Documents Required for Term Insurance Policy
Today people are preferring to Buy Term Insurance Policies. The biggest reason for this is that to buy a Term Insurance Policy, you have to pay a much lower premium than traditional Life Insurance Plans.
However, there are many people in India who do not like to buy Term Insurance Policies and the only reason for this is that the customer does not get any benefit on the maturity of this policy.
But if you are one of those people who have decided to buy a Term Insurance Policy, then now it is very important for you to know which documents are required to buy a Term Insurance Policy.
So in this article of Jeevan Bima Bazaar, it is being explained in detail that if you want to buy a Term Insurance Policy, then what documents will you have to submit.
Documents Required to buy Term Insurance Policy-
If you have decided to buy a Term Insurance Policy, then you need to know what documents you will need to buy a Term Insurance Policy. So let us understand it in detail-
Income Proof-
While selling a Term Insurance Policy, any Life Insurance Company checks what is the maximum Sum Assured that can be given to the insured? For this reason, you have to submit a certificate of your actual income to the Life Insurance Company. You can submit the following documents as income certificate-
- Last three months Salary Slip
- Income Tax Return (ITR) for last three years
- Bank statement for the last six months, showing your income
- Latest Salary Certificate (issued by the employer)
- CA Certificate
- Agricultural Income Certificate
- Land Records and Income Assessment
- Latest Mandi Receipts
- Latest Form 16
- Form 26AS of previous financial year
ID and Address Proof-
Any Life Insurance Company asks for your ID and address proof while selling a term insurance policy. For this you can submit the following documents.
- Aadhar Card
- Passport
- Driving License
- Voter ID Card
- Job card signed by a State Government official under the National Rural Employment Guarantee Act 2005 (NREGA)
Age Proof-
There is a minimum and maximum age limit for any Term Insurance Policy. Therefore, while purchasing such a policy, you have to prove your age. Your PAN card confirms your age.
While purchasing a Term Insurance Policy, PAN card is an important document which is mandatory to be submitted while purchasing this policy. However, if you do not have a PAN card, then Form 60 can also be submitted in its place.
Latest Passport Size Photograph-
While purchasing a Term Insurance Policy, you have to provide your photograph. Although Term Insurance Policy can be purchased both online and offline, if you buy this plan through online means then you have to click and upload your immediate photo.
Before taking and uploading a photo, you should know what should be the size of the photo and in which format the photo will be accepted.
If you are buying a Term Insurance Policy through offline mode, then you should read its proposal Form i.e. application form carefully and include the photo in the form as per the requirement.
Medical Report-
While filling the application form to buy a Term Insurance Policy, you have to give correct details of your health. Depending on the information you submit about your health condition in the application form, the life insurance company may ask you for a medical examination. So that the Life Insurance Company can correctly assess your current health condition.
Any decision on your policy will be taken based on your current health condition, hence the insurance company will arrange for your medical examination at a date and time as per your convenience.
