SBI General Insurance Company: Definition, History, Policies, Quotes, Claims, Features

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About SBI General Insurance Company Limited

SBI General Insurance Company, established in 2009, is the 6th Largest Private General Insurance Company in India with the strong parentage of SBI. The Company has grown exponentially across India from 17 to 141 branches. The Company has an employee strength of 7,542 employees as on 31st March 2023. SBI General Insurance Company has won industry awards like ‘Insurer of the Year’ and ‘Best General Insurance Company’ in recent years. The Company has served 34 Crore Customers till date.

SBI General Insurance Company

The Company reported a Gross Written Premium of Rs10,888 Crores in FY23 v/s Rs9,259 Crores in FY22, translating to a market share of 4.21% in FY23. The Profit After Tax stood at Rs184 Crores in FY23 v/s Rs131.2 Crores in FY22. The Company issued close to 1.75 crore Insurance Policies and settled more than 6,29,243 lakh Insurance Claims in FY23, with a Claim Settlement Ratio of 98%. SBI General Insurance Company provides a range of General Insurance Products such as Motor Insurance, Health Insurance, Fire Insurance Policy, Marine Insurance, D&O Liability Insurance, Cyber Liability Insurance Policy, Surety Bond Insurance, Event Insurance Policy to its customers.

History of SBI General Insurance Company Ltd

SBI General Insurance Company Limited was founded in 2009 and commenced operations in 2010 as a joint venture between State Bank of India and Insurance Australia Group (IAG). The Insurance Australia Group (IAG) exited the Joint Venture in October 2019 by selling its entire stake of 26% for $325 million. The Company has an employee strength of 7,542 employees and tie-ups with 510 Insurance Brokers and 16,267 Insurance Agents.

SBI General Insurance Company Ltd: An Overview

Features Value
Year Founded 2009
Founder State Bank of India
Headquarters Mumbai, Maharashtra, India
Offices in India 140+ Branches
Authorized Capital - FY23 Rs. 2,000 Crores
Paid Up Capital - FY23 Rs215.65 Crores
Awards Won (2022 - 2023) Best General Insurance Provider at the Outlook Money Awards 2022
Gross Written Premium - FY23 Rs10,288 crore
Incurred Claim Ratio - FY23 78.73%
Network Hospitals 16,625
Network Garages 7,159
Market Position in India Among the top private general insurance companies in India

Insurance Policies Offered by SBI General Insurance Company Ltd

SBI General Business Insurance Plans

SBI General Insurance Company offers various Insurance Policies for Large Corporates, MSMEs and Startups including Marine Insurance Policy, Fire Insurance Policy, Commercial General Liability Insurance Policy, Group Health Insurance Policy, Workmen’s Compensation Insurance, Professional Indemnity Insurance Policy, Cyber Insurance Policy etc. This article explores different types of Business Insurances offered by SBI General Insurance Company.

Employee Benefit Insurance offered by SBI General Insurance Company Ltd

SBI General Group Health Insurance Policy

SBI General Insurance Company provides a comprehensive Group Health Insurance Policy designed to cater to the hospitalisation expenses of employees and their family members. The Policy also provides coverage for Pre- and Post-Hospitalisation Expenses, Domiciliary Hospitalisation Cover and much more.

Key features of the SBI General Group Health Insurance Policy

  1. SBI General Group Health Insurance Policy provides comprehensive Health Insurance Coverage for employees including Hospitalization Expenses, Pre and Post-Hospitalization Expenses, Daycare Procedures, Domiciliary Hospitalisation Coverage, Ambulance Charges etc.
  2. The Policy provides coverage for Employee, Spouse, Dependent Children and Dependent Parents.
  3. Provides Cover for Pre-Existing Diseases from Day 1
  4. Provides Maternity Coverage without any Waiting Period
  5. Various Sum Insured Options ranging from Rs1 Lakh to Rs5 Lakhs available under the Policy
  6. Cashless Claims Settlement Option available at 16000+ Network Hospitals
SBI General Group Personal Accident Insurance Policy

SBI General Group Personal Accident Insurance Policy offers financial protection to employees in case of accidents resulting in death, disability, or injury.

Key features of the SBI General Group Personal Accident Insurance Policy

  1. Accidental Death Coverage: 100% of the Sum Insured is paid to the nominee if the Insured dies due to an Accident.
  2. The Policy pays a lumpsum amount to the Insured depending on type of Disability as per Policy Terms and Conditions.
  3. Policy provides cover for hospitalisation expenses incurred because of an accident
  4. Add-Ons like Child Education Cover, Ambulance Cover, etc. can be opted for to enhance coverage.
  5. Cashless Claims Settlement facility available for Hospitalization Claims.
SBI General Workmen’s Compensation Insurance Policy

SBI General Workmen’s Compensation Insurance Policy protects employers from the legal liability to provide compensation to employees in case of accidental death or disablement of the employees in the course of their employment as mandated in the Workmen’s Compensation Act 1923 (and subsequent Amendment’s) and Fatal Accident Act 1855.

Key Features of SBI General Workmen Compensation Insurance Policy

  1. SBI General Workmen’s Compensation Insurance Policy covers Accidental Death, Permanent (Total and Partial) Disablement and Temporary Disablement of employees in the course of their employment
  2. Add-ons like Medical Expenses, Compressed Air Disease, Occupational Disease and Sub-Contractor Coverage etc. can be chosen to enhance coverage
  3. Online purchase facility available with instant policy issuance.

Fire Insurance Policies offered by SBI General Insurance Company Limited

SBI General Standard Fire and Special Perils Insurance Policy

The Standard Fire and Special Perils Insurance Policy from SBI General Insurance offers comprehensive coverage against against loss or damage caused to Insured Property by Fire and allied Perils such as Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious Damage, Natural Calamities such as Storms, Floods etc. The Policy also offers optional add-on covers for Earthquake, Spontaneous Combustion, Omission to insure Additions/Alterations, STFI Cover, and Start-Up Expenses. The Policy is designed for Factories and Commercial Establishments to cover their Building, Plants & Machinery, Inventory Stocks etc. Schools, Residential Buildings and Office Buildings.

Key Features of SBI General Insurance Standard Fire and Special Perils Insurance Policy

  1. Comprehensive Coverage against Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious Damage, Natural Calamities, Impact Damage, and other Perils
  2. Option to declare Fixed Asset Values at Reinstatement Value or Market Value
  3. Eligibility for various types of properties, including Residential, Offices, Hotels, Industrial/Manufacturing Risks and Storage Risks
  4. Premium calculated based on factors such as Nature of Industry, Property Type, Location, Sum Insured, and chosen add-on covers
SBI General Bharat Sookshma Udyam Suraksha Policy

SBI General Bharat Sookshma Udyam Suraksha Policy provides coverage against Loss or Damage to property due to Fire and allied Perils for enterprises where the Total Value at Risk across all insurable Asset Classes at one location does not exceed Rs5 crores. SBI General Bharat Sookshma Udyam Suraksha Policy is designed to meet the needs of Small and Medium Enterprises.

Key Features of the Bharat Sookshma Udyam Suraksha policy from SBI General Insurance

  1. Provides Insurance against Fire, Explosion, Lightning, Earthquake, Flood, Storm and other perils.
  2. Provides Cover on Reinstatement Value Basis for Fixed Assets
  3. Coverage can be customised with add-on covers like Terrorism, Loss of Rent etc.
SBI General Bharat Laghu Udyam Suraksha Policy

SBI General Bharat Laghu Udyam Suraksha Policy provides coverage against loss or damage to property due to Fire and allied Perils where the Total Value at Risk across all insurable asset classes at one location exceeds Rs5 Crore but does not exceed Rs50 Crore.

Key Features of SBI General Bharat Laghu Udyam Suraksha Policy

  1. Designed specifically for Small and Medium Enterprises where Total Value at Risk across all insurable asset classes exceeds Rs5 crores but does not exceed Rs. 50 crores
  2. Comprehensive Coverage against Fire and Allied Perils, Theft and Burglary etc
  3. SBI General Bharat Laghu Udyam Suraksha Insurance Policy provides Waiver of Underinsurance of upto 15%
  4. Provides cover on Reinstatement Value Basis for Building, Plant, Machinery and other Fixed Assets etc.
  5. Availability of Floater cover and Declaration Policy for greater flexibility.
SBI General Bharat Griha Raksha Policy

SBI General Bharat Griha Raksha policy is a comprehensive Home Insurance Policy designed to protect Residential Housing Societies and Homes against loss or damage due to Fire and Allied Perils. The Insurance Policy offers coverage against Loss or Damage to the insured property due to causes like Fire, Explosion, Lightning, Earthquake, Flood, Storm etc.

The Policy offers two main types of coverage: Home Structure Cover: This covers Physical Loss, Damage, or Destruction of Home Building due to Insured Perils such as Fire, Explosion, Earthquake, Storm, Flood, Landslide etc. Home Contents Cover: This Covers the Physical Loss, Damage, or Destruction of the general contents of your home caused by Insured Perils.

Key Features of the SBI General Bharat Griha Raksha Policy

  1. Flexible Policy Tenure ranging from 1 to 10 years
  2. Automatic cover for Home Contents at 20% of the Sum Insured amount for the building (subject to a maximum of Rs10 lakhs)
  3. Optional covers for valuable contents and personal accident (for self and spouse)
  4. Inbuilt covers for Architect/Surveyor Fees, Debris Removal, and Loss Of Rent
  5. Auto-escalation of Sum Insured by 10% for annual and long-term policies
  6. No Underinsurance or Deductibles applicable

Liability Insurance Policies Offered by SBI General Insurance Company Limited

SBI General Cyber Insurance Policy

SBI General Cyber Defense Insurance policy protects businesses from the financial consequences of cyberattacks. SBI General Cyber Insurance Policy covers a broad spectrum of Cyber Risks such as Privacy Breaches, System Damage, Business Interruption, Computer Virus Transmission and Hacking, Multimedia Liability, Cyber Extortion etc.

Key Features of the SBI General Cyber Defense Insurance Policy

  1. Worldwide coverage for Cyber Incidents
  2. Privacy protection for Personal and Commercially Confidential Information held by service providers
  3. Advancement of Defense Costs incurred due to a cyber incident
  4. Coverage for Cyber Extortion
  5. Public Relations Expenses are covered to protect personal and brand reputation
SBI General Directors and Officers Liability Insurance Policy

SBI General D&O Liability Insurance Policy protects the Directors and Officers of a Company against the Legal Liability for Wrongful Acts committed by them in their managerial capacity. A Wrongful Act is defined as any actual or alleged Act, Error, Omission, Breach of Duty, Breach of Trust, Breach of Warranty of Authority, Misstatement or Misleading Statement. SBI Directors and Officers Liability Insurance Policy offers coverage for Defence Costs and Compensatory Damages that the Directors and Officers become legally liable to pay for Claims of Wrongful Acts.

Key Features of the SBI General Directors and Officers Liability Insurance Policy

  1. Coverage for Legal Costs and Compensatory Damages arising from alleged Wrongful Acts
  2. Broad definition of “Claim” including Written Demands, Civil And Criminal Proceedings, and Regulatory Investigations
  3. Automatic Coverage for newly acquired or created subsidiaries
  4. SBI D&O Liability Insurance Policy provides cover for Non-Executive Directors, Retired Directors and Outside Directors
  5. Retroactive Date Cover - The Policy provides coverage for Claims resulting from all incidents that occur after the Retroactive Date
  6. Worldwide Territory and Jurisdiction Coverage
**SBI General Broad Form Liability Insurance Policy **

SBI General Insurance’s Broad Form Liability Insurance Policy, also known as Commercial General Liability Insurance Policy, offers comprehensive coverage against Legal Liability arising from Third-Party Bodily Injury and Property Damage caused by the Insured’s Business Operations, Products or Injuries that occur within the Insured’s Business Premises. The Policy also provides coverage for Personal and Advertising Injury.

Key Features of the SBI General Broad Form Liability Insurance Policy

  1. Worldwide Territory and Jurisdiction coverage which is beneficial for businesses with global operations
  2. Policy includes Coverage for “Personal and Advertising Injury” which involves claims alleging Libel, Slander, Defamation, Copyright Infringement, and similar offenses
  3. SBI General Broad Form Liability Insurance Policy is available as a Claims Made Policy as well as an Occurrence Based Policy
  4. Suitability for a variety of industries, including manufacturing, processing, engineering, and service sectors
SBI General Product Liability Insurance Policy

SBI General Insurance Product Liability Insurance Policy protects businesses against Claims of Bodily Injury or Property Damage caused by products manufactured, sold or distributed by the Insured Business. The Policy covers the Defence Costs and Compensatory Damages arising out of such Claims.

Key Features of SBI General Product Liability Insurance Policy

  1. SBI General Product Liability Insurance Policy covers the Legal Liability for Third-Party Bodily Injury or Property Damage caused due to defects in products manufactured, sold, or distributed by the Insured.
  2. The Policy has an option to include various add-on covers such as Technical Collaborator’s Liability, Vendor’s Liability, Transportation Liability etc
  3. Policy also has an option to enhance coverage by including Product Recall Coverage
  4. SBI General Product Liability Insurance Policy covers Claims arising from Manufacturing Defects, Design Defects, and Failure to Warn.
SBI General Errors and Omissions Insurance Policy

SBI General’s Errors and Omissions Insurance Policy, also known as Professional Indemnity Insurance, provides coverage for Wrongful Acts resulting in financial losses suffered by a Third Party resulting from failure of the Insured’s product to perform the function or to serve the purpose intended or failure to provide service in accordance with terms and conditions of a contract. Networking and Information Technology Companies, Technology Consultants, and Telecommunications firms ideally should purchase Errors and Omissions Insurance.

Key Features of SBI General’s E&O Insurance Policy

  1. Covers Legal Liability of the Insured arising from Errors, Omissions, or Negligence in professional services provided by the Insured.
  2. Offers coverage for the Defence Costs and Compensatory Damages.
  3. SBI E&O Insurance Policy provides add-on covers for Employee Dishonesty and IPR Infringement Liability
SBI General Event Cancellation Insurance Policy

SBI General’s Event Cancellation Insurance Policy is designed to protect event organizers against financial losses arising from the Cancellation, Interruption, Postponement, or Relocation of an Insured Event due to unforeseen circumstances beyond their control. The Insurance Policy covers the irrecoverable costs and expenses incurred in organizing the event.

Key Features of SBI General’s Event Cancellation Insurance Policy

  1. Covers Financial Losses due to Cancellation, Interruption, Postponement or Relocation of the Insured Event.
  2. This Policy also indemnifies the Assured for proven additional costs incurred to avoid or diminish a loss payable under the Policy.
  3. Wide Range of Events such as Corporate Conferences, Weddings, Live Concerts, Trade Shows, Sport Events, Award Functions can be covered under SBI General Event Cancellation Insurance Policy.
  4. Policy also provides cover for Legal Liability towards Third Parties for accidents resulting in Bodily Injury or Damage occurring at the venue of the Insured’s event, in connection with the Insured’s event, during the Policy Period.

Marine Insurance Policies offered by SBI General Insurance Company

SBI General Insurance Specific Voyage Marine Insurance Policy

The SBI General Specific Voyage Marine Insurance Policy insures a single transit for any loss or damage to cargo whilst in transit. The cargo owner must purchase a separate Insurance Policy for each and every transit.

Key Features of SBI General Specific Voyage Marine Insurance Policy

  1. Covers perils like Fire, Collision, Theft, Damage During Loading/Unloading etc.
  2. Covers a Single Transit
  3. Customizable with add-on covers like War, SRCC etc.
SBI General Marine Open Policy

SBI General Marine Open Policy is issued to large companies with frequent cargo dispatches. A Marine Open Policy covers all shipments by the Insured on an annual basis. A Marine Open Policy eliminates the need to insure each transit separately, thus reducing the administrative hassle of issuing a separate policy for each transit. The Insured just needs to make a monthly declaration of all the transits that took place in the previous month.

Key Features of SBI General Marine Open Policy

  1. Marine Open Policy is an Annual Policy which covers all shipments throughout the year; There is no need to issue a separate policy for each and every transit
  2. A Single Policy insures a single leg of transit, i.e. Exports, Imports, Domestic Sales, Purchases etc
  3. Insured has to make periodic declaration of transits taking place to the Insurance Company
  4. Covers loss due to Fire, Collision, Theft, etc.
  5. Certificates are issued under the Marine Open Policy for Individual Transits
  6. The Sum Insured under the Marine Open Policy can be enhanced during the duration of the Policy
SBI General Marine Sales Turnover Policy (STOP Insurance Policy)

SBI General Marine Sales Turnover Policy covers all the transits, that is Export Sales, Domestic Sales, Imports, Local Purchases, Inter-Factory Movements, Job Worker Movements, Capital Equipment and Container Movements under a Single Policy. The Insured just needs to declare the Sales Turnover of the Company on a periodic basis rather than making a declaration of all transits taking place as done in a Marine Open Policy. Another important point is that all legs of transit get covered under a single policy.

Key Features of SBI General Marine Sales Turnover Insurance Policy

  1. Sum Insured under the Sales Turnover Policy is determined on the Insured’s estimated sales for the current year.
  2. Covers perils like Fire, Collision, Theft, Damage during transit
  3. Add-ons available for Strikes, Riots etc.
  4. No need for individual declarations per shipment
  5. All Risk or Basic Risk coverage as per Institute Cargo Clauses

Engineering Insurance Policies offered by SBI General Insurance Company

SBI General Contractors All Risk Insurance Policy (CAR Insurance)

SBI General’s Contractors All Risk Insurance Policy provides comprehensive coverage for damage caused by accidents to civil projects during the construction phase. The Policy provides coverage to the project site, materials, and equipment for Perils such as Fire, Lightning, Riots, Strikes, Theft, Burglary etc.

Key Features of SBI General CAR Insurance Policy SBI General CAR Insurance Policy provides coverage under 2 sections

  1. Material Damage Section: The Material Damage Section of the Contractors All Risk Insurance Policy covers Physical Damage to the Property under construction, protecting against Perils such as Fire, Lightning, Theft, and Burglary.
  2. Third-Party Liability Section: The Third-Party Liability Section provides coverage for the legal liability of the contractor for Bodily Injury or Property Damage caused to third parties because of work conducted on the site.
  3. The Policy commences from the arrival of the first consignment at site and ends on successful commissioning of the project or expiry of the Policy Period, whichever is earlier
  4. The Policy can be extended to include the interest of Principal, Contractors and Subcontractors.
  5. SBI General Contractor All Risk Insurance Policy helps contractors and project owners manage the financial risks associated with construction projects.
  6. This Policy is suitable for a wide range of construction projects like buildings, roads, bridges, power plants etc
SBI General Erection All Risk Insurance Policy (EAR Insurance Policy)

SBI General Erection All Risks Insurance Policy comprehensive coverage for Erection of Plant, Machinery, Equipment and Structures. The Policy provides coverage during the storage, erection, installation and testing phase of a project.

Key Features of SBI General EAR Insurance Policy

  1. Covers Loss or Damage to the machinery, equipment, or structures being erected or installed.
  2. Offers coverage for Third-Party Liability arising from Bodily Injury or Property Damage caused by the erection work.
  3. Provides protection against various risks, such as accidents, natural disasters, fire, theft, or malicious damage.
  4. Helps Contractors and Project Owners manage the financial risks associated with erection and installation projects.
  5. The Policy is suitable for a wide range of erection projects - however there are certain exclusions like faulty design, wear and tear, nuclear risks etc.

SBI General Surety Bond Insurance Policy

SBI General Surety Bond Insurance is a risk transfer mechanism designed to provide protection against breach of terms and conditions by contractors either during the bidding stage or during the performance stage of a project. The Policy offers an assurance to the project owner in the form of a Surety Bond that the Contractor will complete the project as per the agreed terms and conditions.

Key Features of SBI General’s Surety Bond Bima Policy

  1. Provides financial security to the beneficiary (project owner) in case the contractor fails to fulfill their contractual obligations.
  2. Covers various types of bonds, such as Bid Bond, Advance Payment Bond, Performance Bond, and Retention Money Bond.
  3. Helps promote successful and efficient project outcomes by providing project owners with peace of mind on individual projects.
  4. Designed to Insure Project Owners for non-performance and financial exposures in case of contractual default.

SBI General Trade Credit Insurance Policy

SBI General Trade Credit Insurance Policy protects businesses against financial losses arising from the non-payment of trade debts by their customers. This Policy helps businesses manage their credit risks and maintain a healthy cash flow by providing cover against both commercial and political risks.

Key Features of SBI General Trade Credit Insurance Policy

  1. Covers losses of the seller due to non-payment of invoices by buyers, both in domestic and export markets.
  2. Offers protection against commercial risks, such as Insolvency or Protracted Default of the Buyer.
  3. Provides cover against Political Risks, such as War, Currency Transfer Restrictions, Or Import/Export Bans.
  4. The policy also has optional coverage for disputed debts, consignment sales and work in progress.

SBI General Personal Insurance Plans

SBI General Insurance Company offers various a range of Insurance Policies for Individuals and Families such as Health Insurance, Motor Insurance and Travel Insurance Plans. This article explores different types of Personal Insurances offered by SBI General Insurance Company

Health Insurance Policies offered by SBI General Insurance Company

SBI General Insurance Company offers various Health Insurance Policies depending on the requirements of the Insured. Some of the Health Insurance Plans offered by SBI are listed below:

SBI General Health Edge Policy

SBI General Health Edge policy is a comprehensive Health Insurance Plan offered by SBI General Insurance Company Limited providing coverage for Hospitalization Expenses, Daycare Procedures, Pre and Post-Hospitalization Expenses, etc.

Key Features of SBI General Health Edge Policy

  1. SBI General Health Edge Policy offers various Sum Insured Options from Rs3 Lakhs to Rs25 Lakhs
  2. Minimum Entry age of 18 Years and Maximum Entry Age of 65 years
  3. A Family can opt for Family Floater Health Insurance Policy to cover Spouse and Dependent Children
  4. SBI Health Edge Policy provides cover for Hospitalization Expenses including Room Charges, Surgeon Fees, Medicines, etc.
  5. Pre and Post-Hospitalisation Expenses coverage for 30 days - 60 days respectively
  6. Unlimited Restoration Benefit provided for Related and Unrelated Illnesses provided during the Policy Year
  7. No-Claim Bonus of 50% Base Sum Insured up to a maximum of 200% of the Base Sum Insured under the current Policy Year. If a Claim is made under the Health Insurance Policy during any Policy Year, the accrued booster benefit will be reduced at the same rate at which it has accrued
  8. Maternity Benefit for Medical Expenses Incurred upto Rs25000 for a Normal Delivery and Rs50000 for C-Section Delivery is available after a Waiting Period of 48 months as an Optional Cover under the SBI Health Edge Insurance Policy
  9. Policy provides coverage for Global Treatment for 16 Critical Illnesses which are diagnosed in India
  10. Policy provides coverage for Assisted Reproduction Treatment upto Rs1 Lakh subject to a Waiting Period of 48 months for 1 Assisted Reproduction Treatment Cycle for each eligible insured person in a policy year.
  11. No Room Rent Capping and No Co-Payment
  12. Waiting Period of 90 Days for Diabetes, Hypertension Cardiac Condition
  13. Waiting Period of 24 months for Pre-Existing Diseases
  14. Waiting Period of 24 months for Specific Diseases
  15. Waiting Period of 36 months for Global Treatment
  16. Waiting Period of 48 months for Assisted Reproduction Treatment
  17. Waiting Period of 48 months for Maternity Coverage
  18. Various Daycare Procedures, Modern Treatments and Advanced Procedures are covered
  19. Optional Cover for Domestic Staff
  20. The Premiums are applicable for Section 80D Deduction under the Income Tax Act, 1961
  21. Lifetime Renewal
SBI General Arogya Supreme Policy

SBI General Arogya Supreme Health Insurance Policy is a comprehensive Health Insurance Plan offered by SBI General Insurance Company Limited. SBI General Arogya Supreme Health Insurance Policy provides cover for Hospitalisation Expenses, Pre and Post-Hospitalisation Expenses, Daycare Procedures etc. The Arogya Supreme Policy comes in three variants: Pro (Silver), Plus (Gold), and Premium (Platinum) and Policyholders can purchase the Policy either on an Individual Basis or Family Floater Basis.

Key Features of SBI General Arogya Supreme Policy

  1. SBI General Arogya Supreme Policy provides 20 basic covers and 8 optional covers for Hospitalization Expenses, Mental Healthcare, HIV/AIDS Cover, Genetic Disorders, Bariatric Surgery, Advanced Procedures etc.
  2. Pre and Post-Hospitalisation Expenses coverage for 30/60 days – 60/90/180 days respectively depending on the variant chosen
  3. SBI Arogya Supreme Policy provides No Claim Bonus of 15% per year upto a maximum of 100% of Basic Sum Insured provided there has been no Claim under the expiring Policy Year
  4. Various Sum Insured options available upto Rs1 Crore
  5. Minimum Entry age of 18 Years
  6. Waiting Period of 48 months for Pre-Existing Diseases
  7. Waiting Period of 24 months for Specific Diseases
  8. Waiting Period of 90 Days for Diabetes, Hypertension Cardiac Condition
  9. Lifetime Renewal
SBI General Arogya Sanjeevani Policy

SBI General Arogya Sanjeevani Policy is a comprehensive Health Insurance Plan coverage for medical expenses arising from Hospitalization Expenses, Surgery Expenses, Pre and Post-Hospitalisation Expenses, Daycare Procedures etc. The Policy has a minimum entry age of 18 years and maximum entry age of 65 years.

Key Features of the Arogya Sanjeevani Policy

  1. Sum insured options ranging from Rs. 50,000 to Rs. 10,00,000.
  2. Minimum Entry age of 18 Years and Maximum Entry Age of 65 years
  3. No medical check-up required up to the age of 55 years for people with no medical history.
  4. Coverage for Hospitalization Expenses including Room Rent, Boarding Expenses, Doctor Fees, Nursing Expenses, Operation Theatre Charges and ICU Charges.
  5. Room Rent Limit of 2% of Sum Insured subject to a maximum of Rs5000 per day for Normal Rooms and 5% of Sum Insured subject to a maximum of Rs10,000 per day for ICU Rooms
  6. Pre and Post-Hospitalisation Expenses Coverage for 30 days and 60 Days
  7. Cumulative Bonus of 5% per year for every claim free year, provided that the policy is renewed without a break every year, subject to a maximum of 50% of Sum Insured.
  8. Co-Payment of 5% on each and every claim
  9. Waiting Period of 48 months for Pre-Existing Diseases
  10. Waiting Period of 24 and 48 months for Specific Diseases
  11. Lifelong Renewal
SBI General Arogya Top Up Policy

The SBI General Arogya Top Up Policy is a Top-Up Health Insurance Policy which provides Health Insurance Coverage at affordable premiums. The Policy provides additional coverage when your basic Health Insurance Plan falls short.

Key Features of SBI Arogya Top Up Health Insurance Policy

  1. Individuals between 18 and 65 years of age can purchase this policy for themselves, their spouse, dependent children (91 days - 25 years), parents, and parents-in-law.
  2. Sum Insured options range from Rs1 Lakh to Rs50 Lakh with Deductible options ranging from Rs1 lakh to Rs10 lakh.
  3. No Pre-Policy Medical Check-Up for people upto 55 years of age with no medical conditions
  4. Pre and Post-Hospitalization Expenses covered for 60 days - 90 days
  5. 141 Daycare Procedures are covered under the Policy
  6. Maternity Expenses are covered after a Waiting Period of 9 Months
  7. Waiting Period of 48 months for Pre-Existing Diseases
  8. Waiting Period of 12 months for Specific Diseases
  9. Premiums paid for the policy are eligible for tax deduction under Section 80D of the Income Tax Act.
SBI General Critical Illness Insurance Policy

SBI General Critical Illness Insurance Policy provides coverage for 13 critical illnesses, including cancer, end-stage kidney failure, major organ transplant, serious heart conditions, total blindness, paralysis etc. The Policy provides a lump sum payment upon diagnosis of any of the 13 Critical Illnesses, thus helping Policyholders to manage the financial burden that often accompanies a Critical Illness.

Key Features of SBI General’s Critical Illness Insurance Policy

  1. SBI General Critical Illness Insurance Policy offers coverage against 13 major critical illnesses
  2. Provides a lump sum payment upon diagnosis, regardless of actual medical expenses
  3. Various Sum Insured options available ranging from Rs2 lakhs to Rs50 lakhs
  4. Minimum Entry age of 18 years and Maximum Entry Age of 65 years old
  5. Premium paid is eligible for tax deduction under Section 80D of the Income Tax Act 1961
SBI General Super Health Insurance Policy

SBI General Super Health Insurance Policy is a Super Top-Up Health Insurance Policy that provides additional coverage at nominal premiums. As the company’s flagship plan, it offers an all-inclusive insurance cover to provide extensive protection against medical uncertainties.

Key Features of SBI Super Health Insurance Policy

  1. Various Sum Insured options available ranging from Rs3 lakhs to Rs2 Crores with Deductible options ranging from Rs1 lakh to Rs10 lakh.
  2. Minimum Entry age of 18 years and No Limit on Maximum Entry Age
  3. Policy provides coverage for Hospitalisation Expenses and Pre and Post-Hospitalisation Expenses
  4. Pre and Post-Hospitalization Expenses covered for 60 days - 180 days
  5. Policy provides a Restoration Benefit (ReInsure Benefit) pf 50% per year subject to a maximum of 100%/200% (depending on the plan opted) of the Base Sum Insured, as per the plan opted, unlimited times in a Policy Year
  6. The Policy pays for the Hospitalisation Expenses of the Insured, incurred outside India, during the Policy Period caused solely and directly due to the 16 listed Illness/ procedures which are diagnosed in India.
  7. The Policy has a feature of Enhanced Cumulative Bonus of 50% of Base Sum Insured subject to a Maximum of 100%/200% of the Base Sum Insured depending on the plan opted, in respect of Each Claim Free Year
  8. The Policy covers Medical Expenses incurred up to Rs2 Lakhs, including Pre-natal & Post-natal check-up and other expenses towards Maternity Expenses.
  9. Co-Payment of 10%/20% (depending on the plan opted) on each and every claim
  10. Policy also has an option to provide cover to domestic staff for a Sum Insured of Rs1 Lakh
  11. Waiting Period of 24 months for Pre-Existing Diseases
  12. Waiting Period of 12/24 months for Specific Diseases
  13. Waiting Period of 36 months for Medical Treatment Abroad
SBI General Divyang Suraksha Health Insurance Policy

SBI General Divyang Suraksha Policy is a is a specialized Health Insurance Policy designed to cater to the needs of persons with disabilities and individuals with HIV/AIDS. The Plan offers comprehensive Health Insurance Coverage and provides financial security and access to quality healthcare services for persons with disabilities and individuals with HIV/AIDS. SBI Divyang Suraksha Policy is granted only to individuals having at least one of the disabilities as defined under the Specified Disability Category under The Rights of Persons with Disabilities Act, 2016, and must possess a valid disability certificate. The Policy can also be granted to Individuals with HIV/AIDS as defined under the Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome (Prevention and Control) Act, 2017

Key features of the SBI Divyanga Suraksha Policy

  1. Policy can be granted only on Individual Basis
  2. Sum insured options: Rs. 4 lakhs and Rs. 5 lakhs
  3. Minimum Entry Age is 18 years and Maximum Entry Age is 65 Years
  4. Policy provides Coverage for Hospitalisation Expenses
  5. Pre and Post-Hospitalization Expenses covered for 30 days - 60 days
  6. Room Rent Limit of 1% of Sum Insured for Normal Rooms and 2% of Sum Insured for ICU Rooms
  7. Waiting Period of 30 Days for HIV/AIDS Cover
  8. Waiting Period of 24 Months for Disability
  9. Pre-Existing Disease Waiting Period of 48 Months (For Pre-Existing Diseases other than the pre-existing Disability and HIV/AIDS covered)
  10. Life Long Renewal

Motor Insurance Products offered by SBI General Insurance Company

SBI General Commercial Vehicle Insurance Policy

SBI General’s Commercial Vehicle Insurance Policy provides comprehensive coverage for Commercial Vehicles such as Trucks, Trailers, protecting them against damages and losses caused by various Perils such as Fire, Accidents, Theft, Calamities etc. as well as liability arising due to Third Party Bodily Injury and Property Damage.

Key Features of SBI General Commercial Vehicle Insurance Policy

  1. The Policy covers the cost of repairing the vehicle due to accidental damages, protecting the Insured against financial losses.
  2. The Policy also covers Third-Party Liability as required by the Motor Vehicles Act, protecting the insured against legal liabilities arising from accidents involving third parties.
  3. The Policy also provides Add-On Covers such as Zero Depreciation, Engine Protect available
  4. No Claim Bonus of upto 50%
SBI General Motor Insurance Policy

SBI General Motor Insurance Policy provides comprehensive coverage for Passenger Vehicles, protecting them against damages or losses caused like Accidents, Theft, Fire, Natural Calamities etc. and third-party liabilities. SBI General Motor Insurance Policy also provides coverage for Third Party Bodily Injury and Property Damage protecting the vehicle owner from Legal Liabilities

Key Features of SBI General’s Motor Insurance Policy

  1. Coverage for Own Damage and Third-Party Liability
  2. No Claim Bonus of upto 50%
  3. Attractive Discounts on Own Damage Premium
  4. Cashless Claim Settlement across an extensive network of 7,000+ garages pan-India
  5. Option to customize coverage further through Add-On Covers like Zero Depreciation, Roadside Assistance, Engine Protect, Consumables Cover etc. as per requirement.
SBI General Two-Wheeler Insurance Policy

SBI General Two-Wheeler Insurance Policy provides extensive coverage for damage to two-wheelers such as Motorcycles and Scooters. SBI General Two-Wheeler Insurance Policy also provides coverage for Third Party Bodily Injury and Property Damage protecting the vehicle owner from Legal Liabilities

Key Features of SBI General Two-Wheeler Insurance Policy

  1. Add-ons like Zero Depreciation, Roadside Assistance etc. available
  2. Cashless repairs at 13000+ network garages pan-India
  3. No Claim Bonus of upto 50%

Travel Insurance Products offered by SBI General Insurance Company

SBI General Travel Insurance (Business and Holiday) is a comprehensive Travel Insurance Policy designed to provide coverage for individuals traveling abroad, whether for business or leisure. The Insurance Policy covers Medical Expenses, Trip Cancellation due to specified reasons, Lost or Delayed Baggage, Passport Loss, Personal Liability, Hijack Cover etc.

Key Features of the SBI General Travel Insurance Policy

  1. Sum Insured upto USD5,00,000
  2. Option to Choose Single Trip or Multi Trip Insurance
  3. Worldwide Coverage
  4. No Medical Examination
  5. Covers Medical Expenses incurred on Illness or Injury while Travelling
  6. Covers Trip Delay
  7. Covers Loss of Passport

How to Purchase SBI General Insurance Policy

Here are the steps to purchase a SBI General Insurance Policy:

Online Process to purchase a SBI General Insurance Policy

  1. Go to SBI General Insurance Website, select the relevant Insurance Policy such as Motor Insurance, Health Insurance etc.
  2. Click on the “Buy Now” button to start the Online Purchase Process.
  3. Fill in the online form providing your basic details, nominee information, preferences for add-on covers etc.
  4. The Insurance Premium will be calculated and displayed. Review the premium and coverage details.
  5. Make the premium payment online using Net Banking, UPI, Debit/Credit Card, Wallet etc.
  6. The Policy Document will be emailed to your registered email id immediately.

Offline Process to purchase a SBI General Insurance Policy

If you prefer to purchase a Policy offline, go to the nearest company branch or the Insurance Broker, where their experts will guide you through the entire process. An Insurance Broker will assist you with quote comparisons, negotiations and claims as well.  

How to File a Claim with the SBI General Insurance Company?

The steps to file an Insurance Claim with SBI General Insurance Company Limited are listed below: 0

Intimate Claim

You need to intimate SBI General Insurance Company about the claim by either:

  1. Go to the SBI General Insurance Website, Click on Claims, select the relevant Insurance Policy and register a claim by providing details like Insured Information, date of incident etc.
  2. The Insurance Company will provide a Claim Intimation number upon successful registration of the Claim

SBI General Health Insurance Claim Settlement Process – Cashless Claim Settlement

In order to avail Cashless Claim Settlement under the SBI General Health Insurance Policy, the Policyholder must follow the steps listed below:

  1. Locate the nearest network hospital covered by the SBI General Health Insurance Policy to avail treatment
  2. Inform SBI General about the hospitalization before 3-4 days in case of a planned hospitalization and within 4-5 hours in case of an emergency
  3. Show the Health Card issued by the Insurance Company to the Insurance desk at the hospital
  4. Fill the Pre-Authorization Claim Form provided by the hospital
  5. The Hospital sends the Pre-Authorization Claim Form to SBI General Insurance Company for Claim Settlement
  6. The Insurance Company will inspect the details and inform the Insured about the approval or rejection of the Claim
  7. Once the Claim gets approved, the hospital sends the expenses and receipts to the Insurer and the hospital gets reimbursed for the treatment expenses directly by SBI General Insurance Company. The advantage of cashless claim settlement is that the Policyholder does not need pay any amount from his own pocket.

SBI General Health Insurance Claim Settlement Process – Reimbursement Claim Settlement

If the Policyholder chooses a non-network hospital, he will have to opt for Reimbursement Claim Settlement. The Reimbursement Claim Settlement is listed below:

  1. Inform SBI General Insurance Company within 24 hours of admission to the hospital. The Company will provide the Policyholder with a Claim Intimation Number after the claim is raised so that the Claim Status can be tracked.
  2. Make the payment to the hospital for the medical expenses incurred and keep original copies of all the Invoices.
  3. Submit the required documents to SBI General Insurance Company
  4. The Insurance Company will verify the Claim Details, ask for additional documents if required and will approve or reject the Claim.
  5. The approved Claim Amount gets credited directly to the Bank Account of the Insured

What are the documents Required for a Reimbursement Claim under a Health Insurance Policy?

The Insured needs to submit the following documents to SBI General Insurance Company to avail Reimbursement Claim Settlement under the Policy:

  1. ID Proof, Policy Health Card and Address Proof
  2. Duly Filled and Signed Claim Form
  3. Pathology Reports
  4. Medicine Prescriptions and Pharmacy Bills
  5. Pre and Post-Hospitalisation Bills
  6. Hospital Bills
  7. Discharge Summary

SBI General Motor Insurance Claim Process– Cashless Claim Settlement

In order to avail Cashless Claim Settlement under the SBI General Motor Insurance Policy, the Policyholder must follow the steps listed below:

  1. Locate the nearest network garage covered by the SBI General Motor Insurance Policy on www.sbigeneral.in and bring the damaged car/bike to the same for repairs
  2. Inform SBI General Insurance Company about the accident and damage to the vehicle by providing the necessary details such as Policy Number, Date, Time and Description of Accident
  3. SBI General Insurance Company will send a surveyor to the Garage to inspect the extent of damage post which the approval to begin repairs is given.
  4. Once the approval is received, the Garage can commence repairs.
  5. The Insured needs to fill the claim form and provide the related documents as mentioned in the form.
  6. Once the vehicle is ready, the Insured needs to pay his share of the Claim consisting of Deductible, Depreciation etc .to the garage and drive off. The balance would be settled by SBI General Insurance Company directly with the network garage

SBI General Motor Insurance Claim Process– Reimbursement Claim Settlement

If the Policyholder chooses a non-network Garage, he will have to opt for Reimbursement Claim Settlement. The Reimbursement Claim Settlement for Motor Insurance is listed below:

  1. Inform SBI General Insurance Company of the Accident on the Mobile App or Website
  2. The Company will send a surveyor to assess the extent of damage
  3. The Insured needs to submit the Duly Filled and Signed Claim Form along with the necessary documents as mentioned in the form
  4. The Insurance Claim is processed on receipt of documents and the Claim Amount will be credited to the bank account of the Policyholder

Purchase SBI General Insurance Company Policies with Qian!

Qian is a licensed Insurance Broker with SBI General Insurance Company. We can assist you with all Insurance Policies as well as Claim Settlement Process with SBI General Insurance Company. Get a Quote for SBI General Insurance Company’s Insurance Policy with Qian via email at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.

Testimonials

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Hemik of Qian is knowledgable, prompt and very professional - highly recommended. I had to claim for a critical illness under my health insurance policy and Qian’s assistance with the claims process and advice on how to deal with the insurer was invaluable.

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