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State Bank of India and Insurance Australia Group (IAG) jointly own SBI General Insurance Company Limited. SBI is the largest banking franchise in India with over 19600 branches across the country, along with its 5 Associate Banks. It holds the majority of the capital at 74% and IAG holds the remaining 26%. It extends its services to over 77 cities pan India and has a workforce of 2250 employees. The bank has forayed into new businesses with premeditated tie ups in Pension Funds, Custodial services, General Insurance, Private Equity, etc. SBI General has a distribution family that has over 14,178 IRDA approved SBI and its associate bank employees and over 6323 agents. The company follows a strong multi distribution model covering Bank Insurance Models, Agency, Broking and Retail Direct Channels. SBI general has policies encompassing Motor, Health, Personal Accident, Travel and Home insurance for individuals, Fire, Marine, Package, Construction and engineering liability, Group Health, Group Personal Accident and Miscellaneous Insurance for Businesses.
SBI General Insurance was awarded the "Marketing Initiative of the Year" at the 5th edition of Indian Insurance Awards in 2015 an won two accolades in the 2016 edition with 'Under-served Market Penetration' and 'Commercial Lines Growth Leadership' award categories. Other recognitions include 'Annual Data Quality Award', 'Golden peacock National Quality Award'. In the Financial Year 2014-15 SBI General had registered an astounding 33% growth rate whereas the industry growth rate was significantly lower at 9.3%, making it the fastest growing private general insurance company. The insurance company has won the trust and confidence of its loyal customer base in the years of its operations.
There is always an element of risk and danger out there on the roads. We are witnessing a disturbing trend of road accidents owing to the steep incline in the number of motor vehicles on the roads. Give your vehicle the care and protection it deserves with SBI Motor Insurance. This policy offers to cover your losses as defined by the policy caused by the damage or theft of insured vehicle. It also has some add-on benefits which you can get for an extra premium. Insuring your vehicle will give you some peace of mind and let you go about your life without worrying about such incidents. SBI Motor Insurance offers a fast track, fair and transparent claims procedure that lets you stay in control of the process. Its trained and experienced claims experts aim to deliver a differentiated customer service and speedy settlement of your claim. Their claims service will provide:
Assistance in emergency situations
Stress free claims by co-ordinated repairs and service of your vehicle
Updates about the progress of your claim
Choice of accessing preferred local service providers
Its skilled and experienced claims management team will provide quick and efficient claim settlement and help you get back in control as quickly as possible. It will ensure a fair and transparent claim settlement process. If you are not satisfied with your claim settlement you can address your concerns to the online grievance mechanism wing, which will get in touch with you in 72 working hours and respond upon completion of investigation. If your issue still remains unsolved, you may approach the Insurance Ombudsman for Redressal.
The SBI Motor Insurance policy stands out in respect of some exclusive features like Bi-fuel kit, additional cover for key replacement and loss of personal belongings. In a country like India where Agriculture is the major occupation, SBI's farm vehicle insurance initiative is sure to benefit the farmer masses. SBI Motor Insurance policy is framed to cover the mandatory Third Party Liability as required by the Motor Vehicles Act of 1988, while also covering loss or damage to the insured vehicle. Third party liability protects the insured from legal liability arising out of damage to third party property or bodily injury/ death of a person caused by use of the insured vehicle.
Loss or damage to the insured vehicle will be compensated by insurer caused by events like:
Accident by external means
Theft, break-in, burglary of vehicle
Fire, explosion, self ignition, lightning
Transit by road, rail, inland waterways, lift, elevator or air
Natural calamities like earthquake, flood, cyclone, landslide
The policy provides compulsory Personal accident cover of 2 lakhs for individual owners. However, the insurer will not be liable to damage or loss of insured vehicle caused by general wear and tear, depreciation, mechanical and/or electrical failure, person driving without license or under the influence of alcohol or drugs.
The policy provides No Claim Bonus up to 50% on renewals, if you do not make a claim in the policy period. It also avails you the option to transfer your No Claim Bonus of another insurer. A further discount is offered on the premium if you opt for a Voluntary Excess in addition to the Compulsory Excess. Other discounts available are Automobile Association Membership Discount, concession of 50% on OD premium for specially designed/ modified vehicles for use of differently abled persons and Tenure Discount.
You can renew your policies online with SBI Motor Insurance without undergoing the hassles of waiting at banks. It offers renewal of existing/ expired policies of other insurers. Its customer support representative will schedule an inspection of the vehicle as per your convenience and once it is completed you can pay the premium to get your policy renewed. You can also get an estimate of your insurance premium with its calculators that give you a quotation.
SBI offers 5 variants of the Motor Insurance plans. They are Motor Private Car Insurance, Motor Two Wheeler Insurance, Long term Two Wheeler Insurance Policy under Individual insurance and Tractor & Farm Vehicles Insurance, Commercial Motor Insurance under Business Insurance schemes. The plans provide add-on benefits like:
Legal liability protection for paid driver and employee
Return to invoice
Cover for key replacement
Loss of personal belongings
Additional cover for pillion rider/passenger
For a small premium SBI Motor Insurance offers you an extensive range of cover and ensures the protection of you and your vehicle.
This plan covers your losses caused by damage or theft of insured private car. It includes a Personal accident cover of 2 lakhs for owner of the vehicle and cover against Third Party liability. For an additional premium, personal and legal cover for paid driver can be availed.
This package provides compulsory personal accident cover of 1 lakh for owner driver. Additional cover for pillion rider can also be opted. This policy is only for private owners and does not include company owned vehicles
It is a long term policy for 2 or 3 years with discounted premium without the hassle of renewals. No change in Third party liability premium or service charge during the policy period. Additional discount for Automobile Association members.
This policy provides protection to farm vehicles like tractors, reapers, threshers, etc. A compulsory Personal Accident Cover of 2 lakh is provided. Additional legal liability can also be availed.
This policy indemnified the losses or damage of commercial purpose vehicles. It includes Personal Accident cover and for an extra premium legal liabilities towards paid employee can be added.