With growing health concerns about heart conditions and associated lifestyle diseases, buying a dedicated term insurance plan for heart patients is important. Knowing the right coverage, waiting period, comprehensive protection and premium calculations helps you buy the right term plan.
Given the rising numbers of heart diseases and the associated treatment costs, people are prioritising term insurance coverage.
However, heart patients with pre-existing conditions can face certain roadblocks while buying term insurance. Therefore, understanding the process of purchasing term insurance for heart patients in India becomes imperative.
This blog details the importance of term insurance for heart patients and how they can get it for their medical and financial security.
Why Is Term Insurance Coverage Important For Heart Patients?
Term insurance for heart patients in India is important as a product for financial shield. In case of untimely demise of the insured, the term insurance can provide financial safety to their family.
Leading Cause of Death In India
According to a Research Analysis by The Institute For Health Metrics And Evaluation (IHME), heart disease is one of the major causes of death in India. People of every age group have started getting affected due to heart disease in the current scenario for several reasons.
An unhealthy lifestyle, a sedentary work environment, diabetes, high blood pressure, stress, lack of awareness, etc., are some of the main reasons behind developing heart disease.
The Cost of Delayed Action
Although we have the necessary knowledge and medical support extended from different sources, finding the disease and taking timely action is still a challenge in different families.
How To Get Term Insurance For Heart Patients In India?
There are two aspects to purchasing term plans for heart patients.
The factors to consider while purchasing a term insurance plan.
Steps to choosing the right term insurance policy coverage.
Factors To Consider While Purchasing Term Insurance For Heart Patients
Waiting Period in Term Insurance
Insurance companies have a waiting period after which the term insurance coverage will be applicable in specific scenarios. The coverage for the term insurance for heart patients and the related benefits will be applicable post this period.
Understanding Term Insurance Premium
The term plan premium will depend on the probability of death due to the heart condition and the required sum assured. Insurers consider various factors while determining this premium amount.
Age - Age is a crucial factor that helps determine the premium. Older people pay a higher premium in general.
Heart health - Insurers will analyse your heart health condition, the treatment you have been undergoing, and the efforts that you have taken to manage the condition to decide on the required sum assured and the applicable premium.
Severity - The severity of your heart-related illnesses is a major concern. It will help you identify the issues that might develop over time and the required sum that can help cover your family's expenses in the event of your unexpected demise. It also determines the premium.
Diabetes - If you are suffering from a heart ailment and you are diabetic, you need to note that you are likely to contract various other diseases. The premium for term insurance, in this case, can be higher.
Other related medical issues - A severe heart condition can cause various related issues such as obesity, hypertension, etc. These issues can increase the risk of death, increasing the applicable premium.
Family’s medical history - Your family’s medical history can significantly impact the premium rate based on the types of illnesses affected, life expectancy rate, etc.
Navigating Through Medical Tests And Documents Disclosure
The insurance provider may ask you to undergo specific medical tests and keep a record of them. You should disclose the complete information regarding your health condition and provide all the documents related to your heart health condition to ensure a smooth term insurance claim settlement process when you need it.
Exploring Term Insurance With A Critical Illness Benefit
A rider# in term insurance plans provides additional financial benefits in the occurrence of a specific event. For instance, the rider# with a critical illness benefit for term life insurance for cancer patients provides additional financial support during the policy tenure when you are diagnosed with cancer (critical illness). It can help you pay for the hospitalisation and medical expenses.
Steps To Choosing The Right Term Insurance For Heart Patients
Determine the required term insurance coverage - You can decide the required sum assured for the term insurance based on your heart health. The following few methods can prove beneficial.
Human Life Value - You can determine the term coverage required based on your income, expenses, loans and liabilities, medical expenses, emergencies, and future financial commitments, accounting for the inflation rate in this method.
You can utilise our Tata AIA Life Insurance Human Life Value Calculator to determine this value.
Expenses - You can also calculate the sum assured exclusively based on expenses such as your medical treatment, routine grocery, loans and liabilities, your child’s education, etc.
General thumb rule - You can also decide on the sum assured, considering the general thumb of calculating the sum assured as 10 times your current annual income.
At Tata AIA Life Insurance, we offer the Tata AIA Life Insurance Term Insurance Calculator to help you determine the sum assured and the applicable Term insurance premium.
Determine the policy tenure - Find the required term plan tenure based on your health condition, commitments and your dependent family's financial requirements.
Find the various term insurance for heart patients in India - Research the various term insurance policies available for your financial needs.
Understand the term insurance policy inclusions and exclusions - Understand the term policy features for how it is aligned to a heart patient’s need based on their policy terms and conditions.
Compare term insurance plans - Compare the term insurance policy based on the features and benefits to decide on a product suitable for your financial needs.
Customise the term insurance for heart patients - Customise the chosen term insurance policy by choosing a convenient premium payment method, payout option, riders#, etc., to make the term insurance investment flexible to your financial conditions and family commitments.
Determine the term insurance premium - After choosing a suitable product and customising it for your needs, determine the applicable term insurance premium.
You can utilise our Tata AIA Life Insurance Term Plan Calculator to determine the premium based on the sum assured to make a well-informed, smart financial decision.
Revise if unsatisfied - If you find the premium not affordable for the long term, you can revise the inputs and customise the term plan to make it affordable for all your financial requirements.
Tips For Securing Term Insurance For Heart Patients
Follow the medication provided by your doctor
Take frequent heart health check-ups
Manage your weight by having a healthy diet
Avoid habits such as smoking, drinking alcohol, etc., that can impact your heart health
Have a healthy routine with a workout and a balanced diet
Get comprehensive term insurance coverage for long-term
Buying term insurance for heart patients can provide a financial shield to the insured person’s family in their absence. So, if you want to buy term insurance, meticulously consider the waiting periods, policy conditions, premium factors, and transparency in heart health conditions.