What Are the Documents Required for Term Plan?

In a world full of uncertainties, safeguarding the financial well-being of your loved ones is paramount. One of the most effective ways to ensure their security is by investing in a term plan in India. 

A term plan is a life insurance policy that provides a lump-sum payout to your beneficiaries in case of your untimely demise during the policy term. However, before you can secure a term plan, you need to gather specific documents to prove your eligibility. 

In this article, we will explore the essential documents required for a term plan in India and also learn more about a term plan calculator.

Why Should You Choose a Term Plan?

Before we delve into the documents required for a term plan in India, it’s crucial to understand why term insurance is a popular choice among individuals. A term plan provides pure life coverage without any investment component, making it an affordable option. Here are some key reasons to consider a term plan:

Affordability: Term plans are one of the most cost-effective forms of life insurance, making them accessible to a wide range of income groups.

Financial Security: A term plan ensures that your family members are financially secure even if you are not around to provide for them. It helps replace the loss of your income.

Flexibility: You can choose the policy term and sum assured according to your specific needs and financial goals.

Tax Benefits: Premiums paid for term insurance policies are eligible for tax benefits under Section 80C of the Income Tax Act.

Now, let’s get into the essential documents required to avail of a term plan in India.

Documents Required for a Term Plan

Let’s explore the essential documents required for purchasing a term plan in India.

1. Identity Proof

You need to submit a copy of a government-issued identity proof. This can include your Aadhar card, passport, voter ID, or driver’s license. Ensure that the document is valid and not expired.

2. Address Proof

To verify your residential address, you will need to provide a copy of an address proof document. Commonly accepted address proofs include utility bills (electricity, water, gas), passports, and rental agreements.

3. Age Proof

Insurance companies require proof of your age to determine the premium amount accurately. You can submit documents such as your birth certificate, passport, or high school certificate for this purpose.

4. Income Proof

You also need to furnish documents that demonstrate your income and financial stability. Salaried individuals can provide salary slips, Form 16, or income tax returns. Self-employed individuals should submit their audited financial statements or income tax returns.

5. Passport-sized Photographs

Usually, you need to provide a few passport-sized photographs for the application form and other official documents. 

6. Medical Reports

Most insurance companies require applicants to undergo a medical examination as part of the underwriting process. This involves basic health check-ups and might include blood tests, urine tests, and an ECG. The results of this examination play a crucial role in determining your premium.

7. Proposal Form

Completing the proposal form is an integral part of the application process. This form includes details about your personal information, medical history, lifestyle habits, and nominee details. 

8. Nominee’s Documents

You need to provide documents verifying the identity and relationship of your chosen nominee. This can include their Aadhaar card, passport, or any other acceptable identity proof.

Importance of Term Plan Calculator

A term plan calculator is an online tool that helps you estimate the amount of coverage you need and the premium you can afford. By using this tool, you can make an informed decision about the right term plan for your specific needs.

Here’s how a term plan calculator can assist you:

1. Accurate Coverage Calculation

Determining the appropriate coverage amount is crucial when buying a term plan. A term plan calculator takes into account your age, income, expenses, liabilities, and financial goals to provide you with an accurate estimate. This ensures that your family will have sufficient financial support in your absence.

2. Budget-Friendly Premiums

A term plan calculator allows you to adjust the policy term, coverage amount, and other parameters to find a premium that fits within your budget. This way, you can secure your family’s future without straining your finances.

3. Informed Decision-Making

With the data provided by a term plan calculator, you can make an informed decision about the term plan that best suits your needs and financial situation. It prevents over-insuring or under-insuring yourself, ensuring that your loved ones are adequately protected.


In conclusion, investing in a term plan in India is a responsible step towards securing your family’s financial future. To get started, use a term plan calculator to determine the coverage that suits your needs. 

With the right preparation and information, you can provide your loved ones with the peace of mind they deserve, knowing that their financial well-being is safeguarded even in your absence.

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