Prices Increasing Soon
Yes, they can easily buy term insurance without income proof. Nowadays, people are becoming aware of securing the financial well being of their families. One of the ways to do this is by taking a term insurance plan. However, many people have also lost their jobs while others have taken up temporary earning opportunities like contractual jobs or freelance work. In such a case, they do not have a fixed earning source and no income proof. Can such people purchase a term insurance policy without income proof? Let us discuss in detail.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Most insurers in India offer term plans if the customer has any of the following income proof documents:
Last 3 months’ salary slips
Last 3 year’s Income Tax Returns
Bank statements showing 6 months’ salary income
Recent Form 16
An income certificate issued and stamped by your employer
Computation of Income
Term Plans
No, now income proof is not mandatory for buying a term plan. Various insurance companies are offering term life insurance plans, which you can purchase without income proof. This encourages more individuals to secure their loved ones in the unfortunate event of their demise during the policy term. There are term insurance plans that offer financial protection to your nominees in your absence, return your premiums on maturity, and provide the chance to save on your yearly taxes.
Here is a list of term plan without income proof that you can buy in India that also provide the option of returning your premiums paid at the maturity of the policy.
| Life Insurance Provider | Term Insurance without Income Proof | Entry Age | Sum Assured | |
| ICICI Pru Life Insurance | ICICI Pru iProtect Super | 18 – 44 years | 50 Lacs – 1 Crore | |
| HDFC Life Insurance | HDFC Click 2 Protect Super | 18 – 40 years | 50 Lacs – 1 Crore | |
| Axis Max Life Insurance | Axis Max Smart Secure Plus | 18 – 45 years | 25 Lacs – 1 Crore | |
| Tata AIA Life Insurance | Tata AIA Maha Raksha Supreme Select | 18 – 45 years | 25 Lacs – 1 Crore | |
| Bajaj Allianz Life Insurance | Bajaj Allianz Life iSecure II | 18 – 50 years | 25 Lacs – 1 Crore | |
| PNB MetLife Insurance | PNB MetLife Saral Jeevan Bima | 18 – 45 years | 25 Lacs – 50 Lacs | |
| Go Digit Life Insurance | Digit Glow Term Insurance | 18 – 50 years | 25 Lacs – 50 Lacs | |
| Bandhan Life Insurance | Bandhan Life iTerm Prime | 18 – 60 years | 25 Lacs – 50 Lacs |
**Disclaimer: ˜Top 5 Plans are based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25. The above plans and premiums are for *1 Cr sum assured for 18 years old with 20 years policy term. Standard T&C Apply. Price would vary basis your profile. Prices offered by the insurer are as per the IRDAI-approved insurance plans. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
* You can calculate the premiums you would need to pay using the term insurance premium calculator for the desired sum assured for the entire policy term.
*Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 15%#
Compare 40+ plans from 15 Insurers
Here is the list of documents required for term insurance without income proof that you need to submit while buying plans in India:
Valid government ID Proof: Standard identity documents such as an Aadhaar card, passport, PAN card, driver's license, or Voter ID card are valid as proof of identity. In some instances, it may also constitute an official attestation from a government agency or official with a photo and signature attached.
Valid Address Proof: An address proof will serve as official evidence of your permanent address. You can present it as a passport, PAN card, or any other document for the identification mentioned above. Other address proof documents can be a ration card, a bank statement, telephone, or electricity bills.
Apart from the income proof required for term insurance, you need to submit the following documents:
Financial Surrogates: Financial surrogates are the alternate income documents required that can be presented as income proof required for term insurance. For example: Credit card statements, Car RC, Bike RC, and more. Whether these documents will be accepted as reliable documents to buy term plans or not differs for different insurers. Therefore, you can check with the insurer of your choice if the financial surrogates will be accepted or not.
Here is a list of reasons why the insurers often request you to submit income proof to purchase life insurance plan in India:
The income proofs will help the insurance company determine the amount assured or total life cover that could be provided to the person who is applying. They also help them decide the cost of the policy premiums.
The insurance company evaluates your ability to pay your premiums on time. This is based on the documentation you submit to prove your income.
It eliminates the risk of over-insurance if the life assured has purchased coverage greater than their human life value.
In the event of a mismatch on the tax declarations, the insurance cover may be cancelled, and an insurance claim can be rejected. The submission of income proof when buying the term insurance shields you from this.
Purchasing term insurance without income proof is now possible, as most insurers understand the restrictions some customers may face while buying term plans.
However, these plans offer limited coverage options and may have some restrictions. Thus, it is better to go through the policy documents of each plan to get a better understanding of the policy’s T&Cs.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
In Madhya Pradesh, the loss of a primary earner can place
Read more
ICICI Prudential Life Insurance Income Replacement Plan is a
Read more
In Himachal Pradesh, where families often rely on agriculture
Read more
The ICICI Prudential Life Insurance Income Replacement Plan is a
Read more
In Meghalaya, where the per capita income is lower than many
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
