SBI Two Wheeler Insurance
SBI General Insurance Company is a joint venture between two companies namely the State Bank of India and Insurance Australia Group (IAG). State Bank of India owns 74% of the company while the Insurance Australia Group owns the remaining 26%. The year of 2013-14 was the fourth year of operation of the company where the company registered a growth of 54% by writing a Gross Premium of 1188 crores. In the same year, the company in association with State Bank of India covered over 1.5 Crore Saving Account holders of the State Bank of India with a Group Personal Accident Insurance cover.
SBI General insurance company offers different categories of insurance plans including motor insurance, health insurance, travel insurance, personal accident insurance and home insurance for individuals. Other specialized insurance plans include aviation insurance, fire insurance, marine insurance, package insurance, construction & engineering insurance, liability insurance, group health insurance, group personal accident insurance and miscellaneous insurance plans for businesses.
SBI Two Wheeler Plans & Policy
SBI General Insurance offers a package Two Wheeler Insurance Plan which not only covers the third party liability which is mandated by the Motor Vehicles Act but also a loss to own vehicle due to various causes. Let us take a look at the various features and benefits provided by the package two-wheeler plan offered by SBI General Insurance in details.
Features & benefits of SBI Two Wheeler Insurance
- It is a package policy which covers the Compulsory Third Party Liability and also damage or loss to own vehicle
- Under the third party liability coverage, the plan covers any bodily injury or death caused to the third party due to the use of the two-wheeler and also any loss or injury to the property of the third party due to the use of the two-wheeler
- Under the own vehicle damage or loss, damages or loss arising out of the following causes is covered:
- Natural calamities like earthquake
- Man-made calamities like theft
- Personal accident for owner-driver or the registered driver
- The plan comes with a profile based customized pricing policy wherein the premium varies from individual to individual
- Individuals aged between 25-55 years can also avail a discount in the rate of premium charged
- If the vehicle is continuously insured with the company without any break, there is an additional discount in the rate of premium charged by the company
- The plan also has inbuilt as well as additional optional covers which can be availed by an individual for a more comprehensive scope of coverage under the plan
- Individual owners of the two-wheeler enjoy a compulsory Personal Accident coverage, which is built-in under the plan up to Rs.15 Lakh. It is not applicable to vehicles that are owned by a company.
- The pillion rider may be included in the Personal Accident Cover of up to a maximum of Rs.15 Lakh by paying an extra premium
- Another optional cover is the increment of the Personal Accident cover on the own driver, which can be increased from Rs.1 Lakh to any amount by paying a small additional premium. You can also increase the coverage limit.
- There is a provision of No claim Bonus under the plan wherein if there have been no claims in a policy year, there is a discount in premium which can go as high as 50%. The No Claim Bonus is applicable only if the renewal of Bike Insurance Plan is done within 90 days from the date of expiry of the previous policy. Moreover, there is also a provision of transferring the complete benefits of No Claim Bonus when porting the two-wheeler insurance plan from other insurance companies
Exclusions under SBI Two Wheeler Insurance Plans
Though the two-wheeler package plan provides comprehensive coverage, there are certain conditions which are excluded from the scope of the coverage provided. The following list shows the exclusions applicable under the plan wherein damage to the vehicle or its accessories due to the following circumstances is excluded.
- Aging of the vehicle or depreciation
- Electrical breakdown or even mechanical one
- Driving without a valid license or under the influence of alcohol or drugs
Why SBI General Two Wheeler Plan?
Any customer wanting to buy an insurance plan always wants to have a smooth claim processing and handling experienced from the insurer. SBI General has a dedicated and experienced team to handle the respective claims raised by individuals. The team strives to provide a fast and fair claim settlement experience so that the customer does not have to undergo useless hassles. To meet this objective, the claim handling a team of the company strives to do the following things:
- They try to provide assistance in situations which are emergent in nature
- They help in relieving down the relevant stress associated whenever a claim arises by coordinating repair and replacement of the vehicle
- They keep the customer informed about the progress of their claims
- They also help the customers to access the company’s preferred local service providers who handle the damaged vehicle properly with a promise to service it in the most efficient possible way.
With all these efforts, the claim handling a team of the company is efficient and manages to treat the customer’s claim quickly and fairly.
Applying for an SBI Two Wheeler Insurance Plan
The company offers a Package Two-Wheeler Plan application through multiple channels like:
- Individuals desirous of availing any plan can simply call the helpline of the company and speak to the customer service representative.
- They can provide their name, mobile number and email id on the website of the company and request for a callback
- Online Individual Personal Accident Plans can be simply applied to by clicking the ‘Buy Online’ tab mentioned on the plan page on the website of the company.
- The customers can also write to the company at their email id which is customer.care@sbigeneral[dot]in for any related queries.
SBI Two Wheeler Insurance - FAQs
Ans: The SBI General Insurance Company Ltd. offers 6 modes of premium payment namely:
- Cash payment at the branch
- Online Payment
For the online payment mode, the policyholder can pay via;
- Credit Card
- Debit Card
- Net banking
Ans: For registered online users, log in to the website with your policy details and check the status.
Ans: You can visit the website to renew your policy
Step 1: Login with your policy details on the e-Portal
Step 2: Select the policy and payment mode (Net Banking, Debit/Credit Card)
Step 3: Print/save the cyber receipt of your payment
Ans: Alternatively, pay via cheque/debit at the nearest branch to renew your policy.
Ans: ou need to intimate the company on the toll-free number or you can send the i-claim on company’s mail id. Upon successful completion of the documentation, the claim is settled within 30 days.
Ans: If the vehicle is liability covered you can ask for the cancellation of the policy. For the cancellation of the policy, just visit the nearest branch.