Term Insurance: Documents Required for Term Insurance

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Disclaimer :

1. Premium has been calculated for coverage till 60 years

2. Eligibility depends on income, occupation and educational qualification

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:

Identity proof	Passport
	Aadhaar Card
	Voter ID Card
	PAN Card
	Form 60
Address proof	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
Medical Proof	Past and recent medical records
	Medical examination results are conducted by a term insurance company
Income Proof	Salaried Employees	- Last 3 months' bank's statements and salary slips - Form 16 - Income Tax Return for 2 years
	Self-Employed Individuals	-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:

Death Reason	Documents Required
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
	Medical records
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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