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Term Insurance without Medical Test in India: Is It Possible to Get One?

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Term insurance is a type of life insurance that provides coverage for a specific period, usually between 5 to 35 years. It is a popular choice among individuals who want to ensure that their loved ones are financially secure in the event of their unexpected death. To purchase this type of insurance, individuals are mostly required to undergo certain medical tests.

With that said, these tests are not necessary for some term insurance plans. This type of term insurance is often preferred by individuals who want a quick and easy way to secure life insurance without having to go through the hassle of medical tests. Here, instead of relying on medical exams, insurance providers typically ask a series of health questions and review the applicant's medical history to determine their level of risk.

Let’s know more about term insurance without medical tests and whether there are any such plans available for NRIs.

Is Buying Term Insurance Worth It?

Yes, buying a term insurance plan is totally worth it due to a number of reasons!

One of the biggest benefits is its affordability compared to other types of life insurance. This can make it an attractive option for individuals who need coverage but have a limited budget. Term insurance can also be a good choice for those who have dependents or financial obligations, as it provides a lump-sum payment to beneficiaries in case of the policyholder's demise. This payment can help cover expenses such as mortgages, debts, and living costs.

Additionally, some term policies offer options to convert to a permanent policy, providing flexibility for those who may require lifelong coverage. Overall, term insurance can provide financial security to individuals and their loved ones at affordable rates.

What are the Key Features of Buying Term Insurance Plans?

Listed below are the key features of a term insurance plan in India for NRIs -

  • Flexible payment options are available for the plans - monthly, quarterly, half-yearly, and annually.
  • Insurance companies provide you with flexible policy terms to choose from, ranging from 5 years to 35 years.
  • A grace period of 30 days is offered.
  • You can avail of a free look period of 30 days from the date of policy commencement.
  • Insurance companies also offer you a revival period, which is allowed up to 9 months from the date of lapsation.

What are the Benefits of Buying Term Insurance Plans?

Have a look at the major benefits of having a term insurance plan below - 

Death Benefit

Term insurance plans offer a death benefit feature, which provides a lump sum payment to the beneficiaries of the policyholder in case the latter passes away during the policy term. The death benefit is usually tax-free and can be used by the beneficiaries to cover funeral expenses, replace lost income, pay off debts, or meet other financial goals.

The death benefit amount is determined by the policyholder at the time of purchasing the term insurance policy and can be adjusted based on their requirements and financial planning. This feature provides financial protection to the policyholder's loved ones during a difficult time, making term insurance an important tool for financial planning and protecting one's family's financial future.

Survival Benefit or Maturity Benefit

Term insurance policies generally don’t offer a maturity benefit feature, as they are primarily designed to provide financial protection to the policyholder's beneficiaries in case of their untimely death. Unlike other types of life insurance policies, term insurance policies do not typically accumulate a cash value that can be paid out upon maturity.

However, some insurance providers may offer term insurance policies with the return of premium, which provides a refund of the premiums paid if the policyholder outlives the policy term. It's important to carefully review the terms and conditions of any term insurance policy to understand the benefits and limitations of the coverage provided.

Additional Rider Benefit

Term insurance policies often offer additional benefits or riders that can be added to the policy for an extra cost. These riders can enhance coverage and provide additional financial protection to the policyholder and their beneficiaries.

Common riders for term insurance include the critical illness rider, accidental death rider, disability rider, waiver of premium rider, and more. These riders or add-ons can provide coverage for situations such as the diagnosis of a critical illness, accidental death, disability, or the policyholder becoming unable to pay premiums due to a disability.

By adding riders to their term insurance policy, one can get customised coverage that better suits their requirements. However, it is important to carefully review the terms and costs of each rider before making a decision.

Is It Possible to Get a Term Plan Without a Medical Test in India?

Yes, you can get term insurance without a medical test in India. However, it must be noted that if you have any pre-existing health condition, the respective insurance provider will ask you for a medical test.

How to Avail of Term Insurance Without a Medical Test? 

Finding a suitable term insurance plan without a medical test involves a few steps. All you need to do is conduct research to know which companies provide term insurance without medical tests. You can request quotes on different providers’ websites and go through all the available plans. Finally, select the one that matches your requirements.

Points to Consider When Purchasing Term Insurance Without a Medical Test

Make sure to take the below-mentioned points into consideration before buying term insurance without a medical test:

  • Analyse Your Lifestyle - Insurance companies may increase your policy premium if you are a regular smoker. However, not that the death benefit claim will not reduce.
  • Provide Accurate Information - Never provide incorrect personal information to your provider. If you have any chronic or pre-existing health conditions, you must list them in the application. Hiding any such information can cause hindrances later, due to which you may have to incur huge financial losses.

Term Insurance Plans Without Medical Tests in India

Here are some of the top term insurance plans without medical tests available in India -

ICICI Pru ICare Term Plan

  • The minimum and maximum ages to start this plan are 18 years and 65 years, respectively.
  • You can pay your premium altogether under the One Pay option or choose the Regular Pay option.
  • You are required to pay a minimum premium of Rs 2,400 (excluding taxes).
  • You can opt for an accidental death benefit equal to the sum assured chosen by you up to a maximum of Rs 2 Crore.

MetLife Term Insurance Plan

  • With the PNB Metlife Term Insurance plan, you can keep yourself covered until 99 years of age.
  • Get Return of Premium payments after completion of the policy term.
  • 25% of the Basic Sum Assured shall be accelerated and paid immediately as a lump sum if you are diagnosed with any of the covered critical illnesses, provided the policy has ‘in-force’ status on the date of the Diagnosis.

Future Generali Smart Life

  • Get rebates on premium for a higher sum assured.
  • The nominee receives the sum assured under the policy in case of the unfortunate death of the life assured during the policy term.
  • The Future Generali Smart Life is a non-linked and non-participating plan.

HDFC Click 2 Protect Plus Plan

  • You have the option to avail yourself of cover for your whole life.
  • You can select a suitable plan among the 3 plans offered by the provider.
  • With this product, there is an additional sum assured on accidental death.
  • Special premium rates are available for non-tobacco users and females.
  • Get the paid premiums back on survival till maturity with the return of premium option.

FAQ's

Q1. Is it necessary to have a medical test if an individual has a pre-existing health condition?

Ans: In most cases, yes, you must go through a medical test if you have a pre-existing health issue. However, the requirement for medical tests in such cases depends on the respective provider.

Q2. Which documents are required for NRIs to get a term insurance policy?

Ans: Here is a list of the documents required -  

  1. Valid ID proof
  2. Age proof 
  3. Medical reports (If any) 
  4. Income proof
  5. Residential proof
  6. Passport-size photographs
Q3. Is it compulsory to have a medical test when switching from term insurance to permanent?

Ans: No, you don’t require a medical test in a convertible insurance policy.

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