Documents Required to Buy a Life Insurance Policy

Are you planning to purchase a life insurance policy? If yes, then you are going to invest your money in the right place. This is because a life insurance plan provides financial protection to your family in case of your demise. So, in the process to buy a life insurance policy, you need to provide a set of documents to the insurance provider. Here we are providing that list for your reference. 

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Documents Required to Buy a Life Insurance Policy

Below mentioned is the list of documents that you may need to give to your insurance provider for purchasing a life insurance policy.

  • Address Proof: Your address proof includes a driving license, aadhaar card, passport, etc.

  • Income Proof: Your bank statements, salary slip, ITR filing receipt

  • Identity Proof: With address proof, you have to provide an identity proof as well to your insurance provider. Under identity proof, you can submit your driving license, PAN card, or passport.

  • Medical Reports: In case of some medical issue, you need to provide the medical reports. Moreover, the insurer may ask you to undergo some blood tests to check your current medical condition. In that case, you have to provide the reports of these medical tests as well.

  • Photographs: Same as another type of application, you also need to provide a specific number of the latest passport-size photographs to the insurance provider.

With all these documents, you can apply for a life insurance policy and can buy it. However, before buying a life insurance plan, you must know your requirements for a policy so that you end up buying the right one for you and your family.

Here we are discussing some of the strategies that you must follow before buying a life insurance policy.

How to Purchase a Suitable Life Insurance Policy?

To buy the most suitable life insurance policy, you must consider the following point:

  1. Know the Available Options

    You should know the two options that are available in the life insurance category. Understanding these options will give you a better idea to select the best. There are two types of life insurance plans available in the market:

    • Pure Protection Policies

    • Savings Plans

    On one hand, where pure protection policies provide financial coverage in case of the unfortunate demise of the policyholder during the policy term only. On the other hand, savings plans give maturity benefits with death coverage.

    We can classify term insurance under pure protection plans, whereas ULIPs, child plans, endowment plans, etc. come under savings plans.

    So, depending upon your requirement, you can buy a life cover.

  2. Understand Your Insurance Requirements

    Your insurance requirements can fall under any of the two types:

    • The living cost and lifestyle of your family (provided in a term insurance plan)

    • The future goals of your family (provided in the savings plan)

    Assessing your requirements as per these two types will let you know the amount of premium that you can pay on regular basis. However, you must remember that life insurance come before any type of savings or investment plan. Therefore, if your expenses and income do not allow you to save much, buying a pure protection plan like term insurance is recommended. On the other hand, if you have enough money to save apart from your expenses, then buying a plan with an investment option is recommended.

  3. Purchase a Life Insurance Plan Online

    Buying a life insurance plan online not only lets you purchase in the comfort of your home, but also does not let you spend extra money on agents. By using an online life insurance premium calculator, you can get to know the premium cost of your preferred policy.

  4. Premium Revision and Insurance Application

    The final premium amount depends on some other factors as well such as your occupation, medical condition, and hobbies. If you are healthy and do not have any severe medical history, the insurance provider may give you a life insurance policy without any requirement of medical tests. However, most of the time, it medical examination is recommended. If you have some medical issue and a family history of certain illnesses, an insurer can revise your final premium cost. In case, you give wrong information or hide some relevant information, you may face issues at the time of claim settlement.

  5. Choose Your Nominee Wisely

    While applying for a life insurance policy, you must provide the name of the nominee wisely. A nominee is a person who would be eligible to receive the sum assured after your death. The spouse becomes a nominee by default in case of the death of an insured who is married. However, you can also add your child as a nominee in your policy.

Over to You!

The aforementioned set of documents is required by most insurance providers when you buy a life insurance plan. So, keep these documents handy and get your suitable policy without any hassle and worry.

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