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Term Insurance Eligibility Criteria

Term insurance eligibility criteria cover age limits, income proof, health conditions, and required documents. Review all financial and personal requirements before applying.

Choose from a wide range of term insurance plans, starting at Rs. 15/day*

Term insurance is an essential financial product that provides life coverage for a specified duration, ensuring that your loved ones are financially secure in case of any unfortunate event. Before purchasing a term insurance policy, it is crucial to understand the eligibility criteria, as this determines whether you can secure the coverage you need. This article outlines the key eligibility factors, necessary documentation, medical requirements, and financial considerations for obtaining term insurance, helping you make an informed decision for your family's future.

What are the eligibility criteria to get term insurance?

To purchase term insurance, applicants must meet specific eligibility criteria set by insurers. These criteria ensure that the insurance company can assess the risk involved and determine the appropriate premium. Here are the primary eligibility factors to consider:

  • Age: Most insurers have age limits, typically between 18 and 65 years. Applicants outside this range may face challenges in securing coverage.
  • Nationality: Indian citizens or Non-Resident Indians (NRIs) can apply for term insurance, but the terms may differ based on residency status.
  • Income level: Insurers often require proof of income to assess your ability to pay premiums. A stable income is essential for eligibility.
  • Health status: Your medical history, including pre-existing conditions, can impact your eligibility. Insurers may decline applications based on severe health risks.
  • Occupation: High-risk professions may face stricter eligibility criteria or higher premiums due to the increased likelihood of claims.
  • Policy type: Different types of term insurance may have varied eligibility requirements, so it's essential to check the specific policy conditions.

What are the documents required to get term insurance?

When applying for term insurance, several documents are needed to validate your eligibility and support your application. Having these documents ready will streamline the process and ensure your application is processed smoothly. Key documents include:

  • Identity proof: This can be a government-issued document such as an Aadhaar card, passport, or voter ID to establish your identity.
  • Address proof: You may need to provide utility bills, bank statements, or rental agreements to verify your residential address.
  • Age proof: Birth certificates, school certificates, or government-issued IDs may be required to confirm your age.
  • Income proof: Salary slips, income tax returns, or bank statements can demonstrate your financial stability and capability to pay premiums.
  • Medical records: If you have any pre-existing medical conditions, medical reports or health certificates from your doctor may be necessary.
  • Photographs: Recent passport-sized photographs may be needed for the application.

Do you need to undergo medical examination for term insurance?

In many cases, a medical examination is required when applying for term insurance, especially for higher coverage amounts or applicants above a certain age. The medical assessment helps insurers evaluate your health risks accurately, ensuring that you receive a fair premium based on your health status. This examination may include blood tests, urine tests, and a physical check-up. Some insurers may waive the medical examination for applicants below a specific age or with lower coverage amounts, but it is essential to check with your chosen insurer for their specific requirements.

What are the financial requirements for getting term insurance?

Financial stability is a crucial aspect of obtaining life insurance plans like term insurance. Insurers need to ensure that applicants can afford the premiums for the desired coverage. Here are the financial factors to consider when applying for term insurance:

  • Income level: A steady source of income is necessary to afford premium payments. Insurers may require income proof to confirm this.
  • Debt obligations: Existing loans or financial liabilities may impact your eligibility, as insurers assess your financial obligations to determine if you can manage additional premiums.
  • Premium affordability: It is essential to select a policy with a premium that fits your budget, considering your income and expenses.
  • Coverage amount: The sum assured should align with your financial responsibilities, ensuring adequate protection for your dependents.
  • Policy term: The duration of coverage should also be financially feasible, considering your long-term financial plans.
  • Future financial goals: Consider your future financial objectives, as they may influence the amount of coverage you need and your ability to pay premiums consistently.


Acceptable identity and address proofs

When buying a term insurance plan, verifying your identity and address is a must. Most insurers accept these commonly used documents:

  • Aadhaar Card – Serves as both ID and address proof
  • Passport – Widely accepted for both identity and residence verification
  • Voter ID – Valid proof of identity and address
  • Driving Licence – Accepted for both purposes in most cases
  • PAN Card – Valid only as identity proof, not address
  • Utility bills (electricity, water, gas) – Accepted as address proof only
  • Bank statement with address – Should be recent and officially stamped

Tip: Make sure the details on your documents match exactly with what you enter in your application form to avoid delays in policy approval.


Who should purchase a term insurance plan?

Thinking term insurance is only for older people or those with health issues? Think again. If you have financial responsibilities or loved ones depending on you, term insurance is a must-have. Here’s who should seriously consider buying one:

  • Young professionals starting their career: The earlier you buy, the lower the premiums. It’s a smart move for long-term financial planning.
  • Married individuals: A term plan protects your spouse’s future and ensures they’re not left financially vulnerable.
  • Parents with dependent children: It helps secure your child’s education and lifestyle even if you’re not around.
  • Home loan borrowers: Term insurance can cover outstanding liabilities so your family doesn't inherit your debts.
  • Self-employed individuals or business owners: If you don’t have employer-backed life cover, this ensures your family's financial safety.
  • Single earners in a household: If your income is the only source of support, term insurance is your financial safety net.

Bottom line: If someone depends on your income, you need term insurance. It's affordable, impactful, and a strong pillar of your financial planning.

Conclusion

Understanding the eligibility criteria for term insurance is vital for making informed decisions about your financial security. By meeting the age, nationality, income, health, occupation, and documentation requirements, you can secure the right coverage for your family. Additionally, being aware of the financial requirements and potential medical examinations will help you navigate the application process smoothly. With term insurance, you can ensure your loved ones are protected, providing peace of mind for you and your family.


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Frequently asked questions

What is the minimum age to buy term insurance?

The minimum age to purchase term insurance is typically 18 years. Insurers require applicants to be at least this age to ensure they can enter into a legal contract.

What documents are needed to apply for term insurance?

To apply for term insurance, you generally need identity proof, address proof, age proof, income proof, medical records, and recent photographs to validate your application.

Are medical examinations mandatory for all term insurance policies?

Not all term insurance policies require medical tests. Requirements vary based on age, coverage amount, and health status, with some plans offering no-exam options for eligible applicants.

Does your income impact your term insurance eligibility?

Yes, your income plays a significant role in determining your eligibility for term insurance. Insurers assess income to ensure you can afford premium payments consistently.

Is there an upper age limit for buying term insurance?

Yes, most insurers impose an upper age limit for purchasing term insurance, typically around 60 to 65 years. This limit can vary by provider and policy type.

Are NRIs eligible to buy term insurance in India?

Yes, Non-Resident Indians (NRIs) can buy term insurance from Indian insurers. The process usually includes online application, medical tests (in India or abroad), and premium payments in foreign or Indian currency, depending on the plan.

Does your job impact your eligibility for term insurance?

Absolutely. High-risk occupations like mining, aviation, or defence may lead to higher premiums or limited coverage. Insurers assess occupational risk before approving the policy to ensure fair pricing and protection.

Do term insurance plans have different eligibility criteria?

Yes, eligibility rules can vary across plans and insurers. Factors like age, income, health, and lifestyle habits influence which plan you're eligible for and how much coverage you can get.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third-party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finserv Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

Note- While we have made all the efforts and taken utmost care in gathering precise information about the products, features, benefits etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective products sales brochure and policy/membership wordings before concluding sales.

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