What Documents are Required to Buy a Term Insurance Policy?

Documents play an essential role when you buy a term insurance policy. The insurer needs certain documents to assess your financial scenario before offering insurance to you. Documents ranging from your personal information to financial information may be required by the life insurer.

Here's a list of documents required while buying a term insurance policy:

1. Proof of Identity

An official identity proof helps in assessing the risk of fraud and theft with the potential policy buyer. You may be asked to provide the following documents for proving your identity:

2. Proof of Address

Next, you will be required to provide proof of your permanent address. It is required to reduce the chance of fraud. You may need to share:

3. Age Proof

Most term insurance providers also ask for a document that serves as an age proof to ensure you meet the eligible age range. Also, your age affects the premium of the term insurance plan you buy. For proving your age, you may have to share:

4. Proof of Income

The policyholder should be able to pay the premiums required for the entire tenure of their policy. To ensure this, insurance providers ask policyholders for certified documents of their source and type of income.

Income proofs also play a huge part in determining the amount of the sum assured for your term insurance plan.

5. Medical Reports

Premiums of a term insurance plan depends on your current health condition and any risks you might face in the future. Insurer may ask you to undergo medical tests when you fill an application to buy a term insurance policy.

Apart from the above-mentioned documents, you may be required to provide latest passport-size photographs.

Buying a term insurance policy is important for your protection needs. It protects your family financially in case something happens to you during the policy term. Canara HSBC Life Insurance iSelect Smart360 Term Plan is a comprehensive protection plan that offers life cover till 99 years, critical illness coverage against 40 listed illnesses, option to block your premium rate and increase the base sum assured up to 100% in the first 5 years, option to add spouse to the same cover, and a range of other benefits.

Buy a term plan today and protect your financial tomorrow!