What are the formalities to take a life insurance policy?
The person who wants to take a policy should submit a proposal, (which gives information about the identity, details of the insurance scheme chosen and details about his health, habits, age, occupation, income etc) to the Insurance Company. He also has to submit age proof and some medical requirements depending on the amount of insurance cover required and health conditions and also remit a deposit towards first premium. If the above requirements are found satisfactory, the insurance company accepts the proposal and issues the first premium receipt, which signifies completion of the contract and commencement of risk cover.
