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A term plan insurance policy will support your family's financial needs in case of your untimely death. A medical test is important to buy term insurance as most insurers need to check an individual's medical status before offering term protection. It ensures transparency and allows the insurer to offer coverage with the maximum benefits.
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Insurers often require medical tests for term insurance for the following reasons:
The insurance company assesses your medical conditions and chooses a suitable term insurance premium that you need to pay for the desired life cover. If you have pre-existing medical conditions under the high-risk category, it will lead to higher premiums.
Another component of a term insurance plan is the sum assured. The lump-sum amount will be paid to your nominees in case of the policy holder's death within the term duration. After the medical test, if you are healthy or without any serious ailments, the insurer will offer you a higher amount as a sum assured.
In most cases, the insurer will reject the death benefits claim if it is proved that the policyholder's demise is due to a pre-existing medical condition.
If you purchase a term insurance policy without a medical check-up, you are bound to receive low coverage from the insurer. The insurer will compensate for the unknown medical issues hidden from them.
The mistakes in medical tests for term insurance plans can result in your request to buy term insurance being rejected. Therefore, to help you avoid these mistakes, here is a list of the main reasons why term insurance medical tests fail in India:
Communication breakdown: It is one of the most common root causes that can lead to term insurance medical test fail in India. There can be verbal or written communication issues in a medical setup between a physician, patient, nurse, or lab technician.
Insufficient information flow: It is critical in any healthcare setting to have proper information flow related to the patient. Otherwise, it can lead to erroneous test results, ultimately affecting your term insurance plan.
Human errors: These occur if the standard protocols are not followed in the medical examination. Some of the human errors include poor documentation and incorrect labelling of the specimens. These knowledge-based errors also occur due to a lack of experience and improper training.
Patient-related issues: There may be wrong patient identification, preliminary patient assessment, failure to obtain consent, and lack of awareness about the medical examination needs.
Knowledge transfer: The team that handles the medical test for prospective policyholders may not be well trained due to insufficient knowledge transfer or maybe newcomers temporarily. It can lead to critical mistakes in medical reporting that may result in term insurance medical test fail, hampering your chances of securing a good term insurance plan.
Inadequate staffing: More often, the staff capacity doesn't match the patient inflow, and hence the medical team is prone to make mistakes due to higher workload.
Technical failures: Sometimes, the medical equipment used for testing may fail to show accurate results due to calibration issues, electronic and software glitches, etc. The same inaccurate results are added to your medical records, which can end up in your term insurance medical test fail.
Lack of policies and procedures: Some hospitals where these medical examinations are conducted may follow poor documentation policies and use out-of-date medical procedures, leading to term insurance medical test fail.
Now that we have understood what is term insurance and the common mistakes in term insurance, let us take a look at how you can fix or prevent medical report mistakes.
Make sure you are fasting for at least 12 hours before your medical examination.
After the completion of the medical examination, try to get report copies for reference.
If you are not satisfied with the interpretation of the results, then visit another clinic to get a second opinion.
Self-declaration of medical issues before the purchase of the term plan will help win the insurer's trust.
If possible, get a second medical test at your own expense and double-check so that if there are any mistakes in the first report, they are fixed by submitting the second report.
You need to find the source of the mistake, find sufficient evidence and correct your medical report.
Reduce caffeine intake before the medical examination as it can increase blood pressure and the heart rate affecting your results negatively.
Be relaxed and stress-free at the time of medical examination so that your results are accurate.
Avoid smoking before the medical examination as it can elevate the blood pressure impacting your results.
Don't consume alcohol before the medical examination as it can affect liver function tests.
Don't eat extra salty foods 24 hours before the test as it can throw off tests for kidney function.
The benefits of term insurance medical tests are as follows:
Reduced chances of claim rejection: Medical examination results can be used as documentary evidence to support your claims in case of any discrepancies.
Reality check: Medical examination reports will give you insights into your current medical conditions. It will help you to modify your lifestyle and become healthier if there are any ailments discovered. If there are any chronic issues, you can get immediate medical attention to get better.
Reasonable premium rates: A clean medical report free of any ailments will be rewarded with a lower premium rate. You can use a term policy calculator to get the estimated premiums for your profile.
Higher sum assured: Term insurance plans with the mandatory medical examination are higher assured, depending on the results. Therefore, it will help you accumulate a higher corpus that can help your family in case of your untimely death. You can choose the best term plan for 1 Crore to ensure your family's financial stability in your absence.
After the medical test, if you are healthy, the insurer will offer you the best term life insurance in India with higher sum assured.
Buying term insurance is crucial for your family's future, as it not only offers financial protection but also provides tax benefits. Also, having a medical examination and getting a report with a healthy verdict will convince the insurer to provide you with affordable premiums and a higher sum assured on the policy. Suppose there are any mistakes on your medical record due to some reasons. In that case, you must get it rechecked and fix it as soon as possible to negate the consequences and help your family receive death benefits without any hassles.
˜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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