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Documents Required to Buy a Life Insurance Policy

Documents are of utmost importance during policy issuance and when filing a claim for life insurance. Providing all the necessary documents is crucial in both situations. In case of missing essential documents and details can lead to claim denial or policy termination by the insurance provider. KYC documents are mandatory when purchasing a life insurance policy.

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Let's understand what documents are required to buy a life insurance policy so you can take this important step easily and confidently.

List of Documents Required to Buy a Life Insurance Policy

Below is the list of documents required for life insurance policy that you may need to give to your insurance provider:

  • 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 understand your life insurance requirements 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.

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Importance of Documents While Buying Life Insurance Policy

In India, insurance companies adhere to strict regulatory guidelines and as a result, require specific life insurance policy documents to be furnished by the policy applicant. The documents required for life insurance policy not only establish your identity but also help verify your age and residence, preventing fraudulent applications. Additionally, these documents aid in determining your insurability, which plays a vital role in calculating the premium amount and the type of life insurance policy you are eligible for.
Let’s understand the importance of the documents required for life insurance policy below:

  • Risk Assessment: Insurance companies assess the risk associated with insuring an individual before issuing a policy. Submitting life insurance documents helps them verify your identity, age, and address, enabling them to determine the level of risk you pose as a policyholder.

  • Accurate Coverage: The information in your life insurance policy documents assists insurers in determining the appropriate coverage amount you require based on your age, income, and financial responsibilities. This ensures that you get the right amount of life insurance protection.

  • Premium Calculation: Insurance premium rates depend on various factors, including age, health condition, occupation, and lifestyle. The documents help the insurer accurately calculate your premium, ensuring you pay the right amount for your policy.

  • KYC Compliance: Insurers must comply with Know Your Customer (KYC) regulations mandated by regulatory authorities. Submitting documents is part of this process, which helps prevent money laundering and fraudulent activities.

  • Policy Validity: Accurate documentation ensures that the policy you receive is valid and legally binding. It also helps prevent the issuance of policies to individuals who may be ineligible or not genuinely seeking coverage.

  • Faster Processing: Readily available life insurance documents speed up the application process. It helps insurance companies process your application more efficiently, reducing waiting times and allowing you to get coverage quickly.

  • Avoiding Rejections: Incomplete or incorrect information can lead to the rejection of your application. Submitting the necessary documents helps ensure that your application is complete and accurate, reducing the chances of rejection.

  • Policyholder Verification: Submitting the life insurance policy documents confirms that you are the genuine applicant, preventing unauthorized individuals from purchasing policies on your behalf.

  • Legal Compliance: Insurance is a legally binding contract, and having the right documents required for life insurance policy is essential to ensure that all parties are bound by the terms and conditions outlined in the policy.

  • Claims Processing: When it comes to claiming the policy's benefits, having accurate documentation is crucial. It facilitates a smooth and hassle-free claims process for your beneficiaries, ensuring they receive the benefits in a timely manner.

  • Policy Updates and Communication: Insurance companies may need to communicate with you during the policy term. The correct contact information in your life insurance documents ensures seamless communication for any policy-related updates or changes.

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What are Some of the Important Points to Keep in Mind While Buying A Life Insurance Plan?

Here are some important points to keep in mind while buying life insurance policy:

  • Consider your responsibilities and future life goals while selecting a life insurance policy.

  • Check the claim settlement ratio (CSR) of the insurer for the last 5 years before purchasing a life insurance plan.

  • Pay attention to the premium amount, premium payment due date, and other crucial plan details for long-term benefits.

  • Inquire about additional benefits or riders associated with the policy before making the final decision.

  • Ensure that your nominees know the location of life insurance documents and other essential details for a smoother claim process.

How to Buy Life Insurance Plan from Policybazaar?

Here are the steps on how to buy life insurance plan from Policybazaar:

Step 1: Visit to Policybazaar's life insurance page.

Step 2: Choose between Term or Investment life insurance options.

Step 3: Enter your name, gender, mobile number, and date of birth.

Step 4: Enter information about your annual income, occupation type, education, and smoking habits.

Step 5: Review the list of available plans and select the most suitable one for your needs.

Wrapping It Up!

Most insurance providers require the aforementioned life insurance documents when buying a life insurance plan. Therefore, it is suggested that you keep these documents required for life insurance policy handy to buy your suitable policy without any hassle and worry.

FAQs

  • Q: What types of life insurance can I find on Policybazaar?

    Ans: Policybazaar provides options for both Term and Investment life insurance plans to meet your specific requirements.
  • Q: What details do I need to provide to buy life insurance?

    Ans: You will need to enter basic personal information such as your name, gender, mobile number, and date of birth. Additionally, you'll be asked about your annual income, occupation type, education, and smoking habits. You also will need to submit the required/necessary documents to buy a life insurance plan.
  • Q: How long does it take to buy life insurance on Policybazaar?

    Ans: The process of buying life insurance on Policybazaar is quick and straightforward. You can complete the purchase within a few minutes after providing the necessary details.
  • Q: Can I buy life insurance on Policybazaar at any time of the day?

    Ans: Yes, you can buy life insurance on Policybazaar at any time of the day. Policybazaar's website is accessible 24/7, allowing you to buy life insurance at your convenience, any time of the day or night.
  • Q: What happens if I miss a premium payment?

    Ans: Missing a premium payment can lead to a policy lapse, and you may lose the life insurance coverage. However, some plans offer a grace period to make late payments without penalties.
  • Q: Is it necessary to undergo a medical checkup before buying life insurance on Policybazaar?

    Ans: Some life insurance plans may require a medical checkup, while others offer no medical tests or simplified underwriting based on age and coverage amount.
  • Q: Can I buy life insurance for my family members on Policybazaar?

    Ans: Yes, you can purchase life insurance plans for your family members, including spouse, children, and parents, on Policybazaar.
  • Q: How to buy life insurance in India from Policybazaar?

    Ans: You can buy life insurance in India from Policybazaar by simply visiting the life insurance page on the website, clicking on the type of life insurance you want to buy, and filling in your name, gender, contact number, and date of birth. From thereon, you can follow the steps mentioned on the screen and view the available plans. Choose the plan best suited for you and proceed to pay.
  • What Should Be Done If the Documents Get Misplaced?

    Ans: If the documents required for life insurance policy get misplaced, the policyholder should immediately inform the insurance company. They may request that duplicate copies of the lost life insurance documents be submitted. It is essential to act promptly to ensure the policy remains valid and to avoid any potential claim-related issues in the future. Keeping digital copies or maintaining a secure backup of important life insurance documents can also help prevent such situations.

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