Buying a life insurance plan is a smart way to secure your family’s financial future in case of any unfortunate event. However, before purchasing a life insurance policy, you must submit some documents to the insurance company. These documents must verify your identity, age, income, health, and other relevant details. Here, we will discuss what documents are required to buy a life insurance plan and why they are essential.
Mandatory Documents for Life Insurance
1. Identity Proof
The first document that you need to provide to buy a life insurance plan is proof of identity. This is to ensure that you are who you claim to be and to prevent any fraud or impersonation. You can use any of the following documents as your identity proof:
- Aadhaar card
- PAN card
- Voter ID card
- Passport
- Driving license
- Any other government-issued photo ID card
You need to submit a self-attested copy of your identity proof along with your application form. You may also need to show the original document for verification at the time of policy issuance.
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2. Age Proof
The next document that you need to provide is proof of age. This is to everycelenews determine your eligibility for the policy and to calculate your premium amount. Your age also affects the benefits and features of the policy. You can use any of the following documents as your age proof:
- Birth certificate
- School leaving certificate
- Passport
- Driving license
- Aadhaar card
- Any other accepted document that has your date of birth mentioned on it
3. Income Proof
The third document that you need to provide is your income proof. This is to assess your financial status and your ability to pay the premium. Your income also determines the sum assured and the coverage of the policy. You can use any of the following documents as your income proof:
- Salary slip
- Income tax return
- Bank statement
- Form 16
- Business income proof
- Any other document that shows your income
Make sure the income proof is recent. A 3- to 6-month-old income certificate works. Also, use a life insurance calculator to check if the premium suits your budget and financial goals.
4. Address Proof
The fourth document that you need to provide is your address proof. This is to confirm your residential address and to send you the policy documents and other correspondence. You can use any of the following documents as your address proof:
- Aadhaar card
- Passport
- Driving license
- Voter ID card
- Utility bill
- Rent agreement
- Any other document that shows your address
You need to submit a self-attested copy of your rantihusband address proof along with your application form. You may also need to show the original document for verification at the time of policy issuance.
5. Medical Report
The fifth document that you may need to provide is your medical report. This is to evaluate your health condition and to identify any pre-existing diseases or risk factors. Your medical report also influences the premium and the terms and conditions of the policy. You may need to undergo a medical examination by a doctor appointed by the insurance company. The medical report may include the following tests:
- Blood test
- Urine test
- ECG
- X-ray
- Ultrasound
- Any other test as per the insurer’s requirement
The insurer itself usually organises medical tests. You only need to book the appointment as per your convenience and pay for the examinations. In case due to any reason if the insurer denies the coverage, you won’t get a refund for the costs of the tests you have undergone.
6. Photograph
The final document that you need to provide is your recent passport-size photograph. This is attached to your application form to identify you as the policyholder. You need to submit a clear and coloured photograph along with your application form.
Conclusion
These are the basic documents required to buy a life insurance plan. You should keep these documents ready before you apply for a policy. You should also ensure that the documents are valid and updated. Any discrepancy or mismatch in the documents may lead to rejection or delay in the policy issuance. You should also read the policy document or the fine print carefully and understand the policy’s benefits, features, exclusions, and charges. You should also check the claim settlement process and the insurance company’s customer service. Buying a life insurance plan is a long-term commitment, and you should choose a policy that suits your needs and goals.
