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Retirement Plans

A retirement plan, also known as an annuity or pension plan, helps the insured accumulate a corpus for his/her retirement. Typically, retirement plans provide installments on an annual basis or a 1-time pay-out once insured is 60 years of age. The plan offers vesting benefit in case the insured outlives the policy term and a death benefit in case of the insured’s demise.

Note- In case of the insured’s demise while his/her policy is active, insurance company’s pay a pre-decided amount to insured’s nominee.

Retirement Plan Benefits
Here are the benefits of retirement plans.

  • Corpus Generation- It helps the insured build a corpus for his/her     retirement.
  • Financial Independence-It offers much-needed financial independence to     the insured.
  • Long-Term Savings- It acts as a great tool for long-term savings.
  • Retirement Goals- It helps to accomplish retirement goals with complete     autonomy.
  • Death Benefit- It offers death benefit which is either fund value or 105 percent of paid premiums.
  • Vesting Benefit- The Plan offers fund value as Payout, which to be utilized for Purchasing.

Life Insurance Policy: Required Documents

    Documentation is the official procedure that contains all the official information regarding the insurance contract between the insurer     and the insured. Alternatively, documentation stands for a compilation of documents that is used as a written evidence of information.

    Like in every other segment, insurance companies also need proofs while issuing a life insurance policy. The policy seeker is required to     submit all the relevant documents in order to avail the policy. This process is done before the policy is issued. The applicant can either     upload it directly by visiting the official website of the insurer or e-mail it to insurer’s customer service id. He/she can courier it to the     official address as well. These documents also need to be self-attested by the insured.

At the time of applying for a policy, the life insurer will ask for the below-mentioned KYC documents:

Income Certificate
    This is necessary to estimate the sum assured or cover that is to be offered to the insured. In most the cases, life insurance companies     offer a cover up to 20 times the proposer’s annual income. The standard income proofs include:

  • Last 3 to 6 months salary slips (depending on the insurer)
  • Income Tax Returns (ITR) of last 2 to 3 years
  • Last 6 months bank statements with continuous entries of 3 months credited salary
  • If the person is self-employed then CA certificate
  • Latest Form 16

Address Proof
    Insurance companies would ask for address details of the applicant. These documents are used as address proof-

  • Voter ID card
  • Aadhaar Card
  • Saving bank statement
  • Passbook with latest 6 months entries
  • Latest 3 months Credit Card Statement
  • Driving Licence
  • 3 Months Utility Bills
  • Passport
  • Ration Card

Identity Proof
    One can provide the flowing documents as ID proof:

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter ID card

Age Proof
    Some of the aforementioned documents would be considered as age proof as well. However, below is a comprehensive list of documents     that can be used as age proof:

  • PAN Card
  • Aadhaar Card
  • Voter ID card
  • Driving License
  • Passport
  • Ration card
  • Marriage Certificate
  • School/College Leaving Certificate
  • Birth Certificate

Know About Other Documents of Life Insurance Policy

    Apart from the KYC documents, there are some other documents that the insured must know of. These include:

  • Insurance application or proposal, which is the first document in the insurance contract.
  • Policy declaration, which is necessary if someone other than the insured has filled the policy proposal form or if the proposer is not educated.
  • A final declaration at the end stating that all the provided information is true and that if anything is found untrue, the insurer has the right to reject the application. Subsequently, the contract is rendered as null and void and premium paid would be surrendered. Thus, once declared by the proposer, the entire process is completed with utmost faith.
  • In case the policy is required to be registered under Married Women’s Property Act, a separate form needs to be filled and submitted to the insurer mentioning the nominee and trustees.
  • Policy proposal also includes a personal statement, which is attached to the declaration at the end of the proposal. Any incorrect statement may lead to rejection of the application.
  • As per the IRDA rules, after verifying everything, a copy of the proposal would be sent to the insured within 30 days of the completion of the formalities.
  • IRDAI also states that the insurer must make a decision on the proposal within 15 days.
  • First Premium Receipt is the proof of conclusion of the contract. However, as per the IRDA regulations, the insured can withdraw his/her policy within 15 days of the policy issue date, if not satisfied. This period is called Free-look Period or Cooling-off Period in insurance terms.
  • At the time of paying the annual premium on policy renewal, the insured is provided with a premium receipt which is an important document for further reference.

How to File Claims for Life Insurance Plans

    Filing a claim and getting the assured amount is an integral part of life insurance cycle. It is important to have the right approach to make     a death claim. Here’s how nominees of the deceased insured can make a claim in India –

    These are the common scenarios under which claims are made –

  • On the demise of the Policyholder
  • On Maturity of the Policy

    Things to Remember When Filling a Claim In Case Of Death

1. Inform the Insurance Company
    Contact the insurer as soon as possible on their toll-free number or inform them over email. It is always preferable to inform the insurer     directly over a call to initiate the process.

2. Claim Intimation
    The beneficiary or the claimant while lodging a claim with the insurance company needs to share all the important details like –

  • The Policy Number
  • Name of the policyholder
  • Place of death
  • Name of the insured
  • Name of the claimant

    If the life insurance policy has been purchased offline, then the insurer will provide a claim intimation form at the time of the policy     purchase.

    If it is an online insurance policy, it is simple to apply for the claim form online.

3. Claim Processing
    In case of an accidental or natural death, the beneficiary or the nominees need to submit all the supporting documents to the insurance     company as a part of the claim process.

    The claim support team will evaluate the insurance documents and claim declaration, and will validate the same. In some cases, they     might ask to the beneficiary submit a few other documents.

4. Documents to be submitted

  • The original copy of the insurance policy
  • The claim form and the death certificate of the deceased person
  • If someone other than the assignee or the nominee makes the claim, the insurance company can ask for the legal title of succession.
  • Deeds of assignment, if any
  • Discharge form signed by witnesses
  • Supplementary Documents likes post-mortem reports, hospital certificate and doctors certificate (if required)
  • The investigation report in case of police inquiries

5. Approval and Pay-out

  • Once all the documents have been submitted, and the insurance company has looked into the veracity of the claim thoroughly, the claim will be settled by the insurer.
  • The life insurance company can ask for the beneficiary’s bank details – a canceled cheque or a copy of the bank account passbook, which has been attested by the bank authorities.
  • For nominee's identity proof, a copy of passport, Voter identity card, PAN card, Aadhar card etc. need to be submitted.
  • Generally the Claim Settlement process takes 30 days. But once it is approved, the Insurer immediately makes the payout.
  • Some Insurer makes the payments through the Electronic Clearance Services or ECS, which is an alternative method to make bulk payments.

Aforementioned are the basic set of documents that are required to process a claim.

    Here are few other documents that the insurer can ask for (if need be) –

  • Employer’s certificate
  • Some other forms or reports to support the investigation or verification
  • Claim Process to be followed on Maturity of the Life Insurance Policy

    If the insured outlives the policy term, he/she will be eligible to claim maturity benefits. Make sure the policy is ongoing and that all the     premiums have been duly paid.

    There is a clear-cut process to file a maturity claim and it involves minimal paperwork.

    When the policy is about to mature, the life insurance company generally intimates the policyholder at least 1-2 months in advance. All     the details regarding the maturity date, maturity amount, and discharge voucher are provided to the insured.

    The discharge voucher (similar to a receipt) has to be signed by the policyholder in the presence of witnesses. The voucher is then sent     back to the insurer along with the original policy bond, on the basis of which the payment is released.

    In case the policyholder has assigned the policy to another individual or entity, then the assignee must give the discharge voucher to the     insurer, in order to receive the claim amount.

Points to Remember-

  • This process is applicable only to life insurance policies with maturity benefits like additional bonus, survival benefits, etc.
  • In the event of the demise of the policyholder after the maturity date of the life insurance, but during the policy discharge procedures, it will be considered as a maturity claim. And the claim amount will be paid out to the nominees of the deceased policyholder.

The Revelation of all the Facts

    At the time of buying a new policy, one must mention the details of any previously purchased policy so that they’re aware of the existing     policy and can help the insurance seeker choose the right policy as per his/her needs. Otherwise, misrepresentation can be a reason for     the rejection of death claim.