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Documents Required when buying a Health Insurance Policy


Dec 29 2020


'The sooner, the better' - a phrase that seems befitting when it comes to taking a decision on investing in a health insurance policy. Given life's unpredictability, you never know if and when you may need to be hospitalized, get surgery or incur any medical expense. These expenses can burn a hole in your pocket, and that is why you need a safety net, such as a health insurance policy, that can take care of these exorbitant costs.

Health insurance is a type of insurance that takes care of the risk of a person incurring medical and/or surgical expenses, either completely or partially. Either, the insured will pay out-of-pocket and later get reimbursed by the insurance company, or the insurance company will directly settle the amount with the hospital. Before all this happens, you need to know about some essential documents that are required while buying a health insurance policy.

Why You Need to Buy a Health Insurance Policy

Buying health insurance is imperative. It helps take care of medical expenses during emergencies by making sure you do not have to dip too deep into your savings. Given the rising cost of medical treatment, the on-going Covid-19 pandemic and yearly inflation, having a health insurance plan for yourself and your family is the first responsible step towards their safety and security.

Here is a list of the documents required when you have to apply for health insurance

While buying health insurance, the applicant needs to produce and present a set of legal documents. There are many types of health insurance but here's a list of all the common documents required for buying in-person or online health insurance:

  1. Age Proof: Age plays a significant role while acquiring a health insurance policy hence, a valid age proof is required as part of the documents. These documents work as a valid age proof - Birth Certificate, PAN Card, Voter's ID, Driving License, Passport, etc.                                                                                                                
  2. Address Proof: The insurance company requires an address proof in case of hard copies that need to be sent over. Ration Card, Bank A/C Statement, Telephone Bill, Electricity Bill, Passport, Voter's ID, etc. are counted as valid address proofs.             
  3. Medical Reports: This includes yours and your family's pre-existing (current) ailments and diseases as well as the family history of illnesses. These medical reports help you decide what health insurance policy is most suitable for you, the applicant.                                                                                                                     
  4. Identity Proof: The health insurance policy is registered on the person's name, so it is vital to authenticate with a legal identity proof. Aadhaar Card, PAN Card, Driving License, Passport, Voter's ID, etc. count as identity proofs.                            
  5. Income Proof: Your salary slips act as Income Proof. An Income Proof is required to confirm if you can pay the premium regularly and to fix on the insurance amount.                                                                                                                       
  6. Passport size photographs: It is important for you to provide a clear passport sized photograph with your health insurance application policy. A clear photograph is needed for verification and identification whenever need be.            
  7. Proposal Form filled and signed: It is mandatory for you to fill up the proposal form with all the important information provided to the best of your knowledge and ability. The information needs to be truthfully filled while you apply for a health insurance policy.


Benefits of Buying a Health Insurance Policy

Health insurance benefits are many and depending but here are the top three benefits:

  • Health insurance should be one of the first financial instruments that should be thought of while making a robust financial plan for yourself and your family. It comes handy in dire need especially given the situation with Covid-19.
  • We never know when we will need hospital care and considering how expensive it can get, it is a smart choice to invest in a health insurance policy that can partially or entirely cover those expenses.
  • With all the options available, the individual buying health insurance is at liberty to choose the right coverage that fights within the budgets, caters to specific medical needs and comes with suitable health insurance benefits.
  • Another benefit of a health insurance policy is that it can be extended to cover the insured's parents/parents-in-law, spouse and children.
  • Having a health insurance plan will give you ease of mind given that your hard earned savings will not be affected in case of a health emergency.
  • Your health insurance policy will help you stay in good health as it will ensure that you take an annual health check-up as well.
  • Life is uncertain, there is no way of knowing what is going to happen in the future. The best thing to do is to ensure that you make life as safe and secure for yourself and your family by getting everyone health insurance.

So, if you would like to choose from various health insurance plans that we offer, please check out our health insurance products here.

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