Compare SBI General Insurance Plans

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SBI General Insurance Company

SBI General Insurance Company (SBI GIC) has been formed by a joint venture agreement between SBI and Insurance Australia Group (IAG). The stake owned by SBI in SBI GIC is 74 % and IAG holds 26% of the total capital. SBI GIC was registered with the Insurance Regulatory and Development Authority of India on December 15, 2009 and its registration number is 144.

SBI is India’s largest public sector bank. IAG is a global insurance company having presence in Australia, New Zealand, United Kingdom and Asia. IAG’s premium annual premium collection is more than $11 billion and its product portfolio includes several leading insurance brands.

SBI GIC’s top management team comprises astute professionals with long standing years of experience and proven mettle in the financial, insurance and risk management sector. The General Insurance Company has presence in 77 pan Indian cities and other 350+ locations through satellite connectivity. In the financial year 2014-15, 17,274 SBI branches of India and 10 regional rural banks had SBI General presence.

The distribution model of SBI General Insurance includes bancassurance, agency, broking and direct retail channels. As per recent data, SBI General’s distribution network includes more than 14,178 IRDA certified bank employees of SBI and its associate banks and more than 6323 agents.

Company Performance

The Finaltek Indian Insurance Awards 2016 awarded SBI GIC Ltd. for outstanding performance with respect to commercial lines, growth leadership and penetration of underserved markets.
As per IRDA 2016-17 data the incurred claim ratio of SBI GIC Ltd. was 85. Incurred claim ratio is ratio of claims amount settled to ratio of premium amount during a particular time period. A below hundred ratio shows profitability, whereas above 80 ratio indicates commitment towards claim settlement.

Key Advantages And Features

Key Advantages and Features

  • Joint venture between two leading groups
  • Global presence through joint venture
  • Widespread presence in India
  • Presence in underserved insurance markets
  • Registered under IRDA
  • Well established multiple distribution channels
  • History of successive growth and sound performances
  • Award winner in general insurance categories
  • High and profitable incurred claim ratio of 85
  • Strong financial position
  • Transparent disclosures
  • State of the art digital platform
  • Seamless processes and swift navigation
  • Comprehensive and detailed information
  • Individual, corporate and rural segments coverage
  • Customized and diversified insurance offers under each category
  • Strong management team of astute professionals with proven mettle
  • Strong customer commitment and focus

Type of Products

SBI General Insurances approach is to aim for steady comprehensive coverage instead of covering the entire gamut from the start. Hence some insurance types have large premium base such as fire, health, crop insurance whereas some others like employer’s liability and aviation have no premium accrual as of now and are yet to take off.
SBI General Insurance offers its products under three broad categories that include Individual or Retail Insurance, Business or Corporate Insurance and Rural Insurance. Each category of insurance has several subcategories of insurance and these are listed as under:

  1. Individual Insurance: under the individual insurance category are included health insurance, motor insurance, travel insurance, personal accident insurance and home and loan insurance.
  2. Business Insurance: under the business insurance category is included group health insurance, miscellaneous insurance, construction/engineering insurance, package insurance, marine insurance, motor insurance and fire insurance.
Rural insurance: includes sheep, goat and cattle insurance, micro insurance and agriculture pump set insurance.

Product Plan Details

The SBI GIC provides comprehensive information on all its insurance offers, details of which can be accessed easily. Each subcategory has several differentiated options so as to address the insurance needs of a broad and differentiated customer base.
Insurance products and their salient plan features:

Insurance Product Prominent Plan Features

 

 

  • Individual Insurance

 

 

 

  • Motor insurance
  • Includes car and two wheelers
  • 3 years cover for two wheelers
  • Cashless Settlement in over 2500 network garages

 

  • Health insurance

 

2.1 Arogya policy

  • Includes Arogya Premier, Arogya plus and Arogya top up plans
  • Plans are differentiated as per sum assured, eligibility, tenure, premium and other criteria
  • Medical test waiving feature
  • Option of availing additional benefits and top up

 

2.2 Health insurance-SBI

  • Cashless treatment in over 3000 networked hospitals
  • Medical test waiving feature
  • Individual and family coverage options

2.3 Critical illness insurance

  • Covers for 13 types of critical illnesses
  • Sum assured up to Rs. 50,00,000

2.4 Hospital daily cash

  • Covers for ICU hospitalization
  • Covers for hospital confinement expenses due to accident
  • Flexible plan options

 

  • Travel Insurance
  • Global protection
  • 24 by 7 assistance
  • Medical cover upto USD 0.5 million
  • Comprehensive cover for individual and family
  • Personal Accident Insurance
  • Covers for loss of life
  • Covers for disabilities and income loss
  • Cover includes Hospital confinement allowances and ambulance charges
  • Cumulative bonus availability feature

 

  • Home insurance
  • Cover policy up to 30 years
  • Includes earthquake cover
  • Loan insurance
  • Insurance against loan.
  • Covers for unforeseen loan servicing inability situations.

 

 

  • Corporate Insurance

 

 

 

  • Health insurance
  • Includes Group health and group personal accident insurance
  • Differentiated features w.r.t sum assured, premium, tenure.
  • Several options
  • Miscellaneous insurance
  • Includes plate glass insurance (cover for accidental breakage of plate glass), money insurance and burglary insurance.

 

  • Construction and Engineering insurance

Includes cover for:

  • Machinery breakdown
  • Boiler and pressure plant
  • Contractor’s plant and machinery
  • Erection all risks
  • Contractors all risks
  • Electronic equipment insurance
  • Package insurance
  • Comprises seven packages for business and industrial all risks insurance.
  • Marine insurance
  • Includes marine cargo and marine hull insurance
  • Motor insurance
  • Includes cover for tractor and other farm vehicles and commercial motor vehicles
  • Fire insurance
  • Consequential loss and standard fire and special perils insurance

 

 

  • Rural insurance

 

 

 

  • Sheep and goat insurance
  • Cover for minimum 1 yr and maximum 3 years.
  • Cattle insurance
  • Cover for minimum 1 yr and maximum 3 years.
  • Micro insurance policy
  • Covers for asset, Personal accident and health.
  • Banks, Micro Finance / Micro Credit institutions, Cooperatives, Non Governmental Organizations (NGOs) and Self Help Groups (SHGs) can take up insurance for their staff
  • Entry age 18-65 years
  • Period 1 year
  • Agriculture pump set insurance
  • Cover for centrifugal pump set ups (diesel and electrical) and submersible pump sets up to 25 H.P. capacity used for agricultural purposes.
  • Pumps with higher capacity i.e. more than 25 H.P. should be referred to Engineering Insurance Department.
  • Proposer may be any individual or group of people.
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