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Is 2 years ITR mandatory for term insurance??
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18 Feb, 2022
by Abhishek
Hello beshak team , I have currently only one year of ITR but when I contacted salesperson at max life, he said he can give term with maximum 70 lakh cover after he communicated with higher authorities in his company. Is it wise to buy policy??
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Hello Abhishek,
We haven't quite understood your question.
Yes, insurers can have specific requirements as per their internal policies for evaluating and approving insurance coverage. If the insurer has demanded 2 years of ITR, it is most probably a requirement you need to adhere to.
We would recommend you go ahead and apply for the best coverage you can get at this point, and plan and upgrade in the next few years once you have multiple IT Returns available. Alternatively, you can also apply for increasing cover, which can make your 70L cover into 1.40 Cr. cover in 10 years.
If you want free one to one consultation from top advisors in the community you can check them out here:
Top Verified Financial Advisors | Financial Planning Advisors | Beshak.org
Regards.
Team Beshak