Term insurance is an economic plan that helps you protect yourself and your family. The premium is low and the coverage is high. However, to buy term insurance in India, you must pass specific medical tests to get the policy. The term insurance medical examination aims to pinpoint your state of health so the insurance company can assist in designing the ideal term plan.
List of Medical Tests Conducted:
- Complete blood count
- Kidney function test(KFT)
- Liver function test(LFT)
- Treadmill Test
- Lipid Profile
- Fasting Plasma Glucose
These basic medical tests are conducted to determine if you are healthy enough to purchase term life insurance. Please note that it is not the only test list conducted; it depends on various factors, the life insurance company and the situation.
Factors Influenced by Term Insurance Medical Test
The details of life insurance plans, particularly term insurance, are determined by the results of the term insurance medical test that the insurance company requires you to take. Consider the following policy attributes that are influenced by the results of a term plan medical test:
Sum Assured: The Sum Assured is the amount of insurance benefit money your family will receive if an unfortunate event occurs during the term policy's term. If your results are relatively healthy, the term insurance medical test can help you obtain a higher Sum Assured. Insurance policies that do not require a medical exam for term insurance in India typically offer a lower Sum Assured, which may often be insufficient to protect your family financially.
Claim: If the insurance provider discovers that the policyholder's untimely death was caused by a pre-existing condition not disclosed in their application, the insurer may reject your term insurance claim.
Premium: The life insurance business model is based on an applicant's overall risk perception. As a result, the insurer must determine your current physical health condition before determining the appropriate quotation for the premium paid for the plan.
Importance of Medical Tests
As part of the term insurance purchase process, you must submit to a comprehensive term insurance medical test. The insurance provider will determine your overall health condition and risk profile based on the results of the term plan medical tests.
The insurer will generate customised term insurance policy quotes for you, allowing you to select the term plan variant that provides the most benefits for the lowest premium rates.
Can the Medical Tests be Conducted Online?
During the pandemic, many term life insurance companies started providing online medical check-ups, known as tele medical. The medical professional conduct a videotaped interview to obtain the applicant's personal information and medical history.
A term insurance medical test in India can help you get the best insurance coverage possible. With the results of the term insurance medical tests to back up your case, the insurance provider will assist you in creating a personalised term insurance coverage that will benefit you in the long run. With the best term insurance plan to protect your loved ones, you can ensure that your family has enough money to maintain their lifestyle after you die and that they can work toward their goals without fear of financial insecurity.
Q. Will the term insurance company pay for the medical test?
A. The insurance company usually pays for the medical test and all related services. However, it is important to make sure you go through the terms and conditions.
Q. Can I buy a life insurance plan without medical tests?
A. The medical test will help the insurance company determine whether you are healthy. It is a vital factor, so it is ideal not to skip it.
Q. Will the insurance company keep the documents?
A. This depends on your insurance company. Every insurance company has a different way of handling this situation, but in most cases, they just check the documents and send the policy documents to the policyholder's registered email address.