The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
Your insurer will take about 15 days to respond after you successfully submit your application. If they are satisfied with your financial & medical profiles and all the documents submitted, they will accept your application and you will get a term plan.
Your term plan application can get rejected even if you are eligible to get a plan or have followed all the processes.
The following factors can result in the rejection of your term plan:
Specific health issues
Age
Hazardous occupation
Dangerous hobbies
Poor lifestyle choices
Income limitations
Past criminal record
Previous application declines
Falsifying information
History of declined applications
Well, you can, but we advise you not to. Firstly, if you take a term plan without medicals, your insurer will likely offer you a cover that is not adequate for your loved ones’ financial protection, if you pass away.
Secondly, taking medical tests can also ensure a strong, almost watertight, case for your nominee in case of a claim and can help provide a more hassle-free claim experience.
And lastly, why skip medical tests when you get a great opportunity to assess your health for free?
Well, not necessarily.
While insurers may ask you to provide a family medical history for your term policy application, it may affect your premium only if your immediate blood relations suffer from conditions like heart disease, diabetes, or cancer. But it may vary from case to case.
What matters most to your insurer is your personal medical profile.
Find out how your family’s health history can affect your term insurance premium.
You will require the following documents to get a term insurance:
ID proof
Address proof
Age proof
Income proof
Medical proof
Photographs
Find out in detail about the documents you will need to buy term insurance.
Your term insurer will definitely raise further requirements if:
You’ve not submitted any KYC document/income proof or are not taking your medical tests
Your income proof does not match with the financial information provided in your application
There are red flags in your medical declarations such as diabetes, heart diseases, family history of certain health issues, etc.
You may need to take additional medical tests under the following circumstances:
Your insurer has some concerns with your past health records and wants to probe further
Based on your age and requested cover, the insurer wants to gain more confidence before taking a decision on your term application
There are certain red flags in your medical declarations such as heart disease, diabetes, etc.
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