Birla Sun Life Insurance, a private insurance company, is planning to launch a new term insurance plan for people with healthy lifestyles. The term policy offers only life protection cover for a fixed period.
Till date, an insurer used to load the premium if the policyholder was suffering from smoking or drinking addiction, blood pressure, diabetes or obesity. Birla Sun Life will be launching first of it kind of policy that offers rewards to those with good family health history and healthy behaviour, with a discount.
Normally in life insurance, underwriting process involves collecting all bodily fluids and testing them at one end, and asking the prospect to blow on a mirror at the other end. But for the proposed term policy the underwriting process will not involve such procedure. With new mortality tables will be coming up in near future, life insurers are also coming up with innovative polices.
Globally, such kinds of term policies are available where policyholder is offered discounts who go to gymnasiums regularly.