• Term Insurance Without Medical Check Up

    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 | 27 Sep 2023

    Term insurance policies are one of the most sought-after life insurance products in India due to their high coverage and affordable cost. As the name suggests, a term insurance policy is purchased for a particular policy tenure, usually between 5 years and 30 years. Since these policies offer a pure risk cover to the policyholder, they only provide a death benefit if the policyholder passes away during the policy tenure.

    Thus, term insurance policies do not usually offer maturity or survival benefits, unlike other life insurance plans. However, certain term plans come with a ‘Return of Premium’ option. Under these policies, the insurance provider will return all premiums paid during the policy tenure to the policyholder.

    In order to purchase an insurance policy, you will need to submit an application form with all required documents. In certain cases, the insurance provider might also ask you to undergo a pre-policy medical screening based on your age, health conditions, or sum assured opted for. Thus, the life cover that is offered to you and the premium payable is linked to these factors.

    Buying a Term Insurance Plan without a Pre-Policy Medical Test

    Insurance providers sometimes ask prospective policy buyers to undergo a pre-policy medical screening as proof of insurability and good health. Insurance firms do this only to ensure that the policy buyer doesn’t suffer from any life-threatening disease or ailments, which might in turn increase the risk undertaken by the insurer.

    However, it is important to know that not all individuals looking to purchase insurance will be asked to undergo a medical screening. Usually, policy buyers in their 20s and 30s who lead a healthy lifestyle and don’t have any health conditions will not be required to undergo a medical test. If you are looking to purchase a term insurance plan without undergoing a pre-policy medical screening, you will need to do your due research, compare various plans offered by insurance providers, and read through the policy brochure carefully. If you find it difficult to pick a plan on your own, you can also seek the assistance of an insurance agent who is familiar with various insurance plans and their eligibility criteria.

    Top 3 Term Insurance Plans in India:

    Listed below are 3 term insurance plans offered by life insurance firms with a high claim settlement ratio for FY16-17.

    1. LIC’s e-Term Plan: The e-Term Plan from LIC is a non-participating, regular premium policy that can be purchased through the insurer’s official website. This policy offers preferential premium rates to non-smokers. Individuals between 18 years and 60 years can purchase this policy for a tenure ranging between 10 years and 35 years. Policy buyers who purchase this policy may or may not have to go through a pre-policy medical screening based on their health declarations and underwriting requirements.

    2. Max Life Super Term Plan: The Super Term Plan from Max Life Insurance is a non-participating, non-linked insurance policy. This policy offers comprehensive coverage at an affordable price and offers preferential premium rates to non-smokers and women. Individuals who opt for a high sum assured are also eligible to receive discounts. This policy can be purchased by individuals between 18 years and 65 years. Prospective policy buyers, in certain cases, might have to take up a pre-policy medical screening if requested by the insurer.

    3. HDFC Life Click 2 Protect Plus Plan: The Click 2 Protect Plus Plan from HDFC Life is a non-participating, non-linked, term insurance policy that offers nominees a significant payout in case of an unfortunate eventuality. This policy comes with 4 plan options and can be purchased by any individual between 18 years and 65 years. The maximum maturity age for this policy is 75 years. In order to purchase this policy, policy buyers are expected to provide information about their occupation, health, lifestyle, and family’s medical history.

    Benefits offered by Term Insurance Plans

    • Affordable Pricing: Since term insurance policies do not acquire a cash value, they are usually offered at a lower premium rate than other insurance plans. Thus, policy buyers can opt for a high sum assured without having to pay a hefty premium.
    • Death Benefit: If the policyholder passes away during the policy tenure, the insurer will pay the full death sum assured to the nominee. Thus, these plans can guarantee the financial security of one’s loved ones.
    • Maturity Benefit: Traditional term insurance policies do not offer a maturity benefit to policyholders at the completion of the policy tenure. However, TROP Plans, which is a sub-type of term insurance, returns all premiums paid to the policyholder at maturity.
    • Tax Benefits: Individuals who purchase term insurance plans can claim tax benefits for premiums paid under Section 80C of the Income Tax Act. Similarly, the payout received is also exempt from tax as per Section 10(10D) of the Income Tax Act.
    • Additional Benefits: Policy buyers can purchase additional riders or add-ons with their term insurance plan, and thus become eligible to receive additional benefits.

    Things to consider when purchasing a Term Insurance Plan without undergoing a Medical Test

    While you may or may not be required to under a medical test when purchasing an insurance plan, it is important that you don’t conceal any information about your health condition. Insurance providers will require you to provide a declaration of your health at the time of buying the policy, even if they don’t require you to undergo an actual medical test.

    Thus, make sure to disclose all facts about your health and any ailments that you may be suffering, even if this leads to an increase in the premium payable since concealing information could lead to your nominee’s claim getting denied. Further, if you are required to undergo a medical examination, make sure to take this up since you can ensure that the insurer is fully aware of your health conditions when offering you the policy.

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