While most of us are aware of the importance of saving and investing, we often ignore one of the most important parts of financial planning – protection. The recent COVID-19 crisis has affected our lives in unimaginable ways, bringing forth to light just how unpredictable the world can be and further reinforcing how important it is to be prepared for whatever life throws at us. One of the best ways to remain financially protected is to buy a term insurance plan.
While buying a term insurance plan, one must make sure to tick off a checklist of requirements. One of them is that of a medical test. These are routine checkups and nothing that one should be worried about. Getting a medical test done helps the insurer get a larger picture of the applicant’s health condition and chances of developing illnesses. This helps in designing the insurance policy so that the individual's needs can be met perfectly.
Why are medical tests for Term Insurance important?
A medical test helps insurers to assess the health conditions and fitness of the client. This enables them to issue the policy accordingly. If any pre-existing medical condition is discovered during any unforeseen and unfortunate circumstances, the company may reject the policy claim. Term insurance plans which do not involve medical tests usually offer lower coverage. This is because the insurance company has to cover for unknown risks. Therefore, it is always better to buy a term insurance plan with medical tests involved.
What do the medical tests cover?
The applicant and his/her family’s medical history would be looked at and assessed to see what has to be covered. The tests conducted are usually subjective to the policyholder's age. The common tests done would be height and weight measurement, blood test and urine test. Blood tests would compromise test profiles such as complete blood count, differential count, bio, fasting plasma glucose and haemoglobin. Height and weight help to determine the BMI and urine tests give a measure of cotinine levels.
The tests can also involve measuring cholesterol levels as well as HIV I and II. There might be additional tests required if the individual or a family has a history of illnesses. It is essential to be truthful about our smoking and drinking habits when these tests are performed. ICICI Prudential Term Insurance policy covers death due to COVID-19* and so, individuals are also asked questions related to their travel history if there are any symptoms that might indicate COVID-19.
Procedure for Medical Test for Term Insurance Cover
Once the application form is submitted to the insurance company, they request the applicant for medical tests. They will coordinate with the applicant and schedule an appointment for him/her. The list of centres available in the individual’s locality is provided, for them to select the convenient one. Many companies also offer the facility of home testing. The insurance company bears the cost of these tests. The individual is also given instructions, if any, regarding tests such as fasting 8 hours before the test, etc.
We hope this article has helped you understand how beneficial it is to have medical tests done while taking term insurance plans.
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* Our Life insurance policies cover COVID-19 claims under life insurance claims, subject to applicable terms and conditions of policy contract and extant regulatory framework. COVID-19 is not included in the Critical Illness benefit covered under ICICI PRU iProtect Smart.
ICICI Pru iProtect Smart UIN