Documents Required For Term Insurance
Term insurance is a type of life insurance that financially secures your loved ones during uncertainties like death. Whether you want to purchase a new term plan or claim your existing one, there are a set of documents that you will need to keep handy. Read on to find out the documents required for term insurance.
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Why Documents Are Necessary For Term Insurance?
The documentation process is one of the important steps that you need to follow while purchasing term insurance or making claims. But why are they so necessary? This is because documents add value to the information you submit to a term insurance company. The significance of documents for term insurance is highlighted in the below section:
- Gives a surety that you are an Indian resident
- Updates your insurance provider about your medical history and current situation
- Helps in hassle-free application and claim process
- Provides easy term insurance renewal process
- Helps is assuring a fast claim settlement ratio
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Documents Required to Purchase Term Insurance
The following are the documents required to purchase a term insurance plan:
Voter ID Card
Last 2 months' utility bills including electricity and water bills
Pension Payment Orders for Retirees
Municipal Tax Receipt or Property Tax Receipt
Accommodation letter from the employer Recognized by the state or central government, PSU, or any financial institution
Past and recent medical records
Medical examination results are conducted by a term insurance company
- Last 3 months' bank's statements and salary slips
- Form 16
- Income Tax Return for 2 years
-Income Tax Return for 2 years
- Computation of income earned
- Audited balance sheet and profit & loss account of 2 years
- Form 26 AS
Documents Required for Term Insurance Claim Process
The nominees for the policy will require the following documents during the term insurance claim process:
The death happened due to a medical condition
Original policy document
Duly filled claim form
Nominee’s ID proof
Death certificate of the policyholder
Doctor or physician statement
In case of accidental death claims
Original copy of FIR
Original copy of Police Inquest Report
All the documents required during the medical term insurance claim process
What Should You Do If Your Original Term Insurance Documents Are Misplaced?
You can take the following actions if you misplace or lose your original term insurance documents:
- Inform your term insurance company immediately.
- Publish the misplace or lost information in local/regional newspapers.
- Share the published advertisement with your insurer after a month.
- Sign an indemnity agreement, stating that you will return the original documents to the insurer in case you found them later.
- Once the above process is completed, an insurance company will issue the duplicate documents for term insurance.
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