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A term insurance policy helps you provide a financial cushion to your family even while you are not around. In the event of your untimely demise, the insurer will pay the death benefit to the beneficiary; the family can use the amount to take care of their expenses and pay off the liabilities (if any).Recently, there has been a wide debate about the medical tests associated with buying a term insurance policy . But, is the test compulsory? Can you buy a term plan without a medical test? Let us find out.
Buying Term Insurance Without Medical Check up
Today, many insurance companies in India offer term insurance policies without a medical test. Typically, the insurers ask the insurance buyers who are aged more than 50 to take the medical test. But, if you are buying a term plan at a young age, you need not have to go through medical screening while purchasing the policy.But, if you have any pre-existing illness or medical condition, then you must comply with the medical test process. Generally, the insurers ask the policy buyers to take the test to assess their risk and determine premium accordingly.So, while you are comparing the term insurance plan online, you should check with the insurance company if you can get term insurance without a medical check-up or if it is a mandatory requirement. Also, make it a thumb rule to read the fine print of the policy and make the final call accordingly.
How to opt for term insurance without a medical test?
The best way to purchase term insurance without medical check-up is to do primary research about different plans available in the market. Next, assess your exact insurance needs and based on that compare the plans. This way, you can zero down on the best term plan to suit your needs.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
