How Much Income is Needed to get a Term Insurance in India?

Why Is Income an Important Factor in Term Insurance?

What Is the minimum income required to get a Term Insurance?

What Are Some Other Term Insurance Eligibility Criteria?

What Documents Are Necessary to Buy a Term Plan?

Frequently Asked Questions

What income proof is required for term insurance? up-arrow

Here are some of the approvable documents for income proof:

  • Salary slip of last 3 months
  • Last three fiscal years’ IT returns
  • Bank statement from the last 6 months 

Can a non-earning homemaker get term insurance? up-arrow

Yes, many insurers provide accidental coverage to homemakers who do not have an active source of income. In fact, many insurance companies support additional medical expenses too besides ensuring death benefits.

What is the eligibility criteria for 1 Crore term insurance? up-arrow

You must have an annual revenue mounting to at least 5-7 Lakhs. Moreover, your age should be between 25 and 35 years of age to get an uninterrupted approval.