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How Much Term Insurance Can You Get Without a Medical Test?

Medical Tests for Term Insurance Application

Term insurance plans provide distinct benefits. It is the most affordable plan for a high sum assured. Well, the sum assured is based on the extent of risk covered in your life! And it is gauged by your lifestyle and health conditions. Therefore, life insurance providers mandate medical tests as a prerequisite to purchasing life insurance plans. However, insurers offer term insurance without medical tests in India. Let us delve a little deeper to understand term plans better.



Can You Buy Term Insurance Without a Medical Test?

Yes, you can buy a term insurance plan without taking medical tests. It is an option provided by many insurance providers. However, in many cases, based on the terms and conditions of the individual insurers', term plans without medical tests are offered for a sum assured less than ₹1 Crore.

Lifestyle, age and family medical history are considered important factors by the insurance providers while offering term plans without medical tests.

Older individuals with a family medical history of serious illnesses cannot expect a higher sum assured in term insurance plans without medical tests. It is always believed that health complications increase with age, and family medical history can be evident in the members with time. Therefore, insurers base their decision on the information provided and, as evident in the lifestyle, age and medical history, to decide on the assured sum.

Provided such restrictions and processing formalities, if you have decided to purchase term life insurance without a medical test, here are a few pointers to consider.



Pointers to Consider on Buying Term Plans Without Medical Tests

It is important to keep these pointers in mind to avoid any discrepancies with the insurer in the future.

  1. Be Transparent About Your Health Condition

    Your health condition is a vital factor while considering the risk covered through the policy term. Therefore, if you have a pre-existing illness or a serious health condition, the extent of getting affected due to an illness is on the higher end, increasing the risk of death. If you have avoided stating your health condition, it might pose a serious problem during a claim.

    Let us consider a scenario wherein you have purchased a term plan without taking medical tests. And, you have a pre-existing heart disease that you have ignored informing the insurer about. Suppose you meet with an unexpected death due to the illness. In that case, your nominee's claim for the death benefit might get rejected because you have not reported the health condition that certainly led to the death. It will be referred to as a case of insurance fraud.

  2. Be Transparent About Your Lifestyle

    Lifestyle habits determine your health condition to a great extent. For example, if you are a chain smoker, you are highly likely to develop cancer, eventually leading to death. If you have avoided informing the insurance provider about habits like smoking, drinking excessive alcohol etc., it can also lead to policy rejection if it is the reason for death.

Therefore, you must disclose your health condition and lifestyle habits to help your family benefit from the term plan.

While it might seem easy to purchase a term plan without taking a medical test, getting it done for increased benefits is always recommended.



Why There Are Need of Medical Tests for Term Insurance Necessary?

Medical tests are considered important in getting the term plans from Insurance Companies There are different types of medical tests for term insurance based on the sum assured required. It is important for the stated reasons:

  1. Lesser Hassles At Claims Stage

    When your insurance provider has a complete picture of your health condition through proper disclosures made by you in the application form and through additional medical tests done, they can take a more informed decision around the sum assured that you need and the premium that you need to pay. As a result, it will reduce the chances of dispute on health conditions at claims stage And, ultimately, it will benefit your loved ones in the event of your unexpected demise.

  2. Cheaper Premium Rates

    As insurance providers decide on the sum assured and the premium based on the health conditions, age becomes an important factor. And, traditionally, people believe with an increase in age, health complications and associated diseases increase drastically. However, if you can prove to the insurers that you are healthy as compared to your counterparts, it - may help you purchase the term plan at lesser rates.

  3. Higher Sum Assured

    While insurers provide term plans without medical tests, there will be restrictions on the extent of the sum assured offered. The lower term insurance cover provided may not be adequate for managing the financial expenses for your family in the event of your unexpected demise. When you provide the medical test results and ascertain that you are medically fit, you can approach the term plan with a higher sum assured.

If you have disclosed the relevant information, you can purchase the term plan after customising the features for the expected sum assured. And, with our Tata AIA term insurance, you can use the online term plan premium calculator and check the affordable premium based on the sum assured and policy term.



Conclusion

Term insurance policy seekers can purchase term plans without taking a medical test. However, the sum assured will be based on the age and the family medical history and restricted to a certain extent. And, if you decide to purchase such a term plan, you have to be transparent about your health conditions and lifestyle habits to avoid claim rejection.

Also, it is recommended that you evaluate term insurance plans with medical tests for cheaper premium rates and higher sum assured. It is always best to disclose your health conditions for better monetary benefits to satisfy and protect your loved ones in the case of your unexpected demise!

L&C/Advt/2022/Mar/0627

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimer
  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.