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How Long Does It Take To Get A Life Insurance Policy

How Long Does It Take To Get A Life Insurance Policy

After submission of proposal of a life insurance policy, it generally takes about 15 days for the insurance company to send the policy bond.
Life insurance plans come with a freelook period of 15 days from the date of receipt of policy. Or 30 days in case of electronic policies or policies obtained through distance modes, to review the terms and conditions of the policy. In case the customer does not agree to these terms & conditions, he/she has the option to return the policy to the insurer for cancellation and take a proportionate refund.

If you do not get the policy within the stipulated time, you can contact the agent or the insurance company.

After submitting the proposal, you may be asked for additional documents, which may stretch the time between proposal submission, and receipt of policy documents.

It is therefore important that you submit all the following documents during proposal submission:

Age proof
Identity proof
Address proof
Income proof documents

You may be required to undergo medical tests subject to the underwriting policy of the insurance company. The sooner you take the tests, the earlier you can get your proposal approved

Your policy will be sent to you once the medical report is verified and the proposal is accepted.

You can confirm with your agent or the insurance company for the steps to be followed, and the respective time taken to get the life insurance policy.

Online life insurance policies reduce the application process time. The life insurance approval duration will vary with different life insurance companies.

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”