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  • Term Insurance Without Medical Check Up in India

    Term Insurance

    Term insurance plans ensure that your family receives adequate financial support to maintain a stable lifestyle even if you are not there. Term life insurance refers to the policies purchased for a particular duration of period. These plans come at affordable rates and they do not offer maturity benefits. In case a policyholder wants to enjoy maturity benefits, he/she needs to opt for Term Return of Premium (TROP) plans which are slightly different from the traditional term plans. These TROP plans provide maturity/survival benefits by returning the total premiums paid, provided a term life insurance policy is continued till the end of policy term and the policyholder is alive. Based on requirement, a term life cover plan can be selected for tenure such as 10, 15, 20 and 30 years or so.

    Term Insurance Without Medical Test

    There are certain life insurance companies which offer term life plans that don’t require you to pass through any medical test while purchasing term life cover. Considering your age and the amount of cover you need, many life insurance companies may not request you to undergo medical examination. An applicant with some pre-existing medical problems and chronic disease is likely to undergo medical examinations, compared to a healthy person.

    Key Features of Term Insurance Plans

    Listed below are the key feature of term life insurance plans:

    Free-look period

    • 15 days for manually purchased policy

    • 30 days for policies purchased online.

    Policy term

    Minimum- 5 years

    Maximum – 30 to 35 years (It varies from policy to policy)

    Entry Age

    Minimum entry age:18 years

    Maximum entry age: 65 years

    Grace period

    15 to 30 days based upon policy modes.

    Plan type

    One can choose either a single life basis or joint life basis term plan.

    Age at maturity

    25 year/ 65 years/ 75 years to whole life. It varies from policy to policy.

    Policy revival

    The policy can revived within the policy revival period.

    Premiums

    Premiums vary based on sum assured and age of the applicant.

    Premium paying term

    Single pay, Limited pay and Regular pay.

    Nomination

    Nomination is accepted under term life insurance policies.

    Sum Assured

    Vary from policy to policy offered by various life insurance companies.

    Policy coverage

    Death benefits and maturity benefits (applicable for TROP plans only).

    Terms Insurance Plans Benefits

    Term life insurance plans come with a number of attractive benefits. Listed below are the major benefits offered by term life insurance plans in India:

    • Term insurance plans can bought by paying adorable premiums. Beside, most of the plans are available online.

    • Death benefits: In case a policyholder dies, the select nominees would receive death benefits under term life insurance plans. Term insurance ensure protection to near ones from unpredictable future circumstances.

    • Maturity benefits/survival benefits: Term return of premium plans provide maturity benefits in the form of returning all premiums paid, provided a policyholder survives till the end of policy term and the policy is in force.

    • Tax benefits: You being a policyholder may receive tax benefits on the premiums paid for your term insurance plan under section 80C of the Indian Income Tax Act, 1961.

    • Additional benefits: A policyholder can purchase additional optional coverages such as accidental death or disability coverage and critical illness coverage.

    Popular of Term Insurance Plans Without Medical Test in India

    Listed below are some of the term insurance plans that come without any medical examination:

    1. ICICI Pru ICare Term Plan: The plan comes with affordable premiums, and has the option of Regular Pay and Single Pay. The ICICI Pru ICare Term Plan requires no medical test.

    2. Met life Term Insurance plan: Certain term insurance plans offered by Metlife don’t require applicants to go through medical test up to a particular limit.

    3. Future Generali Smart Life: This is a traditional term insurance plan where the nominee would receive the sum assured, if the policyholder dies within the policy tenure. This policy also does not require any medical test up to age of 45 for sum assured up to Rs.30 lakhs.

    If you want to have adequate cover for your dependents, it is really important you purchase term life insurance cover as early as possible. A term life insurance plan will take care of your loved ones, even in your absence.

    How to Choose Term Life Insurance Without Medical Test

    You can choose term life insurance plan without medical test by doing a primary survey of the various term life plans available in the market. So, take your time and shop around find which term insurance plans come without medical examination.

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