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Ref. No. KLI/22-23/E-BB/492
It is important to know about the different documents required for term insurance, especially when you buy it online. Know about them in detail to avoid any hassles.
Among the numerous options available, term insurance is one of the most sought-after insurance products that safeguard you and your loved ones from financial burdens of various kinds. This protection is provided in the form of a sum assured, which is pre-decided and in return for which you pay premiums.
You may invest in offline or online term insurance plans; however, the latter comes with more convenience and less hassle. With no intermediaries, online plans enable you to compare and purchase low premium term insurance at the comfort of your home with just a few clicks. Prior to making any buying decisions, it is advisable to check the term insurance claim ratio before narrowing it down to an insurance provider.
While applying, there are certain documents required for term insurance as these are important to ensure your eligibility and credibility with respect to your citizenship, age, medical history, etc. The document requirements are the same for offline and online term insurance plans, and it is mandatory for all policy buyers.
1. Identity proof
Here, you can give any government document or ID proof, such as a PAN card, Aadhaar Card, Voter’s ID card, Passport, etc.
2. Age Proof
Much of the insurance, including your premium, the eligibility, and sometimes even the duration, depends on your age. For age proof, one can submit their school leaving certificate, birth certificate, marriage certificate, etc.
3. Medical history
For this, previous medical reports need to be submitted as your medical history can be a significant factor in deciding the premium and sum assured.
4. Income Information
Your salary slips for the past three months, or the bank statement for the past six months can be submitted. You can also submit your income tax return.
5. Address proof
The documents required for term insurance policy here can be the same as identity proof: electricity bills, water bills, or other utility bills.
To ensure that the claims are settled, one must look at the term insurance claim ratio of the company. The higher the value, the more the chances that the claim will be accepted and given. The documents required for filing for term insurance claims will differ based on the types of claims, e.g., in the case of death claims, the documents would be the death certificate, policy documents, the nominee’s identity proof, and a filled-out claim form.
To enjoy most of the benefits offered by your insurance policy, you must ensure to provide proper documentation! With well-thought-of decisions, you can safeguard the future of your family while meeting your financial obligations!
Ref. No. KLI/22-23/E-BB/2435