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Importance of Medical Test for Term Insurance

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Importance of Medical Test for Term Insurance
October 04, 2018

Term Insurance is a cover plan which protects you against risk of Life. The price is always quite cheap, and the coverage is extensive, making it the most cost-effective plan.

It is important to do a medical test when taking a so that it ensures there are no discrepancies.

Listed below are factors that will explain to you the importance of doing medical tests when buying a term plan:

  1. Claim rejection

    - Before purchasing the policy, you need to disclose your health condition in the form which is considered to be properly evaluated and filled by the buyer. It is not right to hide your health condition when buying a term insurance. If the insurer finds out at the time of the claim that you lied about your health conditions, then they your claim can be rejected on the basis of misleading information within 3 years from policy buying. Wrong information about health condition is done intentionally or by mistake, but it doesn't matter to the insurer as wrong information is strong basis of claim rejection for any insurance company.

  2. More premium

    - If you are in a good, healthy condition and you go for the test, you can lower your premium amount since the results will also show that you don't have any medical issues, thus letting the company know that you are not a high risk client. The premium rate of term plans with no medical test is usually higher than normal.

  3. Low Coverage

    - The majority of term insurance policies that provide "no-medical test" are low-value plans. Such a term insurance plan provides a very limited amount of coverage, which may not be sufficient for your medical needs. So if you are buying a no medical test term insurance policy, then you will get a low cover amount for your term insurance policy, regardless of your age and health.

HDFC Life offers its patrons the best plans in the Industry. Choose a term insurance best suited for you and help secure your family's financial future.

https://www.hdfclife.com/life-insurance-plans

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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