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Documents Required For Term Insurance Plan

A Term Insurance plan is an essential tool to safeguard your family against financial crisis in case of an eventuality. Your family receives a death benefit if you pass away during the life insurance policy term. The lump sum payout can help them manage expenses like debt repayments, children's education, and monthly bills. However, the insurance company insists on submitting the KYC and other required documents related to term insurance.  Browse through the article to understand the documents required for term insurance.

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TERM INSURANCE PLANS BUYING GUIDE

What are the documents required to buy term insurance?

Documents Required For Term Insurance
January 24, 2025

Table of Content

 

The term insurance documents required vary depending on whether the applicant is salaried/self-employed, a professional, a businessman, or a housewife. In addition to the documents required for purchasing a term plan, applicants should submit two passport-size photographs.

Income Proof

The applicant’s category decides the documents required for term insurance to establish the income.

For the Salaried

The term insurance required documents for income proof that salaried individuals should submit are:

  • Salary TDS Certificate-Form 16-Latest Financial Year.
  • Bank statement of salary account in PDF, JPG, or JPEG format for the last 6 months.
  • Bank account statement and salary slips for the last 3 months.
  • ITR of the previous year with income computation.
  • If the applicant has joined the organisation recently, he/she needs to submit an appointment letter with the latest salary.

For the Self-employed

Self-employed individuals should submit any one of the following documents for term insurance.

  • ITR (all pages) for the last 2 years and income computation in PFD, JPG, or JPEG format.
  • Audited Balance Sheet and P & L Account for the last 3 years accompanied by shareholding pattern.

For the Housewives

The documents required for term insurance for a housewife are their spouse’s income proof and the ones mentioned below:

  • Self-attested bank account statement for the past 6 months (self-attested).
  • Credit card statements for the last 6 months reflecting credit limit.
  • Last 12 months’ statement of the housewife’s SIP.
  • Home loan account for the last 12 months showing debit for the same period. The property should be singly owned by the housewife.
  • Insured Declared Value of the car in the housewife’s name (latest).
  • Husband’s term insurance policy document.

For the NRI Applicants

The documents for term insurance for Non-resident Indians (NRIs) are as mentioned below:

  • Salaried NRIs can submit documents listed under income proof for salaried individuals.
  • Self-employed NRIs can submit documents listed under income proof for the self-employed.

ID and Address Proof

Submit any one of the term insurance documents required mentioned below for photo ID and address proof. It is the same for salaried and self-employed individuals, housewives, and NRI applicants.

Address and ID Proof (Any one)

  • Aadhar Card
  • Voter’s ID
  • Driving Licence
  • Passport (Front and the Back Pages)

PAN is also a mandatory document required. But incase you are an NRI who does not have PAN its NRI declaration in lieu of PAN

Photographs

While applying for the term insurance plan you have to click your photograph and upload it. You should ascertain the format and picture size with the service provider.

Medical records

  • Medical reports (past and latest)
  • Reports of  medical tests you undergo as per the insurance provider’s instructions.

Importance of Documents Needed for Term Insurance

The importance of the key documents required to buy a term plan is given below:

  • Proof of Identity

To ascertain the applicant’s identity and age. Age is an important parameter that decides the premium rates.

  • Address Proof

The documents validating the applicant’s address are required to confirm the applicant’s resident status and whereabouts.

  • Income Proof

Income proof is an important document. It reflects the applicant’s affordability to pay the premium fixed for the sum assured. It is one of the parameters that enable the insurance provider to decide if the desired life cover can be given.

  • Medical Proof

The insurer has to consider your existing health conditions, and your and your family’s medical history to evaluate the financial risk associated and whether the requested life cover can be extended to you or not.

  • Recent Passport Size Photographs

Submit recent passport-size photographs along with the other documents required to apply for term insurance online.

Why are Documents Required to Buy Term Insurance?

You have to submit the prescribed documents to buy a term insurance plan for the following reasons:

  • Helps establish your resident status.
  • Gives real-time information about your health condition.
  • Accelerates the policy issue process.
  • Speedens the claim settlement process.
  • In case your policy lapses; the documents simplify the renewal process.

Which Documents Are Needed for Filing a Term Plan Claim?

The documents needed to file a term plan claim are:

  • List doesn’t concur with the one published on website. Used different nomenclature like Form C , A etc.
  • Doesn’t cover NRI deaths
  • Nominee ID have PAN (which is not acceptable ID proof)
  • Nominee Pan as separate Doc need to be asked
  • Police Final Report Viscera report Etc additional requirements missing
  • Municipal authority is not the only authority to issue the death certificate.

Steps to File a Term Insurance Claim

The term insurance claim filing process is very simple and fast. You can take the assistance of the customer care team or file the claim online. The procedure for filing a claim is given below:

  • Claims for Term Plans currently are not allowed in online mode which is mentioned in word (may mislead although not specifically mentioned by us on public forums)
  • Nominee number if not registered with us can’t connect with customer care – which is also mentioned in the file, may raise dispute with the claimant.
  • The steps written are for document procurement request facility (which we currently provide under special circumstance only).
  • Branch visit not mentioned in the doc

Why is Submitting Proper Documents for Term Insurance crucial?

It is crucial to submit proper documents for term insurance for a seamless claim settlement process  . Too much back and forth due to want of details or documents will delay the claim process. While some documents for the claim settlement are mandatory, some depend on the situation.

The submission of proper documents and information accelerates the claim settlement. This will help the family to receive the sum assured early and relieve them of the financial burden. Misinformation and incomplete documents submitted will unnecessarily delay the settlement process.  

What to Do if You Lose or Misplace Original Documents Needed for Term Insurance?

The moment you realise that the original term insurance policy documents are lost or misplaced, you should take the following steps:

  • Inform your insurance company immediately.
  • Notify the loss in local newspapers and send the newspaper clip to your insurer after a month.
  • Sign an indemnity bond stating that you will return the original documents to the insurance company if you find them.
  • Submit all the necessary documents required for term insurance, and the insurer will issue a duplicate document.

How to Buy Term Insurance Online?

You can purchase a term plan by visiting the insurance provider personally and handing over the application form and the documents required for term insurance. You can also buy the plan with a few clicks in the comfort of your home or workplace. For online term insurance, follow the procedure given below:

  • Access your insurance provider’s official website.
  • Navigate to the term insurance page.
  • Fill out the application form with details such as name, address, age, gender, date of birth, mobile number, and email ID.
  • Key in details about your qualifications, occupation, medical history, and lifestyle habits.
  • Ascertain the premium for the life cover required with the term insurance calculator.
  • Select the suitable plan for you and proceed to the payment gateway.
  • Make the payment using the payment option that suits you.

FAQs on Documents Required for Term Insurance

Q: What are the documents required to take term insurance?

The documents required for term insurance are:

  • Identity and address proofs such as Aadhar card,  Latest 2 yrs ITR
  • Passport, Voter’s ID Card, Driving Licence, etc.
  • Income proof such as bank statements, salary slips, audited balance sheets, profit and loss accounts, and ITR (Income tax returns).
  • Age proof such as PAN, Passport, Aadhar Card, and Voter’s ID.
  • Medical reports after undergoing a medical examination.

Q: Which income proof is required for term insurance?

The income proof required depends on the category of the applicant.

  • Salaried individuals have to submit 6-month bank statements, 3 months salary slips, and the latest Form 16 issued by the employer.
  • Self-employed individuals have to submit the last 2 years' audited balance sheets along with the P & L Accounts.
  • Housewives have to submit 3 months' savings bank account statements, a  statement of SIP in their name (if any), and 6 months' credit card statement (if a credit card is issued to them)

Q: Can I buy term insurance without income proof?

Though income proof helps the insurance company assess the affordability of the applicant for the desired life cover, some insurance companies now issue term plans without insisting on income proof. This encourages more people to financially secure their families against uncertainties.

Q: How can I submit the documents required for term insurance purchase?

You can submit the documents required for term insurance in the following ways:

  • Upload scanned copies through the insurer’s official website..
  • Visit the insurance company's office and submit them personally.
  • Email the document copies to the insurance company.
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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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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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