SBI General Insurance Company Ltd

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SBI General Insurance Company Overview

SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI has a 74% stake in the company while the remaining 26% is held by IAG. Headquartered in Mumbai, the company is active in 56 cities across India and is a player in 350+ other locations through satellite resources.

State Bank is a government-owned corporation with its headquarters in Mumbai, Maharashtra. Along with its seven associate banks, it has over 18,500 branches across the country. Insurance Australia Group Limited (IAG) is an international general insurance group, with operations in Australia, New Zealand, the United Kingdom and Asia. Its businesses endorse over $11 billion of premium per annum, selling insurance under many leading brands.

Bhaskar Jyoti Sarma is the CEO and Managing Director of SBI General Insurance. SBI General Insurance has a team of highly experienced professionals in place to ensure that the company functions in sync with its vision and goals. SBI General closed the financial year 2013-14 with a Gross Written Premium of Rs.1188 crore, registering a growth of 54% in its 4th year of operations.

SBI General offers a wide range of insurance products to suit the different individual needs and preferences of the customers.

Product Portfolio

SBI General Health Insurance Plans:

Health insurance plans 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:

The insurance policy covers a wide range of medical treatment expenses and gives a sense of security in these times of high healthcare costs. It offers individual as well as family floater options. The family floater benefits by giving comprehensive protection to one’s family members under a single policy. Flexible plan options are available – Metro Plan, Semi Metro Plan and Rest of India. The range of coverage is wide, starting from Rs. 50000 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:

SBI General’s Critical Illness Insurance Policy provides protection from critical illnesses offering cover against 13 most critical illnesses. It helps one to be in control of finances in times of serious illness. The policy provides a fixed sum, irrespective of actual medical expenses. It helps one bear the high cost of treatment associated with critical illness and stay financially stable. Two plan options are available – 1 year and 3 years. The sum insured available is up to Rs. 50 lakh. The maximum age of entry is 65 years.

SBI General Hospital Daily Cash Insurance Policy:

The Daily Cash Insurance Policy provides one with fixed benefit for each day of hospitalisation 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 travelling, food, etc. which are not covered under one’s health insurance policy. The policy covers ICU hospitalisation 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 Group Health Insurance Policy – for Individual and Family:

The individual and family policy helps to cover medical treatment expenses at the time of illness or injury. It offers multiple coverage options – individual and family floater options for sum insured. The coverage ranges from Rs. 1 lakh to Rs. 5 lakh. The policy 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.

SBI General Arogya Premier Policy:

The policy is exclusively designed to meet special healthcare requirements of high net-worth individuals (HNIs). The plan provides wider medical coverage option and allows HNIs to avail the best medical treatment from top medical experts. The policy offers wide coverage – from Rs. 10 lakh to Rs. 30 lakh. It comes with automatic reinstatement of sum insured. Maternity expenses are covered after first 9 months waiting period. Alternative treatment like Ayurveda, Unani, Siddha and Homeopathy are also covered under this plan.

SBI General Arogya Plus Policy:

The Arogya Plus Policy is a financial protection against rising OPD medical expenses and hospitalisation expenses. It allows one to focus on treatment by taking care of medical expenses in a better way. There are multiple coverage options – individual as well as family floater. Sum insured options available are – Rs. 1/2/3 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 covers day care expenses of up to 142 day care procedures.

SBI General Arogya Top Up Policy:

The policy lets one 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 – from Rs. 1 lakh up to Rs. 50 lakh with 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 day care expenses for 142 day care procedures. Alternative treatment under AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy) is also covered. The policy covers organ donor expenses. The sum insured is reinstated on payment of additional premium.

SBI General Loan Insurance Policy:

The unique policy ensures that one is able to pay off the loan taken to build or purchase a home at times of illness. SBI General’s Loan Insurance Policy offers the following covers – 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 55 years of age. The policy provides coverage for 13 critical illnesses, accidental death or permanent disablement, and loss of job.

SBI General Car Insurance Plans:

SBI General 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 SBI car insurance plans.

  • SBI General’s Private Car Insurance Policy - Package: SBI General’s Private Car Insurance Package Policy is a motor insurance cover which helps tide over 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. The policy also provides cover for personal accidents.

SBI General Two Wheeler Insurance Plan:

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

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

SBI General Home Insurance Plans:

SBI General Policies help 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 Long Term Home Insurance Policy:

The plan helps to safeguard one’s home. The policy has been designed to cover loss or damage caused to the building used as 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 is 30 years. The rate of premium is dependent on the location and period of insurance policy.

SBI Travel Insurance:

Now 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’s 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 provides comprehensive coverage including medical cover up to USD 0.5 million. No medical examination is required to avail the policy. It offers worldwide protection and round the clock assistance.

SBI General Personal Accident Plans:

SBI General Group Personal Accident Insurance Policy:

The plan covers loss of life due to accidents only. The Group Personal Accident Insurance 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.


SBI General Individual Personal Accident Insurance Policy:

The personal accident insurance policy is designed to cover 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 or arising from their business

Health Insurance

  • Group Personal Accident Insurance
  • Group Health Insurance

Miscellaneous

  • Plate Glass Insurance
  • Money Insurance
  • Burglary Insurance

Construction / Engineering Insurance

  • Consequential Loss (Machinery Breakdown)
  • Boiler and Pressure Plant Insurance
  • Machinery Breakdown Insurance
  • Contractors Plant and Machinery
  • Erection All Risks Insurance
  • Contractors All Risks Insurance
  • Electronic Equipment Insurance

Package Insurance

  • Business Package Insurance
  • Industrial All Risks Insurance

Marine Insurance

  • Marine Cargo Insurance

Motor Insurance

  • Tractor and Other Farm Vehicles Insurance
  • Commercial Motor Insurance

Fire Insurance

  • Consequential Loss (Fire) Insurance
  • Standard Fire and Perils Insurance

SBI General Rural Insurance:

The rural insurance portfolio from SBI General 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

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's current geographical coverage extends to 56 cities pan India and plans are on to extend this reach. The company also offers its policies through the 14,000 branches of State Bank of India.

SBI General Insurance - Latest News

  • 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.

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