Clarify All Doubts Related To Term Insurance
Term insurance plan is a life insurance policy which offer you financial coverage in case of loss of life during the term. You pay a yearly premium against the policy to the insurance company. This policy gives a death coverage to the policy-holder and offers the sum assured to the family or next of kin. Term insurance policy offer a high coverage for a low premium. This plan ensures that the future of your family is safe even after your demise.
Also, since you are buying the plan young, you would be free from medical complications and thus the policy would be issued instantly and at affordable premiums. Lastly, you would also be able to lower your tax liability as the premiums that you pay would be allowed as a tax-free deduction from your income. Do a term policy comparison to help you pick the best plan.
You can browse through all the plans, compare online term plans on their benefits and features, add riders available from the insurer and then shortlist the one which you think fulfils your needs the most. You can then fill up the proposal form, submit relevant documents and make payment.
Your policy will be generated post medical tests if necessary and the policy copy will be sent to your registered email.
- The coverage that is being offered under different plans
- The term insurance premium that you would have to pay
- The reputation that the insurance company carries is a very important factor
- Go through the claim settlement ratio of the company too. A consistent and good ratio determines that they will not wrongly reject your family’s claims.
Your age is the number one factor for calculating the premium for term insurance cover. Younger policyholders pay lesser premiums. As you age, the premium increases since the likelihood of pay-out by the insurance company also increase. However, once you have bought a term insurance plan, your premium remains fixed throughout the policy period.
Another important factor that decides your term insurance premium amount. The longer the duration, the higher is the premium outflow. For e.g. a person opting for a 30-year policy has a higher probability to die in the policy period compared to a person opting for a 10-year policy. Hence, he has to pay a higher premium.
Gender also plays a role in determining your premium. The life expectancy of women is more than men and pose a lesser risk of a claim. Hence, they may pay a lesser premium than men for the same life insurance cover.
Your lifestyle can reflect in understanding your risk profile. People with smoking and drinking habits have to pay higher insurance premiums as they are more likely to suffer from a life-threatening disease
- Premium payment frequency:
How you choose to make payment also plays a role in your total premium outflow. The insurance company charges a higher premium if you have selected to pay the premium on a quarterly, semi-annually or monthly basis.
Yes, nominee details can be changed later by filling up a nomination form and submitting it to the insurance company before the policy tenure is over or a death claim is made.
- Non-disclosure or misrepresentation of material facts:
Hiding or giving inaccurate information about your health history, smoking habit or any pre-existing ailment while filling up the application form is considered misrepresentation and can become a basis for claim rejection
- Lapsed Policy:
If you do not pay your premiums on time, your term insurance policy will lapse and your claim intimation could be rejected
If the reason for death is not covered under the term insurance policy, your claim will be rejected. For e.g. suicides are covered only after one year of the policy period. Similarly, death due to drug overdose or participating in hazardous activities like war are mostly excluded and not covered in the policy.
- Unable to provide relevant documents/proof:
If nominee details are not provided or you failed to update correct information about the nominee, your claim might get delayed or rejected as per the company policy
- Early Death Claim:
If you die within the first 2 policy years, the insurer would investigate to check if you had disclosed all relevant information at the time of policy inception before passing the claim. However, if there is a case of non-disclosure or misrepresentation of material facts found, then the claim can be rejected also. However, if the case is found to be genuine, the claim will be settled.
The uncertainties of life often make everyone worry about the future of their loved ones, especially when they are financially dependent. Going the extra mile for their safety is always on the mind.
If you also happen to worry about your family’s financial future, protecting them with life insurance is important, so that if something unfortunate or unforeseen happens to you, their life is not hampered financially. Life Insurance is not an alternative to you, but it surely helps you create a Plan B. Term insurance plans in India is the simplest form of life insurance where only risk cover is provided to the insured.
What is a Term Insurance Plan?
Term insurance is the CHEAPEST way to get the highest life insurance coverage. In fact, it is the purest form of life insurance where only the risk of dying is covered with no element of savings attached to it. However, it is still recommended to compare term life insurance plans before purchasing it.
A term insurance policy is considered to be one of the safest and most secured financial tools which provide protection to the policyholder as well as his family in difficult times. Life Insurance is a simple concept in which you buy a policy that offers your nominee sum assured of the policy as compensation on death. It provides a lump sum amount or pay-outs in specified instalments as may be mutually decided by the insured and the insurance company. Online term life insurance plans are also available which can be bought online at your own convenience.
A term insurance plan is not an investment that you make in order to earn capital gains, rather it is a policy that safeguards the financial future of your family. It is a contract where you pay a certain premium to the insurance company and in turn, the company offers your life cover for a specific period of time.
How does Term Insurance work?
In a term plan, you need to pay a premium for a specific period during which you are provided coverage. In case you die within the policy tenure, your appointed nominee the death benefit, which could be the next of kin or a family member or someone else. However, if you survive the policy term, there is no benefit that is usually provided.
- As a policyholder, you need to decide the:
- Coverage amount
- Policy tenure
- Premium paying term
- Frequency of the premium payment
- Benefits of the term insurance plan that you need along with coverage
- The policy can be a Single Premium policy, where you pay only a one-time premium. Otherwise, you can pay the premium on a regular basis, i.e. every year till the end of the policy tenure or for a limited tenure, wherein you need to pay premium only till a specific number of years and not thereafter.
Also, premium can be paid in an annual, semi-annual, quarterly or monthly mode.
- Once the policy term starts, you start to receive the life cover. In the unfortunate event of your death during the policy tenure, your appointed nominee/ nominees would receive the entire coverage amount and the policy would terminate.
- However, in case you survive the policy tenure, the policy ends at the end of the term. You do not receive any benefits.
What are the Main Aspects of a Term Insurance Plan?
To understand term insurance better, let us take a look at its key elements:.
- Death Benefit
A term insurance plan is designed to offer financial assistance to your family in the event of your death. This policy ensures that your family doesn’t have to worry about monetary problems and can live a stable life even after your death. Your family would receive the death benefit in a lump sum or in installments or a combination of both, as chosen by you. You can do an online term plan compare to find the various term insurance benefits available under the different plans and then choose wisely as per your requirements.
- Policy Term
A policy term is a period you want your policy to cover. It varies from 5-60 years. You pay a yearly premium to get this policy to continue over this period. If you happen to die or go through a critical illness during this term, the policy will pay the sum assured to your family. You can compare term insurance policy to find a plan that allows lifelong coverage.
- Maturity Benefits
There is no particular maturity benefit offered to the policyholder in a regular term insurance plan. The only benefit offered in a term life insurance policy is a death benefit or a critical illness benefit. This is given to the family or dependents of the policyholder if this event occurs during the term.
However, when you do an online term insurance comparison, you can find the return of premium (TROP) options under some plans where the premiums are refunded on maturity.
- Minimum and Maximum Age of Entry
The minimum age to buy a term insurance policy online is 18 years. Any person above the age of 18 can buy term insurance policy online or offline. While there is no definite maximum age at entry but most insurers do not offer term life coverage beyond the age of 65 years.
How Will You Benefit from a Term Insurance Plan?
Let us see how term insurance works with the help of an example:
Suppose Ramesh is a 26-year-old non-smoker male. He is a college professor. His wife Megha is 24 years old and runs a small beauty salon. They have a 1-year-old daughter. Ramesh’s parents who are retired, live with him.
Ramesh was concerned about his family and purchased an Rs. 50 lakhs term insurance plan coverage. He would have to pay for the next 35 years and his approximate premium would be Rs. 4500 annually. He also added the Accidental Death Rider with a sum assured of Rs 10 lakhs, for which he pays an additional amount of Rs. 1200-1500 + Taxes.
- Case 1
At the age of 45 years, Ramesh died of pneumonia. His nominee Megha, would receive the death benefit of Rs. 50 lakhs. The policy would be terminated.
- Case 2
Ramesh survives the policy term. No benefit would be received by him. However, he would have earned enough to take care of his family and their needs.
- Case 3
5 years after purchasing the policy, Ramesh gets killed in a serious car accident. His nominee Megha, would receive the death benefit of Rs. 50 lakhs. Over and above this, she would receive Rs 10 lakhs as the accidental rider lump sum amount.
Types of Term Insurance Plans Available in India
Each insurance company in India offers different types of term insurance plans. These insurance plans are available online and offline. They have specific features and you can decide which one suits your requirements. But you need to know what entails in each type of term insurance policy before you choose. Below are the details on different types of plans available when you do an online term insurance comparison so that you can pick the right one.
- Level Term Plan
A level term insurance plan is simple. There is a fixed sum assured during the term. This sum is offered to the family if the insured dies within the policy tenure. This is the most common type of term insurance plan available in India. Almost all term insurance companies offer this plan.
- Increasing & Decreasing Term Insurance Plan
The coverage of an Increasing term insurance plan increases every year. Whereas the coverage for decreasing term insurance plan decreases every year. Usually, this type of plan is taken to cover increasing or decreasing liabilities. An increasing term plan could be taken to combat inflation while a decreasing one could be against a loan. If the insured dies within the policy tenure, the increased or the decreased sum assured would be paid to the nominee as death benefit and the policy would be terminated.
- Term Return of Premium (TROP) Plan
A term insurance plan with a return of premium options is when the entire premium paid towards the term insurance plan is returned to the insured by the insurance company, at the end of the policy tenure, provided the insured survives. If the person insured dies within the policy tenure, the sum assured would be paid to the nominee and the plan would be terminated.
- Single Life and Joint Life Term Insurance Plan
A single-life is a regular Individual term insurance plan. A Joint Life Term Insurance plan is best suited for couples with children. They offer the same advantages and benefits to both the policyholders.
Inclusions in a Term Insurance Plan
In a term insurance plan, the following aspects are covered:
- Death Due to Natural Causes
The term insurance policy would cover the death of the insured which is health-related or accidental. The death could also be due to a medical condition, where the individual suffers from sickness.
- Death Due to Accident
A death that is caused by an accident or a sudden unforeseen event is referred to as an accidental death. It may be caused due to a violent or an external force, for example:
- Death due to an accident in a motor vehicle
- Death due to an accident that is fire related
- Death due to an injury
- Death due to drowning
- Death due to electric shock
- Death due to homicide
Exclusions in a Term Insurance Plan
There are certain situations under which the claim may be rejected. You must be aware of the exclusions applied in your particular term insurance plan.
- Death by Suicide
- For policies issued before 1 January 2014, no claim would be payable if the insured member commits suicide within a year of the date of policy purchase.
- For linked policies issued after 1 January 2014 if the insured member commits suicide within a year of the date of policy purchase 100% of the policy fund value would be payable. In the case of non-linked plans, 80% of the premium paid would be paid
- Death due to consumption of drugs/alcohol
- Death while participating in a criminal/ malicious activity such as robbery, terrorist activity, riots etc
- In case a critical illness rider is chosen, there is a survival period depending on the insurer’s policy terms. If the insured dies during this survival period, after the diagnosis of the critical illness, no rider benefit would be paid in such a case.
- Non-disclosure or Misrepresentation of Material Fact:
- If you hide an important fact from the insurance company at the time of buying the policy and death occurs due to such a hidden fact, the company can reject your claims. In that case, the policy would become null and void and no claim would be paid. The important fact is considered to be a fact which impacts your risk.
- For instance, if you are a smoker and you do not mention your smoking habit at the time of buying the policy, you are said to be hiding an important fact. Later on, in case of death due to lung cancer, the company would find out that you hide your smoking habit. In such cases, the policy would be void and no claim would be paid.
Features and Benefits of a Term Insurance Plan
A term insurance plan comes with a long list of benefits. And if you are the primary earner in the house with people dependent on you financially, it becomes all the more important to have yourself covered with a term plan. These plans are designed with the purpose of protecting your family in tough times. Here are a few core benefits of term insurance plans:
- High Coverage at Low Cost
Term insurance plans have an edge over other life insurance plans because it is the cheapest form of life insurance being a pure risk cover.Online term insurance plans offer a higher sum assured in return of low premiums.
- Safety for Loans and Liabilities
In case of your untimely death, the loans taken in your name would have to be repaid by your family. The burden of repaying would also fall on your family’s shoulders. Term life insurance policy will ease this burden by taking care of all your financial responsibilities. A sufficient death benefit can be utilized to pay off all your debts and liabilities.
- Add-on Protection
Once you’ve decided to buy term insurance online, you can now look at some add-on options. These add-on benefits when attached to your base policy offer you larger coverage and greater protection. Some of these are: a. Critical Illness Rider b. Disability Rider c. Accidental Death, Dismemberment and Disability (ADDD) Rider d. Waiver of Premium Rider
- Claims Payout Option
With a term life insurance policy, you can decide in advance if you want your family to receive the death benefit in a lump sum or in staggered payout options. If you wish that your family should receive the benefit in a monthly instalment, they would receive a part of the death benefit as a lump sum at the time of your death. The remaining portion can be paid out as monthly or yearly payouts.
- Tax Benefits
Buying a term insurance plan just to avail certain tax benefits, can make you overlook getting the right coverage. Tax saving is an advantage of having a term insurance plan, but it cannot be the only criterion to purchase one.
- The premiums that you pay towards your term insurance makes you eligible for a deduction up to Rs 1,50,000, per year, under Section 80C of the Income Tax Act, 1961
- The premium paid towards a critical illness rider or a personal accident rider is also considered to be tax-free under section 80D up to Rs 25,000 a year.
- The death benefit that is received by the nominee after the death of the policyholder is tax exempted
- Term plans do not have maturity/ survival benefits, so there is no tax benefit applicable. For Term Plans with Return of Premium Option (TROP), the maturity benefit is also tax-free under section 10(10D) provided the coverage is at least 10 times the premium in all the years If the insured was also covered by an Accidental Death Rider, in case of accidental death, the lump sum amount received would also be tax-free.
- Waiver of Premiums
Under some term plans, if in an accident an insured member faces permanent disability, be it partial or total, the insurance company offers to pay all the future premiums. All information on this is available when you make an online term life insurance comparison.
- Covers Critical illness
While offering life cover, many term insurance plans also cover critical illnesses as an additional benefit. In case the insured member, is diagnosed with a critical illness, the term insurance policy will offer a lump sum amount at the time of detection. This service can be availed through a small addition to the existing term insurance premium.
- Premium paying mode
When you buy term insurance online, you have the freedom to pay the premium at a frequency that suits you the most. For example, if you find the yearly premium to be too expensive, you can pay the premium on a monthly basis, which would be smaller as well as more affordable. Also, with a term insurance plan, you have the freedom to select the plan option that suits you the most. You can enhance/ reduce the sum assured as per your future financial needs.
Things to Consider to Choose the Best Term Insurance Plan:
Choosing the right term insurance plan for you and your family is vital for their future. There are several factors you need to consider while making a term plan comparison. There are multiple term insurance plans in India, so you need to do your homework when to have to It should include the premium amount, the term, sum assured, claim-settlement, critical illnesses, the requirement of your beneficiaries and more. We look into all these factors, useful for term life insurance comparison, in detail below:
- The Earlier the Better
Most insurance experts strongly recommend that insurance should be bought as soon as an individual start earning. Premium is least for aterm life insurance plan if you opt for it early. Also, the premium does not rise with age.
- The Sum Assured
One of the first things you need to decide when you buy term insurance online is a sum assured. For this, you first need to chalk out your income as well as your liabilities, in which you must include the following: a. The monthly income of your family b. The monthly expenditure of your family c. The liquid assets you own, for example, cash, money in your saving account, your fixed deposits, mutual funds etc. d. Only when you design your financial future, would you be able to see what your family’s requirements would be at different stages e. What you save today, would not have the same value tomorrow, thus you have to cater for Inflation f. The number of dependent members and their lifestyle Tip: Make use of a term insurance calculator to get an estimate of the sum assured and the premium
- The Tenure of your Policy
The tenure of your term insurance plan is yet another crucial aspect to keep in mind when planning to buy term life insurance online. You need to know for how long you wish to receive the coverage. Ideally, you should opt for a policy tenure as long as you will have people depending financially on your income. A detailed online term insurance plan comparison will help you decide.
- The Add-Ons
Most insurance companies offer the option of add-on features and enhanced coverage. Enhanced coverage in a term insurance policy means that the policyholders can avail additional coverage in times of critical emergencies and illnesses. Riders or add-ons are additions that you can attach with your base policy to enhance its cover. You would have to pay a little extra when selecting the add-ons and should select only the ones that would suit your future needs. Do an online term insurance policy comparison to find plans which offer the widest range of riders.
The most common add-ons are:
- Accidental Death Benefit
- Critical Illness Cover
- Waiver of Premium on Critical Illness
- Waiver of Premium on Disability
- Payout Options
Term insurance policy offers a lump sum amount to the nominee when the insured expires within the term. There are many insurance companies that also offer the option a regular income payout option. This option makes the company pay the amount to the nominee in regular intervals. You can choose a policy that allows you the option that suits you the most. The most common payout options are: a. Lump-sum payout, where the entire Death Benefit is paid in a lump sum to the nominee and the policy terminates b. Monthly payout, where the Death Benefit is paid in monthly installments to the nominee to meet regular monthly expenses till the end of the policy tenure c. Combination of both lump sum and monthly installments, wherein a part of the Death Benefit is paid in a lump sum and the rest of the amount is paid in installments to the nominee till the end of the policy tenure.
- The Insurance Company
The company that you select is also a major factor that you need to pay attention to. The reputation and brand value that the company has built for itself, depends on a number of factors such as its approach towards its customers, its customer care, the claim settlement ratio of the company, its incurred claim ratio and its procedures. You must go through the company’s website when finalizing the plan so that you can choose a reliable insurance company when buying a term insurance plan. You and your family will be associated with this company for years. Decide after a thorough online term insurance plan comparison.
Term Plan Riders
Most term insurance companies offer multiple riders that you can attach with your vanilla policy to enhance its coverage. You need to ensure that the premium of the rider does not exceed the term insurance policy premium. Some of the common options available when you compare term insurance plans online:
- Accidental Death and Disablement Cover
This rider covers accidental death as well as disabilities that are caused due to an accident. The compensation received by the insured member depends on the severity of the disablement, which can be from 25% to 100%.
- Critical Illness Cover
If the policyholder is diagnosed with any of the listed diseases, the rider sum assured is paid out at the time of diagnosis in a lump sum. It provides additional protection in case you are diagnosed with listed critical or terminal ailments such as heart attack, cancer, stroke, etc.
- Waiver of Premium Cover
Under this rider, if the insured member gets a terminal illness or gets a partial/ total accidental disability, the future premiums are waived off. The policy continues and the premiums are paid by the company. If the insured dies during the tenure, the nomineewould receive the death benefit. So, it provides protection in terms of a waiver in premium along with a continuity of the plan in case you are diagnosed with any critical illness or you are disabled due to an accident or an illness and unable to earn money.
If the policyholder passes away during the policy term, a claim would occur. Before making a claim, the nominee should make sure the insurance policy is active and all the insurance premium have been paid on time. The nominee has to also check the policy schedule to make sure that the situation under which death occurred is covered in the policy and not present under the exclusion list.
How to Claim in a Term Insurance Plan?
- Step 1 - Notify the Company
The nominee, or someone on their behalf, must inform the company as soon as possible. To inform the company you can either:
- Call the customer care, or
- Write an email to the company, or
- Register the claim online, through the portal
The claim intimation form can be downloaded from the insurer’s website or the physical copy can be obtained from the nearest branch. At the time of notification, the details such as policy number, name of the insured, date and place of death, cause of death, nominee detail confirmation etc. would be required.
Once the nominee notifies the company about the claim, he/ she has to fill and submit the form with the company. The claim form needs to be filled with accurate information and then submitted to the insurance company for the claim process along with the required documents. Once the insurer receives all the documents, they are obligated to settle the claim within 30 days from the receipt of all necessary documents as per the regulations of IRDAI.
- Step 3 - Paperwork
Most term insurance plans require minimal paperwork so that the nominee can receive the death benefit quickly and in a hassle-free manner.
Documents Needed for a Claim
The nominee has to submit the following documents in order to receive the death benefit:
- Documents Required - Natural Death
- Policy documents/bond
- Claim form, duly filled and signed by the nominee
- Copy of the death certificate of the insured
- Documents Required – Accidental Death
- Police investigation or FIR report
- Medical reports – hospital reports inclusive of the admission and discharge cards, test reports, etc
- Statement of the doctor, releasing the body of the policyholder
- Report of the post-mortem or panchnama
- Additional documents for all claims:
- Identity and address proof of the nominee
- Bank details of the nominee along with cancelled cheque and NEFT form
- Any other documents asked by the insurance company
Why buy Term Insurance Plans from PayBima?
PayBima helps you in shielding your life with essential cover. Being a new-age insurance company, PayBima offers you an efficient platform to buy the best term insurance plans available online. Not just this, we also ensure that you have access to all the information about different plans. In a few clicks, you can compare term insurance policies, which can greatly help in making an informed decision.
Our aim is to help our customers in understanding their insurance needs so that on the basis of these needs, they can make a well-informed decision about the right insurance plan. With our user-friendly portal, we try to make it very simple for you to compare term insurance plans so that you can buy the plan that suits you the best.
PayBima assists you throughout your policy journey. We give you constant updates on your policy and send reminders for premiums and renewals. All of which can be carried out through PayBima’s portal. The company also assists you with numerous exclusive features, let us take a look:
- We work for you
At PayBima, we understand how crucial it can be for a family to lose their primary bread earner. The loss is not just emotional but can bring the family into a financial crisis. Meeting everyday expenses can be a struggle. We realise that the term insurance policy offers a cushion for your family to fall back on. Hence, we help you choose a policy that best suits your needs while being within your budget. We are there with you through the entire journey, from assisting you in choosing the right plan to its maturity.
- Making Insurance Simpler
India is still considered to be an insurance-ignorant country. A large number of people, due to their ignorance still find insurance to be a complicated investment. We recognise the importance of customer education. PayBima, thus, strives to make the entire insuranceprocess much simpler and easier. This would help more and more people come forward and secure the future of their loved ones.
- Helping you Plan Ahead
PayBima understands that the burden of a car loan, home loan or business loan will fall on your family’s shoulders in the unfortunate circumstance of your demise. When helping you choose a term life insurance policy, we consider this unforeseen burden your family might have to face. You can count on us to help you calculate the amount needed for today as well as tomorrow so that your family can live comfortably.
- Making It Convenient
Our lives have become extremely busy and most of us cannot take out the time to surf through different aspects of different policies. To make this process hassle-free our portalfacilitates term insurance comparison of the best policiesin India, all together, on one page. You can get information on tenures, premiums, and coverages without visiting the insurance company’s website. Easy to understand tables and charts help you do a term policy comparison of the different terms and conditions. You can compare term policy online and make an informed decision of which plan when you buy term insurance policy online.
- Dedicated Team
Since our inception, we have been driven by our strong value system. We not only spread awareness but also have an underlying passion to evolve with our customers. We offer our customers a remarkable combination of quality as well as efficiency. At PayBima, we are committed to helping you every step of the way in fulfilling your financial goals.
How to Compare Term Life Insurance Policy at PayBima?
When you plan to buy term policy online, you can first compare term plan easily at PayBima. Follow the below steps to proceed:
- Fill the form on our ‘Life Insurance’ Page. It requires three steps asking for some very basic information.
- This form will lead you to a customized list of term insurance policies offered by top insurance companies.
- You can view their details by clicking on them and check the box that says ‘compare’
- Once you’ve selected up to 4 options to compare term plans, click on the ‘compare’ button at the bottom of the page.
- This will lead you to a comprehensive table listing all the benefits and shortcomings of each policy you have shortlisted.
- Now you can take your time to compare term insurance policy online and choose the best one for you.
How to Buy a Term Life Insurance Plan at PayBima?
- Step 1 - Compare the Term Life Insurance Quotes
With the help of the PayBima online portal, you can easily compare term insurance policies online. You will see a range of term insurance options that would be available, you can select the one that accommodates your financial needs the most. Read the policy documents carefully before you finalise the plan. Depending on the plan that you have selected, the term insurance premium can be paid as a one-time payment, on a yearly/ half-yearly or even monthly basis. Once all given fields are filled in, you would be shown a premium. If the premium amount suits your budget, you can finalise the plan.
- Step 2 - Fill in the Application
You would be directed to the company page where you would have to fill in the application form. Most of the filling processes are very basic and easy to follow. Make sure you fill in all your details carefully.
- Step 3 - Complete the Paperwork
Depending on the plan you have selected; the company might ask you for a few documents. You would have the option to upload the documents online.
- Step 4 - Medical Screening
Unless you opt for a high sum assured or have had a complicated medical history, you may not be required to undergo any pre-policy medical screening.
- Step 5 - Pay the Premium
Once satisfied with all policy parameters, you can pay the term insurance premium via net banking, debit or credit card or UPI.
Documents Needed to Buy Term Life Insurance with PayBima
Following are some of the required documents for buying a term insurance policy online. For a complete list of documents to buy term policy online, you can refer to the insurer’s website:
- Address Proof-
Driving License/Bank statement or passbook with latest entries/Passport/Voter ID/ Aadhaar Card/Ration Card
- Identity Proof-
Aadhaar Card/Voter ID/ Passport/ PAN Card
- Standard Age Proof-
PAN Card/ Aadhaar card / Passport/Voter Id card/Marriage certificate/Ration card/Birth certificate/Driving License
- Passport-size photographs of the individual
- Income Proof:
For high sum assured cases, income proof is also needed.
Salary slips of last 3 months/ Income Tax Returns/ Employer Certificate/ Latest bank statement/ Latest Form 16