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POSTED BY ON January 2, 2012 10:24 am COMMENTS (2)
Dear Friends,
I am 38 year old M, married, non smoker [as insurance companies rule]. want to get online term insurance. I dont have any income proof i.e. income tax return or something. So then how much insurance can i get? and what papers or anything else needed? and after applying for policy, in how many days i will get it? plz guide me friends.
upendra
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Dear Upendra, What’s your source of income? Purchasing a term plan indicates that the buyer of the plan has an income & to protect his/her family’s financial future, S/he wants to protect the loss of income in case the term plan purchaser is no more.
In your case, how you are going to prove that you do have a valid, reliable & continuous income source ‘ll determine the availability of online term plan to you.
Normally a person can expect 10-15 times multiple of his/her annual income as term cover.
Thanks
Ashal
Upendra – Life Insurance is to ensure that the income continues for dependents even after the insured is no more. Thus if you do not have a salary slip/IT return filed recently it may be difficult to get a life insurance especially since it means you have no ‘current income stream’ to really protect.
You may possibly be running a business. If a return exists for the business that should be used.
If you are attempting an entreprenurial venture with no current income stream you can show the recent personal IT return (even 2 -3 years old) and an outside valuation and projected incomes of your firm [I personally know a friend who took Religare insurance this way] – but since there is no ‘direct’ income stream to protect the premium is indeed higher.
If you are chilling out or just on a sabbatical I am afraid there is no much luck with online plans as far as I know. LIC offline plans can be taken (I mean pure term plans) – And …dont fall for the insurance+investment crap as Life insurance someone will really pitch at this point.