Apart from the KYC documents, there are some other documents that the insured must know of. These include:

• Insurance application or proposal, which is the first document in the insurance contract.
• Policy declaration, which is necessary if someone other than the insured has filled the policy proposal form or if the proposer is not educated.
• A final declaration at the end stating that all the provided information is true and that if anything is found untrue, the insurer has the right to reject the application. Subsequently, the contract is rendered as null and void and premium paid would be surrendered. Thus, once declared by the proposer, the entire process is completed with utmost faith.
• In case the policy is required to be registered under Married Women’s Property Act, a separate form needs to be filled and submitted to the insurer, mentioning the nominee and trustees.
• Policy proposal also includes a personal statement, which is attached to the declaration at the end of the proposal. Any incorrect statement may lead to rejection of the application.
• As per the IRDA rules, after verifying everything, a copy of the proposal would be sent to the insured within 30 days of the completion of the formalities.
• IRDAI also states that the insurer must make a decision on the proposal within 15 days.
• First Premium Receipt is the proof of conclusion of the contract. However, as per the IRDA regulations, the insured can withdraw his/her policy within 15 days of the policy issue date, if not satisfied. This period is called Free-look Period or Cooling-off Period in insurance terms.
• At the time of paying the annual premium on policy renewal, the insured is provided with a premium receipt which is an important document for further reference.