How to Buy 1 Crore Life Insurance Policy Without Medical Test

• 10th Dec 2018
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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 less as INR 50,000 or may go up to INR 1crore or higher. When you opt for a higher sum assured, you are able to 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. Term insurance is a pure life cover, which is available at an extremely affordable premium.

Understanding term insurance

As mentioned, term insurance is a pure life cover. This means that in case of an unfortunate incident during the policy duration, the insurance company will pay the death benefits to your beneficiaries as per the terms and conditions. Therefore, your loved ones will be able to be financially secure during an emotionally difficult time. Several insurance companies provide INR 1 crore life insurance policy to provide greater security to your family.

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

INR 1 crore life insurance plans

Several insurers offer term plans with a sum assured of INR 1 crore and higher. Prior to the regulatory guidelines, every insurance company levied a different premium. However, today insurers have significantly reduced the premium paid of a higher sum assured life insurance policy. It is important that you 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.

Life insurance without medical tests

It is common that you need to undergo a medical test when you apply 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 any medical tests. Based on your age, health condition, and coverage requirements, the insurance companies may forego the requirement of a medical checkup. However, if you have any pre-existing medical condition, the insurance company may ask for medical tests before approving your application.

Tips to choose the right plan

• Choosing the right higher sum assured insurance policy may seem a confusing and daunting task. Therefore, it is very important that you clearly understand all the terms and conditions before you make your decision.
  
• Moreover, it is recommended you minutely read the inclusions and exclusions to avoid any unpleasant surprises in the future.
  
• Another important factor you must consider is the premium. Although you would like to reduce your cost as much as possible, you must be cautious to not settle for an inferior policy with the objective of saving money.
  
• You must also check the different riders such as accidental death, critical illness, and disability benefits that may be available along with the basic plan. Including the necessary riders enhances the policy benefits available to your beneficiaries in case something unfortunate happens.
  
• When you decide to procure insurance coverage, checking the claim settlement ratio of the insurer is crucial. A higher settlement ratio means that there is a higher probability of the policy benefits being available to your loved ones in your absence.
  

To choose an INR 1 crore term insurance plan without undergoing medical tests, it is recommended you take time to research online. You may compare the different benefits, inclusions and exclusions, and other terms and conditions offered by various insurers to make the right decision.

- A Consumer Education Initiative series by Kotak Life