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Term Insurance Eligibility

At times of economic and financial uncertainty and distress, it is a great reprieve to have a secure and financial net that helps you cover your unforeseen expenses. The most important investment/savings you can make to fulfill all your life goals is buying a term insurance plan. However, it is important to know what is term insurance and how it works. Also, it is suggested to be aware of the standards for term insurance eligibility as it makes the procedure of availing the term plan of your selection more convenient and easier.

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What is Term Insurance?

To understand what is term insurance, term plans are basically a type of life insurance, designed to provide financial security to the family and dependents of the policyholder in the unfortunate event of the policyholder's death during the policy term. The main benefit of term insurance is that it allows individuals to secure their loved ones in case of an unfortunate evernt.

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Term Insurance Eligibility Criteria 

This type of life insurance plan is suitable for individuals who want to secure the financial future of their family members in case of any unfortunate events. To avail of this coverage, individuals need to meet certain eligibility criteria set by insurance providers. These criteria ensure that the insurance contract is viable and that the risk is adequately assessed. The term insurance eligibility criteria in India typically revolve around factors such as age, income, health, and lifestyle choices.

  • Age Criteria: Age plays a significant role in determining term insurance eligibility. Most insurance companies have a minimum and maximum age requirement for policyholders. Generally, individuals in the age range of 18 to 65 years are eligible to apply for term insurance. The specific age limits can vary among insurers and might be subject to change based on the prevailing market conditions and the company's underwriting policies.

  • Citizenship: The citizenship of the customer affects the eligibility for term insurance, as many Indian insurers do not offer plans to individuals from a different country. Therefore, it is suggested that, you always check your term insurance eligibility before buying term insurance from India.

  • Income Criteria: Insurers often consider an individual's income as an indicator of their financial responsibility and ability to pay premiums. While there isn't a fixed income threshold, policyholders are typically required to have a stable source of income to ensure they can meet premium obligations. The sum assured, which is the amount paid to beneficiaries in case of the policyholder's demise, is often linked to the policyholder's income, and therefore, becomes a key determining factor for term insurance eligibility. 

  • Health Status: Health plays a crucial role in term insurance eligibility. Applicants are usually required to disclose their medical history, existing health conditions, and lifestyle habits (such as smoking or alcohol consumption). Some insurers might require a medical examination or request medical records to assess the applicant's health accurately. While pre-existing health conditions might not necessarily disqualify an individual, they could influence premium rates.

  • Lifestyle Habits: Lifestyle choices can impact term insurance eligibility and premium rates. Risky behaviors such as smoking or engaging in hazardous activities might lead to higher premiums or even a denial of coverage. Insurance companies assess these factors to determine the level of risk they are taking on by providing coverage.

  • Occupation Type: Some insurers do not offer term plans to individuals within certain occupations, like people who are in the army, work at mines or other such high risk jobs. Thus, it is essential to check your eligibility for term insurance before buying the most suitable plan.

  • Policy Term and Sum Assured: The chosen policy term and sum assured also play a role in eligibility. Insurers might have specific limits on the minimum and maximum sum assured based on the applicant's age, income, and other factors. Additionally, the policy term chosen should fall within the age limits specified by the insurer.

  • Medical Examination: In some cases, insurance companies might require applicants to undergo a medical examination, especially for higher coverage amounts. The examination helps insurers assess the applicant's health condition accurately and determine the associated risk. This becomes a factor for eligibility of term insurance while buying the plan.

It's important to note that each insurance company may have slightly different eligibility criteria based on their underwriting guidelines. Let’s see the basic term insurance eligibility criteria in the table below:

Minimum Entry Age  18 years 
Maximum Entry Age  65 years (confirm with the insurance company if they provide a term plan for senior citizens if you are more than 65 years old)
Maximum Cover for Term Insurance  99/100 years

* You can also check your eligibility for term insurance using a term insurance calculator online.

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Who is Eligible to Buy Term Insurance Plans? 

As mentioned above, the term insurance eligibility criteria are quite comprehensive because these plans are specifically considered to be manageable and meet the insurance requirements of a wide number of people and loved ones. The following people are eligible to buy the best term insurance plan in India

  1. Young Individuals/Professionals 

    Term insurance plans help individuals who are going to join the workforce and do not have any liabilities. They offer benefits on tax and can provide an early start to planning and securing your after-retirement years. 

  2. Newly Married 

    Individuals who have just got married can also buy term insurance plan benefits. They can avail of joint term insurance plans or individual plans to make sure that in their untimely demise, the future requirements of their partner will be looked after. 

  3. Parents 

    People having children or planning a family in the future must consider buying a term insurance policy, especially if they are mainly the breadwinners of the family. A term insurance plan will make sure that during any unfortunate event, the educational/informative and other requirements of your children will be protected and secured. 

  4. Senior Citizen 

    Many people choose to work after getting retired and also contribute to the household salary. A term insurance plan might help you in replacing a salary in the absence of a breadwinner. Some want to support their children even after their retirement or might have some not-paid liabilities. So, this plan ensures your child’s life objectives and also takes care of your liabilities. 

  5. NRIs

    NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term plan online without hassle, after checking their eligibility for term insurance in India. The best way to check your eligibility is through a term insurance eligibility calculator online.

  6. People with Loans and Liabilities

    People who have remaining loans and debts can buy term plans to ensure their family is not burdened with having to pay off the remaining amount. With the death benefit payout, the family can easily take care of the outstanding amount and live a debt-free life.

Why Should You Buy Term Life Insurance Plans?

You should buy term plan because of the following reasons:

  • Financial Security: The main reason for buying term insurance plans is to ensure the financial security of your loved ones in the event of your untimely death. These plans are even more important, especially if you are the main breadwinner of the family. Therefore, you should always check your term insurance eligibility and buy the most suitable plan for your family’s financial safety.

  • Affordable Premiums: The term insurance premium rates are highly affordable compared to all the other types of life insurance plans. Therefore, with a term plan, you can secure a large life cover at budget-friendly premiums. You can buy the best term insurance for 1 Crore at premiums starting at just Rs. 473 per month.

  • Suitable Life Cover: Life cover for term insurance starts from 50 Lacs and can go up as per your individual eligibility for term insurance. You can use a human life value calculator or a term insurance eligibility calculator to get an estimate of the maximum sum assured you are eligible to buy. 

  • Flexible Policy Term: You can select the required policy term with term insurance, as most term plans offer cover from 5 years to 40 years. You can also opt for a whole life cover that covers you till 99/100 years of age. Therefore, you should always check your term insurance eligibility to ensure you get the right cover for a suitable tenure.

  • Peace of Mind: With term insurance, you get the peace of mind that your family will be financially protected in the event of your unfortunate demise. This can help you live a stress-free life and live peacefully. Before buying a suitable term plan, you should always check your eligibility online using a term insurance eligibly calculator.

What Are The Documents Required to Buy Term Insurance Plan?

One of the important aspects of purchasing a term insurance policy is to submit the requested documents to fulfill the underwriting procedures. You can easily upload, email, or courier the documents directly to the insurer if you are purchasing an online term plan.

Type of Documents Required Valid Documents
Age Proof 
  • Birth certificate
  • School/college certificate
  • Marriage certificate
  • Medical reports
Income Proof 
  • Salary slip (minimum for last three months)
  • Bank statement showing income/salary (last six months)
  • Audited profit & loss account and balance sheet (for the last three assessment years)
  • Latest salary certificate from your employer
  • Income Tax Returns (ITR) (last three assessment years)
  • Most recent Form 16
  • CA Certificate (not more than 2 months old)
Photographs Passport size photos
Address proof
  • Aadhar Card
  • Telephone/Mobile bill
  • Electricity bill
  • Passport
  • Ration card

These documents determine term insurance eligibility and therefore, makes it possible for insurers to assign a perfect plan to the customer. 

Wrapping It Up!

Term insurance plans are one of the basic, purest, and pocket-friendly forms of life insurance available in the market. The eligibility for term insurance criteria are quite easy and provides a cost-effective form of insurance to a wide variety of people. At the end of the day, the unique benefits term plan offers to make it a preferred protection option for individuals at various stages of life, whether they are married, young, professionals, or working people.

FAQs

  • Q: Who can apply for term insurance?

    Ans: Individuals within the age range of 18 to 65 are generally eligible to apply for term insurance.
  • Q: How does age affect eligibility for term insurance?

    Ans: Age determines whether you fall within the acceptable range for coverage. There are specific minimum and maximum age limits set by insurers.
  • Q: Does income impact eligibility for term insurance?

    Ans: Yes, having a stable income showcases your ability to manage premiums. It's a factor considered for term insurance eligibility assessment.
  • Q: Why is health status important for term insurance eligibility?

    Ans: Your health condition affects the risk to insurers. Accurate health information is required, and sometimes a medical examination might be necessary.
  • Q: Do lifestyle habits matter in term insurance eligibility?

    Ans: Absolutely. Habits like smoking or engaging in hazardous activities can influence eligibility and premium rates due to associated risks.
  • Q: What is a Term Insurance Eligibility Calculator?

    Ans: Term insurance eligibility calculator is an online tool that helps customers understand if they are eligible to buy a certain plan or not. You can use the term insurance eligibility calculator free of cost and save time and energy.
  • Q: How do policy term and sum assured play a role in term insurance eligibility?

    Ans: They should align with your age and income. The sum assured might be linked to your income, and the policy term must fit within the age limits set by the insurer.
  • Q: Is a medical examination mandatory for eligibility for term insurance?

    Ans: Some insurers might require it, especially for higher coverage. The examination helps assess your health accurately, and in this way it is important in eligibility of term insurance.
  • Q: Why is disclosing accurate information crucial for eligibility for term insurance?

    Ans: Accurate information ensures a valid contract. Misrepresentation can lead to future claim rejections.
  • Q: Is term insurance eligible for 80c?

    Ans: Yes, term insurance is eligible for 80c deduction under the Income Tax Act in India, subject to the overall limit of ₹1.5 lakh per financial year.
  • Q: How can I check my eligibility for term insurance?

    Ans: You can check your term plan eligibility using a term insurance eligibility calculator. You simply need to input the required details, and your eligibility for term insurance will be displayed.

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