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Can You Purchase Term Insurance Without Income Proof?

Due to the pandemic, people are becoming aware of securing the financial well being of their families. One of the best ways to do this is by taking a term insurance plan. However, many people have also lost their jobs while others have taken up temporary earning opportunities like contractual jobs or freelance work. In such a case, they do not have a fixed earning source and no income proof. Can such people purchase a term insurance policy without income proof? Yes, they can easily buy term insurance without income proof.

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What is the Valid Income Proof Required For Term Insurance Purchase in India?

Most insurers in India offer term plans if the customer has any of the following income proof documents:

  • Last 3 months’ salary slips

  • Last 3 year’s Income Tax Returns

  • Bank statements showing 6 months’ salary income

  • Recent Form 16

  • CA certificate

  • Computation of Income

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Is Income Proof Mandatory for Term Insurance? 

No, now income proof is not mandatory for buying a term plan. Various insurance companies are offering term life insurance plans, which you can purchase without income proof. This encourages more individuals to secure their loved ones in the unfortunate event of their demise during the policy term. There are term insurance plans that offer financial protection to your nominees in your absence, return your premiums on maturity, and provide the chance to save on your yearly taxes. 

Best Term Insurance Without Income Proof to Buy in India

Here is a list of term plan without income proof that you can buy in India that also provide the option of returning your premiums paid at the maturity of the policy.

Term Insurance Without Income Proof Entry Age Maturity Age Policy Term Sum Assured
HDFC Life Smart Protect Plan 18 - 45 years 75 years 25 - 40 years 50 Lacs - 1 Crore
HDFC Sampoorna Nivesh 18 - 50 years 85 years 10 - 40 years 10 Lacs
Max Life Smart Flexi Protect Solution 18 - 50 years 85 years 47 - 67 years 50 Lacs - 1 Crores
Tata AIA Smart Sampoorna Raksha - Param Rakshak Plus 18 - 45 years 85 years 30 - 40 years 50 Lacs - 5 Crores
Tata AIA Smart Sampoorna Raksha - Param Rakshak  18 - 45 years 85 years 30 - 40 years 50 Lacs - 5 Crores
Tata AIA Sampoorna Raksha Supreme InstaProtect 18 - 45 years 75 years 5 - 50 years 25 Lacs - 1 Crore
Aegon Life iTerm Prime 18 - 65 years 70 years 5 - 52 years 25 Lacs - 20 Crores

* You can calculate the premiums you would need to pay using the term insurance premium calculator for the desired sum assured for the entire policy term.

* Out of the above-mentioned plans, Tata AIA InstaProtect does not return the premiums on maturity.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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Documents Required to Buy Term Plan Without Income Proof in India

Here is the list of documents required for term insurance without income proof that you need to submit while buying plans in India:

  • Valid government ID Proof: Standard identity documents such as an Aadhaar card, passport, PAN card, driver's license, or Voter ID card are valid as proof of identity. In some instances, it may also constitute an official attestation from a government agency or official with a photo and signature attached.

  • Valid Address Proof: An address proof will serve as official evidence of your permanent address. You can present it as a passport, PAN card, or any other document for the identification mentioned above. Other address proof documents can be a ration card, a bank statement, telephone, or electricity bills.

Documents Apart from Income Proof Accepted as Valid Income Source

Apart from the income proof required for term insurance, you need to submit the following documents:

  • Financial Surrogates: Financial surrogates are the alternate income documents required that can be presented as income proof required for term insurance. For example: Credit card statements, Car RC, Bike RC, and more. Whether these documents will be accepted as reliable documents to buy term plans or not differs for different insurers. Therefore, you can check with the insurer of your choice if the financial surrogates will be accepted or not.

Why is Income Proof Required for Term Insurance?

Here is a list of reasons why the insurers often request you to submit income proof to purchase life insurance plan in India:

  • The income proofs will help the insurance company determine the amount assured or total life cover that could be provided to the person who is applying. They also help them decide the cost of the policy premiums.

  • The insurance company evaluates your ability to pay your premiums on time. This is based on the documentation you submit to prove your income.

  • It eliminates the risk of over-insurance if the life assured has purchased coverage greater than their human life value. 

  • In the event of a mismatch on the tax declarations, the insurance cover may be canceled and an insurance claim can be rejected. The submission of income proof when buying the term insurance shields you from this.

Final Word

Purchasing term insurance without income proof is now possible as most insurers understand the restrictions some customers may face while buying term plans. However, these plans offer limited coverage options and may have some restrictions. Thus, it is better to go through the policy documents of each plan to get a better understanding of the policy’s T&Cs.


  • Q: How can I get a term plan without income proof?

    Ans: You can get term insurance without income proof by presenting alternate documents like surrogate income proof. With these documents, you can easily buy term plan without income proof and and secure your financial dependants.
  • Q: Is term insurance tax free?

    Ans: To answer what is term insurance tax benefits, you need to understand that term insurance offers trax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961, as per the prevailing tax laws.
  • Q: Can housewife take term insurance?

    Ans: Yes, housewives can secure the financial future of their family by buying term insurance for housewife in India. This ensures that the family of the housewife will receive a benefit amount to take care of their financial needs.
  • Q: Can unemployed people take term insurance?

    Ans: No, unemployed individuals other than housewives cannot take term insurance. This is because, at the time of buying term plans, you need to submit income proof or alternate income proof documents like surrogate income proof.

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