LIFE INSURANCE: Premium may fall if medical test shows you are healthy

Is medical test mandatory while buying life insurance policy? Will my premium increase after I undergo the medical test? 
– Sajit Menon

The medical test requirement is dependent on the size of the insurance cover, and the product, and can differ from one insurer to the other. The outcome of the medical test does have a bearing on the premium rate, but does not necessarily mean you will have to pay more. If you are in good health, the premium payable is likely to be lower. It is advisable that you make a complete and factual disclosure about your health to the insurer. Full disclosure of medical information at issuance is essential for a seamless claims experience.

I purchased a life insurance policy before marriage and it has my maiden name. Now that I am married how can I change the name in the policy document? And how can I change the bank account that I had given for this policy? 
– Kimaya Patel

Both, name change and bank account details, can be updated anytime during the policy tenure. The proposer has to simply contact the insurer and submit the necessary documentation.

The writer is MD & CEO, Edelweiss Tokio Life Insurance

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