Term Insurance: Medical test is necessary while taking policy, there is no problem in claim, know full details

Term Insurance: Medical test is necessary while taking policy, there is no problem in claim, know full details

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new Delhi. Term insurance has become a must for family and other financial needs after itself. After the corona epidemic, it has become very important for life from a financial point of view. Term insurance is becoming increasingly popular even in the present times. The biggest reason for this is that in case of untimely death of the insured, it provides strong financial support to his family and that too at very low premium.

Term insurance is fast becoming the preferred option due to high coverage at low premiums. Insurance companies are also offering it at competitive rates. Usually, a medical test has to be done while buying this policy. Some companies may relax the medical test, but it can be costly for you at the time of claim.

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Avoid buying a no checkup policy
Experts say that one should avoid buying such a policy, which does not have a complete medical checkup before buying. If there is no complete medical checkup, then the insured gets some relief while buying the policy, but it can cause a lot of problems at the time of claim. They do not get claims easily.

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…then companies do not pay the claim
Term plans provide maximum coverage at low premiums. In such a situation, insurance companies conduct medical tests before selling the policy. However, in some cases, insurance companies do not insist on this and only giving a declaration of good health on behalf of the insured gets the job done. But the insured should avoid it. The biggest reason for this is that if the policyholder dies within a short period of time after purchasing the policy, many times the insurance companies can also reject the claim on the basis of suppression of information. Insurance companies can argue that the insured did not give accurate health information at the time of purchasing the policy. So will not pay the claim.

Insurance company is responsible
If you do a medical test before buying a term insurance plan, then the responsibility of the medical report falls on the insurance company and the doctor doing the checkup. In such a situation, the nominee of the policyholder does not face much problems in settlement of the claim. It is wise to buy a term insurance plan only in which it is necessary to get a complete medical checkup.

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