"While the winning team gets to take home Rs 2.5 crore, the runners-up team stands a chance to win Rs 1.25 crore and the team placed at the third position will take away Rs 75 lakh," the organisers said in a statement.
The League is set to be played across Delhi, Mumbai, Mohali, Bhubaneswar, Ranchi and Lucknow over a period of almost four weeks.
Apart from the top three teams winning cash prizes, the Player of the Tournament will get to take away Rs 25 lakh.
The player with the maximum goals will have a chance to win the Airtel Maximum goals award and Rs 10 lakh cash prize.
The upcoming player gets the opportunity to bag the Ponty Chadha Upcoming Player of the Tournament Award and cash prize of Rs 20 lakh.
The player who makes everyone proud will win the Yes Garv Award and will get a cash prize of Rs 10 lakh. In addition, each man of the match will win Rs 25,000.
"The excitement of hockey continues post Hero Hockey World League Final and will be further enhanced with the second edition of Hero Hockey India League," said Dr Narinder Batra, Chairman of Hero Hockey India League.
"This year we are making special efforts to recognize individual performances and have introduced many cash prizes. This will create excitement not only among individual players but even among the spectators," he added.
Hero Hockey India League is scheduled to start with a clash between Jaypee Punjab Warriors and Delhi Waveriders in the new hockey stadium at Mohali.


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