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    Allowed List Not Allowed List: Minimum Education Qualification

    Uploaded by

    Yash Soni
    Mr. Sharma wants to buy a life insurance policy called Zindagi Plus but is unsure about the required documents. The document lists the allowed and not allowed criteria for minimum education, annual income, place of residence, payment methods, occupation, and health issues. It also provides details on standard income proofs like pay slips, bank statements, and tax returns. If standard proofs are not available, alternative financial documents like fixed deposits, mutual funds, bank statements, loan EMIs, credit cards, and property ownership can be used to determine the maximum insurance amount based on the person's age and the value of the assets.

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    © All Rights Reserved
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    Allowed List Not Allowed List: Minimum Education Qualification

    Uploaded by

    Yash Soni
    40 views2 pages
    Mr. Sharma wants to buy a life insurance policy called Zindagi Plus but is unsure about the required documents. The document lists the allowed and not allowed criteria for minimum education, annual income, place of residence, payment methods, occupation, and health issues. It also provides details on standard income proofs like pay slips, bank statements, and tax returns. If standard proofs are not available, alternative financial documents like fixed deposits, mutual funds, bank statements, loan EMIs, credit cards, and property ownership can be used to determine the maximum insurance amount based on the person's age and the value of the assets.

    Original Description:

    Zindagi-Plus-Check-List

    Original Title

    Zindagi-Plus-Check-List

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    Mr. Sharma wants to buy a life insurance policy called Zindagi Plus but is unsure about the required documents. The document lists the allowed and not allowed criteria for minimum education, annual income, place of residence, payment methods, occupation, and health issues. It also provides details on standard income proofs like pay slips, bank statements, and tax returns. If standard proofs are not available, alternative financial documents like fixed deposits, mutual funds, bank statements, loan EMIs, credit cards, and property ownership can be used to determine the maximum insurance amount based on the person's age and the value of the assets.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    40 views2 pages

    Allowed List Not Allowed List: Minimum Education Qualification

    Uploaded by

    Yash Soni
    Mr. Sharma wants to buy a life insurance policy called Zindagi Plus but is unsure about the required documents. The document lists the allowed and not allowed criteria for minimum education, annual income, place of residence, payment methods, occupation, and health issues. It also provides details on standard income proofs like pay slips, bank statements, and tax returns. If standard proofs are not available, alternative financial documents like fixed deposits, mutual funds, bank statements, loan EMIs, credit cards, and property ownership can be used to determine the maximum insurance amount based on the person's age and the value of the assets.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Mr. Sharma wants to buy Zindagi Plus but is worried about the documents to be submitted !

    Let’s take a look at the Checklist for Zindagi+

    Allowed List Not Allowed List

    Minimum
    • Life Assured must be a
    Education • Below Graduate: Not Allowed*
    Graduate or above
    Qualification
    *For exceptional cases of HSC/12th pass
    Please take Underwriting approval

    Minimum • Salaried: ₹ 3 lacs or above


    Annual • Non-Salaried: ₹ 4.5 lacs —
    Income or above
    Please refer Page 2 for income proof details

    Cities of
    • Non-Negative Locations • Negative Locations
    Residence

    Refer the Negative Location list with the


    Branch Executive

    Payment • Cash
    • All Allowed Except
    Mode
    • DD

    • Agriculturist

    Occupation • All Allowed Except • Retired person


    Housewives(1) and Students(2) are
    allowed* subject to conditions
    (1) Husbands Insurance
    (2) Education Loan
    *Please refer underwriting guidelines for details

    Do you have any health issues? Go for Pre Login


    (diabetes, heart problem, etc.)
    Yes
    Underwriting

    Medical
    cost will be
    borne by the
    company

    Before making the Know the


    Pay the Login the
    Pre Login Underwriting premium Payment, Policy decision
    Premium policy
    go for medicals. in Advance

    Page 1
    Standard Income Proof and Financial Surrogates

    For Businessmen/
    Professional Applications For Salaried Applications
    • ITR for last 3 years • Latest three months pay slip
    Standard OR OR
    Income Proof • Profit and Loss balance sheet • Last 3 months bank statement
    OR
    for last 3 years
    • ITR for last two years
    OR
    • Form 16 for last two years

    What if Mr. Sharma Does not have the Standard Income proof . . .

    He can submit any of the following documents if he does not have the Standard Income Proof

    Allowable Sum Assured = Annual Income x Income Multiple

    Surrogates Annual Income Income Multiples

    Fixed Deposit/Mutual Age Annual Income


    Funds/Portfolio statements Upto 45 1.5 times Value of Portfolio
    From 46 to 55 1 time Value of Portfolio
    From 56 to 65 0.5 times Value of Portfolio Age in Years Income Multiples
    18 to 35 25
    36 to 40 20
    Car Ownership 2 x Ex- showroom price
    41 to 50 15
    12 months = Avg. monthly credit Balance x 2 51 to 55 10
    Bank statement 56 to 60 5
    6 months = Avg. monthly credit Balance
    >60 2
    Monthly Sip Documents Monthly SIP x 60

    R
    Home or property Loan Monthly EMI x 36 ASSU ED UP

    2
    M
    TO
    SU

    AT E S
    ALLOW

    Credit card Monthly Credit Limit x 6


    crores
    OG

    DB R
    ASIS SUR
    E

    Total annual premium contribution in


    Policy premium receipt
    investment or savings plans x 3

    House or shop ownership Allowable Cover = 50% x property Value

    *Please refer the underwriting guidelines for more details


    If Standard income proof is available, financial surrogates will not be considered. Multiple financial surrogates will not be considered to arrive
    at Allowable Sum Assured.
    For internal circulation only
    UIN: -147N056V02
    Page 2

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