Term Insurance Eligibility Criteria

In the modern day, many people opt for Term insurance as it is the simplest form of Life Insurance. These Term insurance offers complete financial coverage for the policyholders. These are suitable options for getting fixed premiums for the specified term duration. Investing in the right insurance plan is suitable for providing better value for money and security. Fulfilling the term insurance eligibility such as age, gender, and many others, is quite important.

What Is A Term Plan?

Term insurance plan is the most amazing and useful insurance plan for providing the predetermined claim payout benefits. For instance, if the policyholder dies during the active policy then the policyholder’s nominee would get the predetermined payout. Term Plan is the beneficial life insurance plan offering the best sum of the assured money at the lowest premium costs.

The policyholder is required to fulfill the complete term insurance eligibility India before activating the policy. Term Plan provides the complete financial security for the policyholder’s dependents in cases of death during the policy term. Normally, the Policyholders are required to opt for the term plan with the better return of premium for getting the maturity payouts.

Who Benefit From Term Insurance?

Normally, the Term insurance plan is designed to meet insurance needs easily. People from across the country can opt for investing in the Term Life Insurance plans suitable for making quick investments.

  • Young Professionals: Are you starting a professional journey and looking for an instance plan? Choosing the Term Insurance Plan is a spectacular investment option for you. These plans provide better tax relief based on Income Tax Act. These also provide maturity benefits as well as premium payments.
  • Retired Citizens: Term Insurance Plan is highly useful for people who are retiring. Sum insured from the term plan is helpful for your partner who is living an independent and respectable life.
  • Newlyweds: Normally, when you are newly wedded then there will be more financial responsibility. Having a term insurance plan gives your dependent partner complete financial safety in case of distressing times. Getting complete knowledge about maximum term insurance eligibility is helpful for applying for the premium.
  • Parents: Do you have children, or are you planning to start a family? You need to ensure financial security for all the major life events. These include college education, skill training, marriage, and many more. Having the Term Insurance Plan is the best option for safeguarding the financial future of the child. These also protect your child in case of you or your partner’s demise.

What Are The Eligibility Criteria For Term Life Insurance?

Whether you are applying for the Term Insurance Plan then you need to fulfill term insurance eligibility. It is completely advisable to check thorough term insurance eligibility. Eligibility criteria vary from one insurance provider to another.

Normally, it is quite essential to evaluate the financial goals and needs even before choosing the Term insurance policy. It is best to compare the policies that are offered by varied insurance companies.

Meeting the complete eligibility criteria for the policy is most important for securing the complete financial future. Some of the basic parameters or eligibility criteria for the term insurance are

    • Indian Citizens: Indian citizens are eligible to buy the term insurance plan. PIOs or NRIs also leverage massive benefits of the term insurance plan.
    • Age: Indian citizens from the age of 18 to 65 will be eligible for the term life insurance plan. The policyholder’s age is the most important factor for getting a term insurance plan’s premium.
    • Income: Term Insurance Plan does not have any requirement of specified minimum income. Some insurance companies could require bank statement copies along with the monthly salary slips. It is essential to fulfill the term insurance eligibility salary criteria in some insurance companies. Your income helps the insurer to easily understand whether you can pay the policy.
    • Health Condition: Some of the determinants of Term Insurance plans are lifestyle habits such as sleeping patterns, smoking, and levels of stress. Premiums are higher when you live a stressful life or are a smoker. Some of the stressful life factors are hazardous or adventurous sports that could pose a risk to life. They are also subject to a higher level of stress.
    • Medical Tests: Undergoing the medical tests is quite important when you purchase the Term Insurance. It is quite convenient to add the medical history as well as records. These also play the important role in determining the premium amount. Medical tests help the insurer as well as the insured to determine the value and substance of the policy plan. Term insurance plan involves certain term insurance eligibility criteria that the applicant needs to meet.
    • Job Profile: Some Term Insurance company also considers the job profile along with the income. You could buy the premium for the pure-term insurance plan with extra charges when you are working in high-risk environments.

Documents Required For Term Insurance:

If you are considering buying Term Insurance, then you are required to submit several documents to the insurer. These documents also serve as proof of age, identity as well as health status. Some of the documents required for 1 cr term insurance eligibility are

  • Voter ID card
  • Aadhaar card
  • PAN card
  • Passport
  • Electricity bill
  • Ration card
  • Birth certificate
  • Marriage certificate
  • Medical reports
  • School/college leaving certificate

Official photo ID of the policyholder is required to purchase the insurance policy. These safeguard the policyholder against fraud or even identity theft. Official proof of the permanent address is quite important for buying the documents for a claim of the term insurance policy.


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