SBI General Insurance Company
SBI General Insurance Company Limited started its operations as a product of joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG). When it comes to formation of the firm, the SBI now owns 70% of its stakes, while Napean Opportunities LLP (Premji Invest affiliate) has the ownership of 16.01%, Honey Wheat Investment Limited, which is an entity that has formed a part of Warburg Pincus Group owns 9.99%, PI Opportunities Fund-1 owns around 2.35% and Axis New Opportunities AIF-I owns 1.65% stake in SBI General Insurance.
The general insurance company provides an inclusive range of insurance products in retail as well as commercial space at reasonable rates to make the services of insurance easily accessible to all the individuals and different types of businesses. The organisation gives a comprehensive suite of insurance products which ranges from Motor Insurance, Health Insurance, Personal Accident Insurance, Travel and Home Insurance in the retail line, while it provides products like Aviation Insurance, Fire Insurance, Marine Insurance, Construction and Engineering Insurance, etc., in the commercial space.
SBI General Insurance Company Limited Statistics
SBI General Insurance Company has marked its presence in more than 23,000 branches of State Bank Group and around 5,500 Regional Rural Banks (RRBs). The insurance company’s present geographical exposure has a reach to over 110 cities across the nation with a presence of over 350 places in addition to those cities, through satellite resources. SBI General Insurance is currently offering its services to three key insurance customer segments that includes Retail Segment, which includes individuals and families, Corporate Segment that involves mid to large size firms, and SME Segment. Here are some more exciting figures that have been achieved by the firm:
Claim Settlement Ratio
SBI General Insurance Company Limited Financials
SBI General Insurance Company continues to be India’s leading insurance company by generating a Net Profit of Rs. 412 crore along with Gross Written Premium (GWP) of Rs. 6,840 crore in the financial year 2019-20. The general insurance company has been marking a steady growth for the last three years and has managed to improve its customer base with having served over 3 crore customers during the financial year 2019-20.
Why Should You Choose SBI General Insurance Company?
SBI General Insurance Company is loaded with various beneficial offerings and features, which help its policyholders to avail the plan in a better and easier manner. The elements of the general insurance company which makes the firm a better option for customers looking to buy insurance plans are as follow:
Fast Policy Renewal
SBI General Insurance Company provides an online policy renewal system for its customers. To renew the insurance cover you need to fill up basic details of the plan like policy number, registration number and so on.
Claim Settlement Process
The claim settlement process of the firm is simple and swift. The firm strives towards simplifying the claim process with no or little documentation. The claim settlement ratio of the company is 76.20% for the financial year 2019-20.
Easy to Locate Feature
The policyholders of the company can easily find a branch, hospital or garage associated with the firm at the website of SBI General Insurance by just entering a few details like state, city, hospital name, garage name, and so on.
Awards and Achievements of SBI General Insurance Company Limited
SBI General Insurance provides exceptional customer service, top-notch technological implementation and unparalleled contribution towards the insurance industry which has made it get various awards and achievements. Some of the firm’s awards and recognitions are listed below:
- Technology Maturity Award
- Great Place To Work Award
- Best ET BFSI Award 2016
- Marketing Initiative Award
- ET Best BSFI Brands Award 2018
- Bancassurance Leader Award (Medium & Small Category)
SBI General Insurance Product Portfolio
SBI Motor Insurance Policy
SBI General Insurance Company provides motor insurance plans which are designed to offer coverage for third party liability and loss and damage incurred by the insured person’s vehicle due to accident, theft, man-made disasters and natural calamities. The motor insurance covers offered by the company are provided for two-wheelers, private cars, and commercial vehicles. The motor insurance policies come with different add-on covers which can be opted as per the budget and needs.
SBI Health Insurance Policy
SBI Health Insurance Plans comprise a range of health policies which are framed to offer coverage for the medical expenses that may arise due to an emergency or planned hospitalisation. The company offers various health insurance plans which includes Arogya Premier Policy, Arogya Plus Policy, Retail Health Insurance Policy, Critical Illness Insurance Policy, Hospital Daily Cash Insurance Policy and so on. These covers are loaded with several benefits like in-patient treatment, daycare procedures, out-patient treatment, domiciliary hospitalisation, etc. With the health insurance plan, the policyholders can also enjoy tax benefits under the section 80D of the Income Tax Act.
SBI Home Insurance Policy
SBI General Insurance Company proffers home isnurance plans to provide your home a financial coverage against different types of risks such as fire and allied perils like damage to property due to terrorism, earthquake, etc. In addition to these events, the home insurance policy also covers losses incurred due to burglary and theft, public liability, baggage loss, personal accident, breakdown of electrical or electronic appliances and so on. The insurance plan is meant to cover independent houses as well as flats and apartments with different policy terms.
SBI Travel Insurance Policy
The travel insurance plan offered by the SBI General Insurance Company gives comprehensive coverage for worldwide travel protection. The travel insurance cover gives coverage to customers on their trips related to business and holiday with round the clock assistance and easy claim settlement process. The travel insurance policy gives coverage against treatment while on holiday, cash advance, trip delays, injury or illness sustained during travel, etc. The insurance is provided for single and multi-trip.
SBI Commercial Insurance Policy
In addition to retail insurance, SBI General Insurance also offers different corporate insurance plans, rural plans and liability insurance products. The corporate insurance includes fire insurance, marine insurance, construction and engineering insurance, etc., while under the rural insurance segment, the company offers agricultural pump set insurance, cattle insurance, micro insurance policy, and so on.
SBI General Insurance Distribution Network
SBI General Insurance Company tends to follow a strong and extensive multi-distribution model which encompasses Agency, Bancassurance, Broking and Retail Direct Channels. At present, SBI General Insurance’s distribution family has a strength of over 21,000 IRDAI certified professionals which also includes the State Bank Group employees, and more than 8,000 agents that are constantly committed to make insurance services easily available even in the remote locations of the nation.
Sbi General Insurance User Reviews
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SBI General Insurance Company FAQs
What type of insurance plans are provided by SBI General Insurance?
The SBI General Insurance gives different types of insurance plans which comprise motor insurance, health insurance, home insurance, travel insurance, marine insurance, fire insurance, rural insurance, liability insurance and so on.
What is the Claim Settlement Ratio of SBI General Insurance Company?
The Claim Settlement Ratio of SBI General Insurance Company is 76.20% for the financial year 2019-20.
Where I can get cashless facilities with SBI General Insurance Plans?
The SBI General Insurance Company owns 6,000+ network garages and 16,000+ network hospitals in its network where you can get cashless facilities.
Does the general insurance company offer any mobile app for online services?
Yes, the policyholders can download SBI General Mobile App to avail of various services like policy purchase, policy renewal, locate network garages and hospitals, claim registration, policy document download and so on.
How can I connect with the customer care team of SBI General Insurance Company?
You can contact SBI General Insurance Company by calling at 1800-102-1111 and by writing us at firstname.lastname@example.org.