Wednesday, July 18, 2012

Required Insurance Documents for Life Insurance Policies - Insurance News India

Here is latest Insurance News on Required Insurance Documents for Life Insurance Policies in India.

Many insurance documents are required for life insurance policy. From filling the policy form to applying to insurance company after policy maturity, many documents forms are necessary between insurers to beneficiaries.

The terms and policy conditions generally resolve the issues or disputes and required actions during the course of the selected life insurance policy. The ability of understanding and awareness of insurance segment terminology and knowledge of the beneficiaries also affects the course of policy.

The required documents are specified into 2 categories

1.     Essential Documents (Ex: Proposal application Form, Personal Statement, First Premium Receipt, Renewal Premium Receipt, and Policy Document)
     2. Non-Essential Documents (Ex: Premium Reminder Letters, Bonus Notice letters)

Essential Documents:

Proposal application Form:

The very first required document is our application form for chosen insurance policy.

This application form or insurance proposal form is a printed and standardized format.

Applicant details and signs at required places on the insurance form along with passport sized photos. For illiterate people, the left thumb impression will consider as sign after attested.

After submitting this complete filled file will be checked by agent or relevant employee of Assurance Company and conforms after their standard verification process. 

This application form encloses an assurance declaration form to declare the assurance contract for the mentioned terms and policy conditions.

With the submission of this declaration form, the insurer will announce the contact. From here our life insurance contract is begin with Assurance Company. 

Along with this application form we have to pay premium amount and other amount for documentation fee or agent charges if there. 

The required applicant details includes of applicant name and communicative address date of birth, age, occupation details, nominee information and other details.

While along with application or insurance proposal file or form, some particulars are mandatory to endow are mode of premium, employment information, and other required relevant forms like age proof, communicative address proof, contact details etc…

Personal Statement:

The personal statement should be submitted along with insurance proposal form or application form. 

Generally the personal statement contains particulars of personal habits, medical history, willingness for insurance policy and declaration form. Inappropriate personal statements can nullify the application for insurance policy at any time.

First Premium Receipt:

First premium is most important one. If submitted insurance policy accepted by insuring company, immediately we have to pay full premium.

We have to enclose this first premium receipt along with other required documents or files to insuring company.
Policy document will be issued after complete final verification of assurance policy application forms and documents along with first premium receipt.

The first premium receipt is sign as our insurance policy contact is instigated. First premium receipt document contains the particulars of the chosen assurance policy.

The premium receipt document with details of policy number, date of paid, date of maturity, premium amount, date of commencement, renewal date name and contact address of assured person…etc…

Renewal Premium Receipt:

Renewal Premium Receipt is evidence as we are paying regularly towards chosen policy.

Renewal Premium Receipt is state that both parties in bonding (insured company as well assured person).

These Renewal Premium Receipts are proof for your continuity before claiming against raised disputes or issues.

In recent days, payment of insurance is acceptable through online payment against policy, transfer of payments through debit cards, credit cards, and from bank accounts transactions…etc…

Not only through online banking for insurance payments in recent days, through our high level cellphones, smart phones, and from branded mobile phones, we can also pay the assurance premium.

Policy Document:

Insurance Policy document is a main and important evidence document between insured firm and insured person.

This assurance policy document contains of policy terms, conditions, clauses.

The loss of this doc, generally will not affect our assurance contact.

If we lost original doc, we can get a new policy doc up on our request application.

The policy doc is with authorized sign and stamp.

Also the policy doc contains information of date of commencement, policy nominee, premium payment details and other information.

All these Proposal application Form, Personal Statement, First Premium Receipt, Renewal Premium Receipt, and Policy Document are very important.

Non- Essential documents:

In addition to above documents, some other docs like Premium Reminder Letters & Bonus Notice letters are have no significance after the chosen premium paid.

For payment of premium, the premium reminder letter and Bonus intimation notice letter are not essential.

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