Eligibility Criteria for Buying Term Insurance in India

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Eligibility Criteria for Buying Term Insurance in India

Eligibility Criteria for Buying Term Insurance in India
  • 16th Jun 2022 |
  • 4,453

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

In this article, we will share a few things you might want to know about the eligibility criteria for buying term insurance. 

Term Insurance Eligibility Criteria

  • Age
  • The lower limit is 18 years, and the maximum age for 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.

  • Citizenship
  • 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.

  • Income
  • 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

  • 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.

  • Photographs

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.

Term insurance is an absolute insurance plan that you cannot keep out of your financial portfolio. Now that you know the documentation and eligibility criteria for buying term insurance get one.

Kotak e-Term Plan

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  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


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