1. What are the factors that affect the premium for a 15-year term plan?

Several factors affect the premium for a 15-year term plan including your age, gender, sum assured, premium paying term and frequency, your occupation, your medical history and lifestyle habits, optional riders selected amongst others. It is Several factors affect the premium for a 15-year term plan including your age, gender, sum assured, premium paying term and frequency, your occupation, your medical history and lifestyle habits, optional riders selected amongst others. It is necessary to properly evaluate these factors while buying a 15-year term plan to keep the premiums low and affordable.

2. Who should opt for 15-year term insurance?

A 15-year term insurance policy provides coverage for a decade and a half, making it suitable for individuals who do not want to have any major financial responsibilities in their older age. These plans can be opted by individuals having defined financial responsibilities which will decrease over the next 15 years, this term plan can provide the necessary protection during that period.

3. What are the payment options for buying 15-year term insurance online?

The premiums for buying 15-year term insurance online can be paid through the secured payment gateways offered by the insurer which includes NEFT, debit card/credit card, etc.

4. Is a medical test required for buying 15-year term plan?

Yes, some insurance companies may require a medical examination for a higher sum assured. They assess the health conditions and pre-existing illnesses of the insured to check the risk associated before issuing the term plan . The specific tests required may vary based on your age, health condition, and the insurer’s underwriting policies.

5. What are the eligibility criteria for buying a 15-year term plan?

The eligibility criteria to buy a 15-year term plan depends on the term plan that you choose. Generally, resident Indians and non-resident Indians can buy a 15-year term plan, subject to minimum and maximum age requirements specified by the insurance company . You can check the eligibility criteria in the policy document of the term plan.

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15 Year Term Insurance

A 15-year term insurance is a type of term life insurance plan which is designed to offer life insurance cover for a predetermined period of 15 years. It provides life insurance cover to the insured for a period of 15 years from buying the policy and pay the sum assured in the plan as death benefit in the unfortunate event of death of the insured during the 15 years period.

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Written ByShruti Gujarathi

AboutShruti Gujarathi

Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.

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AboutRosy Pathak

Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.

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What is a 15-year term insurance plan?
How does a 15-year term insurance policy work?
How do you calculate a 15-year term insurance premium?
Benefits of buying a 15-year term insurance plan online
Steps to buy a 15-year term plan online
Documents required to buy 15-year term insurance online
Things to consider before buying a 15-year term insurance plan
Conclusion
FAQs

What is a 15-year term insurance plan?

A 15-year term insurance plan is an insurance policy that offers coverage for a duration of 15 years. During this term, the policyholder pays regular premiums to maintain the coverage. If the insured individual passes away within this term, the beneficiary receives a death benefit, ensuring financial protection for loved ones. These term plans are designed to be cost-effective, with affordable premiums compared to whole-life insurance. Further, these term insurance plans often come with flexible options, allowing the policyholders to select coverage amounts that suit their financial needs.

How does a 15-year term insurance policy work?

You have to choose the following in a 15-year term insurance policy:

Premium paying term: The period during which you have to pay the premiums. It can be single premium, limited premium or regular premium.
Premium paying frequency: The frequency such as monthly, quarterly, half-yearly or yearly in which the premiums for the plan would be paid
Optional riders, if needed: You can add optional riders at an additional cost to enhance the coverage of the base plan.

A 15-year term insurance policy works on a simple premise: you pay the premium for the term insurance plan as per the chosen premium payment tenure in exchange for a death benefit that your beneficiaries can claim if you happen to pass away during the policy term. However, if you survive the tenure of 15 years of the plan, no benefit would be payable except in Return Of Premium Term Plans, in which the premiums paid are returned to the policyholder as maturity benefit.

How do you calculate a 15-year term insurance premium?

The premium of 15-year term insurance is determined by several factors, including the age of the life insured, their lifestyle, gender, health conditions, annual income, medical history and the sum assured in the policy. For insured individuals having greater health issues and risk, the premiums would be higher for the higher mortality risk involved. Similarly, the premiums in older age would be higher than when brought younger. Further, the premium amount also factors in the optional riders, such as critical illness, accidental death, etc, which come at an additional cost for enhanced protection. You can use the term insurance premium calculator available online free of cost to calculate a 15-year term insurance premium.

Benefits of Buying a 15 Year Term Insurance Plan Online

A 15-year term insurance plan provides your family financial coverage in your absence. Here are some of the benefits of buying a 15-year term insurance plan online:

1. Financial Security

A 15-year term insurance policy offers financial security and protection to the family if the insured is the sole breadwinner and dies unexpectedly. The policy provides life risk protection for 15 years to the family, ensuring much-needed peace of mind.

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2. Affordable Coverage

15-year term insurance plan offers affordable coverage at competitive premium cost for a period of 15 years ensuring that a higher death benefit is paid to the nominees on life insured’s death.

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3. Fulfil financial liabilities

A 15-year term insurance plan help you to fulfil your financial liabilities, whether it paying your outstanding loans in your absence, and meeting expenses like children’s education and marriage. It is also an suitable option for individuals who are planning to build their savings.

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4. Extended Coverage

Some term plans also offer critical illness cover and disability cover as inbuilt coverage. You can also add the optional riders such as critical illness rider or accidental death benefit rider to extend the coverage of your base term plan.

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5. Flexibility

Term insurance plans offer various options, allowing you to select the policy sum assured and customise coverage based on your insurance requirements. The nominee can also choose to receive the payout as a lump sum, as monthly instalments, or as a combination of both as per their financial requirements.

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Steps to buy a 15-year term plan online

Follow these simple and quick steps to buy a 15-year term plan online:

Explore the different plan options offering 15-year term plans and select the one with comprehensive coverage at affordable premiums. You can also use an online calculator to estimate the premiums based on your coverage needs. Enter your details such as name, gender, age, contact information, smoking or tobacco use, occupation, education, and income to determine the premium cost.
Fill in the online application form by choosing the coverage options such as sum assured in the plan, policy term, premium payment tenure and frequency, and any optional riders, if required.
Once all the details are filled in, review and confirm the calculated premium based on your input.
Then upload the relevant documents such as identity proof, address proof, medical report, age proof, photographs, etc. online to proceed.
The executive of the insurance company will review your insurance proposal.
If a medical check-up is required, schedule and complete the medical examinations to expedite the issuance of the policy at the earliest and coverage benefits.
In the next step, Once the Insurer communicates the decision of acceptance of proposal, premium needs to be paid. Insurers shall ensure that explicit consent is obtained from the prospect/policyholder for deduction of amount towards premium payment from bank account. Risk Cover shall commence only after receipt of premium.

Documents required to buy 15 year term insurance online

You require the following documents to buy a 15-year term insurance online ^[1]-

Identity proof such as an Aadhar card, PAN card, passport, or voter ID
Address Proof such as Utility bills, voter ID, rental agreement, Aadhaar Card or property documents
Income Proof, if required, such as Salary slips, Form 16, audited financial statements of the business, income tax returns, etc., as applicable.
Age Proof such as Birth certificate, Aadhar card, PAN Card, passport or voter ID.
Recent passport-sized coloured photographs.
Medical Reports or Health check-up reports, if applicable.
PAN Card/Form 60 for tax purposes, if not already submitted.
Any other document as required by the insurance company

Things to consider before buying a 15 year term insurance plan

Here are some of the things one must consider before they buy a 15-year term insurance plan –

Criteria	Description
Coverage Requirements	Assess your financial goals and obligations, such as outstanding loans, mortgage payments, children's education, etc and ensure that the term insurance policy adequately covers these financial obligations.
Affordability	Compare and review the coverage benefits vis-à-vis the premiums to get the benefits at competitive rates. Also, review your budget to check how much you can comfortably pay towards your insurance policy premiums. A 15-year term insurance can offer lower premiums in comparison to longer tenures, but it’s necessary to ensure that you and your family will not have to face financial strain later.
Health Status	Your current health can significantly impact your premiums. If you have pre-existing medical issues, or a history of family illnesses, consider these factors while buying the 15 year term insurance plan.
Insurer’s Reputation	Ensure that you research the financial stability and claim settlement ratio of the insurance company whose policy you intend to buy. A reliable company ensures your beneficiaries receive the payout without hassle.You can use the free online term insurance premium calculator to find the premium for a 25-year term insurance policy.

Conclusion

A 15-year term insurance plan can be a practical choice for those seeking affordable coverage to protect their loved ones during a specific financial period. It can be a suitable option for individuals with long-term insurance needs and specific financial goals who may have major financial obligations 15 years from now. By thoughtfully assessing your coverage needs, budget, and future plans, you can ensure that this policy effectively safeguards your loved ones and provides you with the peace of mind that your family is secured even in your absence.

Frequently Asked Questions

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Reference:

https://www.livemint.com/money/personal-finance/5-types-of-documents-you-require-for-a-term-life-policy-151658895726106.html?gad_source=1&gclid=CjwKCAjw1NK4BhAwEiwAVUHPUBi89kOzyMYb2zdB52uIa_nhEn33ZOcIY4t_iNBXxFaF4YApMsgoyxoClvsQAvD_BwE

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^~Individual Death Claim Settlement Ratio for FY 2023-2024

^{^2} Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V02) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Direct Sales Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

^{^3} Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V02) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Direct Sales Channel | Standard Life | 1st Year Premium is Rs. 7,195. 2nd Year onwards premium is Rs. 7,800. Total Premium is Rs. 2,33,395| Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

³ 5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^$$Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Tax Benefit is calculated at the rate of 31.20% after considering deduction of Rs. 150,000/- under Section 80C of the Income Tax Act 1961 (under old tax regime)

For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

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For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

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15 Year Term Insurance

What is a 15-year term insurance plan?

How does a 15-year term insurance policy work?

How do you calculate a 15-year term insurance premium?

Benefits of Buying a 15 Year Term Insurance Plan Online

1. Financial Security

2. Affordable Coverage

3. Fulfil financial liabilities

4. Extended Coverage

5. Flexibility

Steps to buy a 15-year term plan online

Documents required to buy 15 year term insurance online

Things to consider before buying a 15 year term insurance plan

Coverage Requirements

Affordability

Health Status

Insurer’s Reputation

Conclusion

Frequently Asked Questions

Customer Speaks

Popular Searches