Health Insurance vs Mediclaim: Know the Difference
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Kotak e-Term Plan

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

A Mediclaim Policy is a type of insurance cover that provides specific/limited coverage for certain medical emergencies. Read to know the difference between health insurance and Mediclaim policy.

  • Nov 18, 2022
  • 4,907 Views

One way to protect you and your loved ones from unfortunate and unforeseen situations is to procure life insurance coverage. Both public and private insurance companies today offer different types of insurance policies to suit the specific requirements of individual buyers.

You may choose any sum assured based on your personal needs and financial situation. The sum assured may be as little as ₹50,000 or go up to ₹1crore or higher. When you opt for a higher sum assured, you can enjoy peace of mind and ensure the financial well-being of your family in your absence.

Traditional insurance plans like endowment and money-back policies charge a higher premium to provide more coverage. On the other hand, term insurance is a pure life cover available at a highly affordable premium.

Understanding term insurance

As mentioned, term insurance is a pure life cover. In case of an unfortunate incident during the policy duration, the insurance company will pay the death benefits to your beneficiaries per the terms and conditions. Therefore, your loved ones can be financially secure during an emotionally difficult time. Several insurance companies provide one crore term insurance policy to provide greater security to your family.

A high coverage insurance plan is advisable if you are between 30 and 35 years old and have several more years of work. Moreover, if you are the sole earning member in your family, a ₹1 crore policy is recommended for the financial well-being of your loved ones in your absence.

₹1 crore life insurance plans

Several insurers offer term plans of ₹1 crore or higher. Before the regulatory guidelines, every insurance company levied a different premium. However, insurers have significantly reduced the premium paid for a higher sum assured life insurance policy. Therefore, you must check the underwriting guidelines before making your decision. This is because some private insurers offer a lower premium for a higher sum assured but have very strict rules and regulations.

Why do you need a ₹1 crore term plan?

A term insurance plan is designed to make sure that the primary bread earner of the family can arrange for their family’s financial securities. The untimely demise of the earning family member can seriously damage the family’s financial stability. Hence, it is essential to leave behind a large enough lump sum that is enough to sustain the well-being of the family while fighting inflation. The experts suggest that ₹1 crore term insurance policies are cost-effective and can be more than enough to protect your family in their time of need.

Who should opt for the ₹1 crore term insurance plan?

The term policy of ₹1 crore is most suitable for the people who still have many years of service or those who are the only earning family member. However, if you are a young person who runs the family financially, you need to understand that your absence will hurt your family gravely. Apart from the emotional turmoil, the sudden lack of regular income will also become a challenge. Hence, the ₹1 crore insurance term plan is essential for you.

Life insurance without medical tests

You are expected to undergo a medical test when applying for an insurance policy before your application is approved. However, some insurance companies now offer higher sum assured term plans, which do not require you to undergo medical tests. In addition, based on your age, health condition, and coverage requirements, the insurance companies may forego the requirement of a medical check-up. However, the insurance company may ask for medical tests before approving your application if you have any pre-existing medical conditions.

How to buy ₹1 Crore Life Insurance Policy Without Medical Test?

In India, the idea of insurance is not new. It is what ensures people’s mental stability in the now and the future. With the considerable death benefit provided by the term insurance plan for ₹1 crore, a variety of financial commitments, such as children’s education, the purchase of a new home, children’s marriage, and so forth, can be met.

To comprehend the operation of a ₹1 crore term insurance plan, let’s first review the fundamentals of a term plan:
A term insurance policy’s death benefit is intended to provide financial security for the insured’s family in the event of the insured’s passing during the policy’s term. A ₹1 Crore term insurance plan is a contract that, in the case of the insured’s demise, pays the nominee the sum assured of the specified sum. To help the policyholder’s family accomplish their financial needs and objectives, this plan serves as a guardian.

  • A life insurance policy that has a predetermined term is known as a term plan. You will have coverage when you buy a term plan for a predetermined period of time, or “term.”
  • The life insurance policy’s nominee is qualified to receive a death benefit from the insurance company in the amount of the sum promised if the insured person passes away during the specified term. For instance, if you have a ₹1 crore sum assured term insurance plan, the insurance company is required by the terms and circumstances of the policy contract to pay that amount to the term plan’s nominee in the event that the insured person passes away.

  • The most affordable alternative to secure the future of your family, particularly if you have a young family, may be a term plan. The premiums won’t be too much of a strain even if you purchase one of the top term insurance plans with a ₹1 crore cover sum provided the policy term is long enough.

  • Your premium remains constant during the duration of your insurance. As long as you make your premium payments on time, you are protected.

A term insurance policy’s death benefit is intended to provide financial security for the insured’s family in the event of the insured’s passing during the policy’s term. A ₹1 Crore term insurance plan is a contract that, in the case of the insured’s demise, pays the nominee the sum assured of the specified sum. To help the policyholder’s family accomplish their financial needs and objectives, this plan serves as a guardian.

Tips for choosing the right term plan:

The Right Insurance

Choosing the right higher sum assured insurance policy might seem confusing and daunting. Therefore, it is very important that you clearly understand all the terms and conditions before you make your decision. Ask yourself critical questions, such as why you need ₹1 crore life cover, how it will benefit your family and you in the long run, etc.

Read T&Cs carefully

You must carefully read the inclusions and exclusions to avoid any unpleasant surprises in the future. Medical tests and other reports might be required, so it is best to be prepared.

Premium Payments

Another essential factor you must consider is the premium. Although you would like to reduce your cost as much as possible, you must be cautious not to settle for an inferior policy to save money.

Rider Benefits

You must also check the different insurance riders, such as accidental death, critical illness rider, and disability benefits that may be available along with the basic plan. They are bonus add-ons that provide you with additional coverage. Including the necessary riders enhances the policy benefits available to your beneficiaries in case something unfortunate happens.

Check CSR numbers

When you decide to procure insurance coverage, checking the insurer’s claim settlement ratio is crucial. A higher settlement ratio means a higher probability of the policy benefits being available to your loved ones in your absence.

Term Insurance Plan Benefits

A 1 crore term insurance plan comes with a lot of benefits, some of which are listed below:

Death benefit

In case of the sudden demise of the insured person during the tenure of the 1 crore term insurance premium, the term insurance plan provides financial security to the family of the insured against any emergency situation.

Tax benefit

The insurance holder of the term insurance policy can avail of the benefit of tax exemption on the premium paid toward the 1 crore term insurance policy upto the limit of ₹1.5 lakhs U/S 80C of the IT Act.

Additional Rider Benefits

Most term insurance offers the benefits of additional rider benefits, which can be purchased along with the basic 1 crore term insurance plan. Here are the 4 types of additional rider benefits offered by the term Insurance plan:

  • Accidental death benefit rider
  • Waiver of premium rider
  • Critical illness rider
  • Accidental partial disability and total rider

Is Term Insurance Plan Worth it?

  • Term insurance is pocket friendly and does not burn a hole in your pockets depending upon your age and health conditions.

  • The sum assured determines the prudence of term insurance. Insurers can choose between receiving a monthly payment of the sum assured or receiving a lump sum payment of the death benefit.

  • The insurer can decide the ideal term insurance plan based on age, lifestyle, health condition, and the number of family members.

You must conduct online research to select a ₹1 crore term insurance plan or a ₹1 crore coverage without having medical examinations. You may compare the different benefits, inclusions and exclusions, and other terms and conditions offered by various insurers to make the right decision.

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Health Insurance Plan for Heart – What you Should Know on Symptoms and Diagnosis of Heart-Related Disease?

Is Cataract Surgery Covered under Health Insurance in India?

6 Common Myths about Health Insurance

What Is the Restoration Benefit in Health Insurance?

Why You Must Review Your Health Insurance Policy/ Plan Every Year?

How Your Eating Habits Affect Your Health & How to Change Them

Healthy Habits to Avoid Falling Sick During Monsoon

Critical Illness Insurance for Alzheimer's Disease

What Is the Restoration Benefit in Health Insurance Plan?

Critical Illness Can Disrupt Family's Financial Goals and How Health Insurance Can be Useful

How to File Health Insurance Claims?

Health Insurance for Liver: What You Should Know About the Symptoms and Diagnosis of Liver Problems

What Medical Expenses Can You Claim in Health Insurance Plans?

What is Telemedicine? How to Seek Medical Treatment Remotely?

7 Reason Why Should You Buy a Health Insurance Plan in Your 20s?

Health Insurance Coverage: Day Care Treatment Vs OPD Treatment

What Does Health Insurance Not Cover?

What do Health Insurance Plans Cover?

Everything You Need to Know About Accidental Insurance Policy

Basics of Health Insurance

Seven Preventive Measures for Heart Related Illness

Section 80D: Everything You Need to About Income Tax Deduction for Medical Expenditure

Why You Must Disclose Your Pre-Existing Conditions While Buying Health Insurance?

Do Add-On For Health Insurance Policies Really Add Value?

Factors to Consider While Choosing a Health Insurance Plan for Your Parents

List of Critical Illnesses Covered in Health and Life Insurance Plans

How is Health Insurance Cost Calculated?

How to Switch to A Different Health Insurance Company?

How wellness benefits can help reduce your health insurance premium

How Much Health Insurance Cover Should You Opt For?

How Much Should I be Paying for Health Insurance?

Why Should You Opt for Cancer Insurance?

Which One is Better: Mediclaim or Health Insurance?

Tips to Reduce Your Health Insurance Premium

Types of Health Insurance You Must Know About

Things to keep in mind before buying a health insurance plan for diabetics

Health Insurance Plans for a Pre Existing Condition

A Millennial’s Guide to Buying Health Insurance

5 Reasons to Own Both Health Insurance and Term Insurance

How do I Choose a good Health Insurance Plan?

What are Health Insurance Premiums? How are they Calculated?

Health Insurance with or Without Medical Tests? Which is Better

Health Insurance for Students Who Study Abroad

Rashtriya Swasthya Bima Yojana: Eligibility, Coverage, Benefits

5 Reasons to Consider Investing in Health Care

What is Health Insurance and Why do You Need it?

How To Choose A Good Health Insurance Plan?

What are the Documents Required for Buying a Health Insurance Plan?

10 Effects of Fast Food on Your Body

Health Insurance for Brain Tumour: What You Should Know on Symptoms & Diagnosis of Brain Tumour

Does Critical Illness Insurance Cover Stroke?

Key Difference between Health Insurance and Mediclaim Policy

Buying Health Insurance with A Pre-Existing Illness? Things You Should Know

What is the Right Age to Buy Health Insurance Policy?

Which Health Insurance Plans Cover Your Family Members?

What is OPD Cover in Health Insurance?

Is Health Insurance the Same as Medical Insurance?

How to Transfer Your Health Insurance Cover Without Losing Benefits?

Choosing Health Insurance for Senior Citizens

Why You Must Review Your Health Insurance Plan Every Year

The Importance of a Health Insurance Claim Ratio

7 Things to Audit in Your Health Insurance Plan

10 Preventative Measures for Diabetes

Health Insurance Plan for Family

Are You Covered for the Home Treatment Cost Under Your Health Insurance Policy?

Top Five Institutes for Free Cancer Treatments in India

Why Opting for Short Term Health Insurance Plans is a Wise Idea?

Is Health Insurance Non-taxable?

What is Single Premium in Health Insurance?

Steps to Appeal A Health Insurance Claim Denial

How to Claim Tax Benefits on Medical Insurance Premium?

Tax Benefits on Health Insurance Plans

How Much Of Health Insurance Is Tax Deductible?

Benefits of Health Insurance You May Not Know About

Stress and Heart Health: 4 Things You Should Know

Difference Between Open Heart and Bypass Surgery

Health Insurance for Personal Accidents

Everything You Need to Know About the Ayushman Bharat Health Insurance Scheme

Health Insurance Plan for Cancer: What You Should Know on Symptoms and Diagnosis of Cancer

Why You Must Disclose Your Pre-Existing Conditions When You Buy Health Insurance

Why You Need to Know About the Critical Illness Plan?

How to Choose a Right Health Insurance Plan?

Why do Patients with Hypertension Need Health Insurance?

Guide on Fraudulent Health Insurance Claims in India

What is Disability Insurance?

All You Need To Know About No-Claim Bonus In Health Insurance

Key Factors that Decide Your Eligibility for Buying Health Insurance Plans

What is the Persistency Ratio and Why Does it Matter to the Health Insurance Sector?

5 Reasons to Buy Health Insurance in 2021

Saving Tax on Your Health Insurance

Protect Your Family with Health Insurance Today

5 things to consider while renewing a health insurance policy

Health Insurance Coverage for HIV Patients

Heart and Cancer Insurance

Why Your Health Insurance Cover Could be Insufficient?

What is International Health Insurance? Meaning, Importance and Benefits

How Is Your Health Insurance Premium Affected By Age?

Why is Cardiac Care Plan a boon for Heart Patients?

What is the Difference Between a Mediclaim Policy, Health Insurance and Term Insurance?