Step # 1. Procedure for Taking a Life Policy:

Life policy is based on the principal utmost good faith. The procedure-filling in the form is quite simple. The first thing to do is to fill in a proposal form.

The proposal form contains the following details:

(a) Name, Nationality, Permanent & Communication  address & contact number, Father’s name in full,Nomine’s name,age & relation between LA & nominee,

(b) Place of birth, date of birth, proof of age and district of birth.

(c) Term of insurance, nature of insurance, type of policy, amount to be insured, mode of premium payable — yearly, half-yearly, quarterly and monthly.

(d) Details of occupation, nature of duties, present employer’s name, length of service, previous employment record,

(e) Personal information regarding height, weight where the life is proposed.

(f) Details of any previous policies.

(g) Family history, history of father, mother, brothers, sisters, children.

(i) Information regarding personal health history, like questionnaire about current & past health status.

Along with the proposal form, KYC documents like photo,thumb impression,citizenship card, nominee id,relationship certificate,income proof etc are to be submitted.

Step # 2. Medical Examination:

As per the underwriting manual of the company, a medical examination may be called for based on the proposal form submitted.

Step # 3. Agent’s Report:

The third step consists of a report which is confidential in nature. It is made by the agent who is underwriting the life of the person. His report consist of the age of the person insuring himself, his health, occupation, soundness of payment of premium, PEP, involvement on terrorist activities.

Step # 4. Decision on the Proposal:

The company may accept with original rate or with health/occupation extra /reject/defer the proposal of the insurer based on the forms/reports submitted.

Step # 5. Issuance of Policy:

Upon acceptance of the policy premium is adjusted against the proposal and a policy is issued to the life assured.