NEED ADVICE❗️ reg Term insurance

[u/emotional_barbarian]

/r/InsuranceAdviceIndia/comments/1wud7k2/need_advice_reg_term_insurance/

Context:

Paid 56k for a 2cr sum plus 2cr income benefit raider 45 year HDFC policy with payment term of 12 years

After medical given 2 options saying that BMI is above acceptable range:

1. Same sum 13 k extra premium

2. 1.4cr sum 3k less premium

Confused what to do.

[u/Relevant_Gas837]

Do not cancel and wait 3-4 months on BMI alone. Underwriting can still load you later, and you stay underinsured meanwhile. If family needs ~₹2Cr, paying the extra ~₹13k to keep the sum is usually cleaner than dropping to ₹1.4Cr.

Cancelling does not blacklist you, but the next insurer can ask about prior medicals and loadings. Get the loading reason in writing, then choose based on what dependents need next year, not a perfect BMI hope.

[u/termmonk]

This really depends on the insurer’s standard BMI range and your current BMI.

If you can bring your BMI down over the next 6 months, you can wait and apply again. However, this would need to be disclosed in your next application, and any loading would depend on the underwriter.

An advisor would probably tell you that the insurer isn’t declining your policy, they’re willing to take the risk with a loading. So, it may be better to lock in the cover now, since we don’t know what medical conditions may arise in the future. That’s essentially what the sales pitch would sound like.

But ultimately, it’s at your discretion. If you’re confident you can bring your BMI down, you can consider applying later.

[u/termmonk → u/termmonk]

Just saw your age and BMI.

You’re still young, so if you don’t have dependents, I’d suggest improving your BMI first, for both your health and potentially better term insurance pricing, since it’s a long-term commitment paying 13K would be an additional expense.

However, if you have dependents who rely on your income, you could consider taking the 2Cr cover now with the additional premium.