Benefits of SBI Health Insurance
Right from its inception in 2010, SBI General Insurance has gained immense popularity in the insurance field. A joint venture between State Bank of India and Insurance Australia Group (IAG), SBI General Insurance offers a broad range of general insurance products so as to make insurance access easy for individuals as well as businesses. At present, the insurer provides insurance products in retail and commercial space. While Home, Motor, Health, Personal Accident, and Travel Insurance come under the retail space, products such as Aviation, Package, Fire, Marine, Construction & Engineering and Liability Insurance belong to the commercial space.
SBI General Insurance follows the multi-distribution model comprising Bancassurance, Agency, Broking and Retail Direct Channels. With its presence in over 23,000 branches of State Bank Group and over 5,500 Regional Rural Banks (RRBs), the general insurer provides a series of affordable health insurance plans that are not only comprehensive in nature, but also dedicatedly designed to cater to the variegated medical needs of individuals and families.
Health insurance plans offered by SBI General Insurance are excellent in terms of benefits. Be it for an individual or an entire family, health insurance plans by the general insurer provide coverage against pre and post-hospitalisation expenses, in-patient treatment expenses, daycare treatment expenses, and multiple others that are worth the money invested.
Additional Benefit of Free Health Check upWhen you choose an SBI health insurance plan, you gain the benefit of a free medical check-up. Note that the benefit is provided for every four claim-free consecutive years without any break in insurance. The insurer arranges the free health check-up in insurer’s empanelled diagnostic center or reimburses the cost incurred by the insured for the check-up subject to maximum 1% of sum insured up to a maximum of Rs. 2500.
Additional Protection over Employer CoverageEmployer sponsored group health insurance plans may seem sufficient health coverage, but that’s not the case. Plans like such don’t prove to be satisfactory in case of medical emergencies. In order to ensure financial stability in crucial time, it’s better to opt for an additional cover in advance. Buying a health insurance cover from SBI General Insurance can help you increase your existing group health cover without paying a huge premium.
Cashless BenefitSBI General Insurance’s health insurance plans come with the benefit of cashless claims. This particular benefit allows the policyholders to avail their claim in the cashless form and not worry about paying huge medical bills during an emergency situation. A great relief from financial stress, cashless benefit is nothing less than a boon. Note that policyholders can also avail reimbursement of medical bills apart from cashless settlement during treatment at a non-network hospital.
Claim Settement RatioClaim Settlement Ratio or CSR is the ratio of the claims settled by the insurer against the total number of claims presented in one financial year. SBI General Insurance has a 50.12%* CSR for the year ended March 31, 2018. *The claim settlement ratio change from time to time. A great CSR indicates that the company settles most of its claims, which in turn, enhances trust of potential customers.
Coverage against Medical ExpensesSBI General health insurance plans come with comprehensive coverage, whether for an individual or a complete family. By investing in SBI Health Insurance plan, you can be assured of an extensive coverage for medical expenses such as inpatient treatment, pre-hospitalisation, post hospitalisation, day care treatments, ambulance cover, multiple others, which become too tough to handle during a medical emergency.
Incurred Claim RatioIncurred Claim Ratio or ICR measures the earned premium, which is spent in paying claims. SBI General Insurance’s ICR for the financial year 2018-19 was 52%*. The ratio indicates the insurer managed to keep the ratio below 100% and earned a profit that strengthened its financial condition. *The incurred claim ratio change from time to time.
Tax BenefitPremiums paid towards SBI General health insurance plans qualify for deduction under Section 80D of the Income Tax Act, 1961.
SBI Health Insurance Plan List
|Name of Plan||Sum Insured|
|Arogya Premier PolicyMin: 3 Months; Max: 65 Years||10 Lakh||Get Quotes Now|
|Arogya Plus PolicyMin: 3 Months; Max: 65 Years||1 Lakh||Get Quotes Now|
|Critical Illness Insurance PolicyMin: 18 Years; Max: 65 Years||2 Lakh||Get Quotes Now|
|Hospital Daily CashMin: 90 Days; Max: 65 Years||500/day||Get Quotes Now|
|Health Insurance Policy-RetailMin: 3 Months; Max: 65 Years||50 Thousand||Get Quotes Now|
|Arogya Sanjeevani PolicyMin: 3 months; Max: 65 years||1 Lakh - 5 Lakh||Get Quotes Now|
|Corona Kavach PolicyMin: 1 Day; Max; 65 Years||50,000 - 5 lakh||Get Quotes Now|
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SBI Health Insurance FAQs
Why should I invest in health insurance policy from SBI General Insurance?
SBI General Insurance is a great option to buy a health insurance policy. The insurer not only ensures financial protection of an individual, but an entire family and provides them with the much-desired peace of mind. By investing in SBI General health insurance policy, you can benefit from wide health coverage, direct & hassle-free claim settlement, lifetime policy renewal and numerous other benefits. Overall, you won’t be disappointed with SBI General Health Insurance in any which way.
How can I buy and apply for SBI General health insurance policy?
SBI General health insurance policy is easy to apply and buy online. You can either visit the official website of SBI General Insurance or InsuranceDekho to apply and purchase the SBI General's health insurance policy that suits your specific needs the best.
Which health insurance policies does SBI General Insurance provide?
SBI General Insurance, under its health insurance category, offers Arogya Premier Policy, Arogya Plus Policy, Arogya Top Up Policy, Group Health Insurance Policy, Critical Illness Insurance Policy, and Hospital Daily Cash.
Does SBI General Insurance provide critical illness cover?
Yes! SBI General Insurance provides critical illness cover for 13 critical illnesses under its Critical Illness Insurance Policy.
What is the Claim Settlement Ratio of SBI General Insurance?
The claim settlement ratio of SBI General Insurance for the year ended March 31, 2018 is 50.12%.