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.
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
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.
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.
Following are the benefits of buying term insurance:
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.
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.
The following factors determine how much term life insurance you can get without a medical exam:
The list of life insurances that does not require any medical tests/exams/check-ups are:
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.
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