Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


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.

Eligibility Criteria for Buying Term Insurance in India

Term insurance is a popular type of life insurance policy that provides financial protection to the policyholder's family in case of their unexpected demise. Read ahead to know more.

  • Jun 16, 2022

    Key takeaways

  • A term cover is a pure protection policy that gives your loved ones a pre-decided sum assured in case of an untoward situation.
  • The lower limit is 18 years, and the maximum age for buying term insurance is 65 years.
  • Whether you are a smoker or non-smoker plays a role in deciding your premium.
  • Anyone who is of legal age and has dependents can buy term life insurance.

Term life insurance offers a post-life insurance payout to the beneficiary of the policy when the policyholder passes away during the policy tenure. It is a reasonable, uncomplicated, and useful kind of life insurance. This type of excellent life insurance coverage is offered by a cost-effective term plan.

However, you must remember that there are no maturity benefits provided by a term insurance plan. This is the key justification for its low premiums. Like any other insurance policy, there is a term insurance eligibility. Before buying the approach, you must be informed of a number of conditions and limitations. Let’s examine these requirements in further detail so that you can understand them better and make wise financial decisions.

What is a Term Insurance?

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 yourself of the lump sum payout, you must make regular premium payments. Security, safety, and protection are some of the initial thoughts you have when you decide to buy term insurance.

Read in Detail: What is Term Insurance?

Term Insurance Eligibility Criteria

This type of insurance policy is ideal for individuals who want to secure the financial future of their loved ones in case of any unforeseen events. However, before purchasing a term insurance policy, it is important to understand the eligibility criteria that you need to meet to avail yourself of the benefits of the policy.


The lower limit is 18 years, and the maximum age for buying term insurance is 65 years. The age at which you apply for the term insurance will determine the premium you are to pay for it.


Anyone applying for term insurance must be an Indian citizen residing in India at the time of purchase. However, term insurance eligibility will remain the same if you leave India for education or work after purchasing.

Medical Tests

Insurers would typically demand underwriting to get a medical test to understand your health. You must be completely honest with them about your medical history. This aspect also plays a significant role in deciding your premium.


There is no specific bracket or limit for income eligibility for term insurance. However, you are asked for your income slips or bank account details to decide the term cover. And also determine whether you have a minimum income for term insurance to ensure that you can pay the premiums regularly and on time.

Job profile

Along with income, your job profile is considered too. You will be charged a premium for your pure-term insurance plan if you work in high-risk environments.

Smoking habits

Whether you are a smoker or non-smoker plays a role in deciding your premium. The premiums are considerably higher for smokers.

Documents Required to Buy Term Insurance

If you are considering purchasing term insurance, there are several documents that you will need to provide to the insurer. These documents serve as proof of your identity, age, and health status and are used by the insurer to assess the risk associated with insuring you. Some of the important documents are as follows:

Identity Proof

An official photo ID would be required to purchase an insurance policy to safeguard against fraud and widespread identity theft. The following list of documents can be used as identity proof

  • Voter ID card
  • PAN card
  • Passport
  • Aadhaar card
  • Address proof

Official proof of a permanent address is essential for buying documents required to claim a term insurance policy as it prevents insurance fraud. Documents that can be used are:

  • Aadhar Card
  • Passport
  • Electricity bill
  • Telephone/Mobile bill
  • Ration card
  • Age proof

A term insurance plan requires proof of age because your age affects your premium. The insurance documents that might serve as age verification are:

  • Birth certificate
  • School/college leaving certificate
  • Marriage certificate
  • Medical reports

Your medical health has a significant impact on both the assured amount and your insurance price. Your medical records are a crucial component of your paperwork because of this.


A predetermined quantity of passport-size photos must be submitted for verification.

Another concern policy buyers frequently have is about the minimum educational qualification for term insurance. Usually, insurance companies do not require your educational background. However, those qualifying for a more significant coverage amount are better educated, making it one of those questions that your agent might ask. But remember, it might or might not have to do anything with the application.

Who Can Buy Term Life Insurance Plans?

Term life insurance is intended to give your loved ones financial security in the event of your untimely passing. Unlike other types of life insurance policies, term life insurance does not accumulate any cash value over time, making it an affordable option for many people. But who exactly can buy term life insurance plans? Let’s find out.

Anyone who is of legal age and has dependents can buy term life insurance. Dependents can be children, a spouse, elderly parents, or any other person who relies on you financially. Term life insurance provides a lump-sum payout to your beneficiaries if you pass away within the term of the policy. This payout can be used to pay for expenses such as mortgages, education costs, funeral expenses, and other financial obligations.

Individuals who have a mortgage, personal loan, or other debts can benefit from term life insurance. In the event of the policyholder’s death, the payout from the insurance policy can be used to pay off any outstanding debts. This can provide peace of mind to the policyholder, knowing that their loved ones will not be burdened with debt after their passing.

Young adults who have just started their careers can also buy term life insurance. While many people in this age group may not have dependents, buying a term life insurance policy can be a smart investment for their future. Term life insurance premiums are typically lower for younger people because they are considered to be a lower risk. By buying a policy early on in life, the policyholder can lock in a low premium rate for the duration of the policy term.

Individuals who are self-employed or small business owners can also benefit from term life insurance. These individuals may not have access to employer-sponsored life insurance policies, making term life insurance an important consideration. A term life insurance policy can help protect the business and ensure that it continues to operate in the event of the owner’s untimely death.

Individuals who are looking for a simple and affordable life insurance policy can also consider term life insurance. Term life insurance is generally more affordable than other types of life insurance policies, such as whole life insurance. It provides basic protection for your loved ones at a reasonable cost, making it an attractive option for many people.

Why Must You Get a Term Life Insurance Plan?

Life is full of uncertainties, and no one can predict what the future holds. That’s why it’s crucial to plan for the unexpected, and one way to do that is by getting a term life insurance plan. Following are the reasons why you must get a term life insurance plan:

Financial Protection for Your Loved Ones

The primary reason for getting a term life insurance plan is to provide financial protection to your loved ones in case of your untimely death. If you are the primary breadwinner in your family, your family may struggle to make ends meet if something were to happen to you. A term life insurance policy can help cover expenses such as mortgage payments, education costs, and daily living expenses, ensuring that your family doesn’t face financial hardship in your absence.

Affordable Coverage

Term life insurance policies are relatively affordable compared to other types of life insurance. The premiums for term life insurance are generally lower because the policy only covers a specific period, and there is no investment component involved. This makes it an attractive option for young families and individuals who may have limited budgets but want to ensure financial security for their loved ones.

Flexibility to Choose Coverage Amount and Duration

Another advantage of term life insurance is that it offers flexibility in choosing the coverage amount and duration. You can choose the amount of coverage you need, depending on your financial obligations and the lifestyle you want to provide for your loved ones. Additionally, you can choose the duration of the policy, depending on how long you want to provide financial security to your family.

Peace of Mind

Having a term life insurance policy gives you peace of mind, knowing that your loved ones will be taken care of if something were to happen to you. This peace of mind can be invaluable, especially if you have dependents who rely on you financially.

Easy to Understand

Term life insurance policies are relatively straightforward, and it’s easy to understand what you’re getting. Unlike other types of life insurance policies, there are no complicated investment components or hidden fees. This makes it easier to shop around for policies and compare them to find the best coverage for your needs.


Eligibility criteria for buying term insurance in India is an important aspect that needs to be considered by anyone who is planning to buy a policy. The criteria may differ from one insurance company to another, but there are some basic requirements that are common across the board, such as the minimum and maximum age limits, minimum and maximum sum assured, and the overall health and medical history of the applicant.

It is important for individuals to carefully evaluate their needs and financial goals before choosing a term insurance policy. They should also compare the policies offered by different insurance companies to find the one that best suits their requirements. By meeting the eligibility criteria and choosing the right policy, individuals can secure their financial future and ensure that their loved ones are taken care of in case of an unfortunate event.

Kotak e-Term

Download Brochure


  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Why Should You Buy Term Insurance in 2022?

Why You Must Include In Your Financial Planning?

Is Death Due to Covered by Term Insurance?

Reasons You Need Term Insurance Plan as a Self-Employed Person

Various Term Insurance Premium Payment Options Available in India

Different Types of Premiums in Term Insurance?

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

Which Death Types are Covered by Kotak E-Term Plan?

Term Insurance Basics You Should Know

Buying A Term Insurance Plan? Take These Factors into Account

5 Things to Consider When Buying Term Insurance, if you are Single

4 Methods to Calculate How Much Term Insurance You Need

Can You Get Term Insurance Without Income Proof?

Why Should You Add a Rider to a Term Insurance Plan?

4 Things To Expect From Your Term Insurance Plan in India

क्रिटिकल इलनेस राइडर के साथ टर्म इंश्योरेंस के लाभ

Should you have more than one nominee in your term insurance?

How Does Term Life Insurance Work? Learn the Benefits

Which is better limited pay or regular pay in term insurance?

Can a Housewife Buy a Term Insurance Plan - All You Need to Know

Why Should You Not Take A Term Plan Without Medical Test in India?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

What Are the Best Term Insurance Plans for Planning Retirement?

Top 5 Features of Term Insurance

Do term insurance policy have a waiting period after buying?

Can I Buy Term Insurance for a COVID-19 Patient?

Reasons Why Term Insurance Claims Get Rejected

Term Insurance Claim Process

What Are Insurance Riders and How to Choose Them in a Term Plan?

Take 100% Responsibility for Your Family with Term Life Insurance

Why should single women purchase term life insurance?

6 Reasons That Make Term Insurance a Must Buy

Can I Get Term Insurance on Behalf of My Spouse?

5 Reasons to Buy Term Insurance When You are in Your 30s

Types of Deaths Not Covered by Term Insurance

Is ₹1 Crore Term Insurance Good Enough Cover?

Why Term Insurance Is Important in times of COVID-19?

Why Term Plan Should Be The First Step To Securing Your Future?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Can NRI Buy Life Insurance in India?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Alzheimer's Disease and How It’s Covered Under Health Insurance

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

4 Reasons Why You Need Critical Illness Cover

8 Factors to consider before choosing a Critical Illness Insurance

Why Should You Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Increasing Term Insurance and Riders

Should You Have Multiple Term Life Insurance Policies?

Top 3 Reasons Why You Should Buy A Term Plan Now

Zero Cost Term Insurance Plan: What is & Should you buy it?

Can Senior Citizens Avail Term Insurance?

Term Insurance Comparison – What Should You Look Out for?

9 Most Frequently Asked Questions on Term Insurance

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

1 करोड़ का टर्म इंश्योरेंस प्लान क्या है?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

₹75 Lakh Term Insurance

Everything About Claim Settlement Ratio for Term Insurance

Why Premium Amount for Term Insurance is So Low?

Make Your Online Term Plan Your Familys Monthly Payout

Terms and Conditions of Term Insurance Plans

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Why is it important to buy term insurance plan?

Steps on How to Buy Term Insurance Online

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

How Not To Get Your Term Insurance Claim Rejected

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Can You Buy Multiple Term Insurance Policy?

How Does Term Life Insurance Work? Learn the Benefits

Why Renewal of the Life Insurance Policy is Important?

10-Year Term Life Insurance Policy - Explained in Detail

What Is the Correct Age to Buy Term Insurance?

How do I Calculate My Term Insurance Premium

Know the many types of life insurance policies in India

Does Term Insurance Cover Accidental Death?

How To Choose the Right Term Insurance Plan?

Is Term Life Insurance Plan Worth?

Can You Increase Your Term Insurance Cover?

Guide for Buying Online Term Insurance Plans for Senior Citizens

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

टर्म इंश्योरेंस क्लेम प्रक्रिया

What is Salary Protection Insurance and Why You Need It

5 Term Insurance Benefits for Single Women

Term Insurance Trends You Must Know

Individual Life Insurance vs. Group Term Life Insurance

Why Online Term Insurance Plans Cheap?

Hiding vital facts while buying term insurance? Claims may be rejected

Salient features of a Term Insurance Plan

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Gift Your Father A Term Insurance Plan This Father's Day

Can I Make Changes to My Term Insurance Policy Post Purchase?

What is Critical Illness Policy?

5 Things To Consider While Buying Term Insurance Plan

What is a term insurance plan with a return of premium, and how does it work?

Do I Need to Give a Medical Test for Term Insurance in India?

What Is Staggered Payment Option Under Term Insurance Policy?

All you need to Know about Term Insurance Plans for housewives

Want to surrender your term insurance policy? Here's a guide

Is It Good To Buy A Term Insurance Plan In 2022?

वरिष्ठ नागरिकों के लिए ऑनलाइन टर्म इंश्योरेंस प्लान खरीदने के लिए गाइड

What All Documents Required For Term Insurance In India?

How To Change The Nominee in Term Insurance?

How To Evaluate Your Term Insurance Quote?

₹2 crore Term Insurance

₹1.5 Crore Term Insurance

Should Youngsters, Working Couples Buy Term Insurance Plans?

How Much Term Life Insurance Cover Do I Need in India?

Is term Insurance Needed for People With No Dependents?

Surrender Term Life Insurance Policy

Things To Do After Buying Term Insurance

Smart Steps to keep in mind while buying term policies

Why Should New Parents Buy Term Life Insurance?

Term Insurance Tips for NRIs in India

Why Buy Term Insurance Plan With a High Cover?

Should you buy a Renewable Term Life Policy?

Is a Term Insurance Policy Portable?

Why Married People Should Buy Term Insurance Under MWP Act?

Understanding Term Insurance Riders

Benefits of Short-Term Life Insurance Policy

5 methods to calculate how much term insurance you need

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Why Term Insurance Is Better Than ULIP?

How Does BMI Affect Your Term Insurance Premium?

How Does Short-Term Life Insurance Work?

Term Life Insurance Vs Money Back Life Insurance

While Buying Term Insurance Compare Features, Not Just Premiums

Insurance Policy for Housewife In India

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Term Insurance Calculator - Everything You Need To Know

Term Insurance: Smokers vs Non-Smokers

Advantages of Buying Term Insurance in Your 50s

Cost of Term Insurance Likely to Increase Soon

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

A Term Insurance Guide for Disabled People

Difference Between Short-Term and Long-Term Insurance

How Much Term Life Insurance Cover Do I Need?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Age Limit for Term Life Insurance

What is Term Insurance?

Here's why Renewal of Term Plan is Important

Factors to Check Before Buying Life Insurance in India

Advantages & Disadvantages of Term Insurance in India

What Types of Deaths Are Covered in a Term Insurance Plan?

Should Retirees Buy Term Insurance?

Documents Required for Term Insurance

Term Plan with Spouse Cover

How to choose the right term insurance plan

How to Find the Best Term Insurance Plan in Seven Steps

Term Insurance Plans and Policies for Smokers

Online vs Offline Term Insurance - A Comparison

Is Group Term Life Insurance Provided By Employer Sufficient?

Why Term Insurance Is Must For Parents

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Which Death Type Does Your Term Plan Not Cover?

Term Insurance With Riders In India

Difference Between Term Insurance and Endowment Plan

All About Term Insurance Inbuilt Coverage

Endowment Plans vs Term Plans: Understanding the difference

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Term Plans are Definitely Cheaper than You Think!

Is There Any Tax Benefit on Term Insurance?

Term Insurance As A Gift | Perfect gift for your Loved ones

Everything about Incremental Term Life Insurance Policy

Term life insurance: Should you opt for lump sum payout or staggered payout?

Choose the Nominee of a Term Life Insurance Plan Wisely

Can I Extend the Tenure of My Term Insurance Plan?

Should You Buy a Term Plan After 40?

Tax Benefits of Term Insurance in India

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

How to Buy a Term Life Insurance Online

Term Insurance vs. Endowment Plan: Know the Differences

Joint vs Individual Term Insurance: Which One Should You Choose?

How to Identify Term Insurance According to Your Needs?

Term Life Insurance Plan for Smokers vs Non-Smokers

How to Compare Term Insurance Online

Importance of Term Insurance at Every Stage of Your Life

Renewable Term Insurance

Why You Need to Know About the Critical Illness Plan?

Busting Myths and Facts About Term Insurance Policies

Why 1 Cr Term Plan Is Necessary For Family?

Is it Worth Buying Disability Rider on Term Insurance?

Why Should You Rethink Short Term Insurance Plans

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

What Should be the Right Term Insurance Plan Duration?

Why One Must Buy Term Insurance before 25 Years

Why Buy Term Insurance Even at Rising Rates?

Term Insurance with Critical Illness

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

Family Protection Term Insurance: Safeguarding Your Loved Ones

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

What is a short term insurance policy?

8 Benefits of Term Insurance You Should Know

How To Choose the Right Sum Assured Under a Term Plan?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Do Beneficiaries Pay Taxes on Term Insurance?

6 Types of Death not covered in Term Insurance Plan

How Much Cover Should I Take In A Term Plan?

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

9 Questions You Should Ask Before Buying Term Insurance

Calculating Term Insurance Premium

Why does every working women need life insurance?