What are the Documents Needed to Buy a Savings Plan in India?

Saving insurance or a Savings Plan is getting popular nowadays. As people are getting aware of it, they are heading forward to buy a savings plan. There are several reasons behind it. One of the primary reasons is that it is essential to financially secure the future of loved ones and family members.

Savings plans are intended to assist you in reaching specific life objectives. With savings insurance plans, you might aspire to attain your aim while protected by a life insurance policy. A right saving plan financially secures the family of the insured party.

The procedure for buying a savings plan is relatively straightforward. Initially, an individual must submit certain documents while buying a money-saving plan. Furthermore, there is a particular criterion that one needs to follow while purchasing a savings plan online.

Here the details of all the documents are mentioned that you must know before choosing the savings insurance plan. Read the article further for better insight.

Documents Needed to Buy Savings Plan in India

No matter what savings plan you choose, there is a particular procedure to buy it. The insurance agreement between the insurer and the insured is divided into sub-information.

While buying a savings plan online, such as Tata AIA Life Insurance Plans, individuals need to provide a specific list of documents for this information with the attached copy of the respective documents. Documents are required for the following mentioned information:

• Proof of residential address

You must provide a government-approved ID or card to prove the residential address. It is important while buying any kind of plan or policy. For proof of residential address, one can submit the attested copy of the Aadhar Card, Driving Licence and Passport. Either of them will work as address proof. Make sure that the current residential address is on the document you submit.

• Identity proof

The next thing you need to submit is identity proof. It is required to cross-check the identity of the person after the address proof. For identity proof, you can present the Aadhar Card, PAN card, Passport or Driving Licence. Either of them will work as identity proof. You can submit the document with your recent photograph for better proof. This will make the process of identification easier.

• Income proof

Income proof is required to cross-check whether the regular premium is going with your budget or not. You can submit annual salary or pay slips, salary bank statements and Income Tax reports for income proof. Here, make sure that the income proof document you submit is not older than the past year. The rest of the things will settle into the procedure.

To be safer, you should choose the savings plan per your budget. Use the insurance premium calculator to check whether you can pay the regular premium considering the monthly or annual budget.

• Medical History

This is the last document you must submit to buy the particular savings insurance policy. Any recent medical document or report from the authorised doctor will work for the medical history. Make sure to have all medical tests done because it is a key requisite. It can’t be older than a month.

Conclusion

Now, that you are well aware of the importance of a savings plan, it is best to buy a savings plan. This is an essential thing which each one of us should do. It is our responsibility to secure the future and well-being of our loved ones and family members. Hence, it is the right time to opt for a Savings Plan and take note of the above-mentioned documents to take the process further.