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:
Documents Required to Buy LIC Term Insurance
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 |
- Voter’s ID
- Passport
- Aadhar card
- National population register comprising of details such as name, address, and Aadhar number
- Job card issued by NREGA duly attested by a State Government Office
- PAN Card
- Form 60
|
| Age Proof |
- Aadhar card
- Passport
- Voter ID
- Driving License
|
| Income Proof |
For Salaried Individuals |
For Self Employed |
- Bank Statements representing salary slips of last 3 months
- Form 16 of the latest year
- Income tax returns of latest 2 years
|
- Form 26 AS
- Income tax returns of last 2 years
- Audited balance sheet and profit loss account for last 2 years issued by a certified CA
- Computation of income generated
|
| Address Proof |
- Utility bills such as electricity, piped gas and water bills, telephone bills not older than 2 months
- PPO (Pension Payment Orders) of the retired persons
- Property Tax Receipt or Municipal Tax Receipt
- Accommodation allotment letter from the employer authorized by the Central or State Government, financial institutions, PSUs, commercial banks, etc.
|
| Medical Documents |
- Past and present medical records
- Medical test reports assigned by the insurance company
|
| Photographs |
- Latest passport size photographs
|
Importance of Documents Required for Term Insurance LIC
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.
How To Buy LIC Term Insurance Plans?
Here is a step to step guide to buy LIC Term insurance plans:
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Visit the official website of LIC
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Click on ‘Buy Policies Online’ and select a term plan.
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Then, click on ‘Buy Online’.
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Choose the desired sum assured, policy term, premium payment option, mode of premium payment, gender, date of birth, and smoking habits.
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After filling in all the required details, a LIC Term insurance premium calculator will calculate the premium for the chosen details
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Enter other details like name, address, qualification, occupation, etc., displayed on the page and complete the proposal application online
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Pay the premium amount online and fulfill all the underwriting requirements.
