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Documents Required for Term Insurance

Meta Description - Find out the list of documents for term insurance plan especially when you buy it online. For more information on term insurance visit Kotak Life

  • 8,457 Views | Updated on: Feb 28, 2024

When purchasing a life insurance, you must ensure that you have all of the necessary papers in order for the insurer to provide the necessary coverage. Even during the claim settlement procedure, you will be required to provide sufficient documentation supporting the claim, as well as information on the claimant and the type of death of the life assured. The necessity for thorough paperwork is primarily motivated by the insurance company’s financial risk in insuring the policyholder.

With the help of a Term Insurance Plan, you can ensure that your family is protected from financial challenges when you are not around.

List of Documents that are required for a Term Plan

All insurance companies require the same types of documents required to claim term insurance, including evidence of income, identification, and, if the policyholder is 45 years old or older, a medical report.

To help you choose which documents to submit to satisfy the insurance company’s requirements, carefully review each of them.

1. Identity proof: Buying an insurance plan would require an official photo identity as a countermeasure against widespread identity theft and fraud. It can be common documents like:

Identity proof

Buying an insurance plan would require an official photo identity as a countermeasure against widespread identity theft and fraud. It can be standard documents like:

  • PAN card
  • Voter ID card
  • Aadhaar card
  • Passport

Address proof

Official proof of a permanent address is essential for buying documents required to claim term insurance policy as it prevents insurance fraud. Documents that can be used are

  • Aadhar Card
  • Passport
  • Electricity bill
  • Telephone/Mobile bill
  • Ration card

Age proof

Proof of age is an essential document for a term insurance plan, as your age influences your premium amount at the time of policy purchase. Some of the documents that can be used for age proof are

  • Birth certificate
  • School/college leaving certificate
  • Marriage certificate

Medical reports

The insurance premium you pay and the sum assured will heavily depend on your medical health. This is why your medical reports are an essential part of your documentation.

Photographs

You must submit a specific number of passport-size photographs for verification.

Significance Of The Documents Required For Term Insurance

Here’s the significance of the documents above:

Proof of Identity

This offers independently verified proof of the term insurance buyer’s age. A key element in determining premium rates is the buyer’s age.

What are the documents required for buying term insurance plan?

Income Proof

The insurer uses income proofs to determine premiums and whether the customer can purchase the ensured coverage, making them arguably the most important factor.

Medical Proof

In order to determine your insurability and the financial risk they are taking to offer you insurance coverage, the insurer must take into account your health risks and prior medical history.

Term insurance by Kotak Life

Kotak Life offers the Kotak e-Term Plan, a pure risk cover term life insurance plan and an efficient way of getting financial protection for any emergencies. This plan also allows you to add riders to the plan and avail of additional protection and coverage. In addition, you can get customized riders that can provide coverage for specific events like an Accidental Death Benefit Rider, Critical Illness Rider and Permanent Disability Benefit Rider.

Some of the key features that you can get through this plan are:

  • Flexibility on the premium payment method, regardless of your payment method (regular or single).
  • High level of protection at affordable cost

Summing Up

A term insurance plan is one of the most affordable insurance coverage plans available. However, you will have to pay premiums towards the policy in exchange for the financial coverage that the plan provides. To get the policy smoothly, you must have all the documents required for a term insurance claim ready while applying.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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