Yes, there are number of companies advertising the no-medical test insurance plans. However, please note that this is nothing but a mere advertising and marketing gimmick.

However, if you fall for the advertisement and still go for a term plan that might not require you to take immediate medical tests, it comes with its own risks. This is because it might have long-term repercussions.

A few reasons for this are:

- Higher probability of claim rejection

An exemption from medical tests does not mean that you can either wish away your health issues or hide it. Irrespective of the kind of insurance you opt for, you will still need to make a statement about your health condition in your application form. Hiding a health condition can have severe consequences to your insurance cover. Experts say that roughly 2-3% of claims end up being rejected due to this very reason.

- Higher premium

Insurance companies decide insurance premiums based on their perception of risk. Taking a medical test prior to buying a term policy can significantly lower the premiums you pay towards your life insurance policy.

Take for example two people who apply for the policy undergo a medical check-up. The first one (Mr. A) has normal sugar level, while the other one (Mr. B) has slightly higher sugar levels, ranging towards diabetes. The insurance company will ask Mr. A to pay lower premium vis-a-vis Mr. B. However, if the policy didn’t require medical tests then both of them would end up paying the same amount of premium and this would’ve been a loss for the healthy applicant.

- Lower risk coverage

Policies that do not require any medical test are generally low-value plans. Even for a healthy person no insurance company will provide a cover of over Rs. 5 lakh without a medical test. Hence, if you are looking for high insurance cover, then you will have to give a medical test.

So, if you want to apply for an insurance, you must take a medical test. It definitely helps in the long term.