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. So, if you are thinking of purchasing a term plan for yourself or your loved ones, you can make the process quick if you have prior knowledge of all the documents required for purchasing a term plan. Read on to know the key documents required for term insurance plan....Read More
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Following is a list of documents essential to buy term insurance from Max Life Insurance. The key documents required to buy term plan (for individuals) varies to some extent based on the category of the insured, namely – Salaried Individuals, Self-employed Individuals, Housewife and Non-Resident Indians (NRIs). Apart from a recent colour photograph, key categories of documents that one needs to submit are Residence/ID proof, Age 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:
Below is a list of the key documents that different categories of applicant need to submit in addition to a recent colour photograph when purchasing a term insurance policy:
As Residence/ID Proof (any of the below-mentioned documents can be provided):
a. Both front and back of (any one) among Passport, Voters ID, Aadhaar card or Driver’s License
b. Letter issued by UIDAI or National Population Register (NPR) containing details of name, address and Aadhaar number
c. Proof of Aadhaar number - the physical copy of e-Aadhaar, masked Aadhaar and Offline Aadhaar XML or as may be decided by the Authority (UIDAI) from time to time
d. Other Valid Proofs(These are considered as deemed proofs and applicant need to provide approved ones within 3 months of submission)
i. Utility bill not older than 2 months (any one among - electricity, landline telephone, post-paid mobile phone, gas or water bill)
Front and Back of Passport is mandatory in the case of a NRI applicant. Additionally, Residence/ID Proof requirement for NRI applicants is slightly different from other applicant categories and acceptable options include (any one of the below):
f. Proof of Aadhaar number - the physical copy of e-Aadhaar, masked Aadhaar and Offline Aadhaar XML or as may be decided by the Authority (UIDAI) from time to time
Below is a list of the key age proof documents that may be submitted at the time of applying for a term plan. This list of documents is the same irrespective of whether the applicant is salaried, self-employed, NRI or housewife. The applicant can submit any one of the following documents as proof of age/date of birth:
Acceptable Income Proof documents required for purchase of a term plan vary to some extent depending on the type of applicant.
Salaried applicants need to submit any one of the below documents as income proof when purchasing a term policy:
v. Only if applicant is a fresher or has recently changed jobs then, - Appointment letter with latest month salary slip may be accepted
In the case of self-employed applicants, any one of the following documents can be submitted as proof of income when purchasing a term insurance policy:
The accepted income proof documents for NRI applicants of a term plan vary based on whether the applicant is salaried or self-employed. For salaried NRI applicants, the income documentation required are any one of the documents mentioned under the “Salaried Applicant” section above. Similarly, Self-employed NRI applicants can submit any one of the income proof documents mentioned under the “Self-employed” section above.
If the term insurance applicant is a housewife, Husband’s income proof needs to be attached as proof of income. In case of housewife whose husband is salaried, the income proof document can be any one of the husband’s income proof documents mentioned under the section “Salaried Applicants” above. If the husband of the housewife term plan applicant is self-employed, any one of the husband’s income proof document mentioned under “Self-Employed Applicants” can be submitted.
Alternatively, any the below other acceptable documents (surrogates) may also be provided as proof of income by housewife applicant:
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Step 1: Go to Max Life Insurance and click on term insurance plans
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
Step 4: Once you have chosen the coverage amount and other details, click on proceed.
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.
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.
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:
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.
Here’s a list of documents required for term plan that you can carry in case you are making any life insurance claim settlements:
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
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.
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.
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.
ARN NO: Oct23/Bg/17AG
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