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    3 Ways To Buy Term Insurance Plan Without Medical Test

    Last Updated On 23-03-2021

    One Comprehensive Plan That Secures All Your Life Goals

    Term insurance is crucial to shield your loved ones against financial troubles in case of eventualities. Even so, according to a 2020 survey, only three in ten Indians are buying term plans.

    Lack of awareness is the principal cause behind this paltry term insurance penetration. Term insurance provides life cover at affordable premium rates. But sometimes insurers require medical checkups before sanctioning the cover. Often people view this as an unwanted hassle and stay away from this financial shield for their families. If you want to avoid the bother of such checkups, you can buy term insurance without medical test up to defined threshold of sum assured which vary from age to age.

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    How to Buy Term Insurance Without Medical Test

    Some life insurance providers in India offer term insurance plans without medical screening. Insurers usually consider the buyer’s age and the sum assured amount before asking for medical tests. They only require you to furnish details about your health and your family’s medical history. You can compare different term plans online to find a policy meeting your needs. PNB MetLife is one such insurance company offering term insurance without medical tests.

    For example, you can buy the PNB MetLife Mera Term Plan policy online without health checks up to a specified sum assured limit. Also, you can increase the coverage with changing insurance needs without any checkups.

    For this term plan, you need to follow a simple and straightforward process to get the life cover you want:

    • Select the sum assured
    • Customise the policy to safeguard your family against financial burdens in case of accidental death or disability
    • Opt for extra payouts on the diagnosis of severe and critical illnesses
    • Choose additional benefits like joint coverage for your spouse or the option to increase the sum assured at life’s milestone events
    • Enter details such as your age, family medical history, health status, and occupation
    • Pay the premium and start enjoying the financial safety net

    Therefore, factors increasing the chances of not having to go through medical checkups include:

    1. Buying at an early age

    Insurers consider young policyholders to be less at risk of diseases. Thus, they give significant consideration to age as a determining factor for medical checkups. Increasing age brings age-related health problems and decreases life expectancy. Therefore, the chances of claims increase from policies with older insured individuals. Hence, if you delay buying a term plan, you may have to get medical checkups done and pay a higher premium too.

    2. Maintaining a healthy lifestyle.

    The possibility of contracting illnesses increases due to unhealthy lifestyle choices like smoking. Thus, if you forego such habits, work out and stay fit, you can increase the likelihood of buying a term insurance without medical test. Moreover, non-smokers are eligible for better premium rates too.

    3. Selecting the right coverage

    A higher sum assured means the insurer assumes a larger financial liability. Hence, they ask for medical tests as a precaution against the likelihood of claims. But being underinsured is not advisable. However, buying more coverage than necessary can burden your pockets.

    Hence, you must assess your insurance needs before deciding on your term plan cover. The parameters to consider include:

    Family’s living costs:

    Calculate your annual household expenses. Include utility and grocery bills, education charges, and other spends

    Duration for the financial support:

    Multiply the annual expenses with the number of years your family needs to attain financial independence.

    Future expenses and pending liabilities:

    Add in outstanding debts, if any, and funds needed for children’s higher education, marriage, or spouse’s old-age necessities.

    Inflation:

    It eats into the purchasing power of money. Hence you must factor in inflation to estimate the amount your family will need to sustain their livelihood in the future.

    However, it is also not worthwhile to settle for lower coverage than your family needs only to avoid medical examinations. The hassle is a small price to pay for your loved ones’ financial protection against the uncertainties of life.

    Moreover, if you suffer from chronic or pre-existing health complications, you may need medical evaluations. But you should never suppress any health details when you fill out term insurance application forms. It can lead to your family losing out on your life cover benefits in their hours of need.

    Things to Keep in Mind When Buying Term Insurance Without Medical Test

    1. Understand the policy terms

    You need to read the fine print carefully when you buy a term insurance without medical test. Most term plans exclude coverage for pre-existing diseases. It means that in case of a life claim arising due to pre-existing illnesses, the insurer has the right to deny payouts. Hence, it is better to undertake checkups your insurer requests. It can rule out the possibility of such life-threatening health issues and resulting claim refusal.

    2. Mention your medical history and habits in details

    You must list details about diseases you suffer from, surgeries or treatments you have gone through, and your lifestyle habits. False specifics or missing information will nullify your term life insurance contract. Your insurer will no longer remain liable to reimburse your family in case of any contingency. Hence, do not leave out facts when you apply for term insurance to get lower premium rates or avoid medical screening.

    3. How can undergoing medical tests help in buying the right term plan for your needs?

    The goal of medical tests is to find out the exact status of your health at the time of buying term insurance. It helps insurance providers design the best plan for you. Some of the factors that depend on the results of your medical test include:

    4. Premiums

    Life insurers ask for medical tests to gauge your health status. Your health is a primary determining factor for the probability of a claim arising soon. Insurance premiums depend on risk perception. Therefore, the insurers need to know your medical condition to quote the premium you need to pay. If your reports show you as physically healthy, you may get high coverage at a lower premium.

    Adequate sum assured

    The sum assured is the money your family receives in case of an unfortunate event during the term plan tenure. If the medical test reports reveal that you are relatively healthy, you can get a higher sum assured. Term insurance without medical test typically offers low sum assured amounts. The coverage might not be enough to meet your family’s current and future living costs in your absence.

    What medical tests can you expect before buying term insurance?

    Insurers ask for specific tests depending on the buyer’s individual health condition. However, most insurers need some basic tests such as:

    • Differential Blood Count
    • Complete Blood Count
    • Cholesterol and Lipid levels
    • Fasting Blood Sugar
    • HIV
    • Urine tests

    A blood pressure record and ECG/EEG may also be necessary. Your family’s medical history, age, and the health details you provide in the application form decide the tests you might need.

    Conclusion

    You need to take time and look online to find a term plan matching your needs. Buying one early and taking care of your health can help you get term insurance without medical tests. But you must not leave out particulars of your health and habits to avoid diagnostic checkups or higher premiums. It can lead to claim rejections later.

     

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    AD-F/2020-21/699

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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