Why Medical Test is Important in Term Insurance?

Higher Probability of Claim Rejection

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.

Pay More Premium

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.  

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.

Lesser Risk Coverage

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.

*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.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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.