6 Documents Required for Term Insurance Plans?

A term insurance plan is a pure life cover that aims to protect you and your family against the uncertainties of life. However, you must know everything about the term insurance plan when buying a term policy, especially regarding the term insurance documents required. If you have all the necessary documents ready, you can rest assured that getting a term plan will be a hassle-free experience.

Here are the documents required for a term insurance plan:

1. Proof of identity:

To buy a term insurance plan, you would need to provide an official photo identity proof to the insurance company. For this purpose, you can use common photo ID proofs such as your Aadhar card, passport, PAN card, Voter ID card or your driving licence. In some cases, like discrepancy in the official name, etc., an official letter from a public servant with an official photograph will be required.

2. Proof of Age:

Most insurance companies offer life insurance plans above a specific age limit, generally 18 years. Hence, when applying for a term insurance plan, insurance companies ask you to provide a document that can serve as a proof for your age to ensure that you are qualified to take a term plan insurance. You can use documents like Aadhar Card, Passport, Voter ID or driver licence since all of these mentions your date and year of birth. Alternatively, you can use a birth certificate or a high school mark sheet or leaving certificate to provide the proof of age.

3. Proof of Address:

You need to have an official document that can function as proof of your permanent residential address. For this purpose, you can use your passport, PAN Card, Aadhar Card, Voter ID, official bank statement, ration card, electricity, telephone, or any other government utility bill.

4. Proof of Income:

The next set of documents required for a term insurance plan is proof of your income. Typically, because an income proof serves as an assurance that you can pay your term insurance plan premiums for the entire duration of the policy, you would need to provide details on the source and the amount of income you receive from all sources in a year. Besides, your income also plays a significant role in determining the right amount of sum assured for your term plan. In many cases, insurance providers give life coverage, which is 20 times your annual income. To submit proofs of income, you can use your recent salary slips (last three months) from your employer or provide official bank statements for the past six months. Alternatively, you can use Form 16 or your ITR (Income Tax Returns) of the last two-three years.

5. Medical Documents:

Your eligibility, sum assured, and the premiums of your term plan are heavily influenced by your present medical condition, as well as projected health risks. Hence, most insurance companies ask you to provide your past and latest medical records. In some cases, the insurance providers also make it mandatory for you to undergo a medical test to determine the premiums of the policy depending on your overall health and future risk factors.

6. Official Photographs:

In addition to all the documents, your term insurance provider will also ask to provide your recent passport-size photographs.

Conclusion

You can upload these documents on the official website of the chosen insurance company, at the time of applying the plan. Or, you can scan and email the documents to their customer service ID or send it via a courier to the nearest branch of the company. Once you have all these term insurance documents updated and handy, you can buy a term plan from trusted insurance companies like PNB MetLife.

PNB MetLife offers affordable term insurance, where you can choose your tenure, premium payment and pay-out frequency. PNB MetLife term plans also provide additional coverage with add-on riders like accidental death, accidental disability and critical illnesses.