With the global health crisis becoming a common occurrence, having an insurance policy is no longer an option. Life insurance plans act as a shield against unforeseen events that might lead to a financial crisis.
A term plan is the simplest form of life cover that helps you sail through the hardships of an unfortunate event without much difficulty. Term insurance benefits include coverage for a specific period of time and offers your loved ones much needed financial security in your absence.
Apart from cover against unfortunate circumstances, there are several reasons why a term plan policy makes for an important part of your financial plan. New-age term policies offer comprehensive cover for comparatively lower prices and come with flexible payment options. They also offer customizable options in the form of riders that act as supplementary coverage.
Given the need and benefits of having a financial cover, getting yourself insured under a term policy is imperative. You can get term insurance online, as well as offline. In both cases, you will need to undergo certain steps to get yourself insured, including a medical checkup.
Let’s look at the process and importance of medical tests in insurance.
How to Buy Term Insurance?
Whether you opt to buy online term plan in India or offline, there are certain steps that need to be followed.
Start with picking the amount of coverage that you seek and that suits your unique needs. Typically, it is best to choose a cover that is 20 times your current annual income to start with.
Step 2: Customize your cover
Now, select the policy term and premium paying term, followed by selecting a pay-out mode. You must also pick a frequency to pay your premiums.
Step 3: Choose the add-ons
Pick from different riders to customize your term plan, such as:
§ Better Half Benefit
§ Medical or non-medical underwriting status
§ Waiver of premium on critical illness
Step 4: Complete the formalities
You can now submit the requested documents from identification to medical reports and more, as asked by your insurance provider. Once you have filled in all the details and requirements, your insurer will verify everything. Thereafter, they will issue the term plan policy.
Life insurance companies require you to undergo a full-body medical examination to buy term plans in India. Even though you might find the ‘no medical tests required’ clause in prospective advertisements, it is recommended to get your health checkup done when buying insurance.
Read on to know why.
Importance of a medical test for term insurance
As mentioned before, it is advisable to undergo a complete body health check-up when buying a life term plan. Insurance plans are not a one-size-fits-all type of product. Instead, the policy is meant to accommodate your unique requirements of health, potential risks, and budget. Medical tests can provide the insurer details that allow them to create a policy that is tailored to your requirements perfectly. In addition to this, here are some other reasons to get a medical test for term insurance:
The amount of premium you pay for a term plan depends on a variety of factors, including potential health risks. Your health condition enables insurers to decide the amount of premium to be paid. If you are physically fit and healthy, you might have to pay low premiums. On the other hand, you might have to pay a high premium if you have an existing medical condition.
The amount that is paid to the nominee in case of the demise of the insured is also dependent on a variety of factors, including your health. If you are physically healthy, the insurance company will not hesitate to provide you with a high cover or sum assured. Any life term plan that requires no medical tests usually has a low sum assured, which might not suit your requirements.
If you think that not undergoing a medical test will get you a good deal, then you might have to think twice. There are high chances of your claim being rejected by the insurer in case of death due to a pre-existing health condition. Hence, it is best to get a medical check-up to secure your loved ones’ future and avoid hassles later.
Types of medical test for term insurance and when they are done
Depending on your unique case, you will be required to undergo certain health checkups when buying a term policy. Typically, you are required to undergo a full-body medical test for term insurance. This routine health assessment basically comprises of:
● Height and weight
● Body mass index
● Urine test
● Checking your CBC or haemoglobin levels
● Blood pressure levels
● Blood sugar levels
● Lipid profile
Based on your age, you might be required to take additional medical examinations, including cholesterol tests, hormonal check-ups, HIV tests, treadmill tests, etc. The same applies in the case of a history of any illness or disease.
Typically, the insurer will guide you with the types of checkups you need to undergo, depending on the details given on your application form, including your age, health history, and the required cover. Medical tests might be mandatory in cases where your age is above 35 and/or you have a medical history of certain serious illnesses.
Medical check facility with Edelweiss Tokio Life
With the Edelweiss Tokio Life Zindagi Plus plan, you get the option of ‘No Medical Tests’. With this facility, you can avail life cover up to ₹99,99,000 without any form of medical tests. So, in this post-pandemic environment of social distancing, you can buy a Zindagi Plus plan from the comfort of your home without stepping out for any medical check-ups.
The Edelweiss Tokio Term Plan, Zindagi Plus provides a comprehensive and customizable term insurance cover that offers:
1. Cover against pandemics such as COVID-19
2. Better Half Benefit for additional life cover to your partner in your absence
3. Waiver of Premium if diagnosed with 35 listed critical illnesses
4. Flexible premium payment modes and frequencies
5. Tax benefits as per prevailing taxation guidelines
Getting insured should be the first step in your financial plan, especially in unpredictable times like today. So, what are you waiting for? Secure yourself and your family today with the Edelweiss Tokio Life Zindagi Plus plan and get extensive cover without any medicals!
Swati Tumar – Travel & Finance Writer
Swati is a Writer in the day and an illustrator at night. Among her interests, she is quite fond of art and all things creative. She often indulges herself in creating doodles, illustrations, and other forms of content. She identifies herself as an avid traveler and shameless foodie.