Bying insurance cover: Why Medical
Tests Are Essential?
by Mr. Suresh Agarwal, Kotak Mahindra
Old Mutual Life Insurance
People usually are wary of medical examinations
and end up opting for insurance cover in the defined non-medical limits.
To avoid being encumbered by insurance
underwriters and also from the point of view of having a simpler, quicker
insurance policy issuance, agents / advisors, too, do not insist on medical
examinations for their client.
1. Life insurance & medical tests..!
Insurance plans up to a defined sum assured and
within a defined age bracket, are normally not subject to medical tests.
However, as the risk / age increases or in case of pure protection plans, it is
considered ideal to conduct basic diagnostic tests to ascertain prima facie
risks.
Facts declared in the application form along with
applicable medical tests required by
the insurer, will only lead to peace of
mind from a good claim settlement point of view.
Medical tests done for insurance cover could
bring to light a health conditions that you may be unaware of.
2. Types of tests..!
Medical tests conducted for insurance consist of
physical examination by a doctor, blood test and urine test. It may involve a
non-invasive ECG or a treadmill test to detect heart ailments.
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| Suresh Agarwal, Kotak Mahindra Old Mutual Life Insurance |
Some blood tests require you to fast. A good
fasting of at least 10 hours ensures a true state of blood report in the early
morning. Treadmill test is required only for higher risks – either because of a
higher sum assured or because of a higher age.
An insurer trusts the information provided by the
insured to issue a policy. However, as the sum assured keeps increasing or as
age increases, as a precautionary measure, the insurer gets some preliminary
medical screening done to affirm basic health risks.
An insurer chooses to go for the most common and
relevant medical tests based on global mortality and morbidity data.
However,
if you specifically mention a particular health issue or a habit, then the
insurer may seek some medical reports / examinations to ascertain your current
health condition.
It is important to opt for a proper insurance
cover. Hence, it is good to undergo all medical tests, as required by the
insurer, who, anyway, pays for them.
Ask for your medical reports after the
policy is issued, as it becomes a health record for yourself. Even if there are
some findings in the medical reports and the insurer seeks additional premiums
for the extra risk, look for the best deal.
About the author..
The writer Mr. Suresh Agarwal is chief
distribution officer, Kotak Mahindra Old Mutual Life Insurance.
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