial or medical. Take a look at what advantages you can get from a ₹1.5 crore term insurance plan:

Comprehensive Financial Protectio

One of this policy’s primary advantages is its substantial financial protection. A ₹1.5 crore rupee payout can help your family cover various expenses, including outstanding debts, mortgages, children’s education, and daily living expenses.


₹1.5 cr term insurance is remarkably affordable despite providing a large sum assured. The premiums are generally lower than other insurance plans, making them available to a wider range of individuals.

Customizable Policy

Many insurance providers allow policyholders to customize their term insurance policy. You can add riders or additional coverage to suit your specific needs, such as critical illness cover, accidental death benefit, or disability coverage.

Tax Benefits

Term insurance policies, including ₹1.5 cr term insurance, offer tax benefits under the 80C section of the Income Tax Act 1961. Premiums paid towards the policy are qualified for tax deductions up to a specified limit. Additionally, the death benefit that the nominee receives is usually tax-free under Section 10(10D).

Factors to Consider While Buying a 1.5 crore Term Insurance

A ₹1.5 crore term insurance cover can be bought from any insurance company. You just have to follow a straightforward process with these steps:

Calculate Premiums

Use online premium calculators or contact insurance agents to get an estimate of the premiums for the desired coverage amount and policy term. Compare premium rates from various insurers to find a policy that suits your budget.

Disclose Medical Information

Be transparent about your medical history and lifestyle habits during the application process. Insurance companies may conduct medical underwriting, and providing accurate information is crucial to avoid claim rejections in the future.

Choose Additional Riders

Consider adding relevant riders or add-ons to enhance the coverage of your ₹1.5 crore term policy. Popular riders include critical illness cover, accidental death benefits, waiver of premium, and disability coverage. Select riders that align with your specific needs.

Fill out the Application Form

Fill out the application form with accurate information. Double-check all the details before submitting the form to ensure no errors.

Review Policy Terms and Conditions

Carefully review the policy terms and conditions, including the coverage details, premium payment schedule, exclusions, and claim settlement process. In case of any doubts, seek clarification from the insurance company.


A ₹1.5 crore term plan is an excellent policy for safeguarding your family’s financial future in case of an unfortunate event. It provides comprehensive protection at an affordable cost and offers flexibility in terms of customization. However, assessing your family’s financial requirements is crucial, as choosing a reputable insurer and being honest during the underwriting process to ensure a seamless claims settlement. Take your time to research, compare policies, and choose wisely to ensure comprehensive protection for your loved ones.

- A Consumer Education Initiative series by Kotak Life

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435