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SBI General Insurance Company Ltd

SBI General Insurance

SBI General Insurance Company Limited commenced its operations in the year 2010 as a joint venture between State Bank of India and Insurance Australia Group (IAG). Pursuant to stake sale by IAG on 27th March 2020, the Company is a joint venture amongst SBI (70%), Napean Opportunities LLP (16.01%), (iii) WP Honey Wheat Investment Ltd (9.99%), PI Opportunities Fund-1 2.35% and Axis New Opportunities AIF – I (1.65%).

The company offers a wide range of general insurance products in retail and commercial space at affordable prices to make insurance accessible to all individuals and businesses.

The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space.

SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 21,000 IRDAI certified employees including the State Bank Group employees, and over 8,000 Agents to make insurance easily available even in the remote areas of the country.

SBI General Insurance has established its presence in over 23000 branches of State Bank Group and over 5500 Regional Rural Banks (RRBs).The company’s current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.

Why Choose SBI General Insurance?

SBI General Insurance Company promises its customers to provide all the required help in their needs and offer assistance to get them back on their feet. Apart from this, there are many other reasons as well that make SBI General Insurance a preferred choice of many:

  • The Company Has More Than 6, 000 Hospitals: SBI health insurance that comes under SBI General Insurance Company has more than 6, 000 network hospitals across the country. You can avail of cashless treatment in these hospitals for your sickness, disease, and illness. The availability of vast network hospitals helps you to handle planned or emergency hospitalization easily.
  • Various Recognitions and Awards: SBI General Insurance Company has won several recognitions and awards of which ET Best BSFI Brands Award 2018, Best E-Magazine Award, Bancassurance Leader Award, and ISO 27001: 2013 certification are some to name.
  • iAAA Rating for the Ability to Pay Highest Claim: ICRA has reaffirmed that its iAAA rating is given to SBI General Insurance Company for paying the highest number of claims in a year. This increases the worth of the insurer.
  • Transparent and Fast Claim Settlement Process: The quick and transparent claim settlement process of SBI General Insurance Company makes it one of the top insurance providers of India. SBI General Insurance claims to settle claims of more than Rs.110 billion till now.
  • Fast Assistance: The company provides fast assistance for various insurance-related queries. The quick assistance keeps the customers at ease. On its website, there is a tab for ‘Quick Assistance’ from where the customers can download the insurance policy, check the details of policy, locate the network hospital, and check the status of the claim.
  • Presence in 125+ Locations Across India: The SBI General Insurance Company has its presence in 125+ locations across India and hence is available for its customers at large scale.

SBI General Insurance Awards and Achievements 

SBI General Insurance has been accredited with the following awards:

  • Best E-Magazine Award
  • ET Best BSFI Brands Award 2018
  • Bancassurance Leader Award (Small & Medium category)
  • BEST BFSI Brand Award 2016
  • Under-served  Market Penetration Award 2016 (Small/ Medium category)
  • Marketing Initiative of the Year 2015
  • Data Quality Asia Pacific Award 2014
  • Technology Maturity Award 2013
  • Rising Star Insurer Award 2012

SBI General Insurance Product Portfolio

SBI General Health Insurance Plans:

Health insurance plans by SBI General Insurance insure you against medical emergencies and keep your finances stable during trying times. Keeping in mind the high medical costs, buying a good health insurance plan makes sense.

SBI General Health Insurance Policy - Retail:

SBI General Insurance has designed this policy to cover a wide range of medical treatment expenses and give a sense of security in these times of high healthcare costs. It offers individual as well as family floater options. The family floater benefits the insured by giving comprehensive protection to one’s family members under a single policy. This policy by SBI General Insurance is available in flexible plan options including Metro Plan, Semi Metro Plan and Rest of India. The range of coverage is wide, starting from Rs. 50,000 to Rs. 5 lakh. People with no medical history do not require any medical tests up to the age of 45.

SBI General Critical Illness Insurance Policy:

Critical Illness Insurance policy by SBI General Insurance provides protection against 13 major critical illnesses. It helps the insured person to be in control of his finances in times of serious illness. The policy provides a fixed sum, irrespective of the actual medical expenses incurred. It helps the insured  bear the high cost of treatment associated with critical illness and stay financially stable. This policy by SBI General Insurance is available in 1-year and 3-year policy tenure options. The sum insured available is up to Rs. 50 lakh and the maximum age of entry is 65 years.

SBI General Hospital Daily Cash Insurance Policy:

The Daily Cash Insurance Policy by SBI General Insurance provides the insured with a fixed benefit for each day of hospitalization irrespective of the actual medical cost in the event of illness, disease and accidental bodily injury. It provides additional protection and takes care of additional expenses like traveling, food, etc. which are not covered under the  health insurance policy. This  policy by SBI General Insurance covers ICU hospitalization and accident hospital confinement expenses up to twice the daily benefit. Flexible plan options are available with a maximum of 30 days and 60 days coverage.

SBI General Arogya Premier Policy:

The Arogya Premier Policy by SBI General Insurance is exclusively designed to meet special healthcare requirements of high net-worth individuals (HNIs). The plan provides a wider medical coverage option and allows HNIs to avail the medical treatment from top medical experts. The policy offers wide coverage ranging  from Rs. 10 lakh to Rs. 30 lakh. It comes with automatic reinstatement of sum insured at no additional premium cost. Maternity expenses are covered after the completion of first 9 months. Alternative treatments like Ayurveda, Unani, Siddha and Homeopathy are also covered under this plan by SBI General Insurance.

SBI General Arogya Plus Policy:

The Arogya Plus Policy is a financial protection against rising OPD medical expenses and hospitalization expenses. It allows one to focus on treatment by taking care of medical expenses in a better way. There are multiple coverage options including individual as well as the family floater. Sum insured options are available in Rs. 1 lakh, 2 lakh and 3 lakh. People with no medical history do not have to undergo any pre-policy medical tests up to the age of 55 years. The plan by SBI General Insurance covers daycare expenses of up to 142-daycare procedures.

SBI General Arogya Top Up Policy:

The Arogya Top Up Policy allows the insured to  add extra protection at a low premium and smoothly overcome rising medical costs. It acts as a supplement to the normal health insurance policy. The plan offers a wide coverage ranging from Rs. 1 lakh up to Rs. 50 lakh with the deductible option of Rs. 1 lakh to Rs. 10 lakh. People with no medical history do not require pre-policy medical tests up to the age of 55 years. Like the Arogya Plus Policy, the Top Up plan covers daycare expenses for 142-daycare procedures. Alternative treatment under AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy) is also covered. The policy by SBI General Insurance also covers organ donor expenses. The sum insured can be reinstated on payment of additional premium.

SBI General Loan Insurance Policy:

The Loan Insurance Policy ensures that the insured is able to pay off the loan taken to build or purchase a home at times of illness. This unique policy by SBI General Insurance offers  covers that include critical illness, personal accident and loss of employment to take care of possibilities that may hamper in repayment of the loan. The sum insured is available on a fixed or a reducing balance basis. No medical check-up is required up to sum insured amount of Rs. 1 crore and/or up to 45 years of age. The policy provides coverage for 13 critical illnesses, accidental death or permanent disablement, and loss of a job.

SBI General Car Insurance Plans:

SBI General Car Insurance plans provide protective covers along with useful riders and benefits. It offers a comprehensive plan so that you don’t need to worry about anything. Drive safe and follow the traffic rules, and for everything else you have car insurance policy designed by SBI General Insurance.

SBI General Private Car Insurance Policy - Package: 

SBI General Private Car Insurance Package Policy is a motor insurance cover that helps tide over unforeseen incidents like accidents, theft, etc. It is designed to cover the compulsory third party liability required under the Motor Vehicles Act, together with loss or damage to the vehicle. This policy by SBI General Insurance also provides cover for personal accidents.

SBI General Private Car Long Term Insurance Policy:

SBI General Insurance has designed this policy to offer third-party liability only cover for 3 years. You can save yourself from the hassle of annual renewals. It does not get affected by the change in third-party liability premium and GST during the policy term. 

This policy by SBI General Insurance offers additional covers under this policy at an extra premium:

  • Personal accident cover extendible to Rs. 15 lakh for private car owners
  • Personal accident cover for the occupants. The limit is Rs. 2 lakh per person for cars
  • Third-party liabilities arising out of CNG-LPG bifuel kit
  • Additional legal liabilities for paid driver/ cleaner/ conductor employed in operation of vehicle and employees other than a paid driver

SBI General Two Wheeler Insurance Plan:

Two wheeler insurance is the only thing standing between an accident victim and financial loss. Although, Two Wheeler Insurance by SBI General Insurance doesn’t protect your bones in an accident but that bit of paper can save your thousand bucks which you might have to pay on medical expenses.

SBI General Two Wheeler Package Policy: 

SBI General Two Wheeler Package Policy provides cover for the two-wheelers from a range of possibilities. This policy by SBI General Insurance is designed to cover the compulsory third party liability as mandated by the Motor Vehicles Act, together with loss or damage to the vehicle. Customized pricing is available based on the individual profile. Discounts can be availed by people between the age of 25 and 55 years. The plan offers an additional discount for insuring the vehicle without a break.

SBI General Long Term Two Wheeler Insurance Policy:

SBI General Insurance offers Long Term Two Wheeler Insurance Policy that covers the third-party liabilities as per the Motor Vehicles Act, along with loss or damage caused to the insured two-wheeler. The coverage is provided for two and three years. Moreover, there is no hassle of renewing it every year and you can get a discount on the premium.

Just like a comprehensive two-wheeler policy,  this policy by SBI General Insurance covers third-party liabilities arising out of the insured two-wheeler towards a third-party in case of an accidental death/injury caused to a person or any damage caused to third-party property from your two-wheeler.  It also includes loss or damage caused to the insured two-wheeler or its accessories from natural and man-made disasters

SBI Motor Act Only Long Term Two Wheeler Policy: 

SBI General Insurance has designed this policy to offer third-party liability cover as per the Motor Vehicles Act and the duration is for 5 years. There is no hassle of renewing it every year. The premium doesn’t get affected during the policy term. There are various add-on covers that are available under this policy:

  • Personal accident cover extendible to Rs. 15 lakh for private two-wheelers
  • Personal accident cover for the occupants. The limit is Rs. 1 lakh per person for two-wheelers and Rs. 2 lakh per person for other class of vehicles
  • Additional legal liabilities for paid driver/ cleaner/ conductor employed in operation of vehicle and employees other than a paid driver
  • Third-party liabilities arising out of CNG-LPG bifuel kit

SBI General Home Insurance Plans:

SBI General Insurance offers Home Insurance policies to safeguard your home and give you a comprehensive plan to tackle all problems related to your home to ensure disaster- free living. They also provide you with an inbuilt coverage for earthquakes.

SBI General Long Term Home Insurance Policy:

The SBI General Long term Home Insurance plan helps to safeguard one’s home. The policy has been designed to cover loss or damage caused to the building used as a residential home due to fire and a list of special perils. It has in-built coverage for earthquakes. The recommended plan duration is for a minimum of 3 years as it will optimally protect the home from any eventualities. The maximum duration under this SBI General Insurance plan is 30 years. The rate of premium is dependent on the location and period of insurance policy.

SBI Simple Home Insurance Policy:

SBI General Insurance has designed this comprehensive policy to offer protection to the entire home including its contents and other related risks including burglary & theft, fire & special perils and breakdown of electrical & electronic appliances. It also provides protection against jewellery, valauables and portable equipments. This plan by SBI General Insurance can be customized as per your requirement. The policy term is available in 2 and 3 years and you can avail tenure discount as well. It also offers annual coverage for terrorism.

SBI Travel Insurance:

SBI General Insurance offers travel insurance cover to help you travel with your loved ones without worries. Things may go wrong even in a well-planned trip, for certain reasons that are beyond our reach. Whether you lose your baggage or passport or even need medical assistance, travel insurance will make sure you have a hassle-free and memorable journey.

SBI General Travel Insurance Policy (Business & Holiday):

SBI General Travel Insurance (Business and Holiday) plan provides comprehensive cover for the insured and his/her family during international travel. It provides cover against medical and other financial emergencies during one’s trip abroad. The plan insures against expenses incurred for emergency medical treatment of illness, disease and injury sustained during overseas travel and which need immediate action. The policy by SBI General Insurance provides comprehensive coverage including medical cover up to USD 5,00,000. No medical examination is required to avail the policy. It offers worldwide protection and round the clock assistance.

SBI General Personal Accident Plans:

Personal Accident plans by SBI General Insurance has been designed to protect the insured from accidents that can cause physical and financial hardships. It helps you to stay prepared for hospitalization expenses as well as for mishaps leading to the death or permanent disability and loss of income of the insured.

SBI General Individual Personal Accident Insurance Policy:

The Personal Accident Insurance policy by SBI General Insurance is designed to cover the loss of life, loss of income and disabilities due to an accident. The policy is aimed at self-employed, salaried and business class people. Add-on covers are available including hospital confinement allowance and ambulance charges. A cumulative bonus is also available in the policy. Permanent Total Disability (PTD) benefit comes with add-ons like education benefit and adaptation allowance at no additional cost.

SBI General Corporate Insurance:

The Corporate Insurance products from SBI General Insurance help businesses and commercial establishments to cover against any risks associated with or arising from their business.

Health Insurance

  • Group Personal Accident Insurance- The Group Personal Accident Insurance policy by SBI General Insurance covers loss of life due to accidents only. The policy can be bought by any permanent Indian resident aged between 18 and 65 years having a savings bank account/individual current account, opted with State Bank of India or any of its associate banks.Group Health Insurance - The Individual and Family Group Health Insurance Policy helps to cover medical treatment expenses at the time of illness or injury. It offers multiple coverage options i.e.  individual and family floater options for sum insured. The coverage ranges from Rs. 1 lakh to Rs. 5 lakh. The policy by SBI General Insurance comes with guaranteed renewal. People with no medical history do not require any pre-policy medical tests up to the age of 65 years. Moreover, cashless treatment is available at over 3,000 network hospitals.

Miscellaneous

  • Plate Glass Insurance This policy covers the losses incurred on any accidental breakage of plate glass at any business establishments, shopping complexes, showrooms, hotels, etc.
  • Money Insurance This policy by SBI General Insurance protects the business owners from any money-related risks including theft, loss in transit or at cash counters, burglary, etc.  
  • Burglary Insurance This policy covers a business establishment including retail store from losses incurred from any burglary following forcible entry into its premises.

Construction / Engineering Insurance

  • Consequential Loss (Machinery Breakdown)This policy by SBI General Insurance allows te insured to protect his business profits from any potential losses that he may incurr due to interruption in business operations following breakdown of machinery.
  • Boiler and Pressure Plant InsuranceThis policy covers any losses or damage caused due to damage to pressure plants and boilers. It covers accidental injury or death of a person as well as damage caused to the surroundings.
  • Machinery Breakdown InsuranceThis policy by SBI General Insurance covers any expenses incurred due to the breakdown of machinery or equipment in a manufacturing or commercial establishment.
  • Contractors Plant and MachineryThis policy covers any damage or loss sustained on the plant and machinery of the contractor on project sites.
  • Erection All Risks InsuranceThis policy by SBI General Insurance covers any losses or damage to any erection projects at the time of storage, testing or erection.
  • Contractors All Risks InsuranceThis policy offers comprehensive protection to civil engineering projects with more than 50% of civil work involved. It covers any loss suffered during storage, construction/ erection or at the time of handing over of the work.
  • Electronic Equipment InsuranceThis policy by SBI General Insurance covers any risks attached to any electronic equipment including computers, audio-visual equipment, biometric machines, etc in a business establishment.
  • Latent Defects Insurance Policy - This policy covers any physical damage or loss incurred due to a latent structural defect of the insured property. It only covers civil structures and buildings that are going to be constructed.

Package Insurance

  • Business Package InsuranceThis policy by SBI General Insurance offers protection from seven types of business-related risks. The policyholder can choose any combination in addition to fire cover.   
  • Industrial All Risks InsuranceThis policy allows a medium or large size business enterprise to protect their assets from any potential risk that may suspend the business operation and create financial burden.

Marine Insurance

  • Marine Cargo InsuranceThis Marine insurance policy by SBI General Insurance protects the cargo from any loss or damage sustained while in transit through sea, air, road, rail or courier.

Motor Insurance

  • Tractor and Other Farm Vehicles InsuranceThis policy offers protection to the farming vehicles that may suffer damages in an accident. It also offers personal accident cover to the person driving the vehicle.
  • Commercial Motor InsuranceThis policy by SBI General Insurance covers a commercial vehicle against any third party liabilities along with any damage sustained on the insured vehicle.

Fire Insurance

  • Consequential Loss (Fire) Insurance- This policy allows business owners to protect their business profits from any potential losses that may occur due to interruption in business operations following a fire.
  • Standard Fire and Perils InsuranceThis policy by SBI General Insurance covers all losses incurred on the assets of your business due to fire and special perils and compensates at a market value basis.

SBI General Rural Insurance:

The Rural Insurance portfolio from SBI General Insurance helps farmers, traders, workers and other rural business owners to insure against any risks to their livelihood.

  • Sheep and Goat Insurance Policy
  • Cattle Insurance Policy
  • Micro Insurance Policy
  • Agriculture Pumpset Insurance Policy

SBI Insurance Online Payment:

With SBI General Insurance online payment, you can make payment for premiums for various policies. You can make an online payment using a debit card, credit card or net banking.

It is advisable to compare all SBI General Insurance plans with plans from other general insurance companies in India to choose the best insurance plan that suits you the most.

SBI General Insurance Claim Process

The dedicated team of SBI General Insurance Company aims to offer you a differentiated customer service of the fair, fast, transparent, and convenient claim process for settlement and management of your claim.

The SBI General Insurance has the philosophy to look for the methods to pay valid claims in a timely and fair manner. The claim service of the company will:

  • Provide relief from the stress of the claim by co-ordinating with replacement and repair of the assets.
  • Offers assistance in case of emergency.
  • Keeps you informed about the progress regarding your claim.
  • Provides the facility to access the preferred local service providers of SBI.

Claim Intimation

You can intimate SBI General Insurance Company Limited by calling their toll free number or email all your details on customer.care[@]sbigeneral.in and get your reference number or claim number.

Claim Settlement Process

  • Get a claim number or reference number through any of the aforementioned means.
  • The customer care representative provides you the details of documents that are needed for initiating and processing the claim.
  • The claim executive or claim manager contacts you within 24 hours of the registration.
  • After that, it is suggested to submit all the needed documents to the executive or claim manager of SBI General Insurance and verify them against your original documents.
  • SBI General Insurance Company initiates the process of claim and all the admissible claims will be settled within thirty days of receiving the final report of survey or/ and the last necessary and relevant document as the case can be according to IRDAI insurer interest regular 2017.

SBI General Distribution Network:

SBI General Insurance’s current geographical coverage extends to 110 cities pan India and plans are on to extend this reach. The company also offers its policies through the 23,000 branches of State Bank of India.

SBI General Insurance - FAQs

SBI General Insurance - Latest News

  • Prakash Chandra Nagpal Appointed as the Managing Director & Chief Operating Officer of SBI General Insurance

    In a recent announcement by SBI General Insurance, Prakash Chandra Nagpal as the new Managing Director and Chief Executive Officer, with effect from July 20, 2020. PC Nagpal is a seasoned banker, and has been the Deputy CEO since June 2019 and holds more than 33 years of experience with SBI.

    He holds experience in human resources, in retail and international banking, learning and development, and technology, etc. He also worked for a short duration in SBI Mutual Fund as the CEO.

    Pushan Mahapatra, the former CEO and MD of SBI General Insurance has now been named as Director (Digital Initiatives and Strategic Investments), and will now continue to be the full time director of the Insurer.

  • IAG Announces its Exit by Selling 26% Stake in SBI General Insurance

    IAG (Insurance Australia General) is pleased to announced that it has sold its entire 26% of stake in SBI’s insurance subsidiary SBI General Insurance Co. Ltd. The same has been sold for Rs. 2,325 crore (USD 310 million) to Premji Invest with 16.01% interest and Warburg Pincus group with 9.99% interest.

    As notified by SBI, the associated transactions were initiated back in October 2019, where AIG will book a net profit on sale of its interest in SBI General Insurance of around USD 310 million in the mid of FY 2020. The sale of the interests in SBI General Insurance has raised IAG’s capital position to USD 450 million.

    SBI General is a joint venture between SBI and AIG, with a valued over Rs. 12 cr recently.

  • Big Investors Come up to SBI General Insurance for Deal

    Some of the largest strategic investors of the world such as KKR, Warburg Pincus, Blackstone Group, Advent, and Apax have approached to purchase 26 percent stake in State Bank of India (SBI) General Insurance for about Rs. 3,400 Crore.

    The existing investors such as PremjiInvest and Temasek, Abu Dhabi Investment Authority (ADIA), and Canada Pension Plan Investment Board (CPPIB) have been approached to purchase Insurance Australia Group (IAG) that is seeking exit in the 9-year old joint venture with India as a part of the larger global realignment.

    4 percent stakes have been sold to PremjiInvest and Axis Asset Management Company Limited for about Rs. 482 Crore at a valuation of Rs. 12,000 Crore in the month of September last year by SBI. The stake of SBI fell to 70 percent following the sales, whilst 26 percent was owned by AIG.

    “Around 40 potential suitors were sounded out, which includes Warren Buffet’s General Reinsurance Corp (General Reinsurance),” quoted by an anonymous source.

  • Net Profit of SBI General Insurance Rises Up to 64%

    64.4 per cent year on year i.e. YoY rise was posted by the SBI General Insurance in their net profit for the H1 (first half) of FY19 at Rs 217 Crores. SBI General Insurance earned a profit of Rs 37 Crore in the first quarter i.e. H1FY19 compared to the loss of Rs 60 Crore they had a year ago.

    A growth of 30 per cent YoY to Rs 2,067 Crore was witnessed by the Gross Written Premium (GWP) in H1FY19.  The ratio of solvency for H1FY19 rose at 2.46 and the combined ratio was at 96.8 per cent during the H1FY19 when compared to 106.8 per cent the previous year. These figures of H1FY18 are excluding the one-time earnings from a long-term home reinsurance yielding.

    SBI General Insurance is a joint venture between IAG International and the State Bank of India (SBI). The bank looks to list the general insurer arm of the bank in FY20. From the 1st of September, every car and bike owner has to buy a three-year and five-year third-party motor insurance which is mandatory. The impact of this kind of development can only be seen over the next quarters, Shah said.

    During the month of September 2018, State Bank of India had approved a small stake sale in the SBI General Insurance to the Axis New Opportunities Fund (Axis AMC) and PI Opportunities (Premji) which was of 4 per cent. The non-life insurer was valued at Rs 12,043.25 Crore and the deal was done at Rs 481.73 Crore.

  • SBI General Insurance Company awarded at Fintelek Indian Insurance Awards

    SBI General Insurance, one amongst the nation’s most rapidly rising general insurance providers, bagged 2 awards under the segment of small or medium providers in the sector of General Insurance at the lately conducted Indian Insurance Awards for the year 2016. The Indian Insurance Awards, 2016 by Fintelek were conceptualized to tribute performance, excellence, and growth across the insurance industry of India. SBI GI Company Limited received 2 awards, out of total 11 nominated from the sector of the General Insurance.

    SBI General Insurance Company was recognized as the best GI Company under the award segments, Commercial Lines Growth Leadership and Under-Served Market Penetration. In the 1st award segment, SBI General was awarded for its capability to approach to the mass of people across various markets. Meeting the criteria for the nomination in the awards, SBI General operates from all of the fifteen under-served union territories and states.

    During the financial year 2015-16, the insurer also managed to attain the maximum rate of growth in comparison with its competitors that are running at a growth rate of 63% in average generated premiums from the under-served states, making SBI General to win this award under the small and medium category.

  • SBI General Insurance Hopeful to See Tax Benefit for Home Insurance in Budget 2016

    SBI General Insurance is expecting the government to include home insurance in the list of insurances that bring Tax Benefit. Mr. Arun Jaitley, the Finance Minister of India, will present the budget 2016 on 29 February. Well, insurance in India has been a great topic for debate in every budget session, especially when it comes to the Tax Benefit.

    Based on a statement of Gunjan Ghai, Senior Vice President & Head – Marketing and Product Development, SBI General Insurance, The upcoming union budget is going to keep the momentum going across the Insurance Industry of India. There is strong need of Home Insurance to get Tax Benefit, as emphasized at an individual by some recent natural calamities.

    This has led to a greater awareness of home insurance being a risk product. The company also hopes to see insurance companies getting incentives from the government for generating online insurance policies in rural areas of the country.

  • SBI to divest from insurance subsidiaries

    State Bank of India has announced its plan to dilute its stake from its life and non-life insurance subsidiaries, namely, SBI General and SBI Life Insurance. However, the bank claims that the process might take a little time.

    On the sidelines of India Investment Summit, Arundhati Bhattacharya, SBI chairperson said, they have already said that they will be divesting stakes from Life and non-life subsidiaries, but, won’t happen immediately as it is something that needs time.

    SBI has proposed to sell about 10 % stake of its life insurance venture, while for general insurance subsidiary it may be up to 23 %.

    Arundhati also said that as stated by IRDA, the agreement of shareholders requires being amended in both the cases.

    She also disclosed that the bank has developed a robust system to detect any activity related to money laundering, and this development is a part of SBI’s anti-money laundering initiative.

Written By: PolicyBazaar - Updated: 07 August 2020
2,153,010 Confirmed Cases in India*
21,629,155 Confirmed Cases worldwide*
722,546 Confirmed deaths worldwide*
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 16 Reviews)
SBI General Insurance Company Ltd Reviews & Ratings
4.6 / 5 (Based on 16 Reviews)
(Showing Newest 15 reviews)
Vikrant
J.n.prasad, August 10, 2020
A great insurance policy
I have recently taken the health insurance policy from the SBI general insurance company. The working and the assistance given by the company is very nice and great. I have got several choices while getting the health insurance for me and my family. Thanks to you policybazaar for giving me such good plans.
Itika
Gadag, August 05, 2020
I took the fire insurance
Recently I took the fire insurance policy from the sbi general insurance and with the help of the website policybazaar. It is a good plan where it will help me from the potential losses. Thank you team for such better and mandate plans.
Sukhmeet
Habra, July 30, 2020
Natural disaster convenience
My car insurance policy which I have taken from policybazaar and sbi general insurance is very good and attractive. Not only this it covers the natural disasters obligations too like earthquake, cyclone, thunderstorm and tsunami etc. Thank you team sbi general insurance.
Bhavya
G.k. Bhatar, July 27, 2020
Renewal of the policy
I recently renewed my health insurance plan from the policybazaar website. It was the plan of sbi general insurance. It is easy to renew your policy from the mobile application and you can add some of the covers too under the same. Appreciable services.
Danish
Campierganj, July 24, 2020
Compare the plans
I have recently saw some of the plans of sbi general insurance and they very good. I was about to take the car insurance policy. And I got various plans for my car at the sbi website. It is good and convenient for the person to select the plans. Thank you so much team policybazaar and sbi general insurance.
Yashika
R.g.pur, July 23, 2020
Great care of the customer
I have taken the sbi general insurance policy from the policybazaar. It is a great plan and I really love it. The customer care team is quite supportive in nature and they assisted me at the time of paper work and documentation. A great place to get your general insurance done easily.
Piya
Faizabad, June 30, 2020
Nice car insurance
SBI provides very good services. I got my car insurance claim settled quickly and as promised in the policy document.
Tarun
S.c. Pur, June 30, 2020
Swift and easy
I got my bike insurance from SBI on Policybazaar. The process was very simple and quick. I got my insurance copy within 10 minutes.
Lalit
Oachira, June 30, 2020
Great travel plan
SBI provides 24 hour help for emergency and is available in almost all the countries across the globe.
Juhi
Uchchhal, June 30, 2020
Travel insurance
I had to travel abroad and I choose to fly with a travel insurance. SBI has some wonderful features and gives a good cover. I really liked their plan.
Shubham
R.g.pur, June 30, 2020
Good cover
I got my bike insurance from SBI and the zero-dep feature is great and covers almost everything hence reducing the cost of accidental repairs by a lot of margin.
Krish
Agalpur, June 29, 2020
Best bike insurance
I got my bike insured from SBI and the premium was quite low as compared to others with similar cover and IDV.
Ishika
Ahmedpur, June 25, 2020
Flexible travel insurance
I liked the flexibility of the plan. You can choose and select a plan as per your needs.
Gulshan
H D Kote, June 25, 2020
Nice assistance
The executives of the claim assistance team are actually very helpful, polite and quick.
Ashish
Agra, June 24, 2020
Wonderful experience
I got my car insurance from Policybazaar and it was very easy and quick. Numerous options with pros and cons have been listed very well which makes it easier to choose the plan as per the requirement.
Rahil
Agartala, June 23, 2020
Best health insurance
SBI probably has the best cover under their health insurance plan and the premium is also affordable. Vide network of hospitals is a topping to the wonderful plan.

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Top General Insurance Companies with Best Claim Settlement Rate

An individual goes to work to earn money so as to live a comfortable life, fulfil his family’s needs and secure his and his family’s future. He also envisions his family’s life after him and therefore purchases a life insurance policy that of...
How to Check New India Assurance Company Claim Status?

How to Check New India Assurance Company Claim Status?

The risk of uncertainty encircles your life and property. In the event of any financial or non-financial loss, only insurance will support you and your family to minimize the damage. In your endeavour to choose the helpful insurance policy for you,...
7 Common Questions and Answers about General Insurance

7 Common Questions and Answers about General Insurance

Gone are the days when you have insurance policies only for health and life, today when you have so many valuable assets, there are insurance policies for everything. From car to home to business, you have the insurance policies for everything. In ...