Can You Purchase Term Insurance Without Income Proof?
Close
Close

Buy a life insurance plan in a few clicks

Now you can buy life insurance plans completely online right here.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.

  • Kotak E-Invest Plan

    Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Back

Can You Get Term Insurance Without Income Proof?

Save Tax Now
  • 2nd Dec 2021
  • 186

Can You Get Term Insurance Without Income Proof?

​As we all know, the significance and necessity of investing in term plans have risen to the top of everyone’s list of priorities and financial layouts. A term policy offers a plethora of benefits that add to the comfort, financial stability, and security of your life while also providing a sense of confidence and assurance for your family’s long-term well-being.

From selecting the best pure term plan and insurance provider to obtaining a medical checkup and proof of income, the entire process mandates utmost precision and due attention on your behalf. Yet, when it comes to one of the most commonly asked questions about term policy, the majority of people want to know if they can acquire term insurance without income proof?

The answer to this question would be no. Therefore, buying term insurance without income proof is not possible, as per IRDA term insurance guidelines.

he Significance Of Insurance Regulatory Development Authority of India (IRDAI)

Each sector has to have a centralised organisation that establishes the rules to be followed by that industry. Insurance businesses in India are regulated by the Insurance Regulatory Development Authority of India (IRDAI). This organisation oversees both IRDA Term Insurance and IRDA General Insurance firms. It is the body that establishes the rules and regulations governing the proper operation of the Indian insurance industry, including both life and general insurance. The IRDAI is also responsible for the regulation and development of these sectors.

The Importance Of Income Proof For Buying Term Insurance

When purchasing a pure term plan, you must provide evidence of income. For financial screening purposes, knowing the amount and source of the policyholder’s income is critical to understanding whether the person in question will make the required premium payments for the chosen tenure - thus, one cannot buy term insurance without income proof.

Insurers examine the information provided for buying term plans in the insurance proposal form before deciding whether or not to approve it. The facts given by the customer on the offer document, such as health and income information, is used to establish the highest amount of life insurance that may be obtained for a given premium interest rate. Thus, it eliminates the risk of over-insurance when the insured purchases more coverage than the real cash worth.

Income Documents Required For Buying Term Policy

To rule out the possibility of buying term insurance without income proof, the following documents are required:

  • Salary receipts over the previous three months
  • Returns from the preceding two years of income taxes
  • Your employer’s income certificate
  • Bank statement from the last six months
  • Form 16

To conclude, the financial element of purchasing term plans must be addressed before proceeding with the actual purchase. To guarantee that you have the best opportunity of finding a plan that meets your needs and desires, keep in mind that term insurance plans without income proof are out of bounds. As a result, it’s a good idea to get a head start on your financial records beforehand.

- A Consumer Education Initiative series by Kotak Life

Tags

Also read

  • Problems People Face with Tax Returns after a Job Change

    Here’s a look at some issues you may have to face with your Income Tax Returns after switching jobs. To know more about filing tax returns after job...

    Read more
  • What is Section 80CCC of the Income Tax Act 1961

    Section 80CCC - Find out what is section 80CCC of the income tax act 1961 here on this article in detail. Visit Kotak Life to know more on taxation

    Read more
    • 3rd Jan 2022
    • 150

    Income Tax Benefits for Doctors

    Do doctors pay income tax in India? Yes - Income tax for doctors in India has to be paid annually. Here’s a complete guide on income tax benefits fo...

    Read more

Related Plans

  • Kotak e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more
  • Kotak Credit Term Group Plan

    Kotak Credit Term Group Plan

    Kotak Credit Term Group Plan provides life cover to a group of borrowers of credit institutions where the life assured is the borrower and the credit ...

    Know more
  • Kotak Group Shield

    Kotak Group Shield

    Kotak Group Shield Plan covers your customers' loans and savings and protects the well-being of your customers and their family members in the event o...

    Know more
  • Kotak Assured Savings Plan

    Kotak Assured Savings Plan

    Kotak Assured Savings Plan is an affordable protection plan that enables you to accumulate wealth and strengthens your finances for the future.

    Know more
  • Kotak Ace Investment

    Kotak Ace Investment

    Kotak Ace Investment Plan is designed with the clear objective of helping you accumulate wealth and provide you adequate life cover.

    Know more