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.Read more
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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
Computation of Income
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.
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.
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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.
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.
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.
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.
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