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Query on term insurance and health insurance

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25 Jun, 2021 by  Suraj D

My application for term insurance has been postponed twice by Max Life Insurance, ICICI and HDFC for the following reason:

Also, health insurance has been rejected by Liberty Insurance Company.

I had undergone a MRI scan in Sep-2015 for headache, the finding was:

Solitary well defined cystic lesion in the left para hippocampal region as described - Benign lesion (Possibly neuroglial cyst) - Recommended follow up of the lesion.

I did undergo the follow up MRI in Dec-2019, the finding was:

Solitary white matter lesion in the subcortial aspect of the left para hippocampal region - Likely white matter ischemic changes. D/D Neuroglial cyst. Compared to the scan dated 19/09/2015, there is no significant interval change.

Doctors suggested that it is a circumstantial finding and nothing to worry about. No treatment is needed.

I do not have headache now after I started to wear the spectacles regularly.

Should I continue to apply for term insurance and health insurance?

Or should I stop applying as the insurance companies are postponing it because of the cyst but the cyst will remain as there is no treatment for it?

Term Life Insurance
Health Insurance

2 Answer

28 Jun, 2021
Self Employed - Digital Consultant

Dear Suraj,

You should check with these 3 Life Insurers after the period for which they have postponed your policy. Postponement is deferment of decision by the Insurer for a certain time period after which the Insurer is open to re-evaluate the proposal. It's not a strict rejection. I don't recommend that you apply to any other Life Insurer now. Most of them rewrite their risk with the same reinsurers so it's unlikely that any other Life Insurer will accept your proposal for term insurance.

For health insurance, check with the public sector Insurers. They do their underwriting at the regional level & may underwrite your risk with some exclusions. A few other options that you can try for health insurance -

  1. Group Health Insurance by your employer or some Bank where you have an active account. The new age fintech firms & payment banks like Paytm, PhonePe, Airtel Payments Bank may also provide you some health cover if you are their customer.
  2. Try to seek insurance under Arogya Sanjeevani plan run by a PSU health insurer. It's a low cost/basic cover health insurance offered by Insurers as per advice of IRDAI.

Best Wishes,

Asad Akbar

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01 Jul, 2021
Razin Muhammed K

Hlo suraj,

I just came through your query. I work with one of the associates of Max Life.



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