There is so much choice in Insurance. Getting the best deal is far more easier now, thanks to comparison options available online.
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.
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.
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:
Rural insurance: includes sheep, goat and cattle insurance, micro insurance and agriculture pump set insurance.
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|
|2.1 Arogya policy||
|2.2 Health insurance-SBI||
|2.3 Critical illness insurance||
|2.4 Hospital daily cash||
|Personal Accident Insurance||
|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:
|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|
|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||
|Agriculture pump set insurance||