LIC is one of the largest and oldest insurance companies in India and boasts of a very large customer base. Life Insurance Corporation of India is the only public sector insurer founded in 1956 with the merger of more than 245 insurance providers and provident societies. Headquartered in Mumbai, LIC has 8 zonal offices, 113 divisional offices, 1381 satellite offices, and the corporate office.Read more
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The LIC of India offers an extensive range of life insurance plans from term insurance plans to savings and investment. LIC Term plans is a pure protection plan that safeguards your dependents such as children, parents, and spouse from financial difficulties that might befall them, if anything happens to you.
While buying a LIC term insurance policy online, it is important to know everything about the plan undertaking, especially the documents required for a term policy for a hassle-free and easy experience. Online term plans are economical for everyone and provide you with high coverage at low premium rates. As with all financial solutions, the procedure of purchasing a term plan requires a specific set of documents from the potential life assured. Here are the important documents required for term insurance LIC from an insurance buyer:
If you are thinking of buying a LIC Term Plan, you can make the process fast when you have prior knowledge of all the documents needed for the term plan. Following is a list of documents required for term insurance LIC:
|Officially Identity Documents||
|Income Proof||For Salaried Individuals||For Self Employed|
It is almost impossible to always forestall the financial difficulties that might arise in our lives. Here is one of the most crucial pieces of financial assistance that can help all insurance buyers. Let’s discuss the importance of documents required for term insurance LIC:
Identity Proof: Purchasing term insurance would need an official photo ID proof from the policyholder. This could be an Aadhar card, PAN card, passport, voter ID card, and driving license. All these documents provide the poof for the age of the life assured. The assured’s age is the important factor in assessing the premium charges. In some situations, like a discrepancy in the official name, an official request letter attested by a public servant is submitted along with an official photograph.
Income Proof: These documents are important to evaluate the policyholder’s yearly income. This further helps to decide the life cover amount to be provided to the policyholder that is sufficient to meet the financial requirements of your dependents in case assured is not around them.
Age Proofs: Most LIC term plans offer policies above a specific age limit i.e., above 18 years. Thus, when applying for a LIC term plan, insurance providers ask to provide a document that can serve as age proof to ensure that you are eligible to take a term plan. Alternatively, a high school mark sheet or leaving certificate, a birth certificate can also be used to provide age proof.
Address Proof: These documents are required to verify if the policyholder is a citizen of a mentioned country or not.
Medical Proofs: The term insurance premium rates and total sum assured amount are dependent mainly on your present medical health and any medical/health risks you might face in the coming years. This is the reason why past and current medical documents are an essential part of your term plan documentation process.
With all these documents/proofs in place, any person can simply avail of various important benefits of LIC term plans. One can save a large amount of money every fiscal year by availing of the LIC term plan tax-saving benefits.
Here is a step to step guide to buy LIC Term insurance plans:
Visit the official website of LIC
Click on ‘Buy Policies Online’ and select a term plan.
Then, click on ‘Buy Online’.
Choose the desired sum assured, policy term, premium payment option, mode of premium payment, gender, date of birth, and smoking habits.
After filling in all the required details, a LIC Term insurance premium calculator will calculate the premium for the chosen details
Enter other details like name, address, qualification, occupation, etc., displayed on the page and complete the proposal application online
Pay the premium amount online and fulfill all the underwriting requirements.
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