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Documents Checklist: Be Prepared for a Smooth Life Insurance Purchase in India

Documents Checklist

Congratulations on taking the important step towards securing your and your loved ones' future with life insurance! We understand that navigating the insurance buying process can sometimes need to be clarified. To ensure a smooth and efficient purchase, having the necessary documents readily available can significantly ease the process. This blog serves as your guide, outlining the essential documents you'll need when purchasing life insurance in India.

List of Documents Required For Life Insurance Purchase in India

1. Identity Proof

  • Passport: If you have a valid passport, it serves as the most convenient proof of identity and address.
  • Voter ID Card: This widely accepted document serves as both identity and address proof.
  • Driving License: While primarily used for address verification, some insurers may accept it as identity proof as well.
  • PAN Card: This document is crucial for tax purposes and is mandatory for most insurance purchases.
  • Aadhaar Card: While not mandatory for life insurance purchases, it simplifies the process by allowing online verification in some cases.

2. Address Proof

  • Passport (as mentioned above): If your passport serves as identity proof, it also fulfills the address verification requirement.
  • Utility Bills: Recent electricity, water, telephone, or gas bills with your name and address are accepted by most insurers.
  • Bank Statements: Latest bank statements showing your address are also acceptable proof.
  • Ration Card: This document serves as both identity and address proof in some cases.
  • Rental Agreement: If you're residing in a rented accommodation, a valid rental agreement with your address details can be used.

3. Income Proof (if required)

While not always mandatory, some life insurance plans, particularly term plans with high coverage amounts, may require income proof to assess your affordability. Here are some commonly accepted documents:

  • Salary Slips: Latest salary slips for salaried individuals.
  • ITR (Income Tax Return) Documents: Most recent ITR documents with income details.
  • Bank Statements: Statements reflecting regular income deposits.
  • Business Ownership Documents: For business owners, documents like registration certificates, profit & loss statements, and balance sheets might be required.

4. Medical Documents (if required)

Certain life insurance plans, especially high-value ones, may require medical examinations. In such cases, the insurance company will guide you on the specific medical documents required. This could include reports from doctors' consultations, medical history records, or specific test results, depending on your age, health condition, and the chosen plan.

5. Additional Documents (depending on the specific plan)

Some life insurance plans, particularly riders or add-on benefits, may require additional documents to assess eligibility or claim benefits. These could include:

  • Marriage Certificate: Required for certain joint life insurance plans or rider benefits for spouses.
  • Birth Certificates: For dependents covered under child riders.
  • Death Certificate: Required in case of claim settlement due to the policyholder's demise.

Tips for a Smooth Purchase

  • Gather documents in advance: Start collecting the necessary documents well before initiating the application process.
  • Maintain clear copies: Ensure all documents are clear, legible, and photocopies are self-attested.
  • Clarify with your insurer: If you're unsure about any document requirements, clarify with your chosen insurance company or agent beforehand.
  • Organize your documents: Keep all documents neatly organized in a folder for easy access.
  • Consider online submission: Many insurance companies offer online application processes. If available, ensure scanned copies of your documents are clear and meet the specified size requirements.

Having all the necessary documents readily available streamlines the application process and ensures a quicker turnaround time. By following these guidelines, you can ensure a smooth and efficient journey towards securing your financial future and peace of mind with a life insurance policy.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time’

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale. Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Income Laabh

  • A non-linked, non-participating individual savings life insurance plan
  • Flexibility to choose the payout structure
  • Multiple income options
  • Option to receive tax free income beginning from the second policy year itself
  • Option to get lifelong income along with life cover till 100 years of age

Bharti AXA Life Guaranteed Wealth Pro

  • A non-linked, non-participating individual savings life insurance plan
  • Flexibility to choose the payout structure
  • Multiple income options
  • Option to receive tax free income beginning from the second policy year itself
  • Option to get lifelong income along with life cover till 100 years of age