The life insurance sector has grown tremendously over the years, and have more people covered under its policy than ever before. The Insurance Regulatory Development Authority now has laid certain guidelines with concern to the documents required for the policy to be insured.

 

 

The insurance companies have to follow all the requirements of the IRDA regarding the address proofs and identity proofs of the insurer.

 

The company has the entire right to verify the address proof and identity proofs. The policy market has changed a lot with the advent of ULIPs.

Unit-linked policies are more in demand because of certain advantages such as flexibility, transparency, simplicity, liquidity and efficiency in fund management. The ULIP markets saw a lot of changes recently which has made them better and more transparent to invest. The documents required are:

For identity proof:

Passport PAN Card

Voter's Identity Card

Driving License

Letter from a recognized public authority or public servant verifying the identity and residence of the customer

For address proof:

Telephone bill

Bank account statement

Letter from any recognized public authority

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

 

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy

 

Source: Economic Times