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Frequently Asked Questions

How much is the income eligibility for term life insurance?

Income eligibility and proof

When you go to an insurance company to buy a term insurance policy, they ask you to present a few personal documents and details. One of these documents is your income proof. Income proof helps the insurance company decide the total life coverage that can be offered to you. They calculate the risk and your ability to pay premiums for the insurance policy.

The following income documents are required when applying for a term insurance policy:

  • Slip of the last 3 months salary
  • Latest Income Tax Returns
  • Form 16
  • Bank statements of the last 6 months

The income eligibility is flexible. It depends on the insurance company you are associating with. For example, the iSelect StarTerm Plan of Canara HSBC Oriental Bank of Commerce Life insurance even accepts candidates with income lower than 3 lakhs.

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