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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

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

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

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


- A Consumer Education Initiative series by Kotak Life

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