No More Physical Medicals: Term Insurance Ab Asaan Hai

A good term insurance cover must form the foundation of prudent financial planning. The coronavirus pandemic has made people realize the merits of this maxim. A seemingly predictable course of life can get upturned by forces beyond our control. Unlike economic vagaries like a slowdown or crashing financial markets, a pandemic like Covid-19 also poses a mortal life risk. As a result, online sales of term insurance policies are soaring during the lockdown.

The lockdown on account of Covid-19 has also emphasized the importance of the digital products that can be purchased hassle-free and with the convenience of price comparisons and multiple add-ons. If you are looking to buy term insurance online, you should know about some of the new processes that have been introduced to make life easier for you during the pandemic.

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TELEMEDICALS
Many insurers have introduced telemedical facility. The process replaces the need to visit a  doctor or a diagnostic center for a health check-up that could be necessary while purchasing term insurance with a sizable cover. The insurance firms arrange for a telephonic consultation with an accredited doctor who would remotely assess your medical history. This facility is generally available for insurance policies with a cover of up to Rs 3 crore.

VIDEO MEDICALS
This can be considered an extension to telemedicals. With this facility, a doctor conducts a medical examination through a video call. This way, you won’t need to step out of the house for a medical examination.

NO MEDICAL EXAMINATION
There are a some insurers who have done away with the need for medical examination depending upon the risk profile of a customer in order to extend the availability of insurance to a wider group of population. For instance, if you are 30 years old, with an annual income above Rs 300,000, it is likely that you can easily buy a term cover of up to Rs 1 crore without a medical test.

COVID-19 QUESTIONNAIRE
Along with your proposal form, you will get a Covid-19 questionnaire which consists of questions like: Have you travelled abroad since January 1, 2020; do you intend to travel abroad in the next six months; are you currently suffering from flu-like symptoms etc. It is important to answer these questions truthfully because it may lead to issues with your claims or your policy could also be cancelled. 

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“Amidst the pandemic, people have now started to realize the need to buy term insurance and demand increased by 40% in April,” he adds. 

Such innovations and faster services bring happier customers. “In this unprecedented scenario, when our lives are in real danger, I truly appreciate the enthusiasm shown by Policybazaar in delivering such prompt and efficient service without any hassle and medical formalities,” says Delhi-based Ravinder Pal Singh Pahwa, who recently purchased a term plan digitally .   

“Overall, it was a satisfying experience. The agent explained in-depth the features of the policy and in a well-organized manner. I hope to receive a similar standard of service throughout the duration of my policy,” Pahwa adds.

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