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15-Year Term Insurance

Life is unpredictable. You might be soaring high in your career today, but what if things take an unexpected turn? A 15-year term insurance plan is designed Read more to cover those crucial years when financial responsibilities are at their peak. Whether it’s paying off a mortgage, funding your child’s education, or securing your family’s future, this plan offers a practical and affordable way to ensure financial stability for a fixed period.
But is a 15-year term insurance plan the right fit for you? Let’s dive into the details. Read Less

Life is unpredictable. You might be soaring high in your career today, but what if things take an unexpected turn? A 15-year term insurance plan is designed.. Read more to cover those crucial years when financial responsibilities are at their peak. Whether it’s paying off a mortgage, funding your child’s education, or securing your family’s future, this plan offers a practical and affordable way to ensure financial stability for a fixed period.
But is a 15-year term insurance plan the right fit for you? Let’s dive into the details. Read Less

Get 18.5% discount on first year premium¹⁴

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What is a 15-Year Term Insurance Plan?

A 15-year term insurance plan is a life insurance policy that provides coverage for 15 years. If something happens to you during this period, your family receives a lump sum payout, ensuring they don’t face financial hardship. However, if you outlive the term, there’s no maturity benefit (unless you opt for a return-of-premium variant).

How does it work? Pretty simple:

Choose the Coverage Amount:

Select the sum assured based on your financial needs.
Pay Regular Premiums:

Monthly, quarterly, or annually, depending on your preference.
Stay Covered for 15 Years:

If anything happens to you within this period, your family gets the payout.
No Payout If You Survive:

Unless you opt for a return-of-premium plan, there’s no maturity benefit.

The main advantage? It offers affordable protection for a specific phase of your life without the long-term financial commitment of a 30- or 40-year plan.

Why Choose a 15-Year Term Insurance Plan?

Not everyone needs a lifetime of coverage—sometimes, a 15-year term insurance policy is enough. Here’s why people opt for it:

Affordable Premiums: Shorter duration means lower premiums compared to long-term plans.
Covers High-Responsibility Years: Ideal for those in their 30s or 40s, ensuring financial security while they have major liabilities.
Flexible & Hassle-Free: No need to commit to decades-long premiums.
Good for Temporary Coverage: If you have a 15-year home loan, this plan ensures your family isn’t burdened with EMIs if something happens to you.

For someone looking for cost-effective, short-term financial security, this plan is a great option.

Our Best-Selling Term Insurance Plans

Tata AIA

Sampoorna Raksha Promise

Get ₹ 1 Cr Life Cover at ₹ 501/month^*
Upto 18.5% discount on first year premium¹⁴
Get 100% premium back^~

Calculate Premium Know More

Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V05)

Tata AIA

Maha Raksha Supreme Select

Key benefits:

Get ₹ 2 Cr Life Cover at ₹ 692/month^##
Enhance protection with Education Secure for your children
· Upto 18.5% discount on first year premium¹⁴

Calculate Premium Know More

Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V08)

Who Should Consider a 15-Year Term Insurance Plan?

A 15-year term insurance plan isn’t for everyone, but it makes sense for:

Young Professionals & Newlyweds

Protect your spouse or dependents without a long-term financial commitment.

Parents with School-Going Kids

Ensures their education and upbringing are covered in case of an unforeseen event.

Homeowners with 10-15 Year Loans

Matches the loan tenure, so your family isn’t left with unpaid debts.

People Approaching Retirement

If you’re 45-50 years old and just need protection until you retire, this is a good short-term solution.

If your financial obligations are primarily bunched up in the next 15 years, then this plan is a sensible method to secure your family's financial well-being.

How to Select the Correct 15-Year Term Insurance Plan?

Purchasing the correct plan doesn't merely involve selecting the first policy that you get. Look for these:

Claim Settlement Ratio: A high ratio indicates that the insurer is trustworthy in terms of payouts.

Premium Affordability: Ensure the premium is within your means comfortably.

Rider Add-Ons: Opt for riders such as accidental death, critical illness, or waiver of premium riders for additional protection.

Sum Assured : Ensure the sum assured is enough to pay off your liabilities and take care of your family.

Premium Payment Flexibility: Choose a monthly, quarterly, or annual premium payment depending on what is most convenient for you.

Uncertain about how much coverage you want? Calculate online with a premium calculator based on your income and expenses.

Factors That Affect Your Premium

Your 15-year term insurance premium is influenced by the following most important factors:

Age:

Younger policyholders get lower premiums.
Health & Lifestyle:

Smokers or individuals with pre-existing conditions may pay higher rates.
Sum Assured:

Higher coverage equals a higher premium.
Rider^ Benefits:

Adding features like critical illness or disability riders will increase the cost.

A quick tip? Buy the policy early in life—your premium stays fixed for 15 years, so locking in a lower rate now will save you money.

Final Thoughts

A 15-year term insurance plan is perfect for those looking for affordable, short-term financial protection. If your financial responsibilities are concentrated over the next decade or so, this policy offers a simple and cost-effective way to safeguard your loved ones.

1.What happens if I survive the 15-year term?
The policy simply ends unless you have a return-of-premium option, in which case you get back the premiums paid.

2.Can I extend my policy after 15 years?
No, but you can buy a new policy or opt for a longer term if you need continued coverage.

3.Will my family have to pay taxes^# on the payout?
No, the death benefit is usually tax-free under Section 10(10D) of the Income Tax Act.

Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V05)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V08)
^*Illustrated premium of ₹608 is the monthly premium excluding taxes for a 20 yr. old female, Standard Life, Non-Smoker for ₹1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option and ₹501 is for the same modal point with first year premium discount of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
^##Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) with Life Secure plan option with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
^~Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier
²Individual Death Claim Settlement Ratio is 99.13% for FY 2023-24 as per the latest annual audited figures.
¹⁴This includes first year digital discount of 10% for Limited Pay/Regular Pay and 8.5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.
^{^}Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
^#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
This product is underwritten by Tata AIA Life Insurance Company Ltd.
The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
Insurance cover is available under this product.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.