How Much Term Life Insurance Can I Get Without a Medical Exam?

Under term life insurance, the insurance company promises to pay the sum assured in case of the death of the insured/policyholder. The amount is transferred to the insured's family for them to lead their current lifestyle.
Term insurance is probably the simplest form of life insurance with the lowest premium rates.

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However, you must go through a thorough medical examination to buy the policy. There are only a few term insurance plans that offer coverage without the medical examination. The coverage amount offered in such a case is not as significant as the coverage received with medical tests.

Why Should I Buy Term Insurance?

Most people do not want to talk about death or think of adverse life situations. Death and adversities are only the truths of our lives that bring uncertainty into human lives. Term insurance helps you stay prepared against such adversities of life wherein the dependents of the earning member suffer less financial hardships in their absence. 

Most term insurance plans also offer additional rider benefits such as critical illness cover. This cover may compensate for your medical expenditure if you develop a critical illness during any phase of your life. The treatment for critical illnesses is usually costly, and it can cost you all your life savings. So to protect you and your family's financial condition, you may get this add-on.

Benefits of Buying a Term Insurance

Following are the benefits of buying term insurance:

  • Large sum assured at affordable premium costs: Term insurance plans assure a large sum of money at low-cost affordable premium rates. The premium cost for term insurances is probably the lowest compared to other life insurances such as ULIPs.
  • Simple policy: Term insurance is the most simple and purest form of life insurance. It is easy to understand as it doesn't have any complexities in policy's terms and conditions. 
  • Income tax benefits: Term insurance helps you to save tax. The premium you pay is exempt from your taxable income under Section 80C. The death benefits are also fully exempt under Section 10(10D) of the IT Act.
  • Multiple payout options: Term insurances allow you to choose between multiple payout options that you may deem fit to meet your family’s financial requirements upon demise. The available options are lump sum payout, monthly payout, lump sum + monthly, and lump sum + increasing monthly income.
  • Lower entry age: Term insurance has a minimum age requirement of 18 years and a maximum of 65 years. If you buy term insurance at 25 years of age, you will have to pay the same premium amount until the policy term. The premium amount remains the same for a policy term.
  • Accidental death cover: Accidents are rising as the vehicles on the roads are rising, which means accidents can happen to anyone at any time. If you buy an accident cover rider with your base term insurance, the insurance company will compensate if your death was caused by any accident.

Can I Buy Term Insurance Without a Medical Exam?

Yes, you can buy term insurance without any medical check-ups or exams but the premium rate may vary from standard plans. For example, the premium will depend on the age of the policy buyer, type of cover, or coverage amount. It may also vary if you have a pre-existing illness or critical medical condition. 

If you do not medically examine your health while buying the cover, it may cause hindrance during the policy claim process. Your insurance company can reject claims based on their assessment of your coverage and medical history of the family. In case your beneficiary is able to prove your death due to the causes covered under your policy, transfer of the sum assured to the beneficiary’s account may take longer than usual.

How To Buy Term Insurance Without Medical?

Buying term insurance that doesn't require a medical test is as simple as buying groceries. But you must do your research and find which policy better suits your financial requirements. Once you have finalised the policy, you can proceed with its payment. 

If you want to buy the policy offline, you can directly visit the nearest branch of your insurance company to complete the buying process. A representative of the company will help you navigate through it all.

How Much Life Cover Can I Get for Term Insurance Without a Medical Exam?

The following factors determine how much term life insurance you can get without a medical exam:

  • Age: If you are young, you can take advantage of lower premiums against a higher coverage compared to older people. It is because as you age, you tend to develop multiple medical conditions, including critical diseases like heart ailments or cancer.
  • Lifestyle: If you smoke regularly, your premium might be higher because smoking causes various illnesses in the human body. Smoking or chewing tobacco is also one of the leading causes of death.
  • Pre-existing illness: If you have any pre-existing illness, there is more possibility of you raising a claim than healthier people. Your insurer will either offer coverage for a higher premium or reject the policy.

Term Insurance Plans Available in India Without Medical

The list of life insurances that does not require any medical tests/exams/check-ups are:

  • LIC Tech Term Plan 
  • HDFC Click 2Proctect Plus Plan 
  • ICICI Pru Icare Term Plan 
  • Metlife Term Insurance Plan 
  • Future Generali Smart Life

In Conclusion

You should buy term insurance irrespective of its requirements for medical examination. However, it becomes essential for you to get the medical examination done if you do not want your loved ones to face troubles during the claim process. Term insurance plans are the cheapest among all life insurance plans. They have affordable premium costs compared to other life insurance plans. You must do your research before finalising a plan.

FAQ's

  • Q. Is buying term insurance worth it?

    Ans: Buying term insurance is worth it for the benefits it offers. It provides financial protection to your family upon your untimely demise. Term insurance policies do not usually have high premium rates for higher coverages except if you are a smoker or have pre-existing medical conditions.
  • Q. Which term insurance to buy?

    Ans: The term insurance you should buy can depend on many things, such as if you just want your family to get an assured sum of money, you may choose term insurance. If you want your family to get a guaranteed sum of money plus the benefit of wealth creation, then you may choose a ULIP plan, etc.
  • Q. If I have a pre-existing disease, can I buy any term insurance without a medical exam?

    Ans: Yes, you can still get term insurance without any medical exam if you have any pre-existing disease/illness. But the premium cost may be higher in such cases.
  • Q. How much cover should I choose?

    Ans: The amount of your life cover depends on the size of your family, their needs, financial goals and lifestyle. It is better to use the term insurance calculator to figure out how much life cover is adequate for your family. If you still have doubts, you can contact the customer care of your preferred insurer or ask any financial adviser for a basic understanding of the concepts.
  • Q. What is a term insurance rider?

    Ans: The riders are the add-on benefits that you can buy to strengthen your basic life insurance policy. These add-ons provide extra coverage for any unfortunate events that may arise, such as critical illness cover, accidental cover.
  • Q. What is TROP in a Term Insurance plan?

    Ans: TROP is a Term Return of the Premium plan. It is a survival benefit plan wherein the insurer returns the total premium paid by the policyholder if they survive the policy term.
  • Q. What are the types of deaths that are covered in a term insurance plan?

    Ans: Most term insurance plans include all types of deaths caused due to natural or made-made causes. The insurance company may reject the claim if the policyholder’s cause of death is not covered under the policy or they find some discrepancies in your information. To know further, you may contact your insurer/ insurance company to understand terms and conditions or any other aspect of a term insurance policy.

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