Insurance policies have become the need of the hour, as they are not only financial assistance but also a great means of saving. Term insurance is one of the best plans you can avail of to meet your specific needs and start a saving habit. This insurance plan has been gaining plenty of popularity among the customers due to its wide range of features. Whether it is the economical premiums, tax benefits, extra add-ons, or convenience, term insurance has become one of the favourite insurance products.
Today, almost everyone is switching towards term insurance due to its wide range of benefits. As you cannot predict the uncertainties in life, it is essential to take up the right insurance policy.
What Are The Documents Needed For Term Insurance?
Term insurance is a way to protect your life from financial uncertainties. There are plenty of things that you need to consider before applying for it. Here is the list of documents that you need to keep handy while filling the application form-:
Proof of Identity
The foremost document needed for the application is an identity proof. It must have your photo identity, including PAN card, Adhaar card, passport, Voter ID, driving license, etc. There are certainly exceptional cases where you can present an official letter attested by a public servant for your proof of identity. Either way, you need to present authentic information regarding your identity.
Age Proof
Apart from your identity, you need to give proof of your age as well. Age proof is required to ascertain whether your age meets the eligibility requirement or not. You can submit your birth certificate, school or college leaving certificate, or even your marriage certificate would suffice. Make sure it is authentic information regarding your age.
Proof of Address
The insurance company will need your address proof as well to pass your insurance plan. It should be official proof showcasing your permanent residence. You can present your PAN card, passport or any other related document that displays your address. Ration card, electricity bill, bank statement, telephone bill, etc., are also eligible to present as address proof.
Income Proof
Insurance providers will also require your income proof to decide whether you will be able to pay the premiums or not. You can also use a term insurance calculator to find the premium. Before that, you need to present the income proof as an important document. It is a huge part of determining eligibility. You can submit your salary slips, income tax returns, or Form 16.
Medical Reports
Your past medical records are also a part of important documents. It ensures whether you have any critical illnesses or not. Insurance companies have to ensure there will be any difficulty of premium payments from your side. Hence, your medical reports are important documents.
These are the important documents that you will require submitting before you can avail the term insurance plan. Make sure you keep all these ready while filing the application. Always keep a few photographs handy while filling up the form.
