SBI General Insurance Company or SBI GIC is a combined collaboration company between Indian public sector banking giant State Bank of India and Australia’s leading insurance group, Insurance Australia Group (IAG). SBI holds 76% in the joint venture general insurance company and IAG holds 24 % stake in the same.
This is a timely partnership between two strong partners. SBI is India’s largest public sector bank with established country wide networks and IAG is a global risk management player having operations in Australia, New Zealand, United Kingdom and Asia .The overseas partner group has made several insurance products available under different brands and its premium collection is over $10.99 billion per year.
Tie up with a global insurance leader enables the SBI GIC group to provide worldwide insurance coverage to its policy holders. And broad and deep market coverage of SBI group in India enables bringing world class insurance products at the doorsteps of consumers.
SBI GIC has been in operation for about six years now and in this time span it has established itself as a profitable company with strong customer base spread out all over India. At present the general insurance company has presence in more than 77 cities of India and 17, 273 SBI branches all over India. SBI GIC has also made its insurance products available through associate banks and agents and more than 14175 IRDA certified employees and 6320 agents are serving in the entire distribution network of SBI GIC.
In a span of six years of its establishment SBI GIC has traversed a long journey into the insurance sector and has established itself as a widespread total insurance solutions company which is successfully catering to the individual, family, business and rural insurance needs.
As per the latest IRDA data the company’s incurred claim ratio is a healthy 85%. Incurred claim ratio is the ratio between claim amount paid and premiums collected over a certain time period. A ratio of 85 % shows high commitment towards settling insurance claims as well as high ability to sell insurance products and collect timely premiums.
SBI GIC has been recognized and awarded several times by prestigious groups like Indian Insurance Awards Group for its performance excellence in the insurance sector. The insurance company has received accolades for reaching out to the underserved market segments of the country and for making its products widely available without compromising on quality and services.
In 2015-16 SBI GIC registered maximum growth of 63% in the insurance sector in terms of growth in average premium collection. For the year ending March 31, 2017 its total net premium earned from all its insurance products sales was INR 14.76 billion, a growth of almost 23 % over previous year.
SBI GIC is an ISO 27001 certified insurance group and its services are backed by innovative technology and digital infrastructure.
SBI GIC offers a complete spectrum of insurance products among which SBI Health Insurance is a total health insurance solution covering a broad and deep range of insurance needs.
At any time in their lives individuals can succumb to health related risks, not being adequately covered during such times hinders with the recuperation process and may become a lifelong cause of suffering. Besides health cover, health insurance also confers tax exemption benefits as premium payments are deducted from the taxable income base as per section 80 D of The IT Act and thereby tax burden of taxpaying individuals is considerably reduced. Money not used for buying health cover is taxed, so it is advisable to purchase adequate health insurance and avail tax exemptions and pay the whole or a large part of health insurance premiums with the saved tax amount.
With SBI health insurance one can avail cashless emergency and planned treatments for conditions covered by the health policy in any of the 3000 networked hospitals of SBI GIC. Treatments undergone in hospitals other than networked hospitals can be claimed by reimbursement process upon submission of all related bills and documents.
SBI offers health insurance for individual and family segments as well as corporate and industrial group segment. Corporate owners often need to opt for group health policies for travelling and rooted staff; with SBI GIC health insurance they can procure reliable umbrella policies.
All SBI policy holders are provided health insurance policy kit which includes the policy member cards with the policy numbers and member identification numbers mentioned upon them. Besides the card the policy kit also contains policy document mentioning the policy terms and conditions, inclusions/exclusions, list of service providers, details of networked hospitals, emergency toll free numbers and other details.
SBI GIC health insurance offers 15 days cooling period during which the policy can be read properly in detail by subscriber and if subscriber is not satisfied then policy document can be returned within the cooling period whereupon the policy is deemed cancelled.
The health policy covers have basic as well as additional cover options. Insured can make their health insurance plans more comprehensive by opting for the additional options or top up cover options available under SBI health insurance product range.
Besides offering cover for basic medical emergency conditions and hospital expenses, SBI health insurance also offers cover against critical illnesses, pre and post hospitalization expenses, ambulance expenses, additional hospitalization expenses, daily cash expenses and several other benefits including no claim year and continuous renewal benefits.
SBI health insurance products are available in all the distribution networks of SBI GIC as well as through online mode. The SBI GIC provides a robust and transparent online platform for people who seek reliable insurance and health insurance products.
For a minimal premium amount it is possible to seek adequate health insurance cover for self and family members. Premiums can be calculated online by specifying the cover amount sought the number of members, age of members, the policy tenure and other basic relevant details. Online SBI GI facilities also include online policy renewal and claims registration process.
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