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Buying a term insurance plan timely means securing your family's future in case of your unfortunate demise. However, many people avoid buying a term insurance policy because of time-consuming medical examinations that delay the purchase process. Insurers ask for a detailed medical check-up of the potential policyholder to know of any discrepancies and decide premiums.
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But is it possible to buy a term insurance policy without a medical checkup? Yes. SBI Life Insurance Company offers term plans that do not require a medical examination. You can find details of the SBI term insurance plan without medical tests below.
Term Plans
Generally, SBI Life Insurance conducts a complete medical examination of the potential term insurance policyholders to get an idea of their health quotient. It also affects the premium amount of term insurance plans. If the applicant is diagnosed with any ailment, it can lead to either rejection of policy purchase or higher premiums. It also includes the medical history of your family.
However, SBI Life Insurance company now offers term insurance plans without prior medical checkups. It is solely dependent on the applicant if they want to conduct medical tests, which is also a significant factor for claiming the policy. The policy buyer with pre-existing diseases or chronic illness must compulsorily go through proper medical examination before availing of the term insurance policy.
For term insurance policies without medical checkups, a medical self-declaration document is signed by the applicant during the buying process.
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The term plans offered by SBI Life Insurance Company do not necessarily require the policy buyer to go through a medical checkup. Under this policy, the policyholder is provided with a minimum assured sum of INR 20 lakhs. However, there is no limit to the maximum assured sum.
As there is no medical checkup required, the term insurance availing procedures become quick and simple. As a result, the policy buyer is relieved from related expenses. You will however be charged a slightly higher term insurance premium than standard if you buy the policy without a medical checkup.
Let us take a look at some of the key features of SBI term insurance plans:
SBI term insurance plans do not necessarily require the policy buyer to go through a medical checkup first. However, applicants must go through medical checkups for reducing claim rejections.
SBI term insurance plans generally have a minimum policy tenure of 5-10 years, while the maximum tenure offered is 30 years.
SBI only allows annual premium payment frequency, which means you will only have to pay the premium once a year.
The term insurance policies by SBI provide the minimum assured sum of INR 20 lakh.
On premium payments, a 30 days grace period is provided.
SBI provides special premium concessions to non-smokers as well as female policyholders.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Let us consider some significant drawbacks of not opting for a medical examination before buying a term insurance plan:
Insurance companies always tend to charge a higher premium from an individual who does not undergo a medical examination before buying term insurance. As insurance companies do not have a clear idea about your health quotient and medical status, they select the premium rate for term insurance based on the risk perception. Hence, if you want to avoid high premiums on your term life insurance, it is recommended to go through a medical checkup just so that insurers have an apparent impression of your health status.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
Suppose you do not opt for a medical checkup before buying a term insurance policy. In that case, the insurance company will not have any idea about the diseases, chronic illnesses, or hazardous lifestyle habits you have unless you mention everything about your medical condition to the insurer. If you pass away from any diseases or hazardous habits that the insurance company is unaware of, your insurance claim might get rejected.
Not opting for a medical examination can be considered for people seeking a term insurance plan with low insurance coverage. However, suppose you want a high insurance claim. In that case, you are recommended to give a medical examination first so that the insurance company can have an apparent idea of your health and can provide you with a higher premium.
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Pros |
Cons |
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Not opting for a medical test surely helps in avoiding medical test expenses. |
If a policy buyer does not opt for a medical test, the insurance company tends to charge a higher premium from him/her to counter health risk |
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Going through a medical test is a hassle-pact process. Hence not opting for a medical test makes the policy process quite simpler. |
If you are an individual looking for high coverage, opting for a medical test is a must. Otherwise, insurance companies might reject your application. |
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Tax benefits are offered on the premium under section 80C and the claim amount under section 10(10D). |
There are high chances of your insurance claim getting rejected if you pass away due to a disease that SBI is unaware you had. |
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The SBI term plan offers a grace period of 30 days on premium payment. |
The insurance company can reject your term insurance policy at any time if they don't have an apparent impression of your health. |
Going through medical tests can grant you high insurance coverage for lower premiums and vice-versa. SBI Life Insurance Company provides its customers with various term plans with and without a medical examination. It is recommended for all applicants to thoroughly research their policy and its benefits before making the final decision. Term insurance policy can help save your family a great deal during times of need.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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