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

Buying a ₹1 Crore life insurance policy without a medical test can be a convenient option for individuals who want to secure their family's financial future quickly and without the hassle of medical examinations.

  • 8,095 Views | Updated on: Feb 27, 2024

While everyone strives to provide our families with a comfortable and secure future, unexpected events and uncertainties can disrupt even the most carefully laid financial plans. This is where a ₹1 crore insurance plan comes into play, offering a robust safety net and peace of mind like no other. Let’s delve into the significance and advantages of a ₹1 crore insurance plan, highlighting the reasons why it has become an essential consideration for individuals and families seeking to safeguard their financial future.

Understanding Term Insurance

Term insurance is a pure life insurance product that is designed to offer financial security to your loved ones in the event of your untimely death. With term insurance, your loved ones can be financially secure during an emotionally difficult time. Several insurance companies provide one crore term insurance policies 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

Among the various life insurance options available, ₹1 Crore Life Insurance Plans have gained significant popularity in recent years. These plans offer a substantial coverage amount, making them an attractive choice for those seeking to ensure the financial security of their loved ones in the event of their untimely demise. With ₹1 Crore Life Insurance Plans, policyholders can rest assured that their family’s financial future is well-protected, enabling them to face life’s uncertainties with confidence and resilience.

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 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 suitable for people who still have many years of service or those who are the only earning family members. 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 challenging. 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 forgo 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.

Points to Consider Before Buying Term Insurance Without a Medical Test

While traditional term insurance policies often require applicants to undergo a medical test to assess their health and determine premiums, there is a growing interest in term insurance without a medical test. This option provides a convenient and quicker way to obtain coverage, but before diving in, there are several essential pointers to consider.

Understand the No-Medical Exam Option

Before jumping into purchasing term insurance without a medical test, it’s essential to understand what this option entails. No-medical-exam term insurance typically comes with higher premiums because the insurer assumes more risk by not assessing your health.

Be Aware of Coverage Limitations

When you opt for term insurance without a medical test, you may encounter coverage limitations. These policies often come with a maximum coverage amount, which may be lower than what you actually need to protect your family’s financial future adequately. Assess your insurance needs carefully and ensure that the coverage offered by the no-medical exam policy is sufficient.

Consider Your Age

Age can significantly impact your eligibility for term insurance without a medical test. Younger individuals may find it easier to qualify for these policies, while older individuals might face more stringent underwriting criteria. Be aware that age-related factors can affect the availability and affordability of these policies.

Review the Insurer’s Reputation

Research the reputation of the insurance company offering the no-medical-exam term insurance. Look for customer reviews and ratings to gauge the company’s reliability and customer service. Ensure that you are purchasing from a reputable and financially stable insurer.

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

In India, the idea of insurance is not new. It is what ensures people’s mental stability in the present and the future. Find out how you can buy ₹1 Crore Life Insurance Policy without a medical test.

  • Choose an insurance company that offers term plans without medical tests. There are many insurance companies in India that offer this type of plan. Do your research and compare the different plans available before making a decision.
  • Decide on the sum assured amount. It is the amount of money that will be paid out to your beneficiaries if you die during the policy term. You should choose a sum assured that is sufficient to meet your financial goals, such as providing for your family’s expenses or paying off your debts. ₹1Cr or above is a good amount to ensure a safe future for your family.
  • Fill out an application form and necessary details like your personal details, such as your name, age, occupation, and health status. You will also need to provide information about your family’s medical history.
  • Pay the premiums regularly to keep the policy active. The premium amount will depend on your age, health status, and the sum assured amount.
  • Once your application is approved, you will receive the policy document. This document will outline the terms and conditions of the policy, such as the sum assured amount, the premium amount, and the policy term.

Pros and Cons of Buying ₹1 Crore Life Insurance Policy Without a Medical Test

Buying term insurance without medical tests might be the new and modern way, but does it only have pros and no cons? Let us find out now.

Pros

Cons

Convenience: No medical tests mean you can apply online and get coverage faster, often within hours or days.

Higher Premiums: Term insurance without a medical test typically comes with higher premium rates due to the added risk for the insurer.

No Fear of Rejection: Individuals with pre-existing health conditions or those who are generally averse to medical tests can obtain coverage easily.

Coverage Limitations: Policies without medical tests may have lower coverage limits compared to those with tests.

Time-Saving: You save time by avoiding the need to schedule and complete a medical examination, making it ideal for busy individuals.

Limited Customization: Customization options for policies without medical tests might be more limited, restricting your ability to tailor coverage to your specific needs.

Avoid Discomfort: You don’t have to go through the discomfort or inconvenience of medical tests such as blood tests or urine samples.

Reduced Accuracy: Without medical tests, insurers may have less accurate information about your health, potentially affecting claim processing.

Young and Healthy Applicants: Young, healthy individuals may benefit from lower premiums without the need for medical tests.

Exclusions: Some policies may include exclusions for pre-existing conditions, which could affect your coverage.

Immediate Coverage: You can secure coverage quickly, which can be especially valuable if you have an urgent need for life insurance.

Shorter Coverage Terms: Policies without medical tests often have shorter terms, limiting long-term financial coverage.

Simplified Application Process: The application process is straightforward, requiring minimal paperwork and documentation.

No Guaranteed Acceptance: While there is no medical test, insurers can still reject applicants based on other factors like age or lifestyle.

Privacy: You don’t have to disclose sensitive medical information to the insurer, maintaining your privacy.

Limited Riders: The availability of riders (additional coverage options) may be restricted with no medical test policies.

Fundamentals of a ₹1Cr Term Plan

A ₹1 Crore term insurance plan is a contract that, in the case of the insured’s demise, pays the nominee the policy of the assured sum of ₹1Crore. 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.

  • 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.
  • 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, is 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.

₹1Cr 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 a sum of ₹1 Crore 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 up to 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

Conclusion

Securing a ₹1 crore life insurance policy without a medical test is indeed possible, but it requires careful research and adherence to the insurer’s eligibility criteria. By choosing the right policy and being truthful in your application, you can provide your loved ones with the financial protection they need, even without undergoing a medical examination. Remember that while non-medical policies offer convenience, they may have slightly higher premiums to account for the reduced underwriting scrutiny. In any case, consult with a qualified insurance advisor to make an informed decision tailored to your specific circumstances.

Key takeaways

  • 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 term policy of ₹1 crore is suitable for people who still have many years of service or those who are the only earning family members.
  • The insurance holder of the term insurance policy can avail of the benefit of tax exemption on the premium paid toward the term plan.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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