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Do I Need To Undergo A Medical Test Before Buying An Endowment Insurance Plan?

Updated On Jul 02, 2021

The occurrence of a significant illness calls for abundant funds to meet straining medical expenses. Endowment plans offer additional riders to protect the policyholder against these circumstances. It pays you the Sum Assured up front to help you meet expenses related to the health condition.

Therefore, it is an important prerequisite for the policyholder to drop the veil about pre-existing medical conditions and allow the policy to function smoothly in the future.

In this article, we have provided you reasons why it is important to follow the medical procedure before buying an endowment Insurance plan.

Benefits of Taking a Medical Test Before Buying an Endowment Insurance Plan

Following are the reasons why it is important to undergo medical checkups before signing up for an endowment plan

  • Avail Benefits of A Health Checkup At Lower Costs

According to the Insurance Regulatory and Development Authority of India (IRDAI), the insurance company must cover at least half of the costs of the tests, with the policyholder covering the remainder.  Although this might vary from insurer to insurer, it is an extremely profitable option for an investor to unlock the benefits of a health check-up at a much lesser cost than normal.

  • Decide Premium Rates

Medical checkups play a significant part in deciding the rates of premiums under an endowment plan. The underlying risk from a medical condition might affect the premium rates. The premiums paid by the investor will be cheaper if there are no signs of medical ailments found.

As a result, the insurance company has to know your medical status before determining how much premium you must pay.

  • Add Rider Accordingly

This benefit can be used against the additional riders that are added to the plan at the time of signing. However, the acts committed with intentions of self harm will not be eligible under the riders offered by endowment plans. After undergoing a medical check, the investor can add the critical health riders accordingly which will pay the benefit if the requirements are met.

  • Avoid Claim Rejection Later

In cases of loss of the life assured resulting from any pre existing illnesses, the company will not be liable to pay the death benefits to the beneficiary of the policy.

Undergoing a medical checkup will, at the very least, inform the policyholder about the situations that might not qualify for coverage claim later.

Take Away

Medical checkups are not mandatory to proceed with an endowment Insurance plan. It is, however, strongly recommended to opt for medical checkup to avoid future problems regarding the policy claims. It has a deciding role in many aspects of an endowment plan and should therefore not be avoided.

Also read

What Are The Common Exclusions Under Endowment Plans?

Top 5 Endowment Plans For Wealth Appreciation

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.         

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