Do your research and compare on a variety of parameters
Ideally go for any life policy with the LIC or with the 3-4 large insurance players like HDFC, ICICI and SBI, which are the biggest players in the industry. The first step in the life insurance application process is to ensure that you apply with the right insurance service provider. Shop around before taking your decision and you can take the help of one of the insurance aggregators for a comparative analysis of policies. Compare policies on coverage, premium to cover ratio, pedigree of the insurer, claims processing history etc. Doing this will not cost you anything extra but have a world of relative benefits so make sure to take advantage of the information available on the internet.
An important caveat is that you must make a clean disclosure of any health problems or health risks that you may have so that there is no scope of any rejection at a later stage. Even if the agent promises to give you a policy without a medical test, insist on giving the medical test and have the results documented clearly in your policy document.
Actual process of applying for the insurance policy
Once you have shortlisted the provider and zeroed in on the company, then you start he actual process of application. The application process will take around 30 minutes at the most and ask you a variety of questions. Your basic information will be collected like name, date of birth, and address. You will be asked for sensitive information like driver license number and Aadhar or passport number. The life insurance company can thus access your driving records and medical history in case it has any doubts. You will also be asked about your health and family history. You can look at the typical life insurance application and health questions here. Be as transparent and don 't hide any present and past problems, any surgery however minor, any genetic dispositions, high risk nature of job etc.
If you are getting overly worried about the medical test, don 't worry. There is a stress test and then the regular blood, urine and stool examinations. It is actually good that you go through the medical examination and let it also get documented in your file. This exam will be scheduled at a time and place of your choosing at absolutely no cost to you, other than a few minutes of your time and a few drops of your blood. Once the basic items like height, weight, BMI, blood pressure etc. Try to stay as fit as possible before the examination.
For example, you must eat clean a couple days before your exam and avoid too much of high salts or fatty stuff. Stay clear of alcohol, strenuous exercise and caffeine to avoid a blood pressure spike. Schedule your exam in the morning as you will have to be fasted and you don 't want to go hungry all day. This will all help to make sure you get a good reading the day of the exam and improves chances of getting medical approval.
After the medical examination, you come to underwriting the risk
This is where the actual insurance relationship begins. The life insurance underwriting process is the longest part of the life insurance application and can take up to 8 weeks and will include an entire review of all your records. The insurer will look into the Medical Information Bureau (MIB) and pull up your medical history. If there is something that requires further clarification they will either reach out to you or request more records from your doctor. The underwriter will also review your driving history and lifestyle. Based on all these factors the life insurance company will make a decision on the type of rate you qualify for. Quite often, the insurance company may either ask for a higher premium or may suggest you to go for a lower cover in case they find you to be a high risk case.
After the underwriting agreement, your policy paper are issued
Once you get approved for coverage you will receive the policy within 10 days. Today, it is possible to hold your policy either in the physical contract format or you can also hold it in demat form. Make it a point to read the fine print of the contract before signing the dotted line. Once you are through, you will have to cut the cheques for the premium payment. For simplicity, you can also opt for the ECS facility for automatic debits to your bank account. You are actually covered only after the first payment is cleared. Now you are insured!