Why is a medical test important for a Term Plan?

Why is a medical test important for your Term Plan?

Secure your claim amount and plan benefits

Term plan can be your family's #BackupPlan in case of your untimely death, taking care of all your financial responsibilities such as children’s education, loans, household bills etc. However, as part of the purchase process you are required to undergo a medical test. While you’d think that it is convenient to buy an insurance policy that doesn’t require a prior medical test, it may not always be as the best way forward.

Claim Rejection

While not informing the insurance company about your health condition may seem like a small deal but it is easier said than done. Filling your application requires you to state your health condition which, if proven wrong, may result in claim rejection.

Lower Coverage

Policies made available without a prior health check-up are bound to offer lower coverage as compared to those that are given post health clearance as the insurance company has to compensate for the risk associated with unknown health issues that may have been uncovered during a medical test.

Premium

While purchasing a policy that requires mandatory health check-ups, your good health can get your premiums lowered a great deal. A person with health complications, on the other hand, would have to pay a higher premium. 

A medical test therefore, can be of great help when purchasing a term insurance plan.


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An affordable term insurance plan with three death benefit options