SBI General Insurance offers affordable Health insurance
Indore, March, 2015: SBI General Insurance, one of the leading general insurance companies in
India have reinforced their health insurance portfolio with their affordable product, SBI General
Group Health Insurance Policy. This product is available to all SBI Bank account holders and is
aimed at presenting to the customers an inexpensive health insurance product which also offers
comprehensive coverage.With the objective to offer economical Health Insurance cover to all,
especially the tier II & III cities; SBI General seeks to be the Swasthya Mitra of all IndiansToday less
than 15% of India’s 1.1 billion people are covered through health insurance. Over 80% of health
financing is private financing, most of which is out of pocket payments and not by any pre-payment
schemes - one of the highest in the world.
In India, health insurance is unfortunately not a priority investment; Customers are yet to accept
health insurance as a financial tool for medical emergencies. They usually procrastinate when it
comes to buying health insurance unless faced with an emergency.
Customers are mainly unaware of the benefits health insurance entails and believe it to be a
wasteful expenditure. SBI General Group Health Insurance Policy is an attempt to overcome this
concern with low premiums, a comprehensive cover and ease of buying.
Mr Bhaskar Sarma, MD &CEO, SBI General Insurance said, “In India where less than 15% of the
population has some form of health insurance coverage, there is an urgent need to ramp up the
health insurance coverage in the Country. The need of the hour is affordable health insurance that
can be easily understood and is available to all.”
“In times of rising health care costs, a sudden illness or injury can leave anyone financially
devastated and highly stressed. With SBI General’s affordableGroup Health Insurance Policy
customers are covered from any financial exigencies rising out of medical emergencies.” He
added.SBI General Health Insurance Policy is available with Individual and Family Floater option
and offers a host of benefits. This policy does not require a pre-policy medical test up to the age
of 65years and has a 1year waiting period for specified diseases.While pre-existing diseases are
covered after 4years, there is a lifelong renewal guarantee for the policy with a grace period of
15days.The premium paid is exempt from Income Tax under section 80D, covers pre and post
hospitalization expenses and provides cashless treatment at over 3000 network hospitals. This
policy is available in all 23000 branches of SBI and its Associate Banks.
Region specific
Madhya Pradesh is a significant market for SBI General. We have currently 6 branches catering
to the region. The total number of premiums from Madhya Pradesh alone accounted for INR 107
crores. Our products are also available in over 1400 SBI branches in Madhya Pradesh which cover
a large geographic area. Motor, Health, Fire, Engg., and Personal Accident covers are the major
contributors (in that order). Motor alone contributes 58% of the over all premium from the state.
Health is around 8%.
Plan details:
Plan Option Sum Insured
Individual Family Floater
Minimum Maximum Minimum Maximum
100,000 500,000 100000 500000
Entry Age:
Age at Entry (years) Policy Term Premium frequency
Minimum Maximum
3 months 65 years One year, renewal by
mutual consent
Covers provided under the SBI General’s Group Health Insurance Policy:
Sr No Expense Heads Expense Limit (RS)
1. Ambulance charges 1% of Sum Insured to a max of Rs 1500
2. Domiciliary Hospitalisation Reasonable and customary charges towards
3. Co-payment on claims in non-
network hospitals
4. Cashless facility Across SBI General’s Network Hospitals
5. Coverage for 141 day care
surgery procedures
6. Room boarding and nursing
charges
ICU charges
domiciliary hospitalisation as defined in policy
subject to 20% of the Sum Insured, maximum
upto Rs 20000, whichever is less
10% on all eligible admissible claims
Covers select day care surgery where less than
24 hours hospitalisation for specified procedures
like Dialysis, Chemotherapy Radio therapy ,
Eye surgery , dental surgery (due to accident),
tonsillectomy, etc are covered.
1% per day for non ICU and 2% per day for ICU.
All incremental expenses pertaining to room
rent, medical practitioners/ specialists fees and
other incidental expenses to be borne by the
insured.
Medical Practitioner and specialists fee
Anaesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines & drugs,
physiotherapy, diagnostic materials and X-ray, dialysis, chemotherapy, radiotherapy, cost of
pacemaker, prosthesis/ internal implants and any medical expenses incurred which is integral
part of the operation
About SBI General Insurance
SBI General Insurance Company Limited is a joint venturebetween the State Bank of India and
Insurance Australia Group(IAG). State Bank of India enjoys the largest banking franchise inIndia.
Along with its 5 Associate Banks, SBI Group has theunrivalled strength of over 19,000 branches
across the country,arguably one of the largest in the world.Insurance Australia Group Limited (IAG)
is an internationalgeneral insurance group, with operations in Australia, NewZealand, the United
Kingdom and Asia. IAG's businessesunderwrite around A$9.0 billion of premium per annum.
SBI General's current geographical coverage extends to 52 citiespan India. We are currently serving
3 key customer segments i.e.Retail Segment (catering to Individual & Families), CorporateSegment
(catering mid to large size Companies) and SMESegment. Current Policy offering of SBI General
covers Motor,Health, Personal Accident & Home Insurance for Individuals andAviation,
Fire,Marine, Package, Construction & Engineering,Liability, Group Health, Group Personal Accident
&Miscellaneous Insurance for Businesses.