A responsible individual is not he who only makes a lot of money to spend it all away, but he who invests the money to grow it and make his family financially secured. Although there are several ways of investing money and making your hard-earned money grow even more; but what about a situation when you are not there even to put more money to invest or even to save? Well, to keep the money available in one such situation, the best way is to buy a term insurance plan.
A term insurance plan is actually a very prudent idea for people who believe in securing the future of their families. It is helpful in a situation when the insured passes away within the tenure of the term plan, while he had debts to pay off. The family that is already grieving finds it very difficult to pay off the debts. However, with the help of the death benefits that the family gets through the term plan, the debts can be paid off. The term plans provide a sum assured of even up to INR 1 crore.
Nevertheless, while you prepare yourself to purchase a term insurance plan, you have to undergo a medical test. Depending upon the test reports, you will be able to buy a term insurance plan or your application may even get rejected. So let us discuss the medical test for term insurance here today.
The need for a medical test for buying a term insurance plan
Due to various factors like pollution, sedentary lifestyle, disease, and genetic factors, human life expectancy has decreased significantly. All the insurance companies are aware of this fact; therefore, they started providing term insurance and even short-term medical insurance to people. However, at the same time, these companies also consider getting a report of the health status of their customers. Depending upon the status of the health of the people, the term plans are provided. For example, people who smoke or drink regularly may have to pay a higher premium as compared to people who do not smoke or drink. Although there are term plans that do not ask for medical tests but the terms and conditions of those term insurance plans may vary.
Some of the medical tests that you have to go undergo
There are some medical tests that you have to undergo before you purchase a term insurance plan. Let us mention some of them:
- Complete blood count
- Fasting plasma glucose
- Differential count
- Kidney function test
- Hemoglobin levels
- Routine Urine test
- Blood sugar levels
- Lipid profile
- HIV I and II
- Liver function test
A few additional tests such as ECG and Treadmill Test may be done, depending upon the present health condition of the applicants.
Medical tests before purchasing a term insurance plan are important for both term insurance as well as traditional term insurance plans. A medical test is mandatory for applicants who are above the age of 35 years. It is also significant for people who want to apply for a term plan with a sum assured of more than INR 10 lakhs. At the same time, if you as an applicant have pre-existing ailment or family history, or even hereditary conditions, you may be asked by the insurance company to undergo a set of medical tests. In this regard, the medical tests depend a lot on the policies of the insurance company.
What if I am found to have a health issue?
After the medical test reports come, and it is found that you have a critical illness that may lead to your premature demise, the insurance company may increase the premium that you have to pay for the term insurance plan. There is also a chance that the company may put restrictions on the sum assured, or even reject your term plan proposal.
Medical tests help the insurance company as well as the applicants for term insurance plans to understand whether it is possible to put money into such policies. If you want to gather more information and knowledge on the need for medical tests for buying term insurance plans, you can check out the website of IIFL. Apart from this, you will also be able to come across several term plans that might interest you that might suit your needs in a better way.