How Many Term Insurance Policies Can You Buy in India?

Can You Buy More Than One Term Insurance Plan in India?

What Are the Advantages of Having Multiple Term Insurance Plans?

What Are the Advantages of Purchasing Multiple Term Insurance Policies from Different Companies?

What Are the Different Term Insurance Policies Available?

What You Should Remember While Purchasing Multiple Term Insurance Policies?

FAQs about How Many Term Insurance Policies Can You Buy in India?:

What are the cons of buying a multiple term insurance policy? up-arrow

The disadvantages of buying multiple term policies are as follows:

  • The premium can become expensive, and hence it might be difficult to pay them.

  • There are chances of missing out on the deadlines for payment of premiums that can lead to a lapse in the policy.

  • There is a certain limitation on getting the desired sum assured, and it cannot go beyond the Human Life Value (HLV).

What is the minimum income eligibility for term insurance? up-arrow

There is no minimum income required to stand eligible for the purchase of a term insurance policy. However, you will have to submit some essential income-proof documents while buying the policy.

What are the documents required for purchasing a term insurance policy? up-arrow

You will need the following documents while purchasing a term insurance policy:

  • KYC documents such as an Aadhaar card, Voter ID card, and PAN card.

  • Age verification documents such as a birth certificate or marriage certificate.

  • Essential medical reports.

  • Address proof documents such as utility bills.

  • Income proof documents such as latest ITRs, Form 16, and last three months’ salary slips last six months’ bank statements.

Is it possible to purchase term insurance policies from different companies? up-arrow

Yes, you have the provisions of purchasing term insurance policies from two different companies. However, you should ensure not to miss out or delay the payment of premiums for each of them to prevent them from lapsing.