Checklist of Documents Required for Insurance Policy
Loan Insurance: Protecting You and Your Family
What is Loan Insurance?
Loan insurance is a financial product that ensures loan repayment in the event of unforeseen circumstances such as job loss, partial or permanent disability, or sudden death. It helps borrowers avoid loan default and relieves their families from the financial burden of repaying the loan in such cases.
TFL Loan Insurance Offering:
TFL extends loans with an optional loan insurance cover. Borrowers can choose to purchase the insurance policy or decline it based on their preference.
Advantages of Loan Protection Insurance:
- Protection Against Unforeseen Events: In case of job loss, accidental death, or temporary disability, the loan insurance helps reduce the outstanding loan and covers monthly repayments.
- Family Protection: Ensures that the borrower’s family is not burdened with loan repayment in the event of an unfortunate incident.
- Tax Benefits: Some loan insurance plans may offer tax deductions under Section 80C.
- Money-Back Plans: Certain loan insurance policies come with money-back options, allowing the buyer to receive a specific amount at the end of the policy term.
Loan insurance provides peace of mind, securing your financial future and protecting your loved ones from unexpected financial burdens.
Property Documents Required For Loan Insurance:
NOC from Society/Builder
A detailed estimate of the cost of construction of the house
Registered Sale Deed, Allotment Letter, or Stamped Agreement of Sale with the Builder (original document)
Occupancy Certificate (in case of ready-to-move-in properties)
Property Tax Receipts, Maintenance Bills, and Electricity Bills
Receipts of the advance payments made towards the purchase of flat (original document)
An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
Original of the land tax paid receipt and possession certificate as issued by the revenue authority
Payment receipt or bank account statements showing payments made to the Builder or Seller
For Terms and Conditions, please contact the D.M.A. TFL
Proof of Age: (Any one of the below)
Aadhaar Card
PAN Card
Passport Birth Certificate
10th Class Mark sheet
Bank Passbook
Driving License
Proof of Residence: (Any one of the below)
Bank Passbook
Voter’s ID
Ration Card
Passport
Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill
LIC Policy Receipt
Income Documents
Income Documents
For Salaried Individuals: Form 16
Certified letter from Employer
Payslip of last 2 months
Increment or Promotion letter
IT returns of past 3 years
Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc) and his passport-size photographs.
Self Employed: Income Tax Returns (ITR) of last 3 years
Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
Business License Details (or any other equivalent document)
The license of Professional Practice (For Doctors, Consultants, etc.)
Registration Certified of Establishment (For Shops, Factories & Other Establishments)
Proof of Business Address
