Insurance like term insurance

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.

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