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What are the various documents required when buying a term insurance policy?

The companies will ask for the following documents before issuing you the policy. In fact these documents would be required for issuing any life insurance policy and not just term insurance plans.

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Last Updated - November 29, 2022
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Insurance companies will need certain documents from you when you buy a term insurance policy. These documents need to be sent to the insurance companies before the policy can be issued. You can either upload it directly onto their site while applying, email it to their customer service id or courier them to their processing units (the address would be made available to you when you are making the application. Please remember that the documents need to be self-attested by the applicant.

The companies will ask for the following documents before issuing you the policy. In fact these documents would be required for issuing any life insurance policy and not just term insurance plans.

Income documents

This is to assess the amount of cover that should be provided to you. Usually most life insurance companies offer a cover of up to 20 times your annual income – this multitier may vary from company to company. The standard income proof documents which are accepted by most companies are:

  • Last 3 months salary slips
  • Income Tax Returns of last 2/3 years
  • Latest 6 months Bank Statement with salary entries in the last 3 months
  • CA certificate in case of Businessmen
  • Latest Form 16 

Address Proof

Companies would need to know your address details also. The list of documents which are acceptable are:

  • Leave & License agreement
  • Bank Statement or Passbook with latest entries for 6 months
  • Credit Card statement  less than 3 months old
  • Driving License with address mentioned
  • Electricity / Telephone / Water / Gas bill (less than 3 months old)
  • Passport
  • Ration Card
  • Voter ID card
  • Aadhar Card

ID Proof

The following documents are accepted as ID proof:

  • PAN Card
  • Passport
  • Aadhar Card
  • Voter Id card

Age Proof

While some of the above mentioned documents will have your address and they would suffice for the age proof, here is the comprehensive list which is usually acceptable:

  • PAN Card
  • Passport
  • Aadhar Card
  • Voter Id card
  • Marriage certificate
  • Ration card
  • Birth certificate
  • Driving License
  • School/College leaving certificate