Can you buy term insurance without a medical test?

Yes, you can get term insurance without medical tests. It should be noted that not all term plans come without medical screening and also, the sum assured offered in such a term plan is generally lower than that offered with proper medical tests done.

Why are medical tests important for term insurance?

Medical tests help insurers evaluate the fitness level of the proposer. If you are in good health, then this can help reduce your premium rate and avail a higher cover (sum assured).

What is the medical test process for term insurance?

Considering your age, health status, family’s medical history and sum assured, an insurance provider can suggest taking up some physical, telephonic or video tests. They may direct you to a certified lab or at-home medical services provider.

What happens if my medical test results indicate some health issues?

This can increase the rate of premium against your insurance coverage.

What are the common tests required for term insurance?

Generally, insurers ask for full body check-ups that include various blood and urine tests.

Why are video medical tests preferred by insurers?

They help insurers learn if the proposer has hidden details related to chronic illness or current health status. This information is crucial in deciding the eligibility of potential policyholders.

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Term Insurance Without Medical Test

What is Term Insurance?
Features & Benefits
Importance of Medical Tests for Term Insurance
Types of Medical Tests Required
Term Insurance without Medical Test
How to Buy Term Insurance without Medical Tests?
Things to Consider
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Term Insurance Without Medical Test

Life insurance, including a term insurance plan, acts as a saviour in unforeseen events that can lead to financial crises. That is why, it is important to have a

Disclaimer: In Unit Linked Policies, the investment Risk in the investment portfolio is borne by the policyholder.

^*Disclaimer |^*1Standard premium for 20-year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan. The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

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What is Term Insurance?

A pure life insurance product, term insurance helps policyholders safeguard the future of their loved ones financially, in the case of an unforeseen event. This basic protection plan provides life coverage (in the form of sum assured) to the policyholder’s family (paid to the assigned nominee) against the premium paid over a specified period.

Notably, term insurance helps bereaved families cope with financial instability that may occur if the policyholder passes away due to an accident or an illness. Further, term plans are traditional insurance policies that must feature in everyone’s investment portfolio.

Key Features & Benefits of Term Insurance Plans

Here are the key features as well as the benefits of term insurance plans:

1) Anyone can buy them easily as all the resources, from the application form to the premium calculator, are available online.

2) Get maximum financial independence at affordable premiums. Notably, starting at a young age significantly helps in getting term plan at a lower premium.

3) Premiums are often customisable, considering your age and habits. For instance, smokers are bound to pay extra premium as compared to those who don’t.

4) Term plans come with flexible payment options like monthly, quarterly and annually.

5) Also, term plans allow policyholders to choose the pay-out option. For example, the insurer can be requested to dispense the sum assured on a monthly basis (just like a regular income).

Importance of Medical Tests for Term Insurance

Results of medical tests or full-body check-ups help insurance providers gauge the fitness level and overall health of potential policyholders, as well as the risk involved for them. Considering this information, they can decide the rate of premium. It is to be noted that insurers can also deny a claim if a pre-existing medical condition is identified.

Getting medical tests done reduces the hassle during claims. Also, if reports are okay, then it improves your chances of getting low premium rates and the desired sum assured.

Types of Medical Tests Required for Term Insurance

Considering your age, health history, and the required cover, insurers suggest you undergo certain tests before issuing term insurance. Here are the common types of tests that a potential policyholder needs to undertake.

Physical Tests

For starters, insurers prefer checking know your height, weight, body mass index (BMI), haemoglobin, blood pressure and blood sugar levels. Depending on your age, they may also ask you to get your lipid profile, complete blood count (CBC), HIV and urine tests, and echocardiography done.

Telephonic Tests

Insurers may conduct a tele-medical interview, which requires the proposer to offer honest and accurate answers. Notably, any discrepancy can impact your premium or coverage. To ensure that everything goes fine during the interview, keep your medical records and current prescriptions handy.

Video MER

These days, some insurers offer video MER, which is a medical examination carried out by a medical practitioner over a video platform. Video MER recordings help doctors identify any pre-existing medical condition that the proposer may have missed out on.

Term Insurance without Medical Test

Some insurers have started to offer term insurance plans without medical screening in India. They only want you to furnish details pertaining to your health and family’s medical history. Before asking for medical tests, insurers majorly take into consideration the buyer’s age and the sum assured.

Here are some factors that increase your chances of getting term insurance without medical tests:

1) Buying term insurance at an early age puts you in the low-risk category for the insurer. This also makes your premium affordable.

2) Insurers reward you for maintaining a healthy lifestyle, working out regularly and staying fit. Being healthy can fetch you better premium rates.

3) Assess your insurance needs. Consider the family’s living cost, future expenses and pending liabilities before selecting the right cover. Choosing a higher sum assured indicates a larger financial liability. Also, this pushes insurers to ask for medical check-ups so as to evaluate the need for such high sum assured and asses risk involved.

4) Be transparent about your health history with your insurer. Any discrepancies later can very easily result in getting your claim rejected.

How to Buy Term Insurance without Medical Tests?

The following are the simple steps that you can follow to buy term insurance without medical tests:

1) Choose your coverage by selecting the sum assured

2) Customise your plan and select the premium frequency and pay-out mode

3) Choose riders for additional benefits, such as the option to increase the sum assured or better half benefit

4) Feed in details, including your age, occupation, health status and family’s medical history. Submit the requested documents and complete the formalities.

Post this, the insurer will verify all the documents and a term plan will be issued upon the payment of the premium. Note that the key to getting a term insurance without medical test is to be completely honest with your insurer.

Things to Consider Before Buying Term Plans without Medical Tests

Here are some important things to be mindful of before zeroing in on a term plan without medical tests.

1) Premium should be competitive and affordable.

2) Decide policy duration considering your financial goals.

3) Pay attention to the insurer’s claims settlement ratio, which is the percentage of total claims settled in a year against the total claims received. The higher the ratio, the better it is.

4) Consider claims assistance support offered by the insurer.

5) Go through the policy terms meticulously.

Also, it is vital to disclose your medical condition/lifestyle to the insurance provider in order to avoid any inconsistency.

In unpredictable times like today, it is vital to get term insurance that covers your family comprehensively. It is to be noted that buying term insurance early in life and maintaining a good lifestyle can help you get a good premium rate without undergoing medical tests.

FAQs about Term Insurance without Medical Tests

ARN: June24/Bg/14G

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Term Insurance Without Medical Test

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What is Term Insurance?

Key Features & Benefits of Term Insurance Plans

Importance of Medical Tests for Term Insurance