Life insurance in India has never been as important as it is today, thanks to the increasing risks of contracting fatal diseases. India has been seeing a rise in deaths, among young and old, in the recent decades that can be attributed to issues like cardiovascular diseases, cancers, hypertension, diabetes, etc. As per the World Health Organization, India accounts for one-fifth of deaths due to cardiovascular conditions, which is higher than the global average. Such factors make life insurance an inevitable part of financial planning and security.
 

When getting a life insurance plan, medical history is one of the important aspects that insurers look into. Now, if you have a pre-existing condition like diabetes, asthma, or heart disease, you might be wondering if you can avail life insurance in India?
 

The short answer is yes, you can get life insurance with pre-existing medical conditions! However, there are several factors to consider. Before we jump to that, let’s understand the term pre-existing conditions.
 

What is a Pre-Existing Condition?

As per the Insurance Regulatory and Development Authority of India (IRDA), a pre-existing health condition is any medical condition, including injury, that has been diagnosed at least 48 months or 4 years before receiving the insurance policy.

In general terms, it is a health condition that has been present for some time before you apply for coverage. This also includes issues for which treatment is ongoing or has been either received within the above-mentioned time frame. While every life insurance company covers different health conditions under the term, diseases like diabetes, asthma, cancer, cardiovascular, etc., are usually considered pre-existing conditions.

How Will the Insurance Provider Know About the Pre-Existing Condition?

The process through which an insurer assesses your eligibility for insurance is known as underwriting. Typically, it is a way of evaluating risk factors to determine your insurability.

When you apply for life insurance, you have to fill out an application form. While doing so, you are required to give information regarding your age, health history, profession, income, family, lifestyle factors such as smoking and alcohol intake, and more. Certain insurers will also ask you to undergo a medical examination.

The application process is when you inform your insurer about your pre-existing health condition. After this, through the underwriting procedure, the insurance company will work on the information provided to ascertain if you can get insured.

Factors to Keep in Mind When Applying for Life Insurance With Pre-Existing Medical Conditions
 

Several considerations need attention if you suffer a health condition while applying for life insurance. From informing the insurer about the health issue to the premiums charged, let’s look at the various aspects.
 

• Disclosure of the Pre-Existing Health Condition
  
  To get insured without any hassles, you may think of not informing the insurer about the disease you currently have, especially if it is not a terminal illness such as non-curable cancer or AIDS. However, withholding this crucial information can backfire. It may result in rejection and even termination of the policy if the insurer finds out later.
  
  Make sure to answer all questions regarding your lifestyle and medical conditions carefully. Your insurer may ask for additional information once you tell them about your health condition. It can be undergoing a specific medical exam or getting reports from your doctor. Provide them with the required information to ensure you get optimum coverage to secure your family financially.
  
  
• Cost of premium
  
  Once the insurer gathers all the information about you, they proceed to calculate the risk. The prevalence of a pre-existing condition automatically increases the risk factor. Thus, this results in more premiums to make up for greater uncertainties. The cost of the policy will depend on the severity of the condition.
  
  
• Riders^# with the policy
  
  Life insurance in India comes with options for additional protection from events such as hospitalisation, dismemberment, critical illnesses, etc. These are called riders^#. While you might have to pay more for these riders^#, they can be beneficial in securing yourself and your loved ones financially in the long run. For instance, you won’t have to part with your savings if you have to be hospitalised.
  
  
• Little to No Waiting Period
  
  Unlike health insurance, life insurance policies have little to no waiting period to get the cover. When buying life insurance with pre-existing medical conditions, it may take a few days to activate your policy. However, once it is on, you get complete coverage.
   

 

Conclusion

Life insurance with a pre-existing medical condition is possible. Being diagnosed with a health condition, especially a chronic disease, is emotionally devastating. However, don’t let that discourage you from securing your family’s financial needs.

 

Today, innovation has enabled insurers to come up with varied plans to suit the different needs of people. Although insurance providers may reject an application due to medical reasons at times, that does not mean you cannot get yourself covered. There are several factors to consider. Moreover, there is a wide range of insurance plans that can help you safeguard your financial future. From rider^#benefits to cover financial emergencies like accidental death to savings plans, there are many life insurance policies to pick from.

 

Tata AIA policy offers extensive coverage and you can also include riders^# .With a critical illness cover, you get a lump sum benefit in case you are diagnosed with a critical illness like cancer or heart disease during the term of the policy.

L&C/Advt/2022/Oct/2679