What medical tests are required for term insurance?
Outbreak of the COVID-19 pandemic has changed the lives of people entirely, and so has the way they think about their future
Bajaj Allianz Life Insurance
Ever since the outbreak of the COVID-19 pandemic in December 2019, lives of people have changed entirely, and so has the way they think about their future. Almost 51 million people have already come in the grasp of the COVID-19 virus, and the number is rising by thousands every week. Of those, over 1.2 million people have lost their lives to the deadly virus [1]. Even in India, COVID-19 has claimed over 1.25 lakh lives with over 8.5 million recorded infections [2]. The possibility of a second wave is no more just a fear, but is very close to reality with the second wave of the virus already hitting Europe with even more force [3]. Amid all this uncertainty, there is a hesitation to lead our lives the way we used to before the pandemic. There is also a realisation that maybe we need to learn to live with the virus for a long time to come. This has convinced everyone – from the medical community to governments and individuals that we cannot let our guard down.
While there is nothing that can be done to prevent an unseen adversity from striking, being financially prepared can go a long way towards alleviating the difficulties of those who are left behind. During these unprecedented times, the importance of having the old tried-and-tested backup plan -- a term life insurance -- gains even more prominence. The idea to secure your family’s future, given the health risks everyone is under, is of paramount importance. A term life insurance policy would ensure that in case of an unfortunate event, your family’s financial welfare would be taken care of.
Term insurance is the purest form of life insurance. With such a plan, in the unfortunate event of the policyholder’s death, the nominee receives the death benefit, either in lump sum or in instalments, depending on the policy terms and conditions. This enables the family of the deceased to maintain their lifestyle and meet their life goals. It also ensures that they do not have to tap into their accumulated wealth due to the loss of income resulting from the demise of an earning family member. Any easy to use term insurance calculator can help ascertain how much insurance would be adequate to ensure that your family’s life goals are met, even when you are not around.
Effectively, a term insurance plan provides life cover for a nominal premium since it only covers risk and does not provide any maturity benefit. Hence, the premiums are low. In fact, it could be said that an average 25-year-old, non-smoker could purchase the Bajaj Allianz Life Smart Protect Goal, A Non-linked, Non-Participating, Pure Life Term Insurance Plan cover of Rs 1 crore for a policy term of 30 years at just Rs 18 per day*.
Medical tests and term insurance
