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Most insurance companies in the market offer great deals for term life insurance, but almost all of them require a medical test. However, the ICICI Pru iCare Term Plan is a type of term life insurance plan that does not require a medical examination test of the applicant before purchasing the policy. In other words, the ICICI Pru iCare Term Plan without medical tests is a hassle-free way to buy term life insurance.
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Term life insurance offers complete coverage to your beneficiary or family for times when you are not around. It can be tiresome to buy term life insurance from various companies in the market. It is because most of them have multiple documentation formalities, including medical checkups and tests. The tests are performed to ensure the health condition of the applicant. Companies divide every applicant into several risk categories to finalise the rate of premium for each.
Currently, the need for medical tests has become a new reality for all since the global pandemic hit. As a result, insurance companies are stressing upon a complete health checkup before selling term life insurance. While this is an essential step in determining an applicant's fitness, it can be time-consuming and tiresome.
ICICI Prudential Life Insurance is one such company that offers ICICI Pru iCare Term Plan without medical tests. The company has helped its customers buy term life insurance without undergoing strenuous medical examinations with this plan.
Term Plans
Under ICICI Pru iCare Term Plan, it is up to the applicant to conduct medical tests or not for purchasing the policy. While the applicants should not choose otherwise, the absence of medical examination makes the entire process quicker and easier.
While buying an online term life insurance, you have to go through a tiring medical screening process for a complete health checkup. Following this, you have to submit all the reports on the online portal. The ICICI Pru iCare Term Plan is designed to eliminate these hindrances.
The absence of medical tests also means that there is no sudden escalation in premiums. Generally, a hike is observed in the premium amounts after medical reports are submitted to the insurer. The premiums tend to rise especially when the medical reports show slight discrepancies in the test results wherein you can either be placed in a medium or high risk category.
However, no premiums are increased for normal reports. The ICICI Pru iCare Term Plan provides economic-financial cover with minimum formalities and within no time.
Applicants must not hide any information relating to health conditions from their insurance company. This information is key in categorizing the applicant into a low, medium, or high-risk division. Moreover, you do not have to worry about confidentiality as your details are not disclosed under any circumstances.
Before purchasing, it is important to know about the features of the ICICI Pru iCare Term Plan. The following are some of the main features of the policy:
The minimum and maximum entry age for this policy are 18 years and 65 years, respectively.
The ICICI Pru iCare Term Plan offers a minimum policy term of 5 years.
The maximum policy term is 30 years for the regular pay option and 10 years for the single pay option.
The maximum age for the maturity of the policy is 75 years.
The minimum premium to be paid is Rs.3000.
The policy premiums would not increase with the term as medical tests are not required at the time of purchase.
The minimum sum assured for the policy is Rs.10 lacs.
The maximum sum assured for the 18-50 age group is Rs.1.5 crore. While for the age group 51-65, it is Rs.70 lacs.
Tax benefits under Section 80C would be rewarded for all policyholders for payment of premium.
The ICICI Pru iCare Term Plan offers an accidental death cover along with the base cover as a rider benefit if opted by the policyholder.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
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Medical tests conducted at the time of policy purchase give the insurer a clear idea about your health condition and physical fitness. However, the entire process of purchasing the policy becomes cumbersome.
The following table shows the pros and cons of the ICICI Pru iCare Term Plan without medical tests.
|
Pros |
Cons |
|
The policy offers affordable financial cover for your family after your death. |
The ICICI Pru iCare Term Plan can reject the policy at any time. |
|
The ICICI Pru iCare Term Plan does not need any medical tests for purchasing the policy online. |
The absence of a medical test means the company does not know anything about your health, hence increased premiums. |
|
The policy can be bought online instantly, without any hassles. |
Since your insurer is unaware of your medical conditions, there is an increased possibility of claim rejections. |
|
All policyholders receive tax deductions under Section 80C. |
The policy provides less coverage as compared to other plans requiring medical tests. |
|
The premium mentioned in the quotation does not change throughout the policy term. |
Since the insurer does not know your health condition, the premium would be a bit higher than other plans. |
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
The ICICI Pru iCare Term Plan without medical test does not require you to compulsorily conduct any medical examination to purchase the policy. However, the financial coverage offered without complete medical records is comparatively lower. If applicants are in their 40s, 50s, or above age group, the ICICI Prudential may charge a higher premium. It is done to manage risks that might arise later during the policy term.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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
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