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POSTED BY ON February 17, 2013 12:47 pm COMMENTS (5)
Hi, I am 25 years old unmarried and planning to buy online term plan as I don’t have any life insurance. I have 2 dependents mother and a sister. My personal choice is HDFC. So planned for HDFC Click 2 Protect plan for 50 Lacks. After speaking with HDFC representative today I came to know that no medicals are required for my age. But I said I want medicals to be done so that there will not abe any problems during claim? But they keep on telling medicals not required.
As of now I don’t have any health problems. But my question: Suppose after getting policy if i get any health problem and I am gone then whether it ll cause any problem during claim? Only this doubt holding me back for someday for buying term plan.
Waiting for your valuable suggestions.
Thanks,
Chetan
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Dear Chetan, my 2 cents on count of comfort & trustworthiness.
1. Purchase 5L Rs. Anmol Jeevan from LIC
2. Purchase 1Cr. Rs. HDFC Click 2 Protect
As you are purchasing a large cover from HDFC, the medical ‘ll be compulsory & as there is a small cover of 5L Rs. from LIC, your comfort & peace of mind ‘ll be there.
Hope I’m able to add what dear FFc has already told you.
Thanks
Ashal
Dear FFC,
Thanks a lot for valuable suggestion. Now I understood what you meant. I will speak with customer service one more time and if I am satisfied then I will go for HDFC online term plan. Else I will go for term plan with medicals.
Dear FFC,
My plan was to take 1 crore cover. But I have decided to divide it between 2 insurers. One with LIC and another with a private insurer. But not necessarily in 50:50 ratio. But I want LIC as one of my insurer because of it high CSR and trustworthiness.
I hope my question was clear. Suppose after taking the policy if I get some health problem and I am gone, during the claim what if insurer may ask like “this person has some health problem and he didn’t disclose with us”? But if medicals was done by insurer then i think there will not be any problem because insurer will be knowing that deceased was not having any health problem while taking policy. I don’t want to take risk in this matter because its my family which will suffer later if these problems arise. So I am feeling uncomfortable going for term plan without medicals.
And yes, since I am young I can take advantage of low premium with high cover.
Waiting for what Ashal reply as well..
Your question is clear enough. You probably don’t understand what I wrote, Term insurance is all about peace of mind. If something troubles you stay away from it.
My point is medicals are no guarantee of successful claims. Honesty while taking the policy and ability to prove that cause of death originated (if applicable) after date of policy are.
The latter is a grey area. Perhaps it is but too much morbid thinking for your age.
Dear Harry,
First, are you sure 50 lakh cover is sufficient? Have you thought about your dependents needs and big-ticket expenses?
Second, the issue you talk about is a grey even with policies with medicals.
A person cleared by the insurer to be a non-diabetic months after taking the policy.
As long as the family of the deceased can show that the cause of death (whatever it is) originated after issue of policy, claim will not be rejected. Maybe delayed though.
Of course this may or may not be possible. So if your are uncomfortable about this go for an insurer with medicals. Since you are young make sure you take the max cover you can possibly take now, so that you take advantage of low premium.