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Term Plan without Medical Test in India

Buy Term Plan Now Term Plan without Medical Test in India

Term insurance is a necessity in today’s day and age due to the uncertain nature of life. With the rate of inflation also being high, you cannot risk not protecting your loved ones in case something unfortunate were to happen to you. Term insurance plans help your family live a stable life and maintain the same standard of life even if you are not around to take care of them.

Term insurance plans come at affordable rates depending on your age and health conditions. The most important component in this type of policy is the sum assured. The beneficiary could opt for a lump sum payout of the death benefit or for a monthly payment of the sum assured. Factors like your age, lifestyle, liabilities, number of family members, and the rate of inflation over the years can play a role in deciding the premium rate that has to be paid regularly to secure a term plan.

Term Insurance without Medical Test:

To avail of a term insurance policy, you will generally have to give a medical test. A medical test gives your insurer a clear idea of your health quotient and your premium will depend on how clean a chit you get from your medical practitioner. If you have a family history of certain diseases or if you are suffering from any ailment at the time of policy issuance, your premium amount will rise. You could additionally opt for multiple riders like critical illness rider, personal accident rider, a permanent disability rider, and the like. These insurance riders will take care of the parameters that are not included in your original policy.

While many term insurance providers require a mandatory medical test before issuing your policy, there are many others who will give you term insurance without medical test. This also depends on your age and the sum assured. Some providers offer term insurance without medical test in India if the maximum sum assured does not exceed INR 1 crore. Such term insurance providers usually take your medical history over a call and issue your policy, especially if you are a healthy person. Considering the amount of cover you need and your age, some providers forgo the test. This can help you save expenses of medical tests.

There are multiple aggregator websites, which allow you to compare many different policies online. You can segregate the list based on which of them offer you a term insurance without medical test. It is important to read all the fine print properly before choosing any policy provider, especially if you are going for a provider offering term insurance without medical test.

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Terms Insurance Plans Benefits:

1.Affordable Premiums:

As term insurance has no cash value unlike other life insurance policies, the premium rate offered is less expensive and is affordable for most people

2.IncomeTax Benefits:

With the perks of term plan, you can also avail tax benefits on the premiums paid towards term policy and the death benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

3.Death Benefit:

In case something were to happen to you during the policy term, the sum assured or the death benefit would be given to your beneficiary to secure their finances

4.Survival Benefit:

A term plan has no maturity benefit or survival benefit but if you buy Return of Premium Plan (TROP), you will get all your premiums back if you survive the policy term.

5.Rider Benefits:

Riders are add-ons that can be combined with your term policy to maximize the coverage. Some rider benefits available are critical illness rider, accidental death rider, permanent disability rider and many more that are offered by insurers.

Buying a Term Insurance Plan without Medical Examination

Many insurance companies ask their potential customers to take a medical test before buying a term plan. This is done to gauge if the policy buyer has any ailments or illnesses, which could increase the risk being taken by the insurer. You can opt out of taking the test but this varies from insurer to insurer.

If an insurer recommends you take a medical test before purchasing the policy, then the policy could have certain terms and conditions in case you were to opt out of the test. But a lot of insurance companies do not ask for such examinations if you are in your early 20s or 30s with zero lifestyle habits. You can seek such an insurance company that doesn’t mandate a medical test and compare the premium rates and benefits before buying a term insurance policy.

Things to Consider When Purchasing a Term Plan without Taking a Medical Test

While purchasing a term insurance policy without taking a medical test, make sure that you do not hide any health condition or a lifestyle habit from the insurer. This information remains confidential and will not be revealed to anyone. But it is vital to share any illnesses or habits you may have with the insurance company because if that particular ailment leads to your death, your beneficiary’s claim could be rejected.

The insurer can increase your premium due to your smoking habit or disease but at least the death benefit claim will not be declined. The solution to higher premium rates is getting premium quotes from various companies and choosing the term plan from a reputed insurer offering affordable premiums.

Why Medical Test Is Important for Term Insurance?

You might have heard from many insurance companies that they provide you with a term plan without having to undergo a medical test. But is this safe and should you really believe such an offer? Though an insurer might say this, term insurance without a medical test could result in a lesser coverage due to the uncertainty linked with your health. By taking the medical examination, you can get a customized plan that covers your illnesses or lifestyle habits.

Here are some repercussions that you may have to face in case of opting out of an examination:

1.Lesser Coverage:

You can get an insurance plan with low coverage or less sum assured. But if you are looking for higher coverage, then you should definitely opt for a medical test.

2.Higher Premium:

As the insurer has no clue if you suffer from any ailments or not, the premium could be higher as this rate is based on risk perception. To avoid expensive premiums, it is advised to share your medical history and take the medical test.

3.Probability of Claim Rejection:

If you do not take the test, at least your medical history has to be shared with the insurer. If you conceal it and buy the term plan, there is a higher chance of claim rejection if you were to pass away due to lifestyle habits or ailments unknown to the company.

FAQs

1. Can I buy term insurance without medical tests?
Yes, you can buy a term insurance plan without a medical test. However, in this case, you will need to mention all your pre-existing illnesses at the time of signing the insurance contract. If you lie or miss out on any of your existing health conditions, the insurance provider may reject your claim at the time of settlement.

2. Why are medical tests important for term insurance?
Medical tests are important because they let the insurance provider ascertain the amount of coverage that you would need under the plan. If you have pre-existing health conditions, such as diabetes, hypertension, thyroid, etc., you are at a higher risk of falling sick. This will translate to an increased number of hospital visits and hence more claims. With a medical test, the insurer can offer you an adequate cover to ensure that you never run out of funds.

3. What is a medical test in term insurance?
A medical test in a term insurance plan is conducted by the insurance company to gauge the health of the applicant. This test usually includes a blood test, urine test, ECG or EKG test, etc. In addition to this, the insurance company may also request some tests as per your unique health conditions.

4. Why is a medical test important for a term plan?
A medical test in a term plan allows the insurance provider to determine your risk. The more health issues a person has, the higher are the chances of needing medical attention and filing claims. This increases the risk perception for the insurance company. On the other hand, a healthy applicant will likely make fewer claims, reducing the risk perception. A medical test allows insurance providers to understand the optimal amount of cover needed for each customer.

5. Why opt for a term plan and a medical test?

Term insurance

  • A term insurance plan can safeguard the future interests of your family at a time when you may not be around to do so yourself.
  • Term plans are affordable life insurance tools that allow you to secure your loved ones at an affordable premium. This ensures their safety while fitting right into your budget.
  • The critical illness component of a term insurance plan offers you financial protection against the cost of treatment of several illnesses.

Medical test

  • A medical test in a term insurance plan ensures that the insurance company is well aware of your pre-existing health conditions.
  • Medical tests eliminate the chances of any discrepancies that may result in claim rejections later.
  • When the insurance provider is certain of your health condition, you get adequate coverage with your plan.

6. What are the determinant factors for a medical test for an insurance policy?

  • Age: The older you are, the higher are your chances of falling sick. Hence, the insurer may request a medical test for older people.
  • Health conditions: In the case of pre-existing illnesses, the insurer would conduct a medical test to understand the extent of your health problems.
  • Sum assured: Insurers like to be certain of the risk associated with each applicant, especially in case of a higher sum assured. If you pick a high sum assured, the insurance company will conduct a medical test.

7. Term insurance plan benefits

Kotak Term Plan offers many attractive features, such as:

  • An optimum sum assured to match your financial needs.
  • Additional riders, such as the Permanent Disability Rider, Critical Illness Plus Rider, Accidental Death Rider, etc.
  • Multiple premium options like monthly, quarterly, semi-annually, annually, and single payments.

Buy Term Insurance Online and Secure your Loved Ones

- A Consumer Education Initiative series by Kotak Life

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