A period insurance plan is a term life insurance product designed to safeguard you and your loved ones against unforeseen events in life. When purchasing a term policy, you must, nevertheless, be fully informed about the life insurance policy, particularly with regard to the necessary term insurance paperwork. You may be sure that having a term plan won’t be difficult if you possess all of the required paperwork available.
Here are the documents required to buy Life Insurance :
- Proof of Age: Above a certain age threshold, often 18 years, the majority of insurance firms sell insurance policies. Therefore, in order to confirm that you are eligible to purchase a life insurance plan, insurance providers will ask you to submit documentation that can serve as confirmation of your age when you apply for a term insurance plan. You can utilise documents like a passport, an Aadhar card, a driver’s license, or a voter identification card because they all include your birthdate and year. As an alternative, you can show evidence of age with a birth certificate, high school transcript, or graduation certificate.
- Proof of address: You must possess a legitimate document that serves as your permanent residential address’s evidence of residence. You may use a PAN card, a passport, a voter identification card, an Aadhar card, an official bank statement, an electricity bill, a ration card, a phone bill, or another state utility bill for this purpose.
- Evidence of identification: You would need to present authentic photo ID evidence to the insurance provider in order to purchase a term insurance plan. You can utilise standard photo IDs like your passports, Aadhaar card, PAN card, driving license, or voter ID card for this purpose. An official document from a public authority including an official photograph may be necessary for various circumstances, such as a mismatch inside the official title, etc.
- Proof of Income: The subsequent set of paperwork needed for a life insurance policy is your income documentation. You would often be required to supply information on that source and the total quantity of income you earn in a year because an earnings verification serves as a guarantee of how you can afford your life insurance plan charges for the life of the policy. Additionally, a key factor in choosing the appropriate sum assured of the term plan is your salary. You can utilise your most recent pay stubs from your work or certified financial records for the last six months to prove your income.
- Medical Records: Your current medical condition as well as future health risks have a significant impact on overall qualification, sum assured, and term plan premiums. Therefore, the majority of insurance companies require your most recent and previous medical data. When determining the rates for the policy based on the general health and potential risk factors, the insurance providers may also need you to submit to a medical exam.
- Official pictures: Your life insurance company will also request recent passport-size photos in addition to the other paperwork.
Conclusion
When applying for the plan, one can submit essential credentials on the official site of the insurance provider of your choice. Alternatively, you can submit the documents through courier to the company’s local branch or scan and email them to their customer care ID. You can purchase a term plan from reputable insurance firms once you have all these updated and accessible term insurance documentation.
