Documents Required for Term Insurance
  • Significance of documents in life insurance.
  • Types of documents Required.
  • Documents Required for plan purchase.
Documents Required for Term Insurance
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Significance of Documents for term insurane claim

Despite the national disruption caused by the COVID-19 pandemic, the insurance sector has seen significant positive momentum. Notably, term life insurance has gained significant traction among the general public. such policies provide comprehensive financial security to policyholders's families in the event of their untimely death. It is critical to become acquainted with the necessary documentation for initiating a death claim, as well as to comprehend the complexities of the claim settlement process, to ensure the rightful disbursement of entitlement of the beneficiaries.

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When compared to the previous protocols, the procedure for setting death claims has been streamlined, resulting in a significant reduction in time consumption. most insurance companies allow you to file claims directly through their online platforms, eliminating the need for physical branch visits. Documentation required, such as evidence substantiating the insured party's death, evidence establishing the claimant's relationship with the deceased insured party, and pertinent banking information, should be compiled and uploaded. This entails submitting scanned copies of the necessary documents through the insurer's dedicated portal in order to claim the term insurance claim submission.

What documents are required for a term insurance claim?

It is necessary to provide a death claim intimation that includes essential particulars such as the cause, date, and location of death in order to expedite the claim settlement process. To ensure a smooth procedure, and keep easily accessible documentation substantiating the aforementioned aspects, the following section provides a comprehensive compendium elucidating the necessary documentation required for the submission of a death claim pertaining to the deceased policyholder's term insurance coverage.

For the death that occurs more than three years after the risk's inception

  • Original policy documents.
  • Original/attested copy of the death certificate issued by the local municipal authority
  • Death claim application form (Form A)
  • NEFT mandate form attested by bank authorities along with a canceled cheque or bank account passbook
  • Nominee photo identity proof such as a copy of passport, PAN card, voter identity card, Aadhar (UID) card, etc.

In case of medical illness-related death

In addition to the above-mentioned documents, you will be required to submit the following:

  • Attending physician statements/certificates.
  • Proof of treatment in hospital.
  • funeral/buried certificate.

In case of accidental/unnatural death:

if the policyholder dies as a result of an accident or other unnatural circumstances, claims must provide the following documents in addition to the ones listed above.

Importance of documents while filing a claim:

These documents are critical to ensuring a smooth claim settlement process. insurer thoroughly verifies all submissions before proceeding with the claim. if the insurer discovers any fabricated information, the entire benefit amount will be canceled. Another reason is that the documents needed to make a death claim also play a crucial role a separating legitimate claims from fraudulent ones. These records prove useful throughout the insurer's inquiry.

Here is a list of documents that are required :

Death ReasonDocuments Required
Death happens due to medical conditionOriginal policy document
Duly filled claim form
Nominee id proof
Death certificate of a policyholder
Doctor or physician statement
Medical Records
In case of Accidental Death claimsOriginal copy of FIR
Original copy of police inquest report
All the documents required during the medical term insurance claim process.

Documents required to buy the Term Insurance plan:

Here are some documents needed to purchase a term plan for an individual. photograph, address Proof, dob proof, and income proof are on the list. check out this list of term insurance documents to keep on hand for a smooth process.

Officially Valid Documents(OVD)

  • Passport
  • Voter id card
  • Job card issued by nrega
  • Aadhar card
  • or any other document by central document

Adding on Officially Valid Documents are required:

  • Pan card/ form 60

Any of the below proof will be allowed with submission of approved ovds by customers within 3 months.

  • utility bills that are not more than two months old with any service provider.
  • Property of municipal tax receipt.
  • Pension issued to retired.
  • Employees of the central government if they contain an address.
  • Letter of accommodation from employer issued by state or central government departments etc

Income Proof:

For salaried indiviual (Anyone)

  • Bank statement showing salary credits for the latest (3 months).
  • The latest two years' income returns.
  • Latest year form 16.

For self-employed (Anyone)

  • The latest 2 years' income tax returns were not filled in the same year along with the computation of income.
  • income if the computation of income is not available: the latest 3 years' income tax returns are not filled in the same year.
  • in the same year, CA certified the audit balance sheet and profit loss account for the last 2 years from 26 AS.

Why documents are required for term plan purchase:

  • It gives surety that you are a residing Indian
  • Keep your insurer updated on your medical history and current situation.
  • Helps with a hassle-free process.
  • Assure you of the company's policy benefits.
  • It helps ease the policy renewal process.
  • Helps in fast settlement of claims in time of need.
  • Sharing Documents required for the term plan also acts as a form of trust either way.

If you are your family's sole breadwinner and something happens to you, your family who is already dealing with emotional turmoil, will have to deal with financial setbacks. you can ensure that when your family member visits the insurance company to file a claim, he or she will not have to deal with the claim settlement delays and other hassles, primarily due to incomplete documentation. you must keep in mind that if you do not provide the necessary number of documents for the term plan the policy claim settlement will be delayed. your insurer may not only expedite the claim settlement if you provide the correct set of documents for the term plan.

What to do if you lose your original Term Insurance documents?

If you misplace or lose your term insurance documents, you can take the following steps:

  • Inform your insurance provider Right away.
  • Publish the misplaced or lost data in the local newspaper.
  • After a month share the published advertisement with the insurer.
  • Sign an indemnity document stating that you will return the original documents to the insurer if they are later discovered.
  • Once the preceding steps have been completed, an insurance company will issue duplicate term insurance documents.

Documents required for term insurane : FAQ's

1. Can Term Insurance death claims be filed for death as a case of suicide?

Insurers are not liable to pay the death benefit amount in suicide cases. However, some insurers will pay the beneficiary up to 80% of the premiums paid up to the date of death of life assured. the terms and conditions could also vary and should be carefully reviewed.

2. What are the early death claims in Term Insurance?

There are two types of claims in life insurance: early death claims and non-early death claims. The former refers to the death claims that occur within three years of the policy occurrence date.

3. Can Term Insurance be purchased without proof of income?

No, income proof is mandatory for purchasing term insurance.

4. How can I submit the documents required for Term Insurance purchase?

you will need scanned copies of your documents, When you apply you will given the upload option for submitting.

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Priya Singh

Written By: Priya Singh

Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.