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What Documents Are Required to Buy Term Insurance Plan? 

When Buying term insurance plan, documents play an important role. These documents are important for the insurance company to evaluate your financial situation before offering insurance coverage. The life insurance company may request a range of documents, including personal and financial information. Below is a list of documents required while buying term plan: 

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What Documents Are Required to Buy Term Insurance?

The standard set of documents required for term insurance 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:

Documents Required for Term Insurance Applicable Documents
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
  • Government Department Employees or PSUs (if the address is mentioned)
  • Allotment of Accommodation letter from the employer authorized by the State or Central Government, PSUs, financial institutions, commercial banks, etc. 
Income Proof (for Indians and NRIs) 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
  • Form 26 AS (of last financial year)
Housewife (Surrogate Documents)
  • Self-attested copy of latest 6 months’ savings bank account statement
  • Last 12 months’ SIP statement in the name of housewife
  • Last 6 months Credit card statement showing credit limit (only one card statement under housewife’s name is allowed)
  • Last 12 months’ home loan repayment statement along with bank statement showing debit for the same time period (ownership paper must be under the housewife’s name, and the property should not be co-owned)
  • Latest Insured Declared Value (IDV) of car (car must be owned by the housewife)
  • Husband’s term insurance policy documents
Medical Proof
  • Past and recent medical records
  • Results of medical tests allocated by the insurer

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Significance Of The Documents Required For Term Insurance

Let us see the significance of the documents needed for term insurance 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 documents required for online term insurance, you will also need to submit your recent passport-sized photographs before the policy issuance.

Why are Documents Required for Term Insurance?

The documents needed for term insurance 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

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What are the Documents Required for Claiming Term Insurance?

Here is a list of all the documents required for claiming term insurance 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)

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 documents 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 documents required for claiming term insurance can quicken the verification for 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 documents required for online term insurance while buying the plan or scan and email the documents to your customer service ID.

FAQ's

  • Q: Are medical tests mandatory for every term insurance buyer?

    Ans: No, medical records are requested by the insurer based on the buyer's age, existing medical conditions, smoking status, etc. Therefore, it's advisable to contact your insurer before making a purchase to understand the specific documents required for term insurance.
  • Q: What are the documents required for claiming term insurance?

    Ans: The documents required for claiming term insurance in India are as follows:
    • Original Policy Bond
    • Claim Form
    • Claimant’s Photo ID (Aadhaar 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
  • Q: How can I submit the documents required for term insurance purchase?

    Ans: To submit the documents online, you will need scanned copies of your income, address, and identity proof. During the application process, you will find the option to upload the necessary files. Alternatively, you can email the scanned documents to the insurer's email ID or courier them to the company’s nearest branch.
  • Q: Can Housewives buy term insurance online?

    Ans: Yes, housewives can buy term insurance for housewife by submitting the documents required documents mentioned above.
  • Q: Is income proof document required for term insurance?

    Ans: No, income proof is not a mandatory document required for term insurance. You can buy a term plan without income proof by submitting the alternate documents needed for term insurance.

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