Which Term Plan Does Not Require a Medical Exam?

What is Term Insurance?

Term insurance provides you with financial security for a specific period. This time frame is agreed upon by a discussion between you & your policy provider. If the insured dies during the said time frame, the beneficiary receives a sum assured to continue their lifestyle or achieve goals.

Various types of term insurance policies are available in the market with different merits & demerits. You should check out the policy that best suits your requirements. The policy duration, age, and current medical conditions are some of the factors impacting the final decision.

Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.

Medical Exams for Term Insurance

Medical exams play an important part in term insurance plans. The main reason for a medical test is to determine the current health quotient of the insurance applicant. If you are seeking a term policy, the company can provide you with personalized policy coverage plans. Medical test results will play a huge role in this regard. Creating a full medical report and submitting adequate medical history documents are positive steps in building the right policy plan for you.

The significance of medical tests in term insurance cannot be overstated. Irrespective of the policy amount and the percentage premium, you & the insurer may leverage the medical exam results.

Is It Possible To Buy Term Insurance Without Medical Exams?

The simple answer is yes. If you are looking to purchase term insurance plans without undergoing medical tests, it is possible. Many Indian companies provide a policy plan without the hassle of medical exams. However, it is generally advised that you undergo one if you have a previous record of critical health issues. If this is not the case, you may opt for a plan without medical tests.

The keyword here is research regarding policy purchase. You have to do extensive research & may consult with financial advisors and health authorities. Before investing in an insurance plan without medical test processing, you should know the calculated risks incurred.

List of Plans Without Medical Exams

The following is a list of all the term insurance plans available in India where a medical check-up is not required. You may go through the list collectively and do a comparative study if needed. However, choosing a suitable plan should be at your discretion.

1. LIC Tech Term Plan

   LIC’s Tech Term plan is a pure protection plan. Also known as the e-Term plan, the application is only made online. This means that you won’t be dealing with any intermediaries. The free look period offered for this plan is 30 days. You may check the satisfaction of the policy during this period. If not content, you may return the policy to your insurance provider.

   The plan features and benefits may be obtained from the company website. No loan can be taken for this policy. You may receive tax benefits and a guaranteed sum assured in case of an eventuality. If you do not opt for medical tests while purchasing the policy, you may have to pay higher premiums.

2. ICICI Pru ICare Term Plan

   The ICICI Pru ICare Plan is a term policy providing full financial protection to your family. Here, you have the option to receive the sum assured as a lump sum or monthly income payment. This will be a fixed minimum amount that your family may receive in your absence. The policy has both single-pay & regular payment options. 

   The minimum eligible age to purchase the plan is 18 years. You may use the insurance cover from 5 to 67 years. The maximum age to enter this plan is 65 years.

3. HDFC Click2Protect Plus Plan

   HDFC Life offers Click2Protect Plus Plan, where you can pick from a range of 4 cover options. The policy term and age ranges vary. Multiple modes of premium payment are available. The payment frequency may be yearly, half-yearly, monthly, quarterly, or a one-time payment. 

   The policy term options are flexible, which may be an added advantage. The death benefits and sum assured are also on the higher sides if chosen at the right age or as early as possible. You also have an extra life option where accidental death benefits may be received.

4. MetLife Term Insurance Plan

   The term insurance plan from PNB MetLife does not require a mandatory medical examination. In this plan, your family may receive monthly income benefits for up to 120 months. Low premium options are available, which may help through your policy purchase. The protection cover offered may be as high as INR 1 crore.

   Fifty critical illnesses are covered in this scheme. You may pick the Joint Life option, where your spouse or a family member is included. An additional layer of protection may be included in benefitting your child’s education.

5. Future Generali Smart Life

   The Future Generali Smart Life is a term insurance plan covering your loved ones with pure protection schemes. It is a non-linked, non-participative plan. You may avail of tax benefits. Rebates will be provided on the premium of higher sum assured. You can buy this plan online by following a few quick steps. It may help you plan the policy coverage without opting for medical exams.

6. Max Life Super Term Plan

   Max Life Super Term Plan is an individual pure risk plan. It is a non-linked & non-participative plan that covers family needs extensively with a comprehensive lump sum amount of assured sum. The age limits for plan eligibility are from 18 to 65 years. Premium payment options are available in multiple formats. The ideal policy term is for 30 years and you may receive a lump sum amount of up to 1 crore rupees.

   The plan also offers maturity benefits wherein the total sum of premiums paid over the policy term is returned to the policyholder. The plan is feasible if you are looking for a policy without any medical tests.

In Conclusion

It is easy for you to opt for term insurance plans without medical exams. The big question is whether you should go for it. You may make the correct fitting decision after considering all facts. The ideal method to purchase a similar plan is to do a deep survey of all the available policies in the market. You may conduct a comparative study and zero in on one specific plan.

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

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