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What is a 'Tax/Premium Paid Certificate'?
The 'Tax/Premium Paid Certificate' is a document that displays the total premium that you have paid for all your policies in a specific financial year. You can use this document as an investment proof for tax~ filing.
- The receipts of your premium payment will be available one day after your premium due date.
- Tax/Premium paid certificate will be available the day after the payment is made.
What is a Policy Premium Certificate?
A policy premium certificate or a policy certificate is a document that provides the key details of an insurance policy. It is also called the Certificate of Insurance. It contains information about the insurance policy, including the type and scope of coverage, the status of the policy, limitations or exclusions and more. It also contains the policyholder’s name and age, the purchase date, the maturity date and more. The policy certificate serves as a legal proof of the insurance policy.
All life insurance plans, such as unit linked insurance plans, endowment plans, retirement plans, term life insurance plans, as well as health insurance plans, issue a policy certificate. It is given to the policyholder after purchasing the policy.
Who Needs a Certificate of Insurance?
A Certificate of Insurance contains all relevant details of the policy. It can be helpful to check the features and details of the coverage of the policy. Below are a few instances when it may be required:
- At the time of making a claim
- At the time of admission to a hospital in the case of health insurance
- At the time of claiming maturity benefits in the case of unit linked insurance plans, endowment insurance plans, or retirement insurance plans