In India, insurance policies are required to be backed by documents. These documents are proof of the existence of a policy and its validity. They also provide information about who is covered under the policy and what kind of coverage it provides.
Documentation is necessary for any type of insurance policy, including life insurance, car insurance, bike insurance, and health insurance. To be valid in India, these policies need to have a police verification certificate from the state where they were issued. The document must also have an attestation from an Indian consulate or embassy in that country.
Buying insurance plans has become quite simple due to the availability of an online platform that allows you to buy a policy from your home or office. Whenever you buy insurance whether online or through insurance agents, you are required to submit a set of documents to the insurance company.
An insurance policy is a legal contract and thus, to establish the legality of the contract, insurance documents are needed. After the insurance company verifies the submitted documents, the insurance policy is issued. Moreover, at the time of an insurance claim, a specific set of documents would have to be submitted for claim settlement.
What is an Insurance Document?
An insurance document is a legal instrument that protects against financial loss due to injury, property damage, or death. Insurance documents are issued by an insurance company to individuals or businesses. They are designed to provide for the payment of a sum of money in the event of injury, property damage, or death.
An insurance document is a document that has been created by an insurance company to protect the insured from a loss. A document is a legal contract between the insured and the insurer.
The main purpose of an insurance document is to provide financial protection for its holder. It can be used by individuals, businesses, or governments. Insurance documents are created to cover different types of risks such as property damage, health, life, and Car.
A common example of an insurance document would be car insurance which protects the car owner against any damages that may occur to their vehicle in case it's involved in an accident, theft, or vandalism.
Why are Documents Required for Insurance Policies in India?
In India, it is mandatory to have an insurance policy before starting any business. To get a license from the government, you will need to provide a copy of your insurance policy as well as other documents.
The Indian government requires that all businesses have an insurance policy before they can start operating. This is done to protect both the business and its customers from any financial loss that might occur due to accidents or other disasters. For a company to receive a license, they will also need copies of their insurance policy and other related documents.
Documents are required for insurance policies in India because they help to establish that the person who is applying for the policy is the insured. The documents required for insurance policies in India can vary depending on the type of policy and the company offering it. For example, some insurance companies require a copy of your passport, driving license, and credit card statement as well as your bank statement.
Find Policy Documents for Car, Life, Health, and Bike:
1.) Documents Required for Car Insurance:
a.) Buy:
Documents required for car insurance in India are:-
- Birth Certificate
- Voter ID card
- PAN Card
- Aadhaar Card
- Driving License
- Car registration certificate
- Car registration number
- Old car insurance policy number
- Passport.
New car insurance:
- Aadhar Card Number
- Chassis Number
- Engine Number
- Body Type
- Fuel Type
- Vehicle Colour
- Manufacturer Details
- Model Details
- Registration Number
- Full Name of the Owner.
b.) Renewal:
- Government-issued ID proof (PAN card/ Aadhar card/ Passport/Photo ID)
- Address proof (Passport/Driving License/ Bank passbook/)
- Recent Photograph
- Driving License
- Vehicle registration number
- Registration certificate
- PUC certificate/Pollution test certificate
- Old motor insurance policy number
- Credit or debit card details for online banking.
c.) Claim Process:
Documents Required for Car Insurance Claim Settlement:
- Duly signed and filled claim form
- Insurance Policy Document
- Car’s Registration Certificate (RC)
- Driver’s license (DL)
- Pollution Under Control (PUC) Certificate
- Original receipt/bills of repairs (in case of reimbursement claim)
- FIR (in case of fatal injuries/accidents or third party liabilities)
- A copy of PAN Card (if the claim amount is more than Rs. 1 lakh).
- Duly signed Satisfaction Voucher (SV) or Discharge Voucher (DV)
Accidental Death Claim:-
- Death certificate
- Post-mortem report
- Medical certificate
- FIR report
- Medicine bills.
2.) Documents Required for Health Insurance:
a.) Buy:
List of Documents Required for Health Insurance Policy
- Proof of Age such as Passport/driving license/Aadhaar card/PAN card/Birth certificate, 10th or 12th marks sheet, etc.
- Proof of Address such as Aadhaar/telephone bill/ power bill/ration card/ pan card/driving license
- Passport Size Photograph
- Medical reports in case needed.
b.) Renewal:
Documents Required for Health Insurance Renewal
- Old insurance policy number
- Policy renewal notice
- Proposal form
- Photographs
- Premium Cheque
- Mandate letter.
c.) Claim:
- Original investigation reports
- Pharmacy bills along with the prescription
- Final hospital discharge summary
- FIR or post-mortem report if happened
- Original bills, receipts, and discharge report
- Original hospital bills and a valid photo ID proof
- Treating doctor's report, and original consultation notes
- Nature of operation performed and surgeon's bill and receipt
- Indoor case papers and duly-filled claim form
- Test reports along with attending doctor’s or surgeon’s report.
3.) Documents Required for Life Insurance:
a.) Buy:
To buy a life insurance policy, the following documents would be required:-
- Life insurance proposal form, duly filled and signed by the proposer and/or the life insured
- Photograph of the proposer
- Photograph of the life insured (if different from the proposer)
- Age proof of the proposer and/or the life insured
- Identity proof of the proposer and/or the life insured
- Address proof of the proposer
- Medical examination report of the life insured if required by the policy because of the age and/or the sum assured chosen
- Income proof of the proposer if the sum assured and/or the premium of the policy is high
- PAN card of the proposer.
b.) Renewal:
- Life insurance proposal form, duly filled and signed by the proposer and/or the life insured
- Photograph of the proposer
- Photograph of the life insured (if different from the proposer)
- Age proof of the proposer and/or the life insured
- Identity proof of the proposer and/or the life insured
- Address proof of the proposer
- Medical examination report of the life insured if required by the policy because of the age and/or the sum assured chosen
- Income proof of the proposer if the sum assured and/or the premium of the policy is high
- PAN card of the proposer
- Old life insurance policy copy/number
c.) Claim Process:
Documents Required for Life Insurance Claims:
- Original Policy Documents
- Claimant’s Photo ID Proof
- Claimant’s Address Proof
- Claim Forms (Duly signed and attested)
- Death Certificate attested by the local authorities
- Copy of Cancelled Cheque/Bank Statement/Bank Passbook
- Copy of FIR/Post Mortem Reports/Punchnama.
- Medical Records (including hospital discharge summary).
Maturity or Survival Claims:
- Discharge voucher sent by the insurance company, duly filled and signed by the policyholder
- Life insurance policy bond
- Identity proof of the policyholder, legal heirs or assignee as the case may be, Bank account details of the policyholder, legal heirs or assignee as the case may be, Age proof of the insured member if it was not submitted at the time of buying the policy.
Death Claims:
- The death claim form, duly filled and signed by the nominee
- Life insurance policy bond
- Death certificate of the life insured
- Identity proof of the nominee, legal heirs, or assignee as the case may be Bank account details of the nominee, legal heirs, or assignee as the case may be Police FIR if death happened due to an accident
- Post-mortem report, coroner’s report, police inquest report, panchnama, and other relevant records if death happened in an accident
- Any other document as needed by the insurance company to settle the claim.
4.) Documents Required for Two Wheeler Insurance:
a.) Buy:
- Proof of identity such as Ration card/ voter ID/Driving license/ passport/Aadhaar Card
- Proof of Address such as Aadhaar Card/telephone bill/ power bill/ration card/ pan card/driving license
- Registration certificate of the bike
- Old policy number, if have.
b.) Renewal:
Documents required for Old policy renewal:
- Policyholder’s details such as name date of birth, gender, address, occupation
- Driving license of Policyholder
- Vehicle registration certificate number and registration number
- Old two wheeler insurance policy number
- Net banking/credit/debit card details.
Transfer and renew your insurance policy:
- Policyholder’s details such as name, address, date of birth, gender, occupation
- Identity proof such as passport/driving license/Aadhaar card/PAN card/Birth certificate, 10th or 12th marks sheet, etc.
- Proof of address documents (passport/driving license/bank or post office passbook/government-issued address proof)
- Passport-sized photograph
- Policyholder’s driving license information
- Old insurance policy number
- Vehicle registration number and registration certificate (RC) number
- Credit/debit card/ net banking details.
c.) Claim:
Documents required submitting to the insurance company to process your claim.
- Original RC copy in case of Theft claim
- Driving license of the driver at the time of the accident
- Original policy copy
- Duly filled and signed claim form
- Description of the accident
- Canceled cheque to process the payment
- FIR in case of theft claim
- Details of other vehicles involved or any third party claims which can arise in future
- An estimate of the vehicle repair cost
- Repair bills and payment receipts.
Conclusion:These documents are necessary to buy an insurance policy or make a claim in it. You should, therefore, keep the documents handy in both these instances so that you can buy an insurance policy easily and also get the claim settlement of your insurance claims without any hassles.