When planning your future finances, it is necessary to find the right balance between insurance and investment products. While you focus on creating wealth in the future, you also need to ensure that your loved ones are protected financially in your absence. That is when a term insurance plan comes in handy.
Term insurance is one of the most affordable life insurance products available in the market. It helps secure the financial future of your family, especially in your absence. Ideally, to get a term insurance plan in India, you have to undergo a medical test. But many insurers allow buying term insurance without taking a medical examination as well.
In this section, we will be discussing in detail everything you need to know about getting term insurance plans without a medical test.
Getting Term Insurance Without Medical Test
As mentioned earlier, many insurers in India do not require the applicants to undergo a medical examination when buying term insurance plans. The only aspects that are taken into consideration by the insurer are the age of the applicant and the sum assured amount chosen by them.
But if the applicant is suffering from any critical health condition, they will be requested to take a medical examination before buying the policy.
Why Term Insurance is Worth It?
Life’s uncertainties arrive without any prior warning. The only way you can tackle an unforeseen event is by ensuring that the future financial needs of your family are taken care of, even after your unfortunate death.
A term insurance plan primarily focuses on securing the future of your loved ones in the event of your premature demise. The policy is quite affordable and takes care of any financial liability that you may have in the future. That way, your family does not have to bear the financial burden in your absence.
The following are the term insurance benefits that make it a worthy investment –
The policy provides death benefits to the beneficiaries upon your death. The amount received can be used by the family (the beneficiaries) as and when needed.
Insurers in India offer flexible term insurance plans as well. You can enhance the scope of the policy with rider benefits. One such rider benefit that you can consider opting is the return of premium benefit. With this cover, the insurer will repay the premiums paid towards the plan if the insured survives the policy tenure. This amount acts as maturity benefits.
The premiums paid towards the policy can be claimed for tax deductions under Section 80C of the old income tax regime. Also, if you have critical illness cover, you can claim for additional tax deductions under Section 80D of the Income Tax Act, 1961.
A few other rider benefits that are worth buying are –
Accidental death benefit
Waiver of premium benefit
Income return benefit
Accidental total and partial disability benefit
How to Choose Term Insurance Without a Medical Test?
To choose the right term insurance plan without undergoing a medical test, you have to do intensive research. Evaluate your term insurance needs and future financial goals. Then compare different policies available in the market and choose one based on your evaluation.
Also, make sure that you are providing correct information to the insurer when buying term insurance without medical tests. If you are suffering from any health condition, you need to give the details of the same when applying for the policy. Failing to provide this information will lead to claim rejections in the future.
Another aspect that the insurer will consider when buying term insurance with medical tests is the applicant’s lifestyle habits. If you drink or smoke often, then the insurance premiums will increase accordingly. However, there will be no effect on the death benefit claims.
Having a term insurance plan will allow you to lead a peaceful life as the financial future of your loved ones is secure.
However, if you are suffering from critical health issues, the insurer will request you to undergo medical tests. When this happens, do not hesitate to do so as it not only helps the insurer determine your premiums but also encourages you to seek early treatments.
Buying a term insurance plan with sufficient coverage will ensure that your family and their future aspirations are taken care of, even in your absence.
Group Term Life Insurance available on Finserv MARKETS is one such plan that you can avail without a medical test. Just check your eligibility, register to be a part of the community and you are good to go.
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