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‘No medical tests required’, you will find this clause blatantly used as a catchy ads for a prospective buyer. But is it really worth buying a term insurance without undergoing medical tests?
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The purpose of undertaking medical tests before buying a term insurance is to determine the health quotient of the applicant. Based on the test results the insurance company gives you a customized insurance plan. However, if you fall for the advertisement and go for a term plan that might not require you to take immediate medical tests, it is not without risks. This might have repercussions in the long run. Let’s demystify this advertising gimmick and unravel the truth behind it.
Term Plans
The exemption from medical tests does not mean you can sweep your health problems under the carpet. You will still be needed to make a statement about your health condition in the application form. If you hide a health condition, it can have severe consequences on your insurance cover. Roughly, 2-3 % of claims end up in the trash due to this every year.
An insurance company decides the premium based on risk perception. Taking a medical test prior to buying a term insurance can significantly lower your premiums.
Let’s understand this with an example: Two persons applying for the insurance policy undergo a medical check-up. One comes up with normal sugar level and other with a borderline case. The one with normal sugar level is required to pay lower premium as compared to the other. However, if the policy didn’t require medical tests then both of them would end up paying the same amount of premium. Certainly, a loss for the healthy applicant.
Moral of the Story: You can lower premium cost by showing medical fitness certificate to your insurance company.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
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The policies that encourage ‘No Medical Test Required’ theory are generally low-value plans. Even if you are young and healthy, no insurer will provide a cover of more than 5 lakh without a medical test. Therefore, if you are looking for high insurance cover then you medical examination is necessary.
Here’s the table showing risk cover viz-a-viz age group of the people who have to show the medical report to their insurers before buying a policy.
| Risk Cover/ Age Group | 18-30 Years | 31-40 Years | 41-50 Years |
| Up to Rs. 2 Lakh | Nil | Nil | Full Medical Report |
| Rs. 2-5 Lakh | Nil | Full Medical Report | |
| Rs. 5-10 Lakh | Full Medical Report | Full Medical Report + HIV Test | Full Medical Report + HIV Test |
| Rs. 10-20 Lakh | Full Medical Report + HIV Test | Full Medical Report + HIV Test + Blood Serum Test | |
| Rs. 20-30 Lakh | Full Medical Report + HIV Test + Blood Serum Test + Routine Urine Analysis | Full Medical Report + HIV Test + Blood Serum Test + Routine Urine Analysis | |
| Rs. 30-40 Lakh | |||
| Above Rs. 40 Lakh | Full Medical Report + HIV Test + Blood Serum Test | Full Medical Report + HIV Test + Blood Serum Test + Routine Urine Analysis + Comprehensive Trail-making Test |
*Full medical report includes ECG, fasting blood sugar, blood count and blood pressure tests. It may also include certain kidney and liver tests.
So, if you are buying an insurance policy, go ahead and take that medical test first. Trust us, there is no escaping from the medical tests, eventually.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
The outbreak of this novel coronavirus has surely gathered much attention. Today every individual is well aware in regards to this novel coronavirus. Now as the impact is huge and cannot be controlled anytime soon you must have an apt coronavirus term insurance. The year 2020 will always be remembered and history will have a special mention. To some extent, it has also changed the scenario of the insurance industry wherein the people lately have realized the importance of having a life insurance policy.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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