What are the Eligibility Criteria for Buying Term Insurance in India?

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Eligibility Criteria for Buying Term Insurance in India

Term Insurance Quote
  • 16th Jun 2022
  • 1,036

Eligibility Criteria for Buying Term Insurance in India

Security, safety, and protection are some of the initial thoughts you have when you decide to buy term insurance. As you go further into this journey, you will be faced with many practical aspects related to application, claim, etc. While your insurer might tell you about them, it is always a good idea to do your share of research.

As you may know, a term cover is a pure protection policy that gives your loved ones a pre-decided sum assured in case of an untoward situation. To avail the lump sum payout, you need to make regular premium payments. This policy is also known as pure term insurance as it comes with a death benefit only.

There may be times when you ask, ‘can anyone apply for term insurance?’ or ‘is there some term insurance eligibility?’, ‘what does a good term insurance plan look like?’ and you are well within your rights to have all these questions answered, and that is what we are going to do today. Let us look at term plan eligibility in detail.

Term Insurance Eligibility in India

Just as you would have prepared a checklist to know that you have opted for a good term insurance plan, there are criteria that the insurer employs to calculate your term cover, premium amount, sum assured, etc. Some of these term plan eligibility criteria are as follows:

  • Age- This age limit bracket for applying for a term cover is 18-65 years. The age at which you apply for the term insurance will determine the premium you are to pay for it.
  • Citizenship - Anyone applying for term insurance must be an Indian citizen residing in India at the time of purchase. However, term plan eligibility will remain the same if you shift out of India for education or work after purchasing.
  • Medical tests- Insurers would typically demand underwriting to get a medical test to understand your health. It is suggested that you must be completely honest with them about any medical history that you have. This aspect also plays a significant role in deciding your premium.
  • Income- There is no specific bracket or limit for income for term insurance eligibility. However, you are asked for your income slips or bank account details to decide the term cover and ensure that you can pay the premiums regularly and on time.
  • Job profile- Along with income, your job profile is considered too. If you work in high-risk environments, you will be charged a premium accordingly for your pure term insurance plan.
  • Smoking habits- Whether you are a smoker or non-smoker plays a role in deciding your premium. The premiums are considerably higher for smokers.

As essential as it is for you to buy a good term insurance plan, so it is for the insurers. The above mentioned are some of the term insurance eligibility criteria that you should consider while applying for a term insurance plan. Making the right and informed choice is essential when it comes to your protection and that of your loved ones!

- A Consumer Education Initiative series by Kotak Life

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