Term Insurance Medical Test
In today's day and age, when it comes to buying term insurance, undergoing a term insurance medical test is necessary. The purpose of the term insurance medical test is to identify the exact condition of your health. This can help the insurer determine the term plan and applicable add-on cover that is ideally suited to your needs....Read More
What Are Common Medical Tests for Term Insurance?
There are few basic medical tests for term insurance that every policy buyer has to undergo, such as:
- Complete blood count
- Kidney function test
- Liver function test
- Lipid Profile
- Fasting Plasma Glucose
- Routine Urine test
Additional tests that may be required on the basis age/policy coverage
Moreover, the complete term insurance medical test depends on various factors such as family medical history, your age, and the type of insurance policy coverage you are applying for. Let us look at the relevance and importance of the term insurance medical test in your insurance buying journey.
Importance of Term Insurance Medical Test
Having a term insurance plan can help you create a financial backup for your family, in case of your untimely death. In your absence, the insurance benefit from the term policy will take care of all financial needs such as your children’s education, paying back loans, and managing household bills.
As part of the term insurance purchase process, however, you need to undergo a comprehensive term insurance medical test.
Based on the term plan medical test results, the insurance provider will determine your overall health condition and your risk profile.features and benefits it offers.
Subsequently, the insurer will create customized term insurance policy quotes for you, so that you can choose the term plan variant that offers maximal benefits for cost-effective premium rates.
Understanding Risk Perception
The premium rates for a term insurance policy are determined based on the insurer’s risk perception of you. Taking a medical test for term insurance, before selecting an insurance policy can hence, help lower your payable premiums significantly.
As a term insurance buyer, you must keep the following points in mind, while opting for a term policy:
a) It is best to undergo term insurance medical test during an early stage of your life, say in your 20s and early 30s
b) Undergoing a term plan medical test and buying a term plan at an early age can help you keep your insurance premiums down
c) Buying a term plan in your 20s and 30s, also means that you can opt for a maximal coverage tenure – meaning you can secure most of your working and retirement years against life’s uncertainties, with the term plan.
In life, we do everything in our power to maintain a healthy disposition. Since we continuously work towards taking care of ourselves, it is prudent that we are rewarded for the same. Thus, the premium payable towards your term insurance policy must be in accordance with your overall health condition.
Before you undergo a term insurance medical test, it is highly likely that you are asked by the insurance provider to declare any pre-existing health issues and your family’s medical history, while filling out the application form.
If you decide not to disclose your health condition, then the chances are that you may not get the desired coverage protection, or worse, your term insurance claim might even get rejected.
Factors Affected by Term Insurance Medical Test
The primary purpose of any term insurance medical test in India is for the insurance provider to know everything about a term plan applicant’s health. Subsequently, the insurer can proceed to create a personalized term insurance coverage – complete with maximal coverage tenure, optimal rates of premium payable and host of other policy benefits.
The terms and conditions for life insurance plans, primarily term insurance, are determined based on the results of the term insurance medical test that the insurance company asks you to undergo. Let us look at some policy attributes that get affected by the results of a term plan medical test:
1. Premium Payable
The primary goal of the insurance provider is to calculate the amount of premium payable towards your term plan. The life insurance business model works based on the overall risk perception of an applicant. Therefore, the insurer must determine your existing physical health condition before they can determine what will be the appropriate quotation for the premium payable towards the plan.
If you are in peak physical health, then your premium payable will be low. On the other hand, if the term insurance medical test identifies any pre-existing medical conditions, the risk factor associated with you becomes higher. Subsequently, you may have to pay a higher amount of premium your desired coverage.
2. Sum Assured
Another aspect of the term insurance policy that is affected by the term insurance medical test results is the Sum Assured. The Sum Assured is the amount of insurance benefit money thatyour family receives, in case of an unfortunate event taking place during the term policy tenure.
The term insurance medical test can help you avail of a higher amount of Sum Assured if your results are relatively healthy. The insurance policies that do not require any medical test for term insurance in India usually offer a lower Sum Assured, which, may often prove to be inadequate in covering your family financially. Before undergoing a term insurance medical test, it is advisable that you thoroughly research about the benefits of the available term insurance plans and use an online term insurance calculator to estimate the premium payable for the desired Sum Assured.
3. Claim Rejection
Many people mistakenly believe that even if they have a pre-existing health condition, they can avail the desired coverage by opting for a plan that does not require a term insurance medical test.
At the time of claim settlement, if the insurance provider finds that the policyholder’s untimely demise is a result of any pre-existing condition that was not mentioned in their application, the insurer can reject your term insurance claim.
Filling out your term insurance application requires you to disclose any existing health conditions which may develop into life-threatening ailments later and result in claim rejection.
How are Max Life Term Insurance Medical Test Conducted during COVID-19 Pandemic?
Max Life Insurance provides its customers with an option to conduct the medical test at the convenience of their home or by visiting a diagnostic centre nearby. Max Life Insurance ensure safety of medical tests conducted. With over 1 lakh medical test conducted safely after April 1, 2020, Max Life Insurance makes it easy for the customer to avail term insurance and financial protection even during COVID-19 pandemic.
What are Video and Tele-medical check-up in term insurance?
During the COVID-19 pandemic in India, medical examinations for life insurance with physical presence of the applicant was found to increase the risk of Coronavirus infection for medical personnel. To reduce this risk, video and tele-medical check-up processes were introduced. In the case of video medical check-up, the medical professional carries out a recorded video interview with the applicant to gather personal information and medical history directly from the applicant. If the medical professional carries out a similar interview with the applicant over the phone, it is termed as tele medical.
Opt for Term Insurance Medical Test to Get the Best Possible Coverage
Undergoing a term insurance medical test in India can help you avail of the best possible insurance coverage. With the term insurance medical test results to back your case, the insurance provider will help you create a personalized term insurance coverage that will helpyou in the long run. Having a robust term insurance coverage to protect your loved ones, you can make sure that your family has enough money to sustain their lifestyle after you and can work towards accomplishing their goals without worrying much about financial instability.
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**Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V02)
*^Savings mentioned are indicative of the maximum premium difference when the same plan/variant is bought offline
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