The
life insurance sector has grown tremendously over the years, and have
more people covered under its policy than ever before. The Insurance
Regulatory Development Authority now has laid certain guidelines with
concern to the documents required for the policy to be insured.

The insurance companies have to follow all the requirements of the IRDA
regarding the address proofs and identity proofs of the insurer.

The company has the entire right to verify the address proof and
identity proofs. The policy market has changed a lot with the advent of
ULIPs.

Unit-linked policies are more in demand because of certain advantages
such as flexibility, transparency, simplicity, liquidity and efficiency
in fund management. The ULIP markets saw a lot of changes recently
which has made them better and more transparent to invest. The
documents required are:

For identity proof:

Passport
PAN Card
Voter's Identity Card
Driving License
Letter from a recognized public authority or public servant verifying the identity and residence of the customer

For address proof:

Telephone bill
Bank account statement
Letter from any recognized public authority