PRE-POLICY MEDICAL CHECK UP: HASSLE OR LIFE-SAVER?

policy medical and sign an undertaking without knowing you have a medical problem, your ignorance can go against you when filing for a claim.

Some diseases like diabetes and hypertension are known as silent killers, and there is a good chance that people with borderline disease may not be aware of their medical condition. But even an unintentional wrong declaration can go against you and your claim will be rejected by the insurance company. higher risk of claims. So you end up paying a higher premium. If opting for a policy without a mandatory pre-policy medical comes with so many negatives, why do insurance companies offer them?

The reason is that insurance companies are able to save costs of medical examination for each policyholder. On an average, a pre-policy medical can cost anywhere between `3,000 to `5,000 for each individual. By eliminating the pre-policy medical test and relying on self-declaration of policyholders, insurance companies save time and money.

Thinking one can get away by hiding their existing diseases or save time by not opting for a medical test would only be detrimental for the future.

Instead of choosing a policy that comes with no pre-policy medical, you are better off opting for one with a medical test beforehand. For example, if your pre-policy medical test clears you of any disease and you file the claim for that disease at a later stage, the insurance company cannot deny your claim on the ground that it was a pre-existing one or the medical tests were inconclusive.

A policy that comes with a mandatory pre-policy medical check will come at a lower premium as compared to a policy without the need of a medical.

Insurance companies pitch policies with no pre-policy medical check-up by stressing its convenience, and many people fall for it. While the ease of availing such policies cannot be ignored, insurance experts are of the opinion to avoid it for a smooth claim procedure. Such policies more expensive,and the risk of claim rejection is also high. (The writer is the CEO of

BankBazaar.com)