Medical Test for HDFC Term Insurance

Term insurance is a form of life insurance policy that provides you coverage for a limited number of years rather than giving for your whole life. When the policy matures, you get back the total premiums paid during the entire policy term.

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The term insurance plan offered by HDFC Life Insurance Company includes several benefits. A few of them are listed below: 

  • Affordable premium rates

  • Accidental death benefit

  • Tax deduction benefit

  • Critical illness benefit 

  • Coverage from multiple illnesses

Along with these, you also get several add-on riders. 

When you choose to buy HDFC term insurance, you get these benefits plus coverage for up to 34 critical illnesses. The list includes life-threatening diseases like cancer, heart disease, kidney-related issues, lung disease, and liver issues. 

Importance of Medical Tests in HDFC Term Insurance

It is always advised to the policyholder to undergo medical tests even if the insurer does not mandate it to avoid future discrepancies. It will help consolidate your nominee's position while raising a claim for sum assured. 

Following are the factors that will help you understand the importance of the medical tests while purchasing term insurance: 

  1. Claim rejection

    When you purchase term insurance, your insurer expects you to declare all the health conditions you have at the time of application. Lying about your health conditions to your insurer is not only morally wrong but will lead to getting your claim rejected. 

    Therefore, it is advised to go through medical tests at the time of term insurance application. It will help you rightly disclose your health conditions to your insurer and make life choice changes that will result in you leading a healthy, stress-free lifestyle. If your insurer finds out you intentionally or unintentionally did not disclose your health conditions within three years of purchasing the policy, they can reject your claim. 

  2. Premium amount

    The premium amount is also dependent upon the medical conditions you may have at the time of purchasing the policy. If you undergo a medical examination and find out that you have no chronic illness, then you can opt for a lower premium. The insurer will perceive you as a low-risk investment and will be beneficial in increasing your corpus. 

  3. Low coverage

    Usually, the policies offering no-medical test clauses provide lower coverage. If you purchase such a policy and then get a medical condition during your policy tenure, there is a good chance that you might get insufficient funds from an insurer. 

    You may also get no cover at all for the illness with which you are diagnosed. Therefore, the insurer and policyholder should get medical examinations of the insured done so that both can be better prepared for the future. 

Critical Illness Rider with HDFC Term Insurance

HDFC Term insurance provides additional benefits with the help of the critical illness rider. It provides coverage for up to 19 critical and terminal illnesses. 

The policyholder must meet the following parameters set by HDFC Life to receive add-on benefits:

  • The minimum entry age of the policyholder must be above 18 years. 

  • The maximum entry age of the policyholder must not cross 65 years. 

  • The term of maturity of this rider is up to 75 years or until the policyholder's death. 

  • This rider will be offered to those policyholders who have consistently paid their premiums for five years after purchasing a policy. 

Here are additional things to know about HDFC Life critical illness rider:

  1. Coverage Amount

    Since it is an add-on rider with term insurance, your policy won't be terminated or foreclosed if you claim it. You will get expenses to cover your medical and hospital bills. The minimum coverage amount offered on this rider is Rs 25,000. 

    Maximum coverage amount will vary from person to person depending upon the illness for which funds are required. However, the maximum amount will be decided as per the HDFC board's regulations. The current coverage amount is equal to the sum assured you get at the time of policy maturation. 

  2. Survival Period

    The survival period of the add-on rider refers to the time frame after the diagnosis of the critical illness till the policyholder stays alive. HDFC term insurance has set 30 days as the survival period after the diagnosis of the disease. If you outlive 30 days upon diagnosis of the disease, you become eligible to claim the benefits of the rider. 

    If an applicant claims rider benefit towards the end of the rider term, and the survival period also crosses the end period, then the policyholder or the nominee can claim the rider benefit. 

  3. Waiting Period

    Policyholders get a waiting period after which they are allowed to claim the benefits of the policy. If you have any pre-existing medical condition which turns out to be chronic during the term, they will be excluded until 48 months after purchasing the policy. 

    You can claim the policy for getting coverage for any pre-existing condition, medical advice, or treatment after you have passed the 48 months from the inception of the policy.

Things to Consider Before Purchasing HDFC Term Insurance

HDFC term insurance covers you and your beneficiary financially, especially in times of need. In your absence or eventuality, it offers multiple benefits and returns the premiums paid by you to the nominee. 

Before purchasing HDFC term insurance, you are advised to consider the following points:

  1. Sum assured

    You must consider all the factors relating to your lifestyle and financial needs for deciding the sum assured. The coverage amount should be enough to cover your debts and your family’s lifestyle needs in case of your sudden demise within the policy term. Sum assured also becomes an important factor in deciding your premiums as a higher assured sum would attract a higher premium.

  2. Inflation rate

    When you purchase term insurance, it covers your loved one’s financial future. You must take inflation into account as it will every family, more so when in financial distress. The investment that is deemed as bigger now can be significantly valued less in the future. Once you consider all these factors, the generated corpus will be sufficient for the future.

  3. Disbursal flexibility

    HDFC allows flexibility in the disbursal of the returns. You can withdraw money in a health crisis or the genuine need of the money. After your death, your nominee will get the death benefit and select how he/she wants returns. They can get a lump sum amount or choose payout as monthly income.

  4. Policy tenure

    Policy tenure is a crucial factor to consider before purchasing a term insurance policy. It is directly dependent upon the corpus your policy will generate. If you choose to purchase the policy in your prime, you can opt for a longer tenure, plus you also get additional health benefits.

FAQ's

  • Q. Is there a death benefit on the critical illness rider? 

    Ans: No, there is no death benefit on this add-on rider. However, you will get the necessary coverage for chronic or terminal illness treatment after 48 months of purchasing the policy. 
  • Q. What will happen if I don't pay premiums on time? 

    Ans: If you consistently fail to make payments on time, your policy will collapse until you revive it again during the grace period. Until that time, you can not claim any benefit under the chronic illness rider. However, if you have occasionally missed the premium payments, then you will be eligible for the amount you have paid until then. 
  • Q. Can the premium change anytime during policy tenure? 

    Ans: Premiums of term insurance plans are usually fixed. When you renew the policy, it may increase. It is because they are dependent upon the inflation rate, term limit, and medical conditions of the policyholder. 
    For instance, if a policyholder develops habits like smoking or consuming alcohol, then that will bring the policyholder in the high-risk category. It will cause the premiums to rise. 
  • Q. Can I cancel my critical illness rider after a free-look period? 

    Ans: Yes, you are eligible to cancel a critical illness rider after a free-look period. 
    • If you choose to cancel it within 15 days of purchasing the policy, you can easily do so by providing proper documentation. 
    • If you cancel the rider along with your base policy after 15 days, the insurer will initiate refunds on the premium paid, if any. 
    • If you choose to cancel the rider only, your premiums will be recalculated by deducting the rider amount from the assured sum. 
    • If you cancel the base policy, then your rider will automatically be cancelled. 
  • Q. Can I alter the term limit of the rider? 

    Ans: No, you can not alter the term limit of the rider after making the purchase.
Written By: PolicyBazaar

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