SBI Term Insurance Without Medical Test

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 Plan Without a Medical Test

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. 

SBI Term Insurance Plan Without Medical Examination 

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.

SBI Term Insurance Plan Features 

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.

What is the Importance of Conducting a Medical Test? 

Let us consider some significant drawbacks of not opting for a medical examination before buying a term insurance plan:

  1. Increased term insurance premium

    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.

  2. There are possibilities of your insurance claim getting rejected.

    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.

  3. Unavailability of high insurance coverage 

    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.

Pros and Cons of SBI Term Insurance Plan Without a Medical Test

Pros

Cons

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

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.

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.

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.

In Conclusion 

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.

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SBI Term Insurance Without Medical Test Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Rishi
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Sudhir
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Awedesh
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Vinay
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Ojasvi
Sorada, August 24, 2016
Good
My my sbi life eshield insurance policy is the best. Policy gives maximum coverage and claims are good. The service is quick and behaviour is very nice from the whole members of the company. Good decision to take this term insurance plan.
Devesh
Kota, July 27, 2016
SBI term policy
Every one have insurances in this time, so i buy one for me and my family safety. Service given by the company members is fabulous and my plan is sbi term insurance which is a quality product. It gives full facilities to me and my parents.
Nirbhaya
Tezpur, July 27, 2016
Fantastic Insurance
Very fine terms and conditions of my sbi life eshield insurance plan. The coverage is maximum and claims are even better. Services provided by executives of the company is awesome and on time. 24X7 assistance by the staff members.
Pulkit
Katehri, July 27, 2016
High Coverage
SBI eshield insurance plan i have is fabulous, i took it from sbi policy insurers. Just the premiums are little bit high but the returns are huge with good number of benefits. The service is super fast and renewals can be done on web portal.
Lokendra
Madhuban, July 27, 2016
Term plan
The colleague of mine suggested me a online sbi saral plan. The policy is perfect and it coverage ratio is about 91%. Service by the members of the insurance company is quick and due to this the claiming become more easier than before. Sbi policy i have satisfies me completely.
Rahul
Rajkot, April 21, 2016
Great Policy
I buy sbi life term insurance plan. The policy coverage is 94% and the premiums are low ~28 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women. Great investment which saves taxes too.
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