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Do I Need To Give A Medical Test For Term Insurance In India?

Do I Need To Give A Medical Test For Term Insurance In India?

Medical test for term Insurance

Term insurance is considered to be the purest and cheapest form of life insurance cover. With term insurance plans, you and your family are assured a lifetime of financial security.

What are the advantages of purchasing a term insurance policy?

Having a contingency plan in times of need is essential for every family. Term insurance is an insurance plan that provides you with a life cover for a specific term, as the name suggests. Term insurance policies generally come with cheap premiums and high coverage, offering the end-user real value for money. Because of the large sum assured, inflation is also factored in. Your family will thus have a tangible source of money for sustenance.

Term insurance in India

According to a study by Max Life Insurance and market research firm Kantar IMRB, only one in five working-class Indians is covered by a term plan.

Only 44% of the millennials surveyed knew about term insurance, and only 17% had availed a policy. A worrisome 22% of them aren't even considering an insurance policy and focussing on other investments.

It is a popular observation that millennials are more keen on living in the moment and spending on travel and experiences. That is perhaps why they do not consider life insurance a necessity, at least in the early years of their youth. Considering how

What do you need while applying for a term insurance plan?

The general requirements are

  • Passport size photos
  • Address proof
  • Age proof
  • Identity proof
  • Income proof

Depending on certain factors, medical test for insurance policy also might be required.

What is a medical test?

A medical tests will, first and foremost, include the collection of standard medical samples of blood, urine, etc, which will, in turn, be evaluated for certain diseases. Blood pressure and ECG/EKG could also be necessary. Further, tests based on your individual medical history will also be carried out.

Why is medical test important for a term plan?

A medical test is important for calculating the risk perception. A relatively healthier individual is at lower risk, and hence, is generally offered lower premiums.

What about policies with 'no medical tests?

There are quite a few policies in the market that advertise themselves with statements like 'no medical tests required'. However, you are asked to mention your health conditions while applying for the policy anyway. If you fail to mention them, it can have severe implications on your claims. About 2-3% of claims are rendered unsuccessful every year due to this reason.

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

Age: Generally, the younger you are, the healthier you will be. This could reduce your risk perception and give you an advantage in the form of a lower premium. When assessing the need for a medical test, insurers will generally give considerable weight to your age. The older you are, the more likely an insurance provider is to ask you to undergo a medical test.

Sum assured: Typically, policies with a higher sum assured may request you to go in for a medical test. Since the insurer is taking on a larger liability by offering you a higher sum assured, they require medical tests as a precaution. It is highly advisable that, in such scenarios, you undergo the necessary medical tests, since a considerable sum assured is important to ensure that your family has the resources to lead a decent life even with rising prices.

Medical history: If you have a pre-existing disease or a hereditary ailment, you may be asked to go in for medical tests to help determine your susceptibility to contracting or worsening of said disease. It is essential that you list all relevant medical history in your application form, for failure to do so could lead to serious issues. If there is a claim arising out of a pre-existing medical condition which wasn't known to the insurer, it could lead to rejection of claim. The purpose of insurance would then be defeated.

Why opt for a term plan and a medical test

A term life insurance is an undeniable necessity. It is best to take one when you are young and can avail a lower premium. Moreover, it will also instil the much-needed financial discipline. As far as a medical test is concerned, it will only make sense to take one regardless of the policy terms. It will help you understand your health better, and also ensure there are no issues with your policy. And why wouldn't you want to be rewarded with a lower premium for being healthy?

iSelect Star Term Insurance Plan

An excellent option for a term insurance would be Canara HSBC Oriental Bank of Commerce's iSelect Star Term Plan. You can customise the iSelect Term Plan to suit your individual needs - you can take your pick from a variety of add-on covers offered, ranging from child support to accidental death benefits. You can choose to receive your income in the lump sum form, a monthly income form or a part-lump sum/part monthly income form. The iSelect Star Term plan ensures utmost comfort and flexibility.

Speak to an insurance specialist now!

Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance plan doesn't offer any payout after maturity or expiration date

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance plan riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term insurance plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while Buying the Best Term Insurance Plan?

  1. 1. Are you buying a term plan with return of premium?
  2. 2. Amount of premium you have to pay based on your age, habits, education, and monthly income
  3. 3. The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
  4. 4. How to save money on tax if you pay for the term life insurance plan?
  5. 5. Do they offer regular income options?
  6. 6. Can you change the coverage and premium in the future?
  7. 7. Does the claim consider valid if death occurs outside India?
  8. 8. Which kind of death is not covered by a term insurance plan?
  9. 9. Can NRIs take a term insurance plan? If yes, what are the conditions?
  10. 10. Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
  11. 11. Under what circumstances can a term insurance plan be cancelled?
  12. 12. Can I pay the premiums online or make electronic payments?
  13. 13. What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?
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