Documents Required for Life Insurance Renewal

by SMCIB on Tuesday, 25 April 2023

Documents Required for Life Insurance Renewal

Life insurance can be termed one of the most significant financial decisions you'll ever make. With this safety net in place, you can enjoy peace of mind and financial security for years to come. It is primarily designed to financially protect your loved ones in your absence and some plans may also help you save for the long term as well as fulfil important life goals like retirement, buying a home, starting a business, etc.

In the most simple sense, life insurance can be termed as a give-and-take legal relationship that is forged between you and the insurance company. It agrees to cover your life risk and in return, you pay a fee, i.e., a premium.

Now, for your life insurance coverage to continue smoothly and without any gaps, you need to pay your premiums so that it keeps on renewing on time. If you fail to do so, your policy might lapse, leaving you and your family without any financial protection.

Is renewing your life insurance a lengthy process? Does it require any paperwork? Let's find out!

Do You Need To Submit Any Documents During A Policy Renewal?

The answer is NO. You only need to submit documents when you buy the life insurance policy and not during the policy renewal process. To renew the policy, all you need to do is pay the due premiums on time. This means that the renewal process is quick and easy, without any paperwork to worry about.

So, What Are The Documents Needed To Purchase Life Insurance?

Here is the list of documents that you need to submit when buying a life insurance policy -

1️⃣ Identification proof like passport, Aadhar card, driving licence, etc.

2️⃣ Address proof like your bank statement, water/electricity bill, etc.

3️⃣ Income proof like Form 16, income tax returns, salary slips, employer’s certificate, etc.

4️⃣ Records of your medical history. The insurer may require you to provide medical information like your and your family’s medical history, details regarding pre-existing diseases or illnesses (if any), etc.

Once all the documents are submitted and approved, you will receive the insurance policy from your insurer promptly.

And, as mentioned earlier, policy renewal doesn’t require any documentation. Your policy will continue to renew on its own if you keep paying the premiums to the insurance company on time.

How Do You Make Premium Payments?

You can use two methods to pay the premiums -

Insurer’s official website

Here are the steps you need to follow -

  1. Go to your insurer’s official website and log in to your account.
  2. You will see an option for premium payment. Click on that.
  3. Next, enter details like your policy number, registered mobile number, etc.
  4. Select the mode of payment as per your choice like internet banking, UPI, debit card, credit card, credit card EMIs, e-Wallets, etc.
  5. Your policy will get renewed as soon as you complete the premium payment.

Digital or e-wallets

You can also use digital or e-wallets like GooglePay, Paytm, PhonePe, etc. to pay the premium amount. You can make the payment through your wallet balance or the UPI facility. All you need to do is provide your policy details, your registered mobile number, etc.

Pro Tip: If you want to avoid missing out on your premium payments, you can set up an auto-debit option or standing instructions. It will ensure that your premiums get paid duly and your policy does not lapse. Ensure you put standing instructions on your bank account rather than credit/debit cards that come with expiry dates - to make the payment process smooth


A life insurance policy is the best way to secure your and your loved ones’ financial future. To ensure continued protection, it is important to stay up-to-date with your premium payments. Renewal is easy and hassle-free as it doesn't require any paperwork or lengthy forms. By keeping your policy active, you can be assured that you and your family are well-protected.

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