Why Is Medical Test Important for Term Insurance in India?

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Do I Need to Give a Medical Test for Term Insurance in India?

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  • 27th Aug 2021
  • 64
Do I Need to Give a Medical Test for Term Insurance in India?

Over the years, the insurance industry has evolved significantly. Today, insurers offer a variety of term plans with innovative features and benefits to cater to the different needs of the people. And, while it is easy to purchase a policy online, you must know that each insurance company has their unique eligibility requirement.

When you can compare the policies from different insurers, you may find that some insurance companies mandate the policy buyers to undergo a medical test. This is especially true for older buyers; it is an integral part of the policy buying process. In comparison, some insurers offer coverage without a medical examination. So, as a policy buyer, you may ask an important question – Do I need to give a medical exam for term plan in India?

Medical Examination for Term Plans

Many reputed insurance companies require the term plan buyers to undertake a medical test. But it is not a mandatory requirement. The insurers insist on medical tests, especially for older people, to clearly understand the buyer’s overall health condition and decide the premium accordingly.

If your family has a history of any medical condition like Tuberculosis, Cancer or any other chronic illness, or if you have any pre-existing condition at the time of buying the policy, the insurer will levy a higher premium. The insurer will also conduct a complete medical test to assess the risk they must cover by offering you a term policy.

If you feel uncomfortable undergoing the medical exam, you can still buy a term plan as many companies offer term cover without a medical test. It is easier to get coverage without undergoing the test if you are young and aged less than 30. This is because insurers believe that youngsters are at a lesser risk of suffering from any life-threatening diseases. Consequently, they offer a policy with high coverage at an affordable premium.

Why should you undergo a medical before buying a term insurance policy?

If your insurer insists on taking the medical test while buying a term plan, it may seem like a hassle at first, but you must realise it is beneficial. Let us know the benefits.

When you undergo a medical test, you get a clear idea of your health condition. If you have an underlying condition or any critical illness symptoms, you can choose the coverage amount accordingly to cover future expenses. Also, you can take the necessary precautionary steps and seek treatment and cure the illness immediately before it becomes severe. Another significant advantage of taking the medical examination before buying term plans is that it helps you increase the chances of claim approval. If you don’t disclose the details of your health condition in the application form, there is a high risk that the insurer may deny the claim in the future because of non-compliance with policy terms.

If you pass the medical test and the reports indicate that you are healthy and have no potential health risks, you can use this to your advantage. You can negotiate with the insurance company to offer you the coverage at a lower premium since health condition is one of the critical factors in determining the premium.

Final Word

Although it is possible to buy a term insurance policy without undergoing a medical test, it is advisable to take the examination. This will help the insurer gauge the risk they are covering, and it will help you choose a higher coverage to cover the risk.

- A Consumer Education Initiative series by Kotak Life


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