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What Are the Documents Required for Term Plan?

Know in detail about various documents required for term plan

#Term-Insurance
5:18 min read

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While buying a policy online, it is imperative to know everything about the policy undertaking, especially the documents required for term plan for a hassle-free experience.

Term plans are the purest form of life insurance. These plans provide long-term financial protection to you and your family against life’s uncertainties. But there is one aspect that you must take care of – making sure that you provide all documents required for term plan whenever needed.

Also Read: 10 Mistakes People Make While Choosing a Term Plan

If you are thinking of buying the policy, you can make the process quick when you have prior knowledge of all the documents required for term plan. Let’s check all the documents required for term insurance plan.

What are the Documents Required to Buy Term Insurance?

Following is a list of documents essential to buy term insurance from Max Life Insurance:

Here are some documents required to buy term plan (for individuals). The list includes photograph, address proof, DOB proof and income proof listed below. Check the list of documents for term insurance that you must keep handy to have a hassle-free process:

1. Officially Valid Documents (Any of these)

  • Passport
  • Voter’s ID
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Aadhaar Card
  • National Population Register containing details of name, address and Aadhaar number
  • Or any other document as notified by the Central Government

2. In addition to the Officially Valid Documents

  •  PAN Card/Form 60
     

3. In case Officially Valid Documents does not contain updated address

  • Utility Bill (Not more than two months old) of any service provider (electricity, telephone, postpaid mobile connection, piped gas, water)
  • Property or Municipal Tax Receipt
  • Pension or family pension payment orders (PPOs) issued to retired
  • Employees by Government Department or PSUs, if they contain the address
  • Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions and listed companies
     

4. Income Proof

For Salaried Individuals (Any one)

  • Bank statement showing salary credit for latest 3 months
  • Latest 2 years Income Tax Returns
  • Latest year Form 16
     
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For Self Employed (Any one)

  • Latest 2 years Income tax returns not filed in same year along with Computation of income
  • If computation of income not available: Latest 3 years Income tax returns not filed in same year
  • CA certified Audited balance sheet and profit loss account for latest 2 years
  • Form 26 AS

Here’s how you can buy the term insurance policy and keep all the documents required for term plan handy in advance:

Life Insurance Policy Max Life Insurance

For Self Employed (Any one)

  • Latest 2 years Income tax returns not filed in same year along with Computation of income
  • If computation of income not available: Latest 3 years Income tax returns not filed in same year
  • CA certified Audited balance sheet and profit loss account for latest 2 years
  • Form 26 AS

Here’s how you can buy the term insurance policy and keep all the documents required for term plan handy in advance:

Life Insurance Policy Max Life Insurance

How to Buy Max Life Insurance Term Plan online?

Step 1: Go to Max Life Insurance and click on term insurance plans [1]

Step 2: Click on the Calculate Premium option to know the approximate premium payable against the chosen sum assured

Step 3: Enter your accurate details about income, age group, smoking habits, and contact information. It will help determine your estimated sum assured for further process

Term Plan Calculator Max Life Insurance

Term Plan Calculator Max Life Insurance

Step 4: Once you have chosen the coverage amount and other details, click on proceed.

Term Plan Max Life Insurance

Term Plan Max Life Insurance

Step 5: You will get the option of choosing various add-ons to enhance your basic term plan as per your premium payment capacity for the policy.

Term Plan Add Ons Max Life Insurance

Term Plan Add Ons Max Life Insurance

Step 6: You are almost at the end of the process. Here you have to enter the details of the documents required for term plan [2].

Term Plan Max Life Insurance

Term Plan Max Life Insurance

Step 7: After you have uploaded identity documents required for term plan, click on proceed. You can also wait for a customer care executive to call you as you have raised a request for a quote or proceed further yourself.

The executive can help you fill in the details once you are satisfied with your choice of plan and its rider options; after this, you can pay the premium. After the payment is complete, you can submit all the documents required for term plan and complete the process of buying term insurance plan.

Term Plan Max Life Insurance

Term Plan Max Life Insurance

Please note that you can also upload attested copies of all documents required for term plan when you buy it online.

Why are Documents required for Term Plan?

The documents required for term plan not only help establish your identity and identify other information about you. Following is the list why are documents required for term plan purchase:

  • Gives surety that you are a residing Indian
  • Keeps your insurer updated of your medical history and current situation
  • Helps with a hassle-free process
  • Assures you of the company’s policy benefits
  • Helps ease the policy renewal process
  • Helps in fast settlement of claims in the times of need
  • Sharing documents required for term plan also act as a form of trust either way

Term Insurance Plan Max Life Insurance

  • Gives surety that you are a residing Indian
  • Keeps your insurer updated of your medical history and current situation
  • Helps with a hassle-free process
  • Assures you of the company’s policy benefits
  • Helps ease the policy renewal process
  • Helps in fast settlement of claims in the times of need
  • Sharing documents required for term plan also act as a form of trust either way
Term Insurance Plan Max Life Insurance

In case you are the sole breadwinner of your family, and something happens to you, your family, who was already dealing with the emotional turmoil, would also have to tackle financial setbacks.

With a term insurance plan in your kitty, you can make sure that when your family member visits the insurance company to file a claim, he or she may not have to deal with claim settlement delays and any other hassles, primarily due to incomplete documentation. 

You must remember that if you do not furbish the necessary number of documents required for term plan, which would eventually delay the policy claim settlement. 

When you provide the right set of documents required for term plan, your insurer may not only expedite the claim settlement process but also help you receive the benefit amount without much hassle.  

That’s why it is imperative to provide all the documents required for term plan, whether buying it online or offline.

Term Insurance Plan Max Life Insurance

With a term insurance plan in your kitty, you can make sure that when your family member visits the insurance company to file a claim, he or she may not have to deal with claim settlement delays and any other hassles, primarily due to incomplete documentation. 

You must remember that if you do not furbish the necessary number of documents required for term plan, which would eventually delay the policy claim settlement. 

When you provide the right set of documents required for term plan, your insurer may not only expedite the claim settlement process but also help you receive the benefit amount without much hassle.  

That’s why it is imperative to provide all the documents required for term plan, whether buying it online or offline.

Term Insurance Plan Max Life Insurance

What are the Documents Required for Term Plan Claim Filing Process?

Here’s a list of documents required for term plan that you can carry in case you are making any life insurance claim settlements:

1. Original policy documents which you have received while buying the term insurance plan

2. Attested copy of death certificate that has been provided by the local municipal authority is among the essential documents required for term plan claim-settlement to confirm the case

3. Form of death claim application (Form A) is among mandatory documents required for term plan claim

4. A cancelled cheque or passbook copy along with NEFT mandate form which must be attested by the bank authority

5. A certified copy of nominee’s photo identity proof like Aadhaar card, Voter ID, Passport, PAN card which was also mentioned earlier in the documents required for term plan filing process

6. In case of natural death, supporting material must be presented (Form C) wherein it states attending physician’s statement is also among essential documents required for term plan claim

7. In case of medical or natural death, get a copy of medical records like admissions notes, discharge slip, death summary

8. In case of accidental death or any death due to causes other than natural, you must present a copy of FIR or a police complaint to the insurance executive

9. For Unnatural or accidental death, you must also keep a copy of Post Morten Report handy to present it to your insurance executive or the autopsy, whichever is available

For accidental or unnatural death, you must also submit a copy of the charge sheet or final police investigation to the insurance executive

Also Read: 8 Things that make Max Life’s Claim Payment Process Unique

How to File Term Insurance Claim?

Filing a term insurance plan claim is both quick and hassle-free. All you have to do is either take help from a customer care executive or follow the filing procedure online by yourself. Follow the procedure while you still have documents required for term plan handy:

Step 1:Inform your agent or nearest Max Life Insurance’s office through phone

Step 2:Send a detailed email at claims.support@maxlifeinsurance.com

Step 3:Provide your executive with all the documents required for term plan claim, including various claim forms.

Step 4: Receive the claim as per the evaluated details.

Documents Required for Term Plan Claim Max Life Insurance

Filing a term insurance plan claim is both quick and hassle-free. All you have to do is either take help from a customer care executive or follow the filing procedure online by yourself. Follow the procedure while you still have documents required for term plan handy:

Step 1: Inform your agent or nearest Max Life Insurance’s office through phone

Step 2: Send a detailed email at claims.support@maxlifeinsurance.com

Step 3: Provide your executive with all the documents required for term plan claim, including various claim forms.

Step 4: Receive the claim as per the evaluated details.

Documents Required for Term Plan Claim Max Life Insurance

Why Must You Give Proper Attention to the Documents Required for Term Plan?

Every information you fill while buying the policy is essential for quick policy claim settlements. All the documents required for term plan hold importance in their way. While some are mandatory, some documents required for term plan claim are situational.

  • All documents required for term plan helps ease the claim-settlement process with due diligence
  • Sum assured claimed can help lessen the financial burden of the beneficiary, which is only possible if you have provided all necessary documents required for term plan claim to your insurer
     

What Should You do if Documents Required for Term Plan Go Missing?

In any scenario wherein you lose any of the documents required for term plan at the time of the claim, your first step must be to lodge an FIR. As soon as you do that, the second and most crucial step is to inform your insurer about the missing documents required for the term plan to avoid future hassles.

Apply for duplicate copies of the lost documents required for term plan in the related departments and update your insurer. These small but critical steps will help in times of the need when your beneficiary files the claim.

We, at Max Life Insurance, provide Term plans that offer you protection for up to 85 years. Our comprehensive life insurance plans will continue to secure your financial future and maintain your family’s lifestyle and help them achieve goals. We also have a quick and hassle-free process of buying and renewing the policy if you have all the documents required for term plan handy.

Disclaimer: In these testing times, new claim intimations and support documents are being accepted digitally through the modes of email and WhatsApp to ease out the Claim process.

Source:

1. https://www.maxlifeinsurance.com/term-insurance-plans

2. https://www.maxlifeinsurance.com/claims-centre/documents-required

ARN:- MAY/Bg/28

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