Life Insurance is an agreement between a Policy Holder and an Insurer, where the guarantor guarantees to pay an assigned recipient an aggregate of money in return for a premium, upon the passing of a safeguarded individual. The Insurance policyholder commonly pays a premium, either consistently or as one single amount. Different costs, for example, funeral service costs can likewise be incorporated into the advantages.
Life Insurance Policies are lawful contracts and the terms of the agreement depict the
constraints of the protected occasions. Particular avoidance are regularly built into the agreement to restrain the risk of the backup plan; normal illustrations are claims identifying with suicide, extortion, war, and riots.
Documents required to buy a new LIC policy are: The KYC documents required to complete a life insurance policy are:
1. Admission of Age (Age Proof):
School leaving certificate, passport, pan card, driving license, aadhar card with full date of birth.
2. Address Proof:
Passport, driving license, voter Id, ration card, utility bills (telephone bill/gas bill/mobile postpaid bill/credit card bill), bank passbook Xerox, bank statement, rental agreement, etc.
3. Photo Id proof:
Passport, pan card, driving license, voter id, aadhar card, etc.
4. Income Proof:
Salary slip/pay slip, 3 months bank statements, Form.16, last 3years Income Tax Returns.
5. One passport size photo
6. Cheque on the name of “Life Insurance Corporation of India/LIC of India” towards policy premium. One more canceled cheque leaf for NEFT registration for new/existing life insurance policy.
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