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Documents Required for Term Insurance

These are the documents required for term insurance explained with ID, age, income, and medical proofs, along with steps to submit documents for quick approval.

Choose from a wide range of term insurance plans, starting at Rs. 15/day*

When applying for term insurance in India, providing accurate and complete documentation is essential for the approval of your policy. The documentation process is straightforward, but it requires specific documents to verify your identity, address, income, and age. These documents help the insurer assess the risk and offer you the most appropriate coverage. Understanding the essential documents required can make the application process smooth and hassle-free.

Identity proof

One of the most important documents required for term insurance is identity proof. This ensures that the insurer can verify the applicant’s identity. Common documents used for identity proof include Aadhaar card, passport, voter ID, or driving licence. These documents help the insurer confirm that the applicant is a genuine individual and prevent identity fraud. It is crucial that the identity proof provided is valid and matches the details in the application form.

Address proof

Address proof is another key document required for term insurance. The insurer needs to verify your permanent address to ensure communication and policy-related documents are sent accurately. Acceptable address proofs include utility bills (electricity, water, gas), Aadhaar card, passport, voter ID, or bank statements. Ensure the address proof is recent (typically within the last three months) and contains your full address to avoid delays in processing your application.

Income proof

Income proof is required to assess your financial capacity and determine the coverage amount that suits your financial situation. Insurers may ask for salary slips, bank statements, IT returns, or Form 16 as income proof. This document helps insurers evaluate your premium affordability, especially for higher coverages in life insurance policies. For self-employed individuals, business registration details, income tax returns, and financial statements may be necessary. Ensure that your income proof reflects a stable financial background for smooth policy approval.

Age proof

Age proof is essential in term insurance as premiums are directly linked to the applicant’s age. The insurer uses the age proof to calculate the policy’s premium rate and determine the appropriate coverage. Common age-proof documents include birth certificates, passport, Aadhaar card, or school leaving certificates. Ensure that the document is authentic and clearly displays your date of birth to avoid any discrepancies during the underwriting process.

Steps to submit term insurance documents

Submitting the necessary documents for term insurance is a crucial step in securing your policy. Here is a simple guide to follow for submitting term insurance documents:

  • Document collection: Gather the necessary documents such as identity proof, address proof, income proof, and age proof.
  • Application form: Complete the application form accurately, providing all required information about your personal details, coverage requirements, and health information.
  • Online submission: Many insurers allow online submission of documents. You can scan and upload the required documents on the insurer’s website or mobile app.
  • Offline submission: If applying offline, you can submit your documents at the insurer's branch or through an agent. Ensure the documents are in clear copies for verification.
  • Verification: The insurer will verify the documents and may request additional information if needed. It’s important to cooperate promptly to avoid delays.
  • Policy issuance: Once your documents are verified, the insurer will issue the policy. You will receive a confirmation email or physical policy document.

Conclusion

In summary, understanding and providing the required documents for term insurance is essential for a seamless application process. Identity proof, address proof, income proof, and age proof are all necessary for the insurer to assess your risk and determine an appropriate policy for you. Ensure that you have valid, up-to-date documents for a smooth and efficient term insurance application process. A complete set of accurate documents will not only speed up the approval but also ensure that you get the best coverage at the right premium.


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Frequently asked questions

What are the acceptable identity proofs for term insurance?

Identity proof can include documents such as Aadhaar card, passport, voter ID, or driver’s licence to verify the applicant’s identity during the application process.

What are the acceptable address proofs for term insurance?

Common address proofs include utility bills, bank statements, ration cards, or Aadhaar card, ensuring the insurer has accurate contact details for policy-related communication.

Why is income proof required for term insurance?

Income proof helps assess the applicant's financial stability and ensures the affordability of premium payments. Documents like salary slips, bank statements, or income tax returns are typically required.

What age proofs are accepted for term insurance?

Accepted age proofs include birth certificates, passports, and government-issued ID cards, used to determine the applicant's age and calculate premiums accordingly.

How do you submit the required documents for term insurance?

Documents can be submitted online via the insurer’s website, or offline by mailing physical copies, depending on the insurer’s application process. Make sure to follow the guidelines provided by the insurer for smooth processing.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third-party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finserv Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

Note - While we have made all the efforts and taken utmost care in gathering precise information about the products, features, benefits etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective products sales brochure and policy/membership wordings before concluding sales.

T&C Apply. #Above illustration is considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Offline Channel | Standard Life | Yearly Premium is Rs. 5,417. Total Premium Rs.1,62,518 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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