Insurers offer up to 1 Crore life cover for self-employed/business owners without income proof

Many insurers now offer self-employed and business owners the chance to buy a 1 crore life cover without providing their income proof. This applies to term insurance plans, where the premiums are much lower for a large life cover. You can choose the type of term insurance plan you want to buy, like regular term plans, term return of premium, or no-cost term plans. With these plans, you can also get upto a 10% online discount on the premiums.

Can you buy term insurance without income proof?

“Yes”. The insurers currently offering 1 crore cover without ITR of the last 3 years are HDFC life insurance and Aegon life insurance. Instead of presenting the ITR of the last 3 years, the business owners need to present their financial surrogates like Car RC, Bike RC, or credit card statements.

Some other documents required to buy term insurance without income proof are valid government ID and address proofs. This allows customers of all backgrounds to buy term insurance for self-employed and financially secure their loved ones against any eventualities.

Why is Term Insurance for self-employed needed?

A term insurance for self employed or business owners is essential as it provides their family with the needed help in the event of their untimely demise. A large life cover of 1 crore can help the policyholder provide financial stability to their family against any potential loans or debts like business loans or credit card debts. You can easily buy these plans from Policybazaar by comparing the available plans online from the comfort of your home.

Term insurance for business owners and self-employed is important as it provides individuals with unstable income the financial stability for their family. The no income proof feature allows people who don’t have income proof to buy term plans and secure their loved ones.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.