SBI General Insurance Company LtdIncurred Claim Ratio - 85*
SBI General Insurance Company Overview
SBI General Insurance Company Limited was formed as a joint venture between the State Bank of India (SBI) and Insurance Australia Group (IAG) in 2010. In September 2018, SBI sold 4% of its stake to Axis Asset Management Co. Ltd & Premji Invest and now holds a 70% stake in the company while the remaining 26% is held by the IAG. Headquartered in Mumbai, SBI General Insurance is active in more than 110 cities across India and is a player in over 350 other locations through satellite resources.
State Bank is a government-owned corporation with its headquarters in Mumbai, Maharashtra. Along with its five associate banks, it has over 22,311 branches across the country. Insurance Australia Group Limited (IAG) is the largest general insurance group, with operations in Australia and New Zealand with its operations extending to the United Kingdom and parts of Asia. IAG’s businesses endorse over $12 billion of premium per annum, selling insurance under many leading brands.
Pushan Mahapatra is the CEO and Managing Director of SBI General Insurance. SBI General Insurance has a team of highly experienced professionals who ensure that the company functions in sync with its vision and goals. SBI General Insurance closed the financial year 2018-19 with a Gross Written Premium of Rs.3553 crore, registering a growth of 33% in its 9th year of operations.
SBI General Insurance offers a wide range of insurance products to suit the needs and preferences of the different kinds of customers.
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
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 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.
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.
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 best 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 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 plans 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
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 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.
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 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.
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.
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.
- 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.
- 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 Insurance- This 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 Insurance- This 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 Machinery- This policy covers any damage or loss sustained on the plant and machinery of the contractor on project sites.
- Erection All Risks Insurance- This 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 Insurance- This 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 Insurance- This 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.
- Business Package Insurance- This 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 Insurance- This 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 Cargo Insurance- This policy by SBI General Insurance protects the cargo from any loss or damage sustained while in transit through sea, air, road, rail or courier.
- Tractor and Other Farm Vehicles Insurance- This 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 Insurance- This policy by SBI General Insurance covers a commercial vehicle against any third party liabilities along with any damage sustained on the insured vehicle.
- 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 Insurance- This 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 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 - Latest News
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.
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, 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 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.
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.
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