Documents required for buying a Life Insurance Policy

Are you planning to buy a Life insurance policy? Here’s a quick guide on the documents you should submit.

  • Address Proof

    Driving License, Aadhaar Card, Passport, Etc

  • Income Proof

    Bank Statement, Salary Slip, IT returns filing receipt.

  • Identity Proof

    Driving License, PAN CARD, Passport.

  • Medical Reports

    If there are any medical conditions, the individual must submit the reports.

Along with these documents, the applicant must submit the required number of passport-size Photographs. Before buying a life insurance plan, you must understand the requirements of the policy to purchase the right plan for you and your family. Here are a few tips for buying the perfect life insurance policy.

Know the Market

As you know, there are two forms of life insurance plans available. A better understanding of the classification will help your selection process.

Savings Plan

People receive maturity benefits with death coverage. ULIPs, Child Plans, and endowment plans come under the Savings plan.

Pure Protection Policies

Financial coverage is provided in case the policyholder’s demise during the policy term. Term insurance is a pure protection policy.

Understand your insurance requirement  

As mentioned above, people must choose from the two types of life insurance policies. Choose pure protection policies if your income and expenses do not leave much space to save. On the other hand, if a considerable amount is left over after the expenses, then the choice would be a Savings plan.

Purchase Online

Purchasing an insurance policy online saves time and cuts down the extra payment paid to the agents. The online platform also extends a hand in comparing the policies available in the market.

Choose the nominee wisely

A nominee is a person who receives the sum assured after the policyholder’s demise. By default, the spouse becomes the nominee; however, the policyholder can also add their children as the nominee.

It’s your call from here to buy the best life insurance policy. You can visit Fincover to discover a range of Life Insurance Policies to choose from. Please select the one that meets your financial objectives and buy it easily in a few steps.

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