Hey guys, I’m in a bit of a pickle here. I’m a freelancer and my income is pretty irregular - some months are great, others not so much. I’ve been putting off getting term insurance because most companies want salary slips, ITR, bank statements, and all that formal documentation which I don’t have in the traditional sense.
Has anyone here managed to get decent term insurance without jumping through all the income proof hoops?
I was in the exact same boat 2 years ago! Freelancer here too, and the income proof thing was giving me nightmares. Here’s what I found after researching extensively:
Best options for term insurance without strict income proof:
- HDFC Life Click2Protect Plus - They’re surprisingly flexible. I got 75 lakh coverage by just providing my bank statements showing regular deposits. No ITR needed if coverage is under 1 crore.
- ICICI Pru iProtect Smart - Super easy online process. They accepted my CA-certified income declaration for amounts up to 50 lakh. No salary slips required.
- Max Life Smart Secure Plus - They have a self-declaration option for coverage up to 75 lakh if you’re under 35. Just needed basic bank statements.
- Bajaj Allianz eTouch - Completely online, minimal documentation. They’re okay with bank statements showing consistent income flow.
Pro tips from my experience:
- Keep your sum assured reasonable (10-15x annual income max)
- Have at least 6 months of clean bank statements ready
- Consider getting a CA to certify your income if you don’t have ITR
- Online term plans are generally more flexible than offline ones
I ended up going with HDFC Life and the whole process took just 3 weeks. Premium is around 8k annually for 75 lakh coverage.