• Term Life Insurance For Heart Patients India

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options
    By Prarthana Gopal | 04 Oct 2023

    A term insurance policy is designed to provide the policyholder a risk cover against death for a specific duration. Policy buyers can customise their policy term and choose any tenure ranging from 5 years to 30 years, as per their coverage needs. A term insurance policy will provide you sufficient coverage which will ensure that your loved ones remain financially secure in case of an unfortunate eventuality.

    Term insurance plans are one of the most sought-after life insurance products, and many of these plans can also be purchased by individuals with heart conditions. However, it is important to remember that life insurance firms will only offer a policy to a prospective buyer after evaluating the risk that will have to undertake. Thus, insurance firms are likely to consider applications of heart patients on a case-by-case basis.

    Premium Rates for Heart Patients

    Life insurance providers decide the premium quotes for applicants based on various factors such as the sum assured opted for, the individual’s health conditions, age at entry, policy tenure, etc. When it comes to purchasing a term insurance policy with a heart disease, the life insurance provider is likely to take your health conditions as a deciding factor during the underwriting process.

    The premium quote provided to you by your insurer will be reflective of how much the condition affects you and the risks associated with your heart disease. Thus, the severity of your condition and the steps that you have taken to manage your condition are likely to be of significance to the insurer. Your premium quote will be based on the risk that the insurance firm associates with you.

    Some of the important risk factors that insurers take into account when deciding the premium quote are your age at entry, family history of heart ailments, obesity, stress levels, use of tobacco, high blood pressure, diabetes, poor nutrition, lack of exercise, etc. If the insurer associates a high risk level with you, you can expect to pay a higher premium for a life insurance policy.

    Questions that you will need to be prepared for

    If you are a heart patient, your agent might ask you certain questions about your health and current lifestyle in order to determine the severity of your condition. It is vital that you answer these questions without concealing any information since it will help the insurer decide the best premium quote for you, and it will also help your nominee from having to face any hassles at the time of making the claim. Thus, certain questions that you can expect the insurer to ask you include:

    • Are you undergoing any treatment for your condition?
    • Have you been hospitalised in the past?
    • Are you a tobacco user?
    • Do you suffer from high blood pressure or diabetes?
    • What steps have you taken to manage your condition?
    • How frequently do you visit a doctor?
    • What is your weight and height?
    • Does anybody in your family suffer from heart conditions or other related ailments?
    • What is your occupation?
    • Are you currently taking any oral medication to manage your condition?

    How to find a term insurance policy when you have a heart disease

    The chances of you finding a policy with an optimum coverage will be better if you do your due research and compare at least a few different life insurance policies. When comparing between term insurance policies, make sure to take the policy benefits and features, the life cover/sum assured, premium rate, and policy tenure into account. Make sure to opt for a policy that offers a competitive coverage and premium rate.

    When purchasing a life insurance plan, it is also common for an insurer to ask you to undergo a medical examination or a pre-policy medical screening, especially if you suffer from adverse medical conditions. Make sure to take this up if it is offered to you since it will ensure that your insurer is completely aware of your health conditions and is offering you the policy after taking your health conditions into account.

    In case the insurance provider does not require you to undergo a medical examination, you will still need to submit a declaration of your health to the insurer. Make sure to accurately mention whatever ailments you suffer from without concealing any facts. If the insurance provider finds any discrepancies in the information that you provided, they can cancel the policy, thus defeating the purpose of you purchasing the insurance policy in the first place.

    The Bottom Line

    In order to improve your chances of getting a life insurance policy at a better premium rate, you will need to lead a healthy lifestyle, follow your doctor’s orders, take medication, and keep your weight in check. Showing the insurance provider that you are taking the necessary steps to manage your condition and keep your health in check will give you a better chance of getting a life insurance plan.

    That being said, it is important that you keep an open mind when purchasing a life insurance plan with a heart condition. Thus, make sure to “shop around”, apply to several insurance companies, and even be prepared to pay a slightly higher premium on account of your health. Life insurance is a must-have for any individual looking to provide financial security to his/her loved ones, and it is all the more important for individuals with critical illnesses and ailments to purchase a life insurance plan in order to ensure that their dependents never have to face any financial hassles, regardless of the eventuality.

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