KEEPING INSURANCE HUMAN
back arrow Back

Insurance like term insurance

reply Share
24 Sep, 2021 by  Abhishek

I really want to buy max life term insurance but I have no itr filing so please suggest me any other plan equivalent with term insurance.

like like
0
Opinion

2 Answer

Post
26 Sep, 2021

Dear Abhishek,


Good to know that you are thinking of buying a term plan for protection. One of the reasons the insurers insist copies of ITR are for financial underwriting, to evaluate the maximum cover an individual is eligible for.


In case you are Salaried and have Form 16 & Salary Slips you can provide copies of the same in lieu of ITR. However, if you aren't Salaried or haven't filed your income tax return you can go for Saral Jeevan Bima which is sold by all the insurers. This is also a term plan but the sum insured in this case would be below Rs. 25 Lakhs. The premium for this product is relatively costlier compared to regulat term plans.


Please take help of family and friends to find a trusted insurance advisor to help you with the policy. Continue with the policy for couple of years till you have sufficient income proof making you eligible for higher cover. Once you are eligible buy a higher cover.


One important factor you should consider is signing an addendum under Married Womens Property Act in case you are married.

like like
0
icon-comment 0 Comments
icon-reply Reply
26 Sep, 2021

Dear Abhishek

All insurer would demand your income generating capacity through evidence like ITR / Form 16 or Bank statememt .

Term is a low cost risk cover and due diligence is done to avoid adverse entry .


If you do not have the proof then Max life offers Whole life cover . Opt for whole life cover with 20 year payment term under premium offset option . Your premoum would keep reducing as per bonus declared from second year .

Your nominee is guaranteed to get cover whenever death happens . You will also recieve a bonus each year which will keep increasing . .

If you sre age 30 , receive money from age 50 to 80 and your family get claim when death happen at 80 .

It is a great option to look for in comparison to term . It is best way of creating legacy .

Have a look then ask question


Shailesh@insurancesamadhan.com


like like
0
icon-comment 0 Comments
icon-reply Reply
Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂