Any time one needs to buy a term insurance policy from the insurance company, there is always the request or need to present some details.and personal documents.
One of such details or documents is always the income proof. The income proof aids the insurer to know the total life coverage that can be provided to the insured.
With this proof it will help the insurance company calculate the risk and your ability of the insured to pay the premiums for the insurance policy.
So when one is applying for a term insurance policy, the below income documents will be needed
Slip of the last 3 months salary
You would need to show thet you are earning or making money so you would have to present your pay slip for the past three months
Latest Income Tax Returns
Show your current tax returns which shows you are in a good financial state.
Form 16
Another will be the form 16
Bank statements of the last 6 months
Then you would also be expected to show the bank statement of you being paid in the last 6 months.
The income eligibility from insurance company is very flexible.thougj. The level of flexibility will be based on the insurance company you are working with.
One of such details or documents is always the income proof. The income proof aids the insurer to know the total life coverage that can be provided to the insured.
With this proof it will help the insurance company calculate the risk and your ability of the insured to pay the premiums for the insurance policy.
So when one is applying for a term insurance policy, the below income documents will be needed
Slip of the last 3 months salary
You would need to show thet you are earning or making money so you would have to present your pay slip for the past three months
Latest Income Tax Returns
Show your current tax returns which shows you are in a good financial state.
Form 16
Another will be the form 16
Bank statements of the last 6 months
Then you would also be expected to show the bank statement of you being paid in the last 6 months.
The income eligibility from insurance company is very flexible.thougj. The level of flexibility will be based on the insurance company you are working with.
