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Documents required for term insurance plan

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Documents required for term insurance plan
November 02, 2023

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Term insurance is one of the simplest forms of protection plan, that provides guaranteed financial support to the policyholder’s family if he/she dies within the policy term. To purchase it, an individual needs to submit a set of documents, based on which the policy is approved by the insurer. So, before choosing to invest in a term plan, it’s better to know what documents are needed and keep them ready to ease the application process.

What are the documents required to buy term insurance?

To buy a term insurance plan in India, one has to provide certain documents. The categories are income proof, identity proof and address proof, age proof, photographs and medical reports, if the insurer has asked you to undergo medical tests when you fill an application form to buy a term insurance policy.

Income proof:

Income proofs are needed by the insurer to ascertain that the applicant will be able to pay the premiums on time as per schedule. The documents that can be submitted as income proof are:

For the salaried: Any one of the following –

 i) the Last 3 months' salary statement 

ii) the last 3 years’ income tax returns and the recent form 16

ii) bank statement for the preceding 6 months 

iv) Fixed deposits liquidation entries in bank statement/ mutual fund redemption entries in bank statement 

v) Rent receipt (issued in last 3 months) with valid agreement

For the self-employed: Any one of

 i) ITR / Form 16 / assessment orders / Computation of Income issued in last 3 years

ii) Bank statement which establishes the Source of Fund / Bank statement (preceding 6 months) 

iii) Audited Company accounts issued in last 3 years  

iv) Audited firm accounts issued in last 3 years and Partnership Deed 

v) Chartered Accountant’s Certificate issued in last 3 years 

vi) Fixed deposits liquidation entries in bank statement/ mutual fund redemption entries in bank statement 

vii) Rent receipt (issued in last 3 months) with valid agreement

ID and address proof: 

ID and address proofs are required to establish the credibility of the policy applicant. Following is the list of approved documents out of which any one from each category needs to be submitted.

ID proof (Any one):  

  • Passport

  • Voter’s identity card issued by the Government of India

  • Permanent Driving License

  • Aadhaar Card

Address proof (Any one)

  • Passport

  • Voter’s identity card issued by the Government of India

  • Permanent Driving License

  • Aadhaar Card

In addition:

  • PAN card

Photographs

One has to submit recent passport-size photographs for identification.

Medical records

The insurer provides a list of medical tests that the applicant needs to undergo in the process of purchasing the term insurance. Along with those reports, past medical records are also to be submitted if required.

Why are documents required to buy term insurance?

While purchasing a term insurance policy, a set of listed documents needs to be furnished by the applicant. This is required to validate and authenticate the buyer of the insurance as a residing Indian, check his eligibility to pay the premiums as per the schedule and decide on the sum assured, premium amount and policy tenure based on his age, gender, lifestyle, habits and medical history. Submission of documents also ensures hassle-free claim settlement and smooth renewal of the policy.  

Why should you submit proper documents for term insurance?

The documents submitted are the proof of credibility of the applicant and that he is a residing Indian. The coverage, tenure and premium of the policy are determined based on the information furnished. Thus, to get the ideal coverage with the right tenure and affordable premium, the information provided needs to be correct. Also, providing inaccurate, incomplete or inappropriate information can lead to delay or denial of the policy approval. Submitting the correct documents in the right order is also essential to save your family from unnecessary hassles in death claim settlement if anything untoward happens.

How to buy term insurance online?

Buying term insurance online is an easy task if you have all the required documents handy. Following are the steps for online purchases

  • Log on to the company website for e.g. log on to https://www.hdfclife.com/and click on the banner advertising online insurance

  • Enter the sum assured

  • Choose the policy term

  • Choose the premium paying term

  • You will see the premium amount based on your inputs

  • Select your bank to make the premium payment

  • You will see an acknowledgement on a successful transaction

  • Within a period of usually three weeks the insurance company will come back to you on whether or not your insurance policy has been approved by its underwriting team

  • Subject to approval you will receive a soft copy of the policy which will be followed by a hard copy

Just make sure, all the documents are complete and accurate. 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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