Documents Required for Term Insurance

Although hassle-free, the process of buying term insurance requires a standard set of documents across insurers, without which you may be denied protection under a term life cover. Term insurance is an effective way to counter the risk of income loss on the untimely death of the life assured. The sum assured on his/her death can help the family fund their expenses in the future, including child planning and education, medical expenses, etc.

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While buying term insurance, you need to ensure that you have the proper documentation for the insurer to offer the required coverage. Even during the process of claim settlement, you will be asked for proper documents supporting the claim raised, details of the claimant, and the nature of the death of the life assured. The reason for the need for extensive documentation is basically to offset the financial risk undertaken by the insurance company in insuring the policyholder.   

What Are The Documents Required To Purchase Term Life Insurance?

The standard set of documents required for term insurance across all the insurance providers includes income proof, identity proof, medical report (if policyholders are 45 and above), and proof of residence. Let’s look at each of these in detail to help you identify which documents you can furnish to satisfy the requirements of the insurance company.

Official Identity Proofs
  • Passport
  • Voter’s ID
  • Aadhaar Card
  • Job card issued by NREGA
  • PAN Card
  • Form 60
  • National Population Register
Valid Address Proof
  • Utility bills including electricity, postpaid phone, piped gas, and water bills, no older than 2 months
  • Pension Payment Orders (PPO) of the retired individuals
  • Municipal Tax Receipt or Property Tax Receipt
  • Allotment of Accommodation letter from the employer authorized by the State or Central Government, PSUs, financial institutions, commercial banks, etc. 
Income Proof Salaried Individuals
  • Last 3 months’ bank statement with details of salary credited
  • Last 2 years’ Income Tax Returns
  • Recent Form 16
Self-Employed Individuals
  • Last 2 years’ Income Tax Returns
  • Computation of income generated
  • If computation is not available, last 3 years’ Income Tax Returns
  • Last 2 years’ audited balance sheet and profit loss account by a certified CA
Medical Proof
  • Past and recent medical records
  • Results of medical tests allocated by the insurer

Significance Of The Documents Required For Term Insurance

Here’s the significance of the aforementioned documents:

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

  • Address Proof - These are required to validate if the term insurance 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 as0sured 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. 

How To Buy Term Insurance Plan?

The procedure to purchase term life insurance for yourself is fairly straightforward. You can either visit the insurance company’s nearest branch or use online methods such as the insurer’s website or online aggregators like Policybazaar. The latter allows you to compare term life insurance plans from multiple insurers and get insights into their respective features and the cheapest quotes. 

You can go to the Term Insurance link in their respective websites and insert your contact details to start the purchase. On inserting the required fields, you will be asked to submit the documents required for term insurance. Therefore, you should keep scanned copies of the abovementioned identity, income, address proofs handy. Once you submit the documents, the premiums are calculated. Upon successful premium payment, the policy coverage starts.

Five things to know before buying Term Plan Five things to know before buying Term Plan

FAQ's

  • Are medical tests mandatory for every term insurance buyer?

    No, medical records are asked on an ad-hoc basis depending on the age of the buyer, current medical illnesses, smoking status, etc. Therefore, you should get in touch with your insurer prior to making a purchase. 
  • What are the documents required to file a term insurance claim?

    You will be required to furnish the following while raising a death claim:
    • Original Policy Bond
    • Claim Form
    • Claimant’s Photo ID (Adhaar Card, Voter ID Card, Passport, etc.)
    • Claimant’s bank statement or canceled cheque
    • Death Certificate
    • Attending Physician’s Statement
    • Treating Doctor’s Statement
    • Medical Records
    • FIRs
    • Police Investigation report
  • Can term insurance be purchased without proof of income?

    No, income proof is mandatory to decide premium rates against the coverage requested. 
  • How can I submit documents required for term insurance purchase?

    To submit the documents online, you will need scanned copies of income proof, address proof, identity proof. At the time of application, you will see the option to upload the necessary files. You can also choose to email the scanned documents to the email ID of the insurer or courier them to their nearest branch.

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