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Can A Term Life Insurance Plan Be Purchased Without Valid Income Proof?

Recent years have defined the value of securing your life. Undoubtedly, an online term insurance plan is the best option to get financial security along with term insurance tax* benefits. 
 

However, just like buying any financial instrument, you need to submit some documents to apply for the best term policy you want. One essential document you require to get a term insurance plan is valid income proof. 
 

Read further to know about the documents you need to buy a term insurance plan in India and if you can buy term insurance without income proof.

What is Term Insurance

A term life insurance plan is a life insurance policy that provides protection for a fixed length of time. It is a basic life insurance plan that provides a sum assured to the deceased policyholder’s family during the policy term. 
 

For example, if the policyholder passes away during the policy duration, the plan provides financial security to his dependents. An essential term insurance plan has a low premium and relatively high coverage. A pure term insurance plan does not offer maturity benefits. Instead, it is a straightforward plan that provides high life coverage for a low premium.

Can You Buy a Term Insurance Policy Without Income Proof?

You need valid income proof to buy a term insurance plan. It is only possible to purchase a term plan by providing income proof. Here are the reasons why you need to provide income proof to the insurer.
 

  • An income proof helps the insurance company determine the applicant’s eligibility for the term plan. 

  • Moreover, it helps determine the coverage that can be offered to the applicant. 

  • When a customer gives his income proof, the insurer uses it to determine the customer’s financial worth. 

  • It also shows if the customer has the capacity to pay the policy premiums given his present income level. 

  • An individual’s income level also helps in determining how much coverage his dependents will need to meet their financial requirements in case of his death. 

  • Submitting your income proof also helps you ensure you are not over or underinsured. If you are over-insured, you will have to pay unnecessarily high premiums to the insurer. On the other hand, if you are underinsured, your family will not have enough money from the term plan to meet their financial needs in your absence. Therefore, your income proof helps you get the appropriate sum assured with your term insurance plan. 

  • Insurance companies have more confidence in applicants having a steady income source with sufficient current income. By submitting valid income proofs, you can assure the insurer of your stable financial condition and ability to pay policy premiums on time. 

  • Determining your eligibility for a term insurance policy helps you get the policy for a lower premium.

Documents That Can Be Used As Valid Income Proof for Term Insurance Plan India

You can use the following documents as valid income proof to get a term insurance plan:
 

  • Last 3 months’ salary slip.

  • Income Tax Return Statements for the last 3 years

  • Recent Form 16

  • Bank statements showing income or salary for the last 6 months

  • Recent salary certificate from the employer

  • CA certificate not more than 2 months old

  • Form 26 AS from last year

  • Agricultural income certificate from last 1 year

  • Mandi receipts from the last 2 months

  • Current land records and income assessments

Other Documents Required to Get a Term Insurance Plan

Although valid income proof is essential to get a term plan in India, you need other documents too. Here is a list of the other documents you need to submit to the insurance provider, along with income proof to get your term plan application approved:
 

  • Identity proof: A valid photo identity proof is another mandatory document you must provide to the insurance company to get a term insurance policy. The Aadhar card, PAN card, Voter ID card, passport, driving licence, etc., are some photo documents you can submit as identity proof. In a few instances, the applicant may have to get an official attestation from a government official with an attached signature and photograph. 

  • Age proof: Your age is a crucial determinant of the term life insurance policy’s premium. It also helps the insurance company decide if it can provide you with a term plan. Therefore, the insurance provider may ask you for age proof to ensure you are within an appropriate range for them to offer you a term plan. An identity document, such as an Aadhar Card, has the individual’s date and year of birth. Usually, it serves as your age proof also. Other documents that serve as age proof are birth, high school, college graduation, and marriage certificate.

  • Address proof: An address proof validates your permanent address. Several identification documents, such as an Aadhar card, passport, PAN card, etc., have your permanent address on them. All these documents can be used as proof of address. Apart from these, you can submit other documents, such as ration cards, utility bills, or bank statements, as proof of address.

  • Medical reports: Your current health condition and the exposure to health risks in the near future also help determine the term insurance policy premium. It is why most insurance companies ask for the term insurance applicant’s past and recent medical records. 

  • Recent photographs: You will be asked to submit recent passport-size photographs along with other documents to complete the paperwork for the term plan.

Conclusion

You need to submit several documents to the insurance company to get a term life insurance plan. Among these, valid income proof is an essential document the insurer requires. An income proof is an assurance of your stable and sufficient income and helps you get a term plan with sufficient coverage for a low premium. 
 

Tata AIA life insurance offers an extensive range of term life insurance plans. Our term plans offer the insured person comprehensive coverage in the event of hospitalisation, critical illness, accidental disability, heart conditions, cancer, and death. Moreover, you can benefit from the quick 4-hour claim settlement process with us.

Get 1 Crore Life Cover + 7% Digital Discount on Year 1 Premium

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

Is there a minimum income requirement to get a term plan?

No; there is no minimum income requirement to get a term plan. However, insurers ask for your income proof as it gives them the confidence that you have the financial capacity to pay the term insurance premiums comfortably.

What is the eligibility criteria for term life insurance?

The eligibility criteria for a term insurance plan in India are as follows:

  • Age of policy applicant between 18 and 65 years.

  • Applicant should be an Indian citizen.

  • Health tests and medical records of the applicant showing his medical history.

  • Non-smokers are eligible for a higher coverage at a lower premium than smokers.

Disclaimers

  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

Other disclaimers

  •  Tax: *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment 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 implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.