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How to Have a 1.5 Cr Life Cover with Less than 15,000?

As people across the globe today worry more about their family’s future security as a result of the increased risks and catastrophic events in human life, people now search for a better alternative to safeguard their families from the horrible effects of accidents, critical diseases, environmental disasters, and more.

In addition, we witnessed the drastic and dramatic change that happened in the world just through a small virus. As we all know, human lives and the life expectancy of a person in today’s world most happening world are more vulnerable than in previous.

This is why people look for an adequate solution to save the families from the financial burden their loved ones get because of an unforeseen incident such as their early demise.

Looking into this plight, getting life cover insurance is the only way to do so.

Particularly, when talking about insurance, some may ask for a life cover with a higher sum by spending a lesser amount. For example, a 1 crore term insurance plan with less than 15,000. Is this possible? If so, which plan should you prefer? This blog answers these questions. Let’s dive in,

Is getting a 1.5 crore term insurance with less than 15,000 possible?


Here, a term plan would fit the bill perfectly.

What is a Term Plan?

Term insurance is a type of life insurance that provides financial protection to the insured for a certain period of time. It is known as the low-cost life insurance in India. If the insured person dies during the policy term, the firm pays the death benefit to the dependent.

Before purchasing term insurance, it is important to understand the significance of the essential elements of term insurance and why you should choose it. The goal of purchasing life insurance is to offer the policyholder with life insurance as well as financial stability for his family.

Term plans give just life insurance. This implies that there is no savings element. They are simple policies that make life insurance more inexpensive when compared to other choices. When compared to a comparable endowment plan, the policyholder can choose a bigger life cover at a lesser premium.

Benefits of Term Insurance

Term life insurance is appealing to young parents with kids. Parents may be able to acquire extensive coverage at a moderate cost. When a parent dies, the large benefit might replace lost income. These plans are also ideal for persons who just require a small quantity of life insurance for a short period of time.

For example, the policyholder may determine that by the time the insurance matures, their survivors will no longer require additional financial coverage or will have amassed sufficient liquid assets to self-insure. With that being said, let’s check the benefits of term Insurance one by one.

Larger Life Cover

Because term life insurance policies are less expensive, a person can choose a greater life coverage for the same cost as an endowment plan. A 30-year-old can pay a premium and obtain term insurance with a coverage of Rs 1 crore for a 30-year period. Most 30-year-olds would most likely be unable to afford the Rs 1 crore endowment plan. Taking up term insurance for a similar level of protection, on the other hand, is more reasonable.

Cost of Premiums

Term life insurance policies are perfect for customers who desire comprehensive coverage at a moderate cost. Buyers who purchase whole life insurance pay higher premiums for less coverage, but they enjoy the peace of mind of knowing they are insured for life.

While many customers prefer term life insurance for its cost, they are paying premiums for a lengthy period of time, and having no benefit once the term expires is an unappealing characteristic. Term life insurance rates rise with age and might become prohibitively expensive over time. Renewal term life rates may be higher than permanent life cover premiums would have been at the time the initial term life policy was issued.

Investment Value

Some clients choose permanent life insurance policies because they might include an investment or savings option. With a growth guarantee, a percentage of each premium payment is assigned to the cash value.

Some policies offer dividends, which can be given or deposited in the policy. Over time, the cash value increase may be sufficient to cover the policy’s premiums. There are also certain distinct tax advantages, such as tax-deferred cash value rise and tax-free accessibility to the cash part.


The insured can add riders to the term insurance, increasing the policy’s usefulness. So, if someone chooses a critical illness rider or critical illness insurance, he is eligible to get the sum assured if he is hospitalized with the critical disease.

This is an additional rider to the death benefit of an equivalent amount payable upon death within the policy’s term. Other riders available include loss of employment insurance, disability cover, and waiver of premium cover, among others. To make life insurance more suitable and relevant, the insured should choose riders depending on his personal requirements.

Enhanced cover

Certain insurance firms provide the option to increase life insurance coverage throughout important phases of the policyholder’s life. For example, the insured may be able to increase life insurance coverage by 50% when marrying and 25% when becoming a parent.

This allows him to begin with a low-cost policy and gradually increase it as his responsibilities grow, as does his capacity to pay a larger premium.

Innovative features

While insurance firms have been eager to develop in general, they have been especially quick to innovate when it comes to term policies. Companies, for example, have been swift and aggressive in lowering premium costs, even giving additional reductions to certain groups such as non-smokers.

Purchasing term insurance is now much easier owing to the internet. A healthy person, as determined by the insurer, can purchase a term plan via the internet without having to take a medical exam.


Term insurance, as previously indicated, is appropriate for providing a larger coverage level. So, if you wish to have a 1 crore cover but can only afford a lower premium, the best option is to buy term insurance.

Aside from understanding what term insurance is and the significance of purchasing a term insurance policy, you must conduct an extensive study on the term plan’s definition, features, and advantages. Purchasing term insurance coverage online is simple and quick.

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