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 General Insurance (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%).
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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 Insurance’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.
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:
SBI General Insurance has been accredited with the following awards:
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.
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.
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.
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.
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 Insurance 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 Insurance 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 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:
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 Insurance 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 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 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:
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 Insurance 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 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 Insurance 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.
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.
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.
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.
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:
You can intimate SBI General Insurance Company Limited by calling their toll free number or email all your details on customer.care[@]SBI General Insurancegeneral.in and get your reference number or claim number.
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.
secure.SBI General Insurancegeneral.in or you can call on their toll-free number: 1800 22 1111.
In order to increases the penetration of Insurance in the rural areas, SBI General Insurance Company has recently partnered with Mahindra Insurance Brokers Ltd. (MIBL). With this association health insurance cover will be extended to a significant number of people in tier 2 and 3 cities and will also generate employment.
SBI General Insurance Co. Ltd. has also tied up with Mahindra Insurance Brokers Ltd. (MIBL) for commercial vehicles, new cars, used cars, and tractors. The customer can also opt for various add-on covers in the vehicle insurance policy. There is a digital partnership with PAYBIMA that offers affordable various insurance schemes.
With this association under the Mahindra’s Sajhedaari programme there will be more health insurance awareness as more and more people are looking for health insurance cover during the COVID-19 pandemic.
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 General Insurance.
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 General Insurance 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 (Insurance Australia General) is pleased to announced that it has sold its entire 26% of stake in SBI General Insurance’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 General Insurance, 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 Insurance is a joint venture between SBI General Insurance and AIG, with a valued over Rs. 12 cr recently.
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) 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 General Insurance. The stake of SBI General Insurance 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 General Insurance). 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 General Insurance 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 Insurance 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 Insurance 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 Insurance 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 Insurance 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 General Insurance 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 General Insurance 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 General Insurance’s anti-money laundering initiative.
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