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‘No medical tests required’, you will find this clause blatantly used as a catchy ads for a prospective buyer. But is it really worth buying a term insurance without undergoing medical tests?
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The purpose of undertaking medical tests before buying a term insurance is to determine the health quotient of the applicant. Based on the test results the insurance company gives you a customized insurance plan. However, if you fall for the advertisement and go for a term plan that might not require you to take immediate medical tests, it is not without risks. This might have repercussions in the long run. Let’s demystify this advertising gimmick and unravel the truth behind it.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
The exemption from medical tests does not mean you can sweep your health problems under the carpet. You will still be needed to make a statement about your health condition in the application form. If you hide a health condition, it can have severe consequences on your insurance cover. Roughly, 2-3 % of claims end up in the trash due to this every year.
An insurance company decides the premium based on risk perception. Taking a medical test prior to buying a term insurance can significantly lower your premiums.
Let’s understand this with an example: Two persons applying for the insurance policy undergo a medical check-up. One comes up with normal sugar level and other with a borderline case. The one with normal sugar level is required to pay lower premium as compared to the other. However, if the policy didn’t require medical tests then both of them would end up paying the same amount of premium. Certainly, a loss for the healthy applicant.
Moral of the Story: You can lower premium cost by showing medical fitness certificate to your insurance company.
The policies that encourage ‘No Medical Test Required’ theory are generally low-value plans. Even if you are young and healthy, no insurer will provide a cover of more than 5 lakh without a medical test. Therefore, if you are looking for high insurance cover then you medical examination is necessary.
Here’s the table showing risk cover viz-a-viz age group of the people who have to show the medical report to their insurers before buying a policy.
| Risk Cover/ Age Group | 18-30 Years | 31-40 Years | 41-50 Years |
| Up to Rs. 2 Lakh | Nil | Nil | Full Medical Report |
| Rs. 2-5 Lakh | Nil | Full Medical Report | |
| Rs. 5-10 Lakh | Full Medical Report | Full Medical Report + HIV Test | Full Medical Report + HIV Test |
| Rs. 10-20 Lakh | Full Medical Report + HIV Test | Full Medical Report + HIV Test + Blood Serum Test | |
| Rs. 20-30 Lakh | Full Medical Report + HIV Test + Blood Serum Test + Routine Urine Analysis | Full Medical Report + HIV Test + Blood Serum Test + Routine Urine Analysis | |
| Rs. 30-40 Lakh | |||
| Above Rs. 40 Lakh | Full Medical Report + HIV Test + Blood Serum Test | Full Medical Report + HIV Test + Blood Serum Test + Routine Urine Analysis + Comprehensive Trail-making Test |
*Full medical report includes ECG, fasting blood sugar, blood count and blood pressure tests. It may also include certain kidney and liver tests.
So, if you are buying an insurance policy, go ahead and take that medical test first. Trust us, there is no escaping from the medical tests, eventually.
The outbreak of this novel coronavirus has surely gathered much attention. Today every individual is well aware in regards to this novel coronavirus. Now as the impact is huge and cannot be controlled anytime soon you must have an apt coronavirus term insurance. The year 2020 will always be remembered and history will have a special mention. To some extent, it has also changed the scenario of the insurance industry wherein the people lately have realized the importance of having a life insurance policy.
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