What Are the Documents Required for Term Insurance Plans? 

What Documents Are Required to Buy Term Insurance?

The standard set of term insurance documents required across all life insurance companies in India includes income proof, identity proof, medical report, and proof of residence. Let’s take a look at each of these in detail to help you identify what are the documents required for term insurance:

Importance Of The Documents Required For Term Insurance

Let us see the importance of the documents required for term plan below:

• Proof of Identity - This provides verified evidence of the age of the life insurance buyer. The age of the buyer is an important factor in deciding premium rates. 

• Address Proof - These documents required for term insurance are used to verify if the buyer is a citizen of the country or not. 

• Income Proof - Possibly the most crucial aspect, income proofs are what the insurer uses to decide premiums and if the assured coverage can be offered to the buyer.

• Medical Proof - The insurer needs to factor in your health risks and previous medical history to establish your insurability and determine the financial risk they are undertaking to offer you insurance coverage. 

• Recent Passport size Photographs - Along with the term plan document requirement, you will also need to submit your recent passport-sized photographs before the policy issuance.

Why are Documents Required for Term Insurance?

The documents required for term plan can help you in the following ways:

• Acts as proof of your Indian nationality

• Provides updated information regarding your medical history 

• Helps issue the term insurance policy quickly

• The original policy documents let you go through the T&Cs of the policy anytime you want.

• Helps with the fast claim settlement process 

• Eases the policy renewal process in case of a policy lapse

What are the Documents Required for Term Insurance Claims?

Here is a list of all the documents required for claiming term insurance that your nominee needs to provide while filing for a term plan claim settlement:

• Original Policy Documents

• Attested Copy of Death Certificate

• Accurately Filled Claim Form

• Medical Reports of the policyholder

• Photo of the Nominee

• Canceled Cheque or passbook photocopy along with the NEFT mandate form

• ID Proof

• Post-mortem Report (if applicable)

Steps to File a Term Insurance Claim

Step 1: Inform the Insurer 

Your nominee needs to inform the case of your untimely death during the policy term and fill out the claim form available.

Step 2: Attach and Submit the Documents

Your nominee needs to attach and submit the documents required for term insurance claim with the claims form and ensure all the details are accurate.

Step 3: Verification of Claim

On successful verification of the submitted claim request, the insurer will disburse the payout amount into the nominee’s bank account.

Why Should You Submit Proper Documents Required For Term Insurance?

It is important to provide accurate information and documents needed for term insurance as they can help you with the following:

• Original term insurance documents required can help simplify and ease the claim settlement process.

• In case of the policyholder’s unfortunate death, the death benefit will be paid to ease the financial burden on your family only after submitting mandatory documents.

• The correct and complete submission of documents required for claiming term insurance can quicken the verification of the claim process.  

What To Do in Case You of Misplaced/Lost Original Documents Needed for Term Insurance?

Here is a list of things you can do in case you have accidentally lost or misplaced your original policy documents needed for term insurance:

• Immediately inform your insurance company

• Get an article published in the local/regional newspaper

• Send a copy of the advertisement to the insurer a month later

• Sign an indemnity bond stating that if you find the original documents later, you will return them to the insurer

• After submitting all necessary documents required for term insurance, the insurer will issue you duplicate documents for term insurance

How To Buy a Term Insurance Plan Online?

Anyone who understands what is term insurance, knows the need for term insurance for their family’s financial stability. Here is how you can buy a term life insurance online by following the below-mentioned steps:

Step 1: Go to the term insurance page

Step 2: Fill in the required information regarding the phone number, name, gender, and date of birth

Step 3: Enter the correct information about your educational background, occupation type, annual income, and smoking habits

Step 4: Select the plan most suitable for you and proceed to pay

Note: You can use the term insurance premium calculator to determine the premium amount you would need to pay for the desired life cover.

Wrapping It Up!

The documents required for term insurance have many benefits mainly of which is that it allows a quick and hassle-free claim/policy-issuance process. You can upload these term plan document requirements while buying the plan or scan and email the documents to your customer service ID.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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