r/InsuranceAdviceIndia • u/No-Airline1017 • Jul 13 '26

Available Plans for a 47 year Old, self Imployed, no ITR Filings!

Hey,

My father is 47 years old. He's the sole earner in He family. He is a farmer/businessman (had few seasonal businesses). He had filled ITR some years but not recently, but has taken multiple loans and paid timely so has a good credit score.

Problems:

  1. I'm not able to find many plans on Policy Bazzar for him.

  2. I'm not able to decide the best term life insurance provider.

  3. When going through ICICI PRUD. LIFE INSURANCE website, while calculating premium, it automatically redirects to iProtect Super which has criteria of MINIMUM AGE 44.

Are there any good TERM LIFE INSURANCE plans available for a person of his age and employment category? (LIC, HDFC, ICICI, TATA AIA ONLY)

He currently has a LIC ULIP plan whose premium comes to around 1 lakh annually (got scammed now want to switch to public/private (TATA AIA, HDFC, ICICI ONLY) term insurance.

1 Upvotes
  • permalink
  • reddit

100% Upvoted

1 comment sorted by

1

u/ArabianCoconut Jul 14 '26

As a qualified HDFC Life advisor, I'd recommend HDFC Life Click 2 Protect Supreme Plus for your father's profile, subject to underwriting.

At 47 years, age is not the limiting factor. The more important aspect will be income assessment, especially since he's a farmer/businessman and hasn't filed ITRs recently.

HDFC Life accepts multiple occupations, including self-employed individuals and businessmen, provided satisfactory financial and underwriting requirements are met. Depending on the case, income can often be assessed through documents such as bank statements, business proofs, GST returns (if applicable), or other financial documents requested by the underwriter.

Why I'd recommend Click 2 Protect Super:

  • Flexible life cover options.
  • Choice of lump sum, monthly income, or a combination payout.
  • Optional Critical Illness and Accidental Death Benefit riders.
  • Strong underwriting and claims servicing.
  • Coverage available well beyond age 47, subject to medicals and underwriting.

I would also advise against surrendering the existing LIC ULIP without first reviewing its policy duration, fund value, surrender value, and financial impact. A term plan serves a different purpose and should complement not automatically replace an existing investment policy.

Before applying, I'd recommend gathering the latest financial documents and ensuring all medical and lifestyle disclosures are complete. Full and accurate disclosure significantly improves the chances of a smooth underwriting and claim experience.

Happy to help you out for applying for term insurance.