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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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**Tax benefits are subject to changes in Income Tax Act.

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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

Importance of Documents When Getting Term Insurance

When you're getting term insurance, having the right paperwork is super important. It's not just about having a bunch of documents - these papers actually protect you and make sure everything goes smoothly. Let us explain to you why having the right paperwork is a big deal when you are acquiring term insurance.

  • Proof of Identity and Address: Just like you need an ID card to enter certain places, you need it for term insurance too. Your ID and address proofs show the insurance company that you are who you say you are and where you live. It's a basic way of making sure everything is correct.
  • Medical History: Your health information is as crucial as ID proof. Insurance companies want to know about any of your pre-existing conditions or past illnesses. This helps them figure out the risk involved in insuring you. It's like giving them information about your health so that they can plan accordingly.
  • Financial Documents: Your financial documents, like income proof, show the insurance provider that you can afford the coverage you're asking for. It's like assuring them that you will be able to pay premiums on time.
  • Policy Terms and Conditions: Imagine buying something without knowing how it works or what it does. That's pretty risky, right? The terms and conditions of your insurance policy are like a user manual. They state what the policy covers, what it doesn't, and how everything works. It's like your go-to guide for understanding your insurance coverage better.
  • Beneficiary Details: Who will get the money if something happens to you? That's what your beneficiary details determine. Checking the accuracy of this information ensures that the money goes to the right person at the right time.

So, having the right documents when you're buying term insurance not only proves you're eligible but also makes sure you and your loved ones are covered the way you want them to be.

How to Get Term Insurance from InsuranceDekho?

Getting term insurance from InsuranceDekho is easy. Here's a simple guide:

Step 1: Visit InsuranceDekho Website

Go to the InsuranceDekho website and click on "Term Insurance."

Step 2: Enter Your Information

Put in your details like name, phone number, gender, and birthdate. Now, click "View Plans for Free."

Step 3: Compare Quotes

The site will show you different term insurance options. Compare them to find the one that suits you best.

Step 4: Customise Your Plan

Choose the term insurance plan you like and adjust the coverage amount, duration, etc.

Step 5: Confirm and Pay

Once you're happy with your term insurance plan, confirm the details and pay the premium online using net banking or your debit/credit card.

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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