Important Documents Required to Buy LIC Term Insurance Policy
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When it comes to insurance, LIC is the most trusted insurance company in India. With a huge customer base, this largest insurer is also one of the oldest companies securing lives of Indians for a long time now.
LIC or Life Insurance Corporation of India was founded in the year 1956 as a public sector insurer. The corporation has its head office in Mumbai and its branches are spread across every nook and corner of the country. Let us take a look at the papers or documents that are needed for processing an LIC insurance policy.
What’s Inside
About LIC of India
As stated above, LIC is the name that is trusted by all. The insurance company presents a range of plans including term plans as well as savings and investment policies for its wide customer base to choose from.
LIC term plans are pure protection plans which secures the lives of your dependents including your spouse, children and parents in terms of finances. So, with a LIC term insurance plan you can be rest assured of the financial security of your loved ones even after you are not around.
LIC plans can be bought offline as well as online. Online buying of LIC policy requires the policyholder to consider some important aspects for hassle-free buying of the policies. These aspects include the requirement of papers or documents that needs to be submitted while buying a policy.
LIC online plans are cost-effective and allow the insured to avail wider coverage at lower premium prices. And while processing an LIC plan, you need to provide some particular documents to the insurer. Let’s take a look at these important documents below.
Documents Needed to Buy LIC Term Plans
So, if you are considering purchasing a LIC term plan for securing your family, you can keep the below documents handy to make the LIC term insurance online buying process fast and simple.
Below are the documents required for LIC policy at the time of buying a term insurance plan:
| Official identity papers | Passport
Voter ID Aadhar Card Pan Card NREGA issued Job Cards attested by govt. Office Form 60 |
| Proof of Age | Aadhar card
Passport Voter ID Driving Licence |
| Proof of income (for Salaried Individuals) | Bank statement with 3-month salary slip
Form 16 income tax returns (2 years) |
| Proof of income (for Self Employed) | Form 26 AS
Income tax returns (2 years) Audited balance sheet Profit loss statement by certified CA Calculation of total income earned |
| Proof of address | Utility bills such as water, electricity, telephone etc.
PPO of retired people Property tax receipt Letter of accommodation allotment by government |
| Medical papers (as required) | Past and present medical papers
Test reports |
| Photographs | Passport size photographs (latest) |
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Importance of Documents required for Buying Term Insurance
Financial crises may appear anytime and no one can foretell the difficulties that it brings. A term plan acts as a crucial piece of financial assistance that can help policyholders with financial security. Let us check the importance of the LIC policy documents that are needed while buying a LIC plan.
1. Income Proof
The proof of income that is submitted while buying a policy evaluates the income of the person on a yearly basis. This also helps the insurance company in deciding the life coverage of the policyholder that is required to meet the monetary needs of his/her family.
2. Address Proof
The documents submitted for address proof verify that the person is the citizen of the country mentioned by the insured during LIC account open process
3. ID Proof
The policy seeker of a LIC plan needs to submit his/her official photo identity proof in the form of Aadhar, PAN or passport etc. With these documents, the age of the insured can be proved, which in turn is needed to assess the premium charged under the plan.
4. Age Proof
Most LIC plans are offered to people above the age of 18 years. Hence, the age proof documents offered while buying LIC policy confirms the age of the policyholder as above 18 years.
5. Medical Health Proof
The premium of a term plan depends on the health conditions of the insured. Hence, you need to submit your past and present medical reports with other documents.
Steps to Buy LIC Term Plans
Here are the steps to follow to open LIC policy online account:
- Go to the official portal of LIC
- Select the tab of ‘buy policies online’ under term plan
- Click the ‘buy online’ tab
- Now, select the sum assured, policy tenure, option of paying premium, mode of payment of premium, date of birth, gender, smoker or not etc.
- Fill in the required details and calculate the LIC premium of the chosen plan
- Now you must submit your other details like name, address, occupation, education qualification etc., as mentioned in the online application form
- Make payment of the premium online and fulfil the requirement of underwriting
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FAQs: LIC Term Insurance Policy: Check Documents, Importance & Buy Online
What are the various LIC plan types?
Below are some LIC policies:
~ LIC e Term
~ LIC Amulya Jeevan II
~ LIC Bhagya Lakshmi
~ LIC New Jeevan Mangal
~ LIC Anmol Jeevan II
What benefits are offered under LIC term plans?
Each and every LIC term policy is available with several benefits and add-on options. The policyholder can choose the riders as required. However, the key benefit is the lump sum amount paid as death benefit.
What documents are required to file a claim under LIC term plans?
You would require the below mentioned LIC documents:
~ Original policy paper
~ Claim form
~ Photo ID of the nominee
~ Bank statement/cancelled cheque
~ Statement of physician who attended the insured
~ Medical papers
~ Doctor’s statement
~ FIR report
Can LIC term plans be bought without income proof?
No, you cannot buy LIC term plans without income proof. As income proof is an important deciding factor of your term insurance premium.
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Author Bio
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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