Plan Statement – Step by Step Process | PayBima

Are you looking to invest in an endowment plan? Do you know the investment plan? If not, read the post for a good guide to the application process.

Before you get into the process of applying for an endowment plan, you need to know what it is information system.

An endowment plan is a popular financial instrument that provides you with a lifetime and provides long-term protection of your money. It is a plan that allows guaranteed returns and achieves your financial goals.

With a new endowment plan in hand, you can achieve financial goals like your children’s education, your children’s marriage, family financial security, long-term wealth accumulation and so on. In addition, it also allows tax benefits and deducts your money from tax on maturity. Therefore, you can save tax with the plan and you don’t have to pay tax on the money you receive when the plan matures.

Furthermore, since it is a long-term investment, it allows the investor to keep the money for a long time and pass it on to your children without any tax liability.

Let’s discuss the endowment plan application process:

Endowment Plan Claim process

If the insured dies during the life of the policy, his/her family has to file a claim so that the death benefit is available. Here’s how to get a death benefit.

Fill out the Application Form – The first step, of course, is to fill out the claim form that you must submit to the insurance company in the right way with the right information. Along with the form you also need to submit other documents to start the order. The application form must be duly signed by the candidate.

Below are some important notes:

  • The Death Certificate must be issued in its original and certified form
  • The original policy documents issued to the insurer at the time of purchase of the policy must be submitted to the insurer
  • Also, identity proofs of the nominee are required like Aadhar card, PAN card, Passport etc. and passport size photographs of the nominee.
  • The policyholder’s medical records (if the person was hospitalized) such as test reports, medical records, death or discharge summaries, etc.
  • A death certificate or a doctor’s certificate from the last treating physician is also required
  • Also, the nominee may be required to submit additional documents if the insured dies due to an accident or murder. In such cases, the report of FIR, panchnama and autopsy is also required
  • In addition, the insurer may ask for statements from witnesses who were present at the funeral or cremation.

Also Read: How to Save on Premium Endowment Plans

Verification Process

When the candidate submits the form and other necessary documents, it is confirmed by the insurance company. Once the confirmation is successful, the requested amount is paid to the candidate.

So, now you know that it is easy to order a payment plan and if you provide the right documents, you can get the money soon.

Let’s take a look at how to buy an endowment plan, especially to help beginners who are not familiar with the process.

How to buy Endowment plans

A subscription plan can be purchased online or offline. If you want to buy an investment plan, you must first fill out the application form and application forms. Along with filling out these forms, you also need to submit other documents. Therefore, you need to make sure that the required documents are at hand because they are required to purchase a payment plan.

Important documents

Below are the various documents required to be submitted to the insurance company in order to purchase an insurance plan. These documents can be sent to the branch office of your insurance company or online through the company portal.

  • Passport Size Photo
  • Proof of age (birth certificate)
  • Identity proof (AADHAR card, PAN card, etc.)
  • Address proof (AADHAR card, Voter ID, bill copy, etc.)

Also, don’t forget to submit all the original documents to the insurer. This is because if there are any inconsistencies, the insurer may cancel your service.

Finally

Investing in the best plans is the best way to secure your future and that of your family members. However, it is also important to check the interest rate of the insurance policy you want to buy insurance from. This way you will know your insurance company and how easy or difficult it is to get a claim issued. You can choose a single premium endowment plan as per your requirement and use the LIC single premium endowment plan calculator to help you estimate the cost of your plan.

Furthermore, be sure to read the terms of your legal documents before signing them to ensure 100% protection.

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