The SBI General Insurance company is a joint venture between the State Bank of India (SBI) and Insurance Australia Group (IAG), which commenced its operations in the year 2010.
The SBI Health Insurance Company offers a wide array of general insurance products such as motor insurance, health insurance, personal accident, travel insurance, and home insurance.
The company also comes with various non-life insurance products like fire insurance, marine insurance, aviation insurance, and liability insurance, etc for the customers in the commercial space.
SBI Health Insurance efficiently offers comprehensive medical coverage for hospitalization expenses incurred by the policyholder or his family members. The company pays for the in-patient hospitalization expenses, pre and post-hospitalization costs, day-care treatments, and many other healthcare expenses that help the patient to concentrate on their treatment without worrying about the expenses.
With all such benefits, SBI Health Insurance Company ensures that you take care of your health and look after your healthcare needs in the time of a medical emergency.
Key Features of SBI Health Insurance Company
Before buying health insurance it is advisable to get a insight into the company's performance. Given below are the key features of SBI Health Insurance company that will help you make a wise decision.
Network Hospitals: Choosing an insurance company that has a wide range of network hospitals in your helps you to the great extent at the time of a medical emergency. With SBI Health Insurance company, you can secure policyholder's medical/health conditions with 6000+ network hospitals.
Claim Support (Claims settled withing 3 months): If your health insurance company is unable to settle claims in the given period, then the whole purpose of purchasing insurance gets wasted. As per the IRDAI Annual Report 2020-21, SBI has settled 99.75% of claims within 3 months.
Annual Premium: SBI Health Insurance has witnessed significant growth in the past 4-5 years. In the financial year of 2020-21, the company's market share was 8,264.86 crores, which shows good growth in its business volume.
Solvency Ratio: The solvency ratio of the company showcases the ability of a company to meet its financial obligations. At present, IRDAI has mandated the companies to maintain a solvency ratio of 1.5%. As per the IRDAI Annual Report 2020-21, the solvency ratio of SBI Health Insurance company is 2.20
PAN India Presence: To allow its customers to have a hassle-free experience, SBI has established its presence in more than 23000 branches of State Bank Group and over 5500 Regional Rural Banks (RRBs). Not only this, the company has its presence in 110+ cities pan India with a presence of another 350+ locations through satellite resources, which ensures that you don't have to wander here and there for your health insurance needs.
All You Need To Know About SBI Health Insurance? Find complete details in one go!
1. How many days are taken by the SBI General Insurance company to settle a health insurance claim?
The company will settle all admissible claims within 30 days of receipt of the final survey report.
2. Does Arogya Sanjeevani offer any discounts to the policyholders?
Yes, a policyholder is eligible to get a non-floater discount of 2.5% (if two adults are covered), and a 5% discount (if more than 3 adults are covered).
3. Does SBI Arogya Premier Policy cover health check-up expenses?
Yes, the policy covers health check-up expenses up to Rs.5000 (after 4 consecutive claim-free years).
4. Do we get rewards points for staying healthy in SBI Health Insurance plans?
No, SBI health insurance does not provide reward points for staying healthy.
5. Am I eligible to avail of Tax Benefits under SBI Health Insurance?
Yes, policyholders are eligible to avail of tax benefits under Section 80D of the Income Tax Act, 1961.
6. What do you mean by Co-payment? Is there any co-pay clause in this SBI Health Insurance plans?
Co-payment is the amount that the policyholder has to pay for the medical service covered under the health insurance plan. SBI health insurance plans co-pay clause based on the geographical region of the hospitalization (between 20-30%). In addition, if you are admitted to a non-network hospital, you will be required to pay a 10% copayment.
7. What is the policy cancellation process for SBI health insurance?
SBI medical insurance offers a 15 day free-look period to the policyholders in which you can cancel your policy free of cost.
8. How to pay a premium? What are the modes of payment offered by the SBI medical insurance?
You can pay the premium of the SBI health insurance plans online or by visiting your nearest SBI health insurance branch.
The policyholder can make an online payment using the following payment modes:
9. What is the maximum policy tenure of the SBI health insurance policy?
SBI mediclaim policy comes with a policy term of up to 3 years.
10. How can I know if my SBI Health Insurance Policy is still active?
You can check the policy status of your SBI health insurance policy by visiting the official website of SBI medical Insurance. Below mentioned are the steps to check the policy status:
Log-in in with a valid login id and password.
Enter the policy number and check the status of your policy.
11. Is SBI Health Insurance a good insurer?
SBI Life Insurance offers a wide array of health insurance plans to its users. It has gained a name in the insurance industry and emerged as one of the most sought-after names since its inception in 2001. With a CSR of 93.09% and access to over 100 million accounts throughout India SBI Life offers products and services to people of all economic strata.
12. Is there any age limit for buying a health insurance policy from SBI General, and what's the maximum tenure available?
The minimum age for buying individual health insurance policies from SBI General is 18 years, and the maximum is 65 years, although children as young as 3 months can be covered under health insurance policies if both parents are enrolled under the same plan.
13. What is the maximum tenure of health insurance policies from SBI General?
SBI General provides health insurance for 1-year tenure only.
14. What are the renewal formalities for SBI General health insurance?
Renewal premium has to be paid with the understanding that no new information has become available with respect to the first policy filings. In case the insured has contracted an illness during the last 12 months, the same has to be notified to the insurer as new illnesses may require payment of an extra premium.
15. Are alternative treatments covered by SBI General Health Insurance?
Alternative medicine treatments such as aromatherapy, reflexology, chiropractic, naturopathy, osteopathy, acupressure, and acupuncture are excluded from health insurance policies from SBI General.
SBI Health Insurance Reviews
Read what our customers have to say about SBI health insurance company and SBI health mediclaim policy.
June 7, 2022
Best buy and reliable. I recently got a life insurance for myself from SBI. Also, my purchasing experience was made easy and swift, apart from the best deal given by PolicyX.
June 7, 2022
I got the sbi general term insurance plan last year as I am concerned about my family. Such great plans. Great work.
March 14, 2022
very good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.
February 17, 2022
This is a reliable company as they fulfill their promise to help during any medical emergency. I am satisfied with their services.
October 12, 2021
Very amazing and helpful service offered by SBI Health. I am impressed by the way this company works.
October 8, 2021
Well done SBI Health. You are doing a great job. Also, I wanna thank PolicyX.com for your continuous support.
Best of luck to both companies.
September 2, 2021
truly grateful for all the help received at PolicyX. the agents are smart, dont waste time and have good knowlege
September 1, 2021
Satisfied with the purchased plan. Will recommend others to invest too. Policy X team has guided, so thanks for that too