In our youth, we are bursting with energy and can push our bodies to the utmost limits. Our physical health can endure the stress from all the facets of our life and not cause us any issues. However, as the years pass by, our physical health slowly starts declining. While this should be a concern for many, most individuals overlook these signals and carry on with their lives. Along with this, many of the country's individuals have adopted unhealthy lifestyle habits without understanding the depth of its consequences.
Continuing these lifestyle habits over an extended period can result in extreme physical distress and lead to life-threatening issues like diabetes, cancer, etc. Diagnosing such conditions can disrupt an individual's household peace and affect their financial stability. Hence, it becomes imperative that individuals look for ways to safeguard their family's financial stability when they're not around anymore. One of the optimal ways an individual can do so is by getting a term insurance plan.
What is a Term Plan?
A term plan is one of the purest forms of life insurance that offers comprehensive financial protection to family members against uncertainties in life. In a term insurance plan, the policyholder will have to pay a premium amount to the insurance company for a pre-determined tenure. If something were to happen to the individual during the insurance plan's tenure and pass away, the insurance company will provide their beneficiaries with the sum assured. The sum assured can help the family take care of different financial liabilities and maintain the household's financial stability during a stressful time.
Term insurance plans are considered one of the most affordable plans offering an enhanced sum assured. The sum assured a policyholder's beneficiaries receive through a term plan can help them handle different life events like marriage, education, house renovation, or clearing outstanding debt obligations. These plans come at affordable premiums, making them optimal for individuals looking for pure insurance plans. They're also beneficial for policyholders dealing with pre-existing conditions.
What are pre-existing conditions?
A pre-existing condition or illness means that the individual purchasing the plan is battling a health issue while purchasing it. Pre-existing conditions include issues like high blood pressure, thyroid, diabetes, asthma, etc. If an individual suffers from a pre-existing condition while purchasing a plan, their plan features like the premium and sum insured will heavily depend on the pre-existing condition. This is because of the risk of providinginsurance cover for pre-existing conditions. Generally, insurance companies may change the term conditions for individuals with pre-existing conditions. Getting an insurance policy with pre-existing conditions is not the same as applying for an insurance plan without any conditions.
What are the guidelines related to pre-existing conditions in term insurance?
Individuals with pre-existing conditions will generally have to follow many procedures when applying for an insurance plan. It can also mean that an insurer would refuse to pay the bill, cancel the coverage or even the insurance policy.
The individual must inform the insurer about their ailment and get all the necessary medical checkups before purchasing the policy.
It would be better if the individuals learned about the different ailments the insurer covers. It will be beneficial when filing the claim.
There are some instances where an individual may get the policy without getting any tests, and when the person is diagnosed with an issue, the insurer may reject the claim. Hence, getting the appropriate medical tests can be beneficial in the long run.
How to buyterm insurance for pre-existing medical conditions?
Some of the steps you must follow when gettingterm life insurance with pre-existing conditionsare:
Never hide any pre-existing ailments:
It would help if you didn't hide any of your pre-existing ailments from your insurer. If the insurer finds out later when the policyholder is getting the treatment, chances are the insurer can reject their health insurance claim.
Various insurers provide different policies:
It cannot be easy to get a health insurance plan when you have a pre-existing condition. But, not all insurers are the same. Insurance companies will look at the individual's complete medical history when analysing pre-existing health issues; others may consider medical history in the past few years. Insurers will need to check theirlist of pre-existing conditionsto see whether to provide coverage for it or not.
All visits to your doctor will not count:
Health insurance companies will consider the diseases that will cause an impact in the long run. Diseases like the flu, cough or cold are not extreme, and the insurer will not consider these ailments pre-existing conditions, as they won't affect the individual in the long run.
Pre-existing ailments can be covered:
Individuals applying for insurance plans with a pre-existing condition will have to face a waiting period. During this waiting period, they'll have to wait until their illness is given cover. There is a chance that an insurer will reject the application for such specified diseases. However, some insurers do offer coverage for pre-existing illnesses. In the waiting period, any hospitalisation bills, doctor fees, or medical costs for treating pre-existing ailments are not covered by the policy. They are covered after the waiting period is over or may not be covered at all.
Maha Raksha Supreme by TATA AIALife Insurance
Tata AIA Life Insurance Maha Raksha Supreme - A Non-Linked Non-Participating, Individual Life Insurance Pure Risk Premium Product (UIN: 110N102V04) is a flexible term insurance plan that is designed to suit your needs. With this plan, you get:
Whole Life Coverage (up to 100 years of age)
An Inbuilt Payout Accelerator Benefit which provides 50% of the Sum Assured if the policyholder is diagnosed with a terminal illness.
Option to increase coverage during the plan's tenure for important milestones with the Life Stage Plus option.
Along with these, enjoy tax* benefits as per the prevailing norms and coverage for pre-existing illnesses. For detailed information about the plan, including the list of pre-existing conditions covered and the applicable waiting period, contact us today!
Summing up
Purchasing a term insurance plan for dealing with pre-existing conditions is a brilliant way to safeguard your family's future. However, make sure to check the pre-existing illnesses covered, along with the waiting period, if any.
Tata AIA Life Insurance offers varied term life insurance plans for you. Check them out and safeguard your family’s future today!
L&C/Advt/2023/Mar/1057
