SBI Health Insurance

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SBI Health Insurance

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 company emerged in 2010 and from then onwards, it started introducing insurance plans for small-sized and large-sized companies, individuals, retailers, and families at an affordable rate of premium. With its customer-centric approach, the company offers a wide array of general insurance products such as motor insurance, health insurance, personal accident, travel insurance, and home insurance.

Not only this, but 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.

With a motive to serve the emerging healthcare needs of the growing population, SBI comes up with comprehensive health insurance plans that cater to the different medical needs of an individual.

Let's find out more about the plan:

Why Should You Buy SBI Health Insurance?

Choosing an ideal health insurance company is not an easy task when you have 29 companies to choose from. With so much competition in the insurance sector, a customer often gets confused and is not able to do the required research, and chooses the wrong policy.

To help you out from this dilemma, we at PolicyX.com, have compared all the 29 health insurance policies available in the market, and based on the market share, we have ranked them.

After considering all the crucial factors that one needs to keep in mind, SBI comes in the top 10 health insurance companies, which makes it a considerable option while choosing a health insurance company.

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.

To answer this question more appropriately, let's have a look at the Key Features of the Company that makes your job of choosing your ideal company a lot easier:

Key Features Of SBI Health Insurance Company

Network Hospitals 6000+
Claim Support (settled within 3 months in 2019-20) 97.84%
Solvency Ratio (2019-20) 2.21
Annual Gross Premium 742.46 Crores
Market Share 1.46%
No. of Branches 450+

**Last Updated on 29-04-2021

Let's understand all the above features in detail:

  1. Market Share

    SBI Health Insurance has witnessed significant growth in the past 4-5 years. In the financial year of 2019-2020, the company's market share was 742.26 crores, which shows good growth in its business volume.

    The graph below shows the Market share of SBI Health Insurance from the 2016-2020 Financial Year.

    Market Share of SBI Health Insurance

    Market Share of SBI Health Insurance

    ** Data from IRDAI Annual Reports

  2. Network Hospitals

    Choosing an Insurance Company that has a wide range of network hospitals in your vicinity helps you to the great extent at the time of a medical emergency. One may ignore the importance of the network hospitals initially, but when the medical emergency knocks at your door, getting the treatment done in the nearest network hospital without worrying about the cash can be a great relief.

    With SBI Health Insurance company, you can secure policyholder's medical/Health conditions with 6000+ network hospitals. So, now you don't have to wander here and there at the time of need. The below graph showcase the network hospitals of all the top 10 Insurance Companies:

    Network Hospitals of Top 10 Health Insurance Companies

    Network Hospitals of Top 10 Health Insurance Companies

    ** Data from IRDAI Annual Reports

    If you want to check the Network Hospitals of SBI Health Insurance as per your state/region, you can visit the network hospital Page of PolicyX.com.

  3. Claim Support

    Well, another factor to keep in mind while choosing an Insurance company is the claim support as it gives you the idea of how good your insurance company is with settling claims. Why? Because what would be the point of having health insurance if you can't avail the facility of the same at the time of need.

    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 2019-2020, SBI has settled 97.84 % of claims within 3 months which shows that the company is very attentive to each of its customer's needs.

    Claim Support of SBI Health Insurance from 2016-2020

    Claim Support of SBI Health Insurance From 2016-2020

    ** Data from IRDAI Annual Reports

    To understand better, refer to the below graph that shows the claim support of the top 10 Health Insurance company for the financial year of 2019-2020

    Claim Support of Top 10 Health Insurance Companies

    Claim Support of Top 10 Health Insurance Companies

    ** Data from IRDAI Annual Reports

  4. Solvency Ratio

    The solvency ratio of the company showcases the ability of a company to meet its financial obligations. At present, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated the companies to maintain a solvency ratio of 1.5%, and from 2016, SBI Health Insurance Company very well matches the same.

    Take a look at the below graph that will give you an idea of how SBI Health Insurance has maintained its Solvency Ratio in the past years:

    Solvency Ratio Of SBI Health Insurance

    Solvent Ratio of SBI Health Insurance From 2016-2020.

    ** Data from IRDAI Annual Reports

  5. 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.

Types Of Health Plans Offered By SBI Health

The company understands that every individual has different healthcare needs, and to cater all of them, SBI Health comes with 9 health insurance products with different features and benefits.

Here is a list of all 9 plans offered by SBI Health that will help you narrow down your selection.

SBI Health Plans Type Of Plan Why Should You Buy
Arogya Premier Policy Family Floater The plan is an ideal choice if one wants to cover all their family members under a single health insurance policy. These plans ensure that your healthcare needs are thoroughly looked after.
Arogya Sanjeevani Policy
Arogya Plus Policy
Arogya Top Up Policy Top-up Policy The plan helps you when the coverage of your existing health plan is exhausted
Retail Health Insurance Policy Individual/Family Health Plan Any individual above 18 years can buy this policy for themselves and/or for their family to protect them from rising healthcare needs.
Critical Illness Insurance Policy Critical Illness Policy The plan protects you from 13 critical illnesses.
Hospital Daily Cash Insurance Policy Hospital Daily Cash The plan looks after the miscellaneous expenses of the family members during your hospitalization.
Loan Insurance Policy Loan Insurance The plan helps you to repay your loan (if any) in case of any uncertainty such as getting diagnosed with critical illnesses, accidental hospitalization, or unemployment.
Group Health Insurance Individual/Family Health Plan This healthcare plan takes care of you and your family's medical requirements at affordable premiums.

**Last Updated on 29-04-2021

Let's take a look at all the SBI health insurance plans:

  1. SBI Arogya Premier Policy

    SBI Arogya Premier policy is a health insurance plan that offers wider medical coverage. The plan offers coverage to self, spouse, dependent children, parents, and parents-in-law. With a wide range of benefits, the plan offers a required amount of coverage and ensures that all your healthcare needs are completely looked after.

    Features:

    • Pre and post-hospitalization costs (60 & 90 days) of the insured are covered, which include diagnostic reports, doctor consultation, medications, etc.
    • The company covers 141 daycare procedures that require less than 24 hours of hospitalization.
    • The plan covers the 12 advanced treatment procedures up to 50% of the sum insured.

    Eligibility:

    Minimum age of entry 3 months
    Maximum age of entry 65 years
    Sum Insured Rs. 10 lakhs to Rs. 30 lakhs
    Policy Term 1, 2, or 3 years

    **Last Updated on 29-04-2021

  2. SBI Arogya Sanjeevani Policy

    Arogya Sanjeevani policy is a comprehensive health insurance plan that provides financial protection in case of any unfortunate event that results in hospitalization. With this plan, you can assure that your family's healthcare needs would be looked after in any circumstances.

    Features:

    • Arogya Sanjeevani offers coverage (up to the sum insured) against Ayurveda, Unani, Siddha, and Homeopathy inpatient treatments.
    • Policyholders are eligible to get coverage (25% of Sum Insured or Rs.40000, whichever is lower) for cataract treatment expenses.
    • Nursing, room rent, and boarding expenses are also covered (2% of SI subject to a max of Rs.5000 per day).

    Eligibility:

    Minimum age of entry For Children: 3 months
    For Adults: 18 years
    Maximum age of entry For Children: 25 years
    For Adults: 65 years
    Sum Insured Rs. 1 Lakhs to Rs. 5 Lakhs

    **Last Updated on 29-04-2021

  3. SBI Arogya Plus Policy

    SBI Arogya Plus policy supports the policyholders and their families during medical emergencies. The plan offers financial protection from rising medical expenses to meet any healthcare needs.

    Features:

    • Under this plan, no pre-policy medical test is required up to the age of 55 years.
    • The company provides an ambulance facility for emergency cases, and a maximum of Rs.1500 can be claimed during a policy period.
    • Alternative treatment expenses for practices like Ayurveda, Unani, Siddha, and Homeopathy are covered.

    Eligibility:

    Minimum age of entry 3 months
    Maximum age of entry 65 years
    Sum Insured Rs. 1 lakhs/ 2 lakhs/ 3 lakhs
    Policy Term 1, 2, or 3 years

    **Last Updated on 29-04-2021

  4. SBI Arogya Top Up Policy

    SBI Arogya Top Up policy helps you to get enhanced protection at a low premium. The plan comes into action when your existing health plan is exhausted due to the claims made. Arogya Top-up comes with a wide range of benefits and allows you to cover your spouse, dependent children, parents, and parents-in-law.

    Features:

    • No pre-policy medical test up to the age of 55 years for people with no medical history
    • The ambulance facility (up to Rs. 5000) will be provided in case of emergency hospitalization due to illness/ injury/ accident/ ailment.
    • The plan also offers the option for reinstatement of the sum insured.

    Eligibility:

    Minimum age of entry 3 months
    Maximum age of entry 65 years
    Sum Insured Rs. 1 lakhs to 50 lakhs
    Policy Term 1, 2, or 3 years

    **Last Updated on 29-04-2021

  5. SBI Retail Health Insurance Policy

    SBI Retail Health Insurance offers medical coverage along with additional benefits at a reasonable premium rate. Your entire family (spouse, dependent children, and parents) can be covered by this policy.

    Features:

    • The plan offers the add-on covers such as Removal of Room & ICU rent sub-limits, and Removal of sub-limits on Operation and Consultancy charges.
    • Policyholders are eligible to get coverage for alternative treatments.
    • For every claim-free year, a policyholder will get a bonus equaling 5% of SI.

    Eligibility:

    Minimum age of entry 18 years
    Maximum age of entry 65 years
    Sum Insured Rs. 50,000 to Rs. 5 lakhs
    Policy Term 1 Year

    **Last Updated on 29-04-2021

  6. SBI Critical Illness Insurance Policy

    SBI Critical Illness Insurance offers coverage against 13 critical illnesses. The plan offers financial support irrespective of the actual medical expenses and enables you to fully concentrate on your treatment without worrying about your finances.

    Features:

    Following 13 illnesses are covered under this plan:

    • Cancer of Specified Severity
    • Open Chest CABG
    • Aorta Graft Surgery
    • Open Heart Replacement or Repair of Heart Valves
    • Stroke Resulting in Permanent Symptoms
    • First Heart Attack of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Primary Pulmonary Arterial Hypertension
    • Major Organ/ Bone Marrow Transplant
    • Multiple Sclerosis with Persisting Symptoms
    • Coma of Specified Severity
    • Total Blindness
    • Permanent Paralysis of Limbs
    • Policyholders can also avail of tax benefits under Section 80D of the Income Tax Act, 1961.
    • The policy offers a grace period of 30 days.

    Eligibility:

    Minimum age of entry 18 years
    Maximum age of entry 65 years
    Sum Insured Rs. 2 lakhs to Rs. 50 lakhs
    Policy Term 1 and 3 years

    **Last Updated on 29-04-2021

  7. SBI Hospital Daily Cash Insurance Policy

    SBI Hospital Daily Cash provides a fixed amount to the claimant for each day of hospitalization and takes care of other miscellaneous expenses like traveling, food, etc., and lessens the burden of family members during your hospitalization.

    Features:

    • The insured will receive 3 times the daily cash limit, or Rs. 5,000 (whichever is less) if the hospitalization exceeds a continuous limit of 10 consecutive days.
    • The plan also covers ICU hospitalization expenses up to twice the daily benefit.
    • The plan offers 4 daily cash benefit amounts to choose from- Rs.500, Rs.1000, Rs.1500, and Rs.2000.

    Eligibility:

    Minimum age of entry 18 years
    Maximum age of entry 65 years

    **Last Updated on 29-04-2021

  8. SBI Loan Insurance Policy

    In case you are a victim of any of the listed 13 critical illnesses/accidental death/unemployment and you have a loan to repay, SBI Loan Insurance Policy will offer its support to you and your family.

    Features:

    • The insured will receive an outstanding loan amount or sum insured based on the option chosen in the event of accidental death or permanent total disability.
    • If a person becomes temporarily unemployed or retrenchment or dismissal during the policy term, a maximum of 3 EMIs will be paid in favor of the loan amount taken.
    • This plan offers two sum insured options i.e. Fixed and Reducing.

    Eligibility:

    Minimum age of entry 18 years
    Maximum age of entry 65 years
    Maximum Policy Tenure 3 years

    **Last Updated on 29-04-2021

  9. SBI Group Health Insurance

    SBI Group Health Insurance is an ideal insurance policy for both individuals and families. The plan offers financial support against your medical expenses and ensures that you get the best possible healthcare treatments for a speedy recovery. No pre-policy medical test is required for people (with no medical history) up to the age of 65 years.

    Features:

    • The plan covers pre and post-hospitalisation expenses for 30 days and 60 days respectively.
    • The plan offers coverage (Rs.20000 or 20% of SI, whichever is lower) for domiciliary hospitalisation.
    • Medical practitioner and specialist fees are also covered by this policy.

    Eligibility:

    Minimum age of entry 18 years
    Maximum age of entry 65 years
    Sum Insured Rs. 1 Lakhs to Rs. 5 Lakhs

    **Last Updated on 29-04-2021

How Can You Buy SBI Health Insurance?

Buying health insurance at times can be a troublesome task. Fortunately, SBI General understands this and has designed a quick and hassle-free buying process for the same. Let's check out their buying processes.

  • Visit the official website of SBI General Insurance. Click on the 'Buy' option under 'Health Tab'.
  • Fill the form with the details and click on 'Go'.
  • On the next page, fill in your contact number and email address.
  • Once done, you will be redirected to a page with a short questionnaire. Answer all the questions and click on 'Continue'.
  • The page will then show you the most-suited plan along with the premium amount.
  • Make an online payment. Your policy document will be mailed to you at your registered email address.

Note: You can also purchase health insurance by visiting the nearest SBI General branch.

If for any reason you are unable to buy health insurance from the company, PolicyX.com is there to assist you.

What Is the Claim Process for SBI Health Insurance Plans?

There is a direct process to file SBI health insurance claims. Let's take a look at it.

  • Inform the company about the claim by dialing the toll-free number (1800 22 1111) or SMS 'CLAIM' to 561612.
  • The SBI customer representative will reach out to you with details of the required documents and further steps.
  • The SBI claims representative will connect with you within 24 hours of filing the claim.
  • Submit all the required documents.
  • The company will initiate the process and settle all relevant claims within 30 days of the final survey report.

What Is The Renewal Process of SBI Health Insurance?

You can directly renew your policy by following the below stated steps:-

  • Go to the official website of the SBI General and click on 'Renew' under the 'Health' tab.
  • Enter the required details and click 'Go'.
  • The next page will show the summary details of your policy. Check it and make the payment.
  • Your policy will be renewed and its notification will be sent to your registered mobile number and email id.

SBI Health Insurance Review

SBI Health Insurance is one of the top 10 insurers in the Indian market that aims to offer health insurance to all strata of the society. The company effectively ensures to offer a hassle-free experience to all its customers and the insured person has the option to select flexible plans as per the location of the treatment. With 6000+ hospitals empanelled with the company, one can be reassured that they don't have to wander here and there in the time of medical emergency. This company has always focused on providing the best services to its customers and its plans are highly recommended for the young generation whose sedentary lifestyles make them more prone to diseases/illnesses.

With several benefits and their customer-centric approach, SBI Health Insurance undoubtedly is an ideal insurance company that offers insurance products as per your requirements.

Contact Details of SBI General Insurance

Contact Number: 1800 102 1111

Email Address: customer[dot]care[at]sbigeneral[dot]in

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FAQs

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (17 Total Rating)

April 29, 2021

Meenal Varun Joshi

Agra

If you are looking for an ideal health insurance company, SBI is the name. One of the best health insurance company I have come across. Go for this company without any second thoughts. One of my best decisions.

April 29, 2021

Rakesh Koul

Bengaluru

I am in love with this company. From the plan they offer to their services, everything is A class. If you are looking for a company that really care about its customers, SBI is the name.

April 13, 2018

Raj

Bhiwandi

I took my SBI Arogya Premier Policy in SBI General Insurance for last 4 years. As of now I don't have any claim experience. The premium was decent and good compared to others

May 11, 2021

manmohan tiwari

Kanpur

I brought health insurance plan from SBI in 2019 and i am very happy with my plan and customer service of SBI insurance company. Keep it up SBI !

April 29, 2021

Vihaan Gupta

Rajkot

Me and my family have been lucky to have bought an SBI Health Insurance plan during the covid situation. The policy has proved to be a saviour for all of us, Thankyou SBI health Insurance for helping us in the time of our medical need.

Last updated on 29-04-2021

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