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 plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. 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 insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Can You Get Term Insurance Without Income Proof?

Can You Get Term Insurance Without Income Proof?
  • 2nd Dec 2021 |
  • 1,702

​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.

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Browse our library of resources

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Section 80C Deductions as per Income Tax Act, 1961

All about TDS Payment Online & Due Dates

What is ITR 5 Form and How to File ITR 5?

How to File Form 16 for Salaried Employees?

How to Get Form 16?

What is Section 80CCC of the Income Tax Act 1961

Tax Saving Options for Salaried Employees

How To Save Tax Using Life Insurance?

Tax Benefits for Startups in India

What is TDS Refund Process?

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Section 80E: Tax Exemption on Interest on Education Loan

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Impact of GST on Life Insurance in India

How Much Money This Budget 2019 Can Help You Save

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

8 Things to Help You Select a Savings Investment plan

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Tax Saving Tips: Best Ways to Save Income Tax for 2021

ITR 1: Sahaj Form

What is the Difference between Form 16 and Form 16A?

Tax Exemption and Scope of Coverage

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

How to save tax for salaried person?

Tax-Savings Investments and Options in India

Union Budget Highlights – 1st February 2022

How to e file ITR on Income Tax Government Portal

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Tax Benefits of ULIP Plans Available for NRIs

Section 44AD of Income Tax Act for AY 2021-22

What is Section 80C Deduction?

What is ITR & How to File Income Tax Return?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

How to Save Income Tax with Insurance

धारा 80सी आयकर अधिनियम, 1961

What is Section 80C - Explained in Detail

Who Should Invest In Savings Plan

Challan 280 - How to Use Challan 280 to Pay Income Tax

Budget 2019: Impact on the Common Man in India

How to Download Form 16?

Investing Lump Sum Amount

What is Tax Deduction at Source (TDS)?

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

TDS Due Dates of FY 2020-21 For Return Filing

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

Income Tax Exemption for Physically Handicapped Dependent

Tax Planning and Tax Benefits of Life Insurance

How to File ITR Online

Excess TDS Deduction – Claim TDS Refund

How to Pay Advance Tax Online in India

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to Check Income Tax Returns Status Onine?

How to File Income Tax Return without Form 16

Insurance and Endowment: Everything You Need to Know!

What is TDS Slab?

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Tax Saving Options other than Section 80C

How to Check Income Tax Refund Status Online in India

How to Check Income Tax Refund Status Online in India

Guaranteed Return Plans-Why is it a must for you?

What is a savings plan?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

5 Popular Tax-Saving Schemes in India

Difference between Section 80C, 80CCC, 80CCD & 80D

Are Financial Planning and Tax Planning the Same Thing?

What is the Percentage of Tax Deducted at Source (TDS)?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

All about TDS on Salary under Section 192 – Kotak Life

What is Form 16A?

Tax Saving Guide for 2019-20

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

Understanding Tax Exemptions in ULIP (Old and New)

All You Need to Know About Section 80C

Should one prefer a guaranteed savings plan over monthly income schemes?

Tax-Free Income in India

What is Form 16B?

How to File Income Tax Return - Everything You Need to Know

How to File TDS Return?

Income Tax Exemption for Disabled

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

Difference Between Guaranteed and Assured Returns

Have You Considered Term Insurance a Part of Your Tax Planning?

How to View 26AS and Download Form 26AS Online?

ITR-6: Guide to filing ITR-6 Form online

Income Tax Deduction Under Section 80CCC In India

What is Salary Protection Insurance and Why You Need It

Tax Deductions You MUST Know

Do Beneficiaries Pay Taxes on Life Insurance?

E-Filing of Income Tax Returns in India

Sub-sections Under Section 80C of the Income Tax Act, 1961

Tax Saving for Self Employed in India

How to e-Verify your Income Tax Return

Income Tax Deductions for Disabled Person Under Section 80U

Home Investment Plan to Buy Dream Home

ITR 2 Form – Complete Guide

What is the Maximum Maturity Benefit in Assured Savings Plans?

What Investment Options Come with Tax Incentives?

How to Calculate returns on an assured savings plan?

5 Unusual Investments You Didn't Know for Saving Taxes in India

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

What are Direct Taxes? How to Avoid being Overtaxed?

What is TDS Exemption Limit?

Top 8 Tax-Saving Methods in India- Budget Planning

How to File Income Tax Return for First Time Tax Payers

इनकम टैक्स रिटर्न कैसे फाइल करें?

Financial Benefits and Government Schemes Every Woman in India Should Know

Things to Do After Filing Income Tax Returns

How to File Form 10E for Tax Relief on Salary Arrears?

Tax Season Is Coming- Know How to Save Tax

How to file Form 16 online?

Pradhan Mantri Suraksha Bima Yojana

When Should TDS be Deducted and Who is Liable to Deduct it?

आयकर स्लैब 2021-2022

How to View 26AS and Download Form 26AS Online

भारत में महिलाओं के लिए सरकारी योजना

Income Tax Filing For NRI in India

Section 80G of the Income Tax Act

Saving Income tax in 2017 - 18

What are the Different Types of Taxes in India?

Why January Is an Important Month for Saving Tax?

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

Financial Planning and Best investment options for Housewives

A Complete Guide for Filing ITR 3 Form

Section 16 of the Income Tax Act (ITA), 1961

Tax Benefit of Investing in Term Plan

How To Save Tax Better with 80C

Guide for Tax Calculation on your Salary

What Is Advance Tax and How Is It Calculated?

What are Deferred Savings Plans?

Tax Structure in India

Save Income Tax by 31st March: Here Is a Checklist

What To Do If Your TDS Is Not Deposited With The Government?

Income Tax Deductions Under Section 80C

How to Save Tax on Salary Arrears?

Presumptive Taxation for Business and Profession

What is Section 80C Deduction Limit?

Income Tax Benefits for Doctors

Penalty For Late Filing TDS Return

Why is Form 16 Important?

How can I get Form 16B from traces?

What is the TDS Rate on Salary?

Problems People Face with Tax Returns after a Job Change

Types of Riders in Insurance Policy

What is Form 26AS - All You Need To Know

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Types of Income Tax Return (ITR) Forms

What is Section 10D of the Income Tax Act?

Tips to plan your savings in 2019

A Comprehensive Guide to Understand the ITR 7 Form

Interest Imposed Under Sections 234A, 234B and 234C

Why Tax Planning Should Be an All-year Round Activity

What is the Difference Direct Tax and Indirect Tax

धारा 80डी आयकर अधिनियम, 1961

Income Tax Filing Using Multiple Form 16

List of Important Income Tax FAQs

9 Income Tax Myths That Could Cost You Money while Filing returns