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POSTED BY ON March 28, 2014 1:22 pm COMMENTS (11)
Hello experts,
I am an NRI and recently purchased HDFC Click2protect term insurance online. However to my surprise inspite of being a smoker and declaring it as such there are no medical test scheduled for me and the Policy has been issued.
I am not comfortable with the idea to have the insurance without medical test. By having it will give me confidence nothing is not shared with the insurance company and i can have a free mind.
Can anyone suggest Term Insurance plan where medical test ARE conducted before the policy is issued ? I am 32 years old, married male.
Regards
VinMan
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Hi VinMan,
I am a I.R.D.A. Licensed Agent of H.D.F.C. Life in Delhi.
As for your concern kindly note the following points :
1) A policy once issued is valid & applicable with all its benefits if the Proposer/Life Assured has provided all the details required – Material Facts.
2) Whether company initiates Medical or not is its discretion (read Underwriter) but as the declaration has been made the benefits will be payable as & when the situation arises.
3) No one, even the M.D., cannot interfere in the policy issuance procedure leave alone the Financial Advisor you spoke to. He is fooling around with you so that you Free Look the policy & buy a fresh one from him.
4) C2P or Click To Protect is a online plan & there is no manual/offline form/procedure to apply for it. Your Financial Advisor is simply looking to gain some money by taking advantage of your curiosity/doubts.
5) In your case the medicals have not been raised but in case of one of my clients the medicals were raised but then waived off. He was 36, S.A. 1 cr., Client was a smoker (1-2 cigrates/day) & drinker (1-2 pegs/week). He had also declared all this on my advice, as he initially wanted to hide these facts – which I was against.
Hoping that this information/guidance will answer all your doubts & satisfy your curiosity.
Inder Pal
Thank you Inder Pal ji for such a candid and clear response.
This has certainly pacified my curiosity about the plan. I was about to surrender the policy in the free look up period and now because of convincing advise from your end, I am in state of mind to continue with it.
Although i am not avid user of cigarettes and alcohol but since i have had them in the past and now on adhoc basis, i still prefer to declare myself as smoker (1-2 cigarettes/day) & drinker (1-2 pegs/week).
I think now my queries are answered thanks to Inderpal ji and JI forum wherein people get second opinion which helps a lot during this times of information coming from all sides.
Dear InderPal ji,
I am planning to buy HDFC click to protect plus, I am an NRI and live in Canada.
How should I proceed about the medical tests?
thanks,
H
Dear Vinman, keep the e-mail reply print out along with your own e-mail print out with your policy bonds. No reason to worry.
Thanks
Ashal
Ashal ji Dhanyawaad.
As advised, I will keep the email print outs secured with Policy bond.
Dear VinMan, something somewhere is missing. Please write a mail to HDFC life that you have declared yourself smoker in the original proposal form. Is it accepted by HDFC Life or not. If it’s accepted, why the medical tests have not been conducted. Let HDFC reply to your mail. The mail should be keep as record with your policy bond.
Also was it mentioned to HDFC Life that you are NRI?
Thanks
Ashal
Thank you Ashal for the response.
Yes, It was declared to HDFC Life that i am a smoker. I had even filled a separate questionnaire which is for NRI’s. Transmitted all the docs which ever is required.
As you said i had even wrote an email to them twice, following was their response.
“This is with reference to your e-mail communication, we would like to inform you that as per records the afroesaid policy is converted into (Inforce) Active, as the medical test were wavied off.”
HDFC Reply 1:
“This is with reference to your e-mail communication, we would like to inform you that the medical test are not raised for the proposal and the aforesaid policy is “Inforce” which means your proposal has been considered, accepted hence converted and continuing in state with all benefits.
HDFC Reply 2:
We would like to inform you that your policy has been issued on 11/03/2014, and we will dispatch the policy document at your registered mailing address within 10 working days.”
Hope this provides you the info to advise me on how to move ahead.
Interesting. Well, as long as you have it in writing from them, there is no harm.
I had tried to get insurance from Bajaj Allianz and since I couldnt get the medical tests done overseas, they presented me with an alternative option – get the insurance under smoker category without medical tests. Of course not being a smoker I didnt accept that, but in your case it may be alright.
Now this is a revelation for me. I cannot go for Bajaj Allianz as they have low Claim ratio plus lower solvency ratio as compared to other players but namely here HDFC.
I dont know how to take it forward. Kotak & SBI are pathetic with their customer service representatives unable to answer it and even email to Kotak Term insurance Business unit did not result in success.
This is one aspect with which i am struggling in my financial Life. May be Manish and Nandish can help here…..or SOS Ashal !!!
I guess at least one of the medical tests is done to prove that you are NOT a smoker. If you are a smoker, you automatically pay the higher premium, so that medical is perhaps not required. Although for other pre-existing conditions they should have required it – what is the coverage you took insurance for?
Yes that is what i thought. I took the coverage of 1 crore for term of 30 years. Now my Financial advisor said that if i take the same term plan through him in off line mode he can arrange for the medical test as per my india visiting schedule.
I dont know how to proceed.
HDFC responded that no medical test is required and the policy is in force.
To be on safe side i wanted to get the medical test done.