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Will my premiums increase if I get diagnosed with a critical illness after buying my term plan?

10 Jan 24      |       | ShareShare Share Blog Or copy link Copy Share this link via

Authored by: Anurag Ainapurapu
Reviewed by: Krupa Kenia

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?)

No, it will not. See, after buying a term plan, your premium will only increase if you change specific features of your policy (such as you add riders ). 

 

Find out more on whether your policy premium can increase after making the first premium payment. 

See, it is necessary to inform your insurer about your critical illness diagnosis only at the time of buying the policy. Hiding this information can lead to a claim rejection later on.

 

Our advice is that you should still inform your insurer about your critical illness diagnosis. Why? Because if you have have bought any riders like critical illness rider, waiver of premium rider or the hospital care benefit rider, then you may get:

 

  • A partial payout from your life cover

  • A premium waiver

  • A lump sum of a daily amount for your hospital expenses

You will have to check with your insurer regarding whether you can add a critical illness rider after buying your term plan. They may or may not offer a critical illness rider if you have been diagnosed with a critical illness. 

 

That is why it’s advisable to buy a critical illness rider along with your term plan itself. 

No, it will not, provided that you honestly declared information related to your health while buying a term plan. 

 

See, your term insurance claim can be denied if you:

 

  • Lie about your: 

    • Age

    • Lifestyle habits

    • Medical history (yours and your family’s)

    • Any other insurance policy you may have

    • Other personal information while buying your term insurance policy 

  • Don’t pay your premiums on time 

  • You die due to unlawful activities such as drunk driving 



    Find out more about circumstances that can lead to your term plan claim rejection. 

Yes, you should. Look, informing your insurer about your diagnosis will not lead to a claim denial (assuming that you provided accurate information about your health while buying the term plan and did not hide information) but it will help your insurer to check if you are eligible for any rider benefits, such as: 

 

  • A partial payout from your life cover

  • A premium waiver

  • A lump sum of a daily amount for your hospital expenses

 

The rider benefits may help you in treating your illness. 

If you have provided accurate information about your health while buying a term plan, then no, your claim will not be rejected, even if you don’t inform your insurer about your critical illness diagnosis. 

 

But our advice is that you should still inform your insurer about your diagnosis. Why? See, if you have bought any riders (such as critical illness rider), you may be eligible for rider benefits such as: 

 

  • A partial payout from your life cover

  • A premium waiver

  • A lump sum or a daily amount for your hospital expenses

 

The rider benefits may help you in treating your illness. 

No, you don’t have to. Medical tests are taken only when: 

 

  • You are buying a term plan and the plan requires you to take such tests 

  • You are buying a rider which specifically requires you to take certain medical tests 

Yes, it may increase the premium of your term plan. But this should not stop you from revealing information about your critical illness diagnosis. Hiding this information can lead to a claim rejection later on. 

 

Find out more about factors that can lead to an increase in your term plan premium.

Yes, there is a chance that your family history of critical illnesses can lead to an increase in your term plan premiums. But, it may depend on the insurer’s assessment of your health. If you are healthy, your term insurance premium may not increase (even if your family has a history of critical illnesses). 

 

Find out more about how your family health history can affect your term plan premium.

No, your premium will not increase just because you were diagnosed with a critical illness after buying the term plan and it is irrespective of which premium payment term you have chosen. In fact, after buying your term plan, your premium will only increase if you change the features of the plan (such as adding a rider).

 

Find out more about whether your premium will increase after making the first payment.

Well, it is not necessary for you to inform your insurer about your critical illness and the surgery. But we still advise you to do so. See, if you’ve added a certain rider to your term policy, your insurer can check if the rider can help you during this situation that you are facing.

 

For example, if you have added a critical illness rider to your term policy, informing your insurer about your surgery can enable them to give you the rider payout. The rider payout can be used for your medical treatment costs. 

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