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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.
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.
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
The general requirements are
Depending on certain factors, medical test for insurance policy also might be required.
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.
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.
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.
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.
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?
An excellent option for a term insurance would be Canara HSBC Oriental Bank of Commerce's iSelect Smart360 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 Smart360 Term Plan ensures utmost comfort and flexibility.
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