How to Buy Term Insurance
  • Steps to Buy a Term Plan
  • Eligibility Criteria
  • Required Documents
How to Buy Term Insurance
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How to Buy Term Life Insurance

No doubt, term insurance is a handy financial tool when it comes to securing the future of loved ones. Thanks to higher life cover with lower premiums, term insurance gives policyholders an advantage over the uncertainties of life.

People from different walks of life understand its importance and consider it worth buying. While buying a term plan, the first thing that comes to mind is how to buy term insurance hassle-free.

With a few simple steps, you can avail yourself of a term insurance plan. Whether you wish to buy a term plan online or offline, it can be done in no time at all.

Steps to Buy Term Insurance

Rapid growth in technology makes buying a term insurance plan easier. It doesn't involve any intermediary, which saves time as well as gives a sense of security. However, you can buy term insurance directly from the insurer or let us help you find the best term plan with the help of our insurance experts.

Therefore, here we've listed a few simple steps to buy term life insurance from PolicyX.

  • Browse policyx.com on your device.
  • On the PolicyX homepage, click the 'Buy Now' option in the top right corner of the screen.
  • Now, click on 'Term Plans'.
  • After that, you'll get a list of all available term insurance plans in the market.
  • Choose the plan and click on the 'PolicyX URL'.
  • Fill out the necessary details to buy the plan you like.
  • Proceed to pay through net banking, debit or credit card.

Eligibility Criteria for Buying Term Insurance in India

Anyone with legal citizenship in India with an income and above 18 years can buy a term insurance plan. But before opting for a term plan, it's better to understand the eligibility criteria clearly.

Here, we've listed the general parameters that apply to all term plans.

General Parameters

 

Age

In India, the legal age to buy a term insurance plan falls in the age bracket of 18-65 years old. Some term insurance providers also allow you to opt for term insurance at 70 years old.

 

Citizenship

People with legal citizenship in India are eligible to buy term insurance. It'll remain safe even if they move to another country for academics or work purposes after the purchase.

 

Medical Test

The insurance providers require a policyholder to undergo a medical examination to indicate the health risks. So be completely honest about medical history because it plays an essential role in deciding a life cover and premiums.

 

Income

The insurer may ask you for your bank statement and income proof to estimate the sum assured amount for your term plan. Salaried individuals need to have annual income of 3 lakhs and self-employed 5 lakhs to buy a term plan.

 

Lifestyle

An insured person's lifestyle is a key factor in premium calculation habits like smoking, excessively drinking alcohol, stress levels, and sleeping patterns. These lifestyle factors increase the risk to life. For instance, smokers tend to pay higher premiums as they are more prone to health issues.

Documents Required to Buy Term Insurance

While buying a term insurance plan in India, you must submit a set of government-issued legal documents. It is one of the essential eligibility criteria for purchasing a term plan. These documents are required to cross-check your identity to prevent fraud.

So make sure to check the given list of documents before applying for a term insurance plan:

Identity Proof Income Proof Address Proof
Passport
Voter ID
Adhaar Card
PAN Card
Permanent Driving License
Voters ID
Salaried Individual
Salary Slip
Fixed deposits entries in Bank Statement
Last two years' ITR
Form 16
Self-employed
Last two years, ITR
Business Income Proof
Form 26AS
COI form
The Chartered Accountant's Certificate was issued in the last three years
 2 months of utility bills
Property or Municipal tax receipt
Bank A/c statement
Family pension payment orders, containing address
Rental agreement with stamp paper
Company letterhead with address

Why Choose PolicyX.com?

PolicyX.com is an IRDA-approved insurance aggregator, a one-stop solution for all your insurance needs. It is an award-winning organization that aims to make term insurance hassle-free for everyone. With a team of 300-plus insurance experts, they serve millions of Indian buyers annually.

  • PolicyX.com is an insurance aggregator offering free comparison services to help consumers compare, choose, and buy policies online.
  • It is a one-stop shop for all insurance needs and lets you compare up to 15 companies in just 30 seconds on PolicyX.com.
  • PolicyX strives to make the insurance buying process simple and hassle-free, where customers can buy insurance within 5 minutes.
  • The team of dedicated customer representatives is available round the clock to assist existing or new customers.

Conclusion

Term insurance is an affordable life insurance product which can be bought at nominal premiums. It can be a fantastic product to safeguard your family financially in your absence. What makes it even more interesting is how simple it is to buy it online and enjoy discounts and add-ons with it. Purchase an accurate term plan through PolicyX and you are sorted with your financial planning for a long time!

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How to Buy Term Insurance: FAQs

1. How do I choose a term life insurance policy?

Finding the right term plan involves comparing multiple plans offered by different insurers until you get the one that best fits your needs.

2. Can I buy term insurance online?

Yes, you can buy term insurance online via PolicyX or the insurer’s website.

3. What is the term insurance income eligibility?

A salaried person needs to have 3 lakhs annual income and a self-employed individual needs to have 5 lakhs minimum income on a yearly basis.

4. Who is not eligible for term insurance?

Individuals who are not legal citizens of India, do not have an income or have a pre-existing critical illness are not eligible for term insurance.

5. Can I buy term insurance without a job?

No, unemployed individuals are not eligible to buy a term insurance plan. Only housewives are allowed to take term insurance while being unemployed using the income of their spouse.

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