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    What are the Documents Required for Term Insurance Plan?

    Last Updated On 10-02-2021

    A term insurance policy is a pure life cover that aims to protect you and your family against the uncertainties of life. However, you must know everything about the term insurance plan when buying a term policy, especially regarding the term insurance documents required. If you have all the necessary documents ready, you can rest assured that getting a term plan will be a hassle-free experience.

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    Here are the documents required for a term insurance plan:

    1. Proof of identity: To buy a term insurance plan, you would need to provide an official photo identity proof to the insurance company. For this purpose, you can use common photo ID proofs such as your Aadhar card, passport, PAN card, Voter ID card or your driving licence. In some cases, like discrepancy in the official name, etc., an official letter from a public servant with an official photograph will be required.

    2. Proof of Age: Most insurance companies offer insurance policies above a specific age limit, generally 18 years. Hence, when applying for a term insurance plan, insurance companies ask you to provide a document that can serve as a proof for your age to ensure that you are qualified to take a term plan insurance. You can use documents like Aadhar Card, Passport, Voter ID or driver licence since all of these mentions your date and year of birth. Alternatively, you can use a birth certificate or a high school mark sheet or leaving certificate to provide the proof of age.

    3. Proof of Address: You need to have an official document that can function as proof of your permanent residential address. For this purpose, you can use your passport, PAN Card, Aadhar Card, Voter ID, official bank statement, ration card, electricity, telephone, or any other government utility bill.

    4. Proof of Income: The next set of documents required for a term plan is proof of your income. Typically, because an income proof serves as an assurance that you can pay your term insurance plan premiums for the entire duration of the policy, you would need to provide details on the source and the amount of income you receive from all sources in a year. Besides, your income also plays a significant role in determining the right amount of sum assured for your term plan. In many cases, insurance providers give life coverage, which is 20 times your annual income. To submit proofs of income, you can use your recent salary slips (last three months) from your employer or provide official bank statements for the past six months. Alternatively, you can use Form 16 or your ITR (Income Tax Returns) of the last two-three years.

    5. Medical Documents: Your eligibility, sum assured, and the premiums of your term plan are heavily influenced by your present medical condition, as well as projected health risks. Hence, most insurance companies ask you to provide your past and latest medical records. In some cases, the insurance providers also make it mandatory for you to undergo a medical test to determine the premiums of the policy depending on your overall health and future risk factors.

    6. Official Photographs: In addition to all the documents, your term insurance provider will also ask to provide your recent passport-size photographs.

    Conclusion

    You can upload these documents on the official website of the chosen insurance company, at the time of applying the plan. Or, you can scan and email the documents to their customer service ID or send it via a courier to the nearest branch of the company. Once you have all these documents updated and handy, you can buy a term plan from trusted insurance companies like PNB MetLife.

    PNB MetLife offers affordable term insurance, where you can choose your tenure, premium payment and pay-out frequency. PNB MetLife term plans also provide additional coverage with add-on riders like accidental death, accidental disability and critical illnesses.

     

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife Mera Term Plan Plus is an Individual Non-Linked, Non-Participating, Pure risk premium Life Insurance Plan | Product UIN Number 117N126V01 ^Maximum maturity age 99 years for all options (except Joint Life cover option/Life Plus Health Option). Life Plus Health Option/Joint Life Cover Option: 75 years (applicable for both Primary and Secondary life).

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    AD-F/2020-21/613

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer

    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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