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Aditya Birla Sun Life Insurance Company Limited

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Policy Document

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Definition

Under life insurance, a policy document is a hardcopy or softcopy of the policy contract between the life insured and the insurance company mentioning every minute detail of the policy.

Description:

A policy document is a detailed document that contains all the information about the insurance contract. It is the formal evidence of the legal contract that mentions all the terms and conditions of the insurance.

A policy document mentions the following things in it:

Policyholder’s proposal form mentioning the coverage and required premiums

Policy schedule mentioning the payment frequencies, payment periods along with policy revision details

The first premium receipt issued at the policy inception

Extensive details of what is covered and what is not covered and other benefits of the policy.

Initial medical test report if applicable. This mentions pre-existing medical conditions.

Beneficiary details including the personal information of nominee/ nominees/ appointees, etc.

Grace period details and non-payment actions

Policy terms along with maturity date

Premium waiver clause, etc.

Example:

Mayank received a policy document after he purchased a term plan from REC Life Insurance Company Limited. The policy document had all the details about the premium, insured, duration of the policy, sum assured and other terms and conditions.

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