Many insurance firms advertise “no medical test required,” which seems ideal. Is it right? Many insurers now offer life insurance plans without requiring all examinations. These plans could be more customer friendly. Before buying any such types of health insurance plans, consider these points.
The key is declaration:
Medical exams are not a licence to ignore health issues. The application form may still need a health declaration, and your disclosure can determine premium rates. You must show your health in the declaration. Hiding a health problem can ruin your insurance. A firm must undertake medical testing before purchasing a health insurance plan to accept a claim quickly.
When the company suspects critical facts were hidden at policy purchase, it rejects the claim. When lakhs of rupees are at stake, fooling insurance providers is difficult. Insurance firms meticulously investigate early demise (within two years of acquiring the coverage). Insurers’ claims departments have medical experts who could assess if a sickness existed before the health insurance plans for family.
Some agencies can dig out information by chatting with neighbours, coworkers, friends, family members, and others. The claim is rejected if the company discovers fraud or concealment.
Claims that are not allowed to be made are only occasionally scheming. Patients on the verge of developing diabetes might not know unless they have a medical test. An insurance provider is entitled to refuse to pay out on a claim by arguing that the concealed minor illness worsened and resulted in demise. As a result, even a careless slip-up can result in redundant life insurance.
Medical tests reduce costs:
Medical tests lower buyer premiums. The risk assessment determines insurance premiums. The typical person may pay less for the same coverage if a medical exam shows that one has normal sugar levels and the other is borderline. Experts argue that an insurance business can give a competitive premium if it knows the buyer’s health.
If they apply for a policy without medical tests, each can pay the same price.
The insurance firm shall consider both risks and raise premiums. If you’re healthy, don’t pay for others’ medical issues. A thorough medical check is the most effective approach to prove to your insurer that you are low risk.
Few buyers realise that health insurance plans without medical tests cost more than those that do. A no-test policy is more convenient than one that requires hospitalisation*. If a healthy individual pays Rs 8,000, a sick person pays Rs 12,000. If no medical exams are done, the corporation may charge everyone Rs 10,000.
Non-medical-test policies are usually low-value. No company can cover more than Rs 5 lakh without a medical checkup, even if you’re under 30 and healthy. Buyers aged 30-40 pay Rs 2 lakh. Low-value plans rarely meet life insurance needs.
Thus, one must get a health insurance medical test before they buy the right policy. Opting for a medical test may seem like a task at first but it may be important over the longer course of time.
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply
(* Standard T&C Apply )