SBI General Insurance
SBI General Insurance Company Limited, a joint venture between the State Bank of India and Insurance Australia Group, began operations in 2010. (IAG). In the retail and commercial space, the company offers a comprehensive range of insurance products and services. Personal accident, home, health, travel, and auto insurance are among its retail offerings, while aviation, marine, fire, liability insurance, engineering, and construction are among its commercial offerings.
SBI General Insurance uses a multi-channel distribution approach that includes Bancassurance, Agency, Broking, and Retail Direct. SBI General’s Distribution family now includes over 21,000 IRDAI qualified workers, including State Bank Group employees, as well as over 8,000 Agents, allowing insurance to be widely accessible even in the most distant parts of the country.
Key Facts of The Company
|Equity Share Capital||215.50 (As Of March 31, 2020)|
|Incurred Claim Ratio||71.12 (2019-20)|
|Solvency Ratio||2.27 (March 2020)|
|Number Of Policies Sold||564,200 (2019-20)|
|Number Of Locations Across India||125|
|Awards & Recognition|
|Network Of Branches||22000+|
Insurance Plans Offered By SBI General Insurance
1. SBI Health Insurance Plans
SBI Health Insurance provides comprehensive insurance coverage for the policyholder’s hospitalization expenses. With a variable policy premium period, SBI health insurance policies for senior citizens, individuals, and groups are available to the policyholder. SBI General Insurance company provides the following health insurance plans:
SBI General’s Arogya Supreme Health Insurance plan is a comprehensive plan with 8 optional covers and 20 basic covers. It has a wide range of sum insured options from Rs. 1 lakh to Rs. 5 crores, as well as long-term policy options for up to 3 years. The entry age for adults is 18 to 65 years; whereas, for children, it is from 91 days to 25 years. The plan covers in-patient hospitalization treatment, mental healthcare, HIV/AIDS cover, road ambulance, organ donor expenses, and domestic emergency assistance services. Moreover, the plan comes in three variants: Pro, Plus, and Premium.
- Arogya Sanjeevani Policy
SBI General Insurance’s Arogya Sanjeevani Policy is a comprehensive health insurance policy that provides financial protection in the event of a serious illness or accident that requires hospitalization. On an Individual or Family floater basis, the policy provides financial security to any individual between the ages of 18 and 65. This means you can purchase a single policy to cover yourself, your spouse, dependent children, parents, and parents-in-law. This insurance is available with a sum insured range of Rs. 50,000 to Rs. 10 lakhs.
- Arogya Premier Policy
SBI Arogya Premier Policy is designed to satisfy the different medical needs of you and your family, and it comes with unique coverage features at a reasonable cost. Any individual can get this coverage for himself or for his or her family, which includes his or her spouse, dependent children, parents, and in-laws. This policy’s minimum and maximum entry ages are 3 months and 65 years, respectively, with no exit age. This policy can be purchased for one year, two years, or three years, with the most suitable sum insured option ranging from Rs. 10 lakhs to Rs. 30 lakhs.
- Arogya Plus Policy
SBI General’s Arogya Plus Policy is a credible health insurance policy for anyone looking to purchase coverage for themselves and/or their family members. You can cover yourself, your lawfully married spouse, and up to two children under the floater option. The policy has a fixed premium, which keeps your wallet light while providing you with much-needed financial protection against medical expenses incurred as a result of OPD or hospitalization. This policy, which is available in sum insured options of Rs. 1 lakh, Rs. 2 lakhs, and Rs. 3 lakhs, covers a variety of healthcare costs, including in-patient hospitalization, OPD expenses, pre-hospitalization and post-hospitalization expenses, daycare expenses, ambulance expenses, AYUSH treatment expenses, domiciliary hospitalization expenses, maternity expenses, and so on.
- Arogya Top-up Policy
SBI General has designed the Arogya Top-Up Policy, which allows you to add an extra shield of protection at a modest premium, believing that medical bills can sometimes exceed the total sum insured of a standard health insurance policy. This SBI General policy, which is available on an individual and family floater sum insured basis, also assists people and families in meeting high hospitalization bills. The plan provides wider coverage from Rs. 1 lakh to Rs. 50 lakhs and the entry age for the plan is from 3 months to 65 years. The tenure options available under the policy are 1 year, 2 years, and 3 years.
- Retail Health Insurance Policy
The SBI Retail Health Insurance coverage provides financial security in the event of a medical emergency and allows you to cover all of the costs of medical procedures. In-patient medical expenses, including pre and post-hospitalization expenses, are covered by the policy. The policy provides wider coverage with sum insured options from Rs. 50,000 to Rs. 5 lakhs. Under the plan, the policyholder needs not to undergo any medical check-up up to 45 years, provided that he/she does not have any medical history.
- Critical Illness Insurance Policy
The Critical Illness Policy from SBI General is created specifically for people who have been diagnosed with one of the specified critical illnesses. It provides a lump-sum payment to the policyholder regardless of the actual medical expenditures. This sum can be used to cover the high costs of medical treatment. Kidney Failure, First Heart Attack, Major Organ Transplant, Cancer of Specified Severity, and Coma of Specified Severity are among the 13 life-threatening illnesses covered by the policy. The maximum entry age for the plan is 65 years and the sum insured option is up to Rs. 50 lakhs. Under the policy, two tenure options are available to the policyholder: 1 and 3 years.
- Hospital Daily Cash Insurance Policy
SBI General has created a Hospital Daily Cash Plan, which gives policyholders extra security and coverage for situations that aren’t usually covered by health insurance. This policy offers four daily benefit options ranging from Rs. 500 to Rs. 2000 per day for a maximum of 30 or 60 days. This coverage can be purchased at any age between 18 and 65. The coverage also covers children under the age of 90 days if both parents are covered at the same time.
- Group Health Insurance – SBI
SBI General’s Group Health Insurance plan financially helps your family members against any unexpected health issues. Under the plan, the policyholder needs not to worry about undergoing a medical check-up up to 45 years of age, provided that he or she doesn’t have any medical history. The plan offers wider coverage with different sum insured options ranging from Rs. 1 lakh to Rs. 5 lakhs. The plan provides coverage to room and boarding charges, ICU charges, doctor, surgeon, and nursing expenses, cost of medicines, and pre and post-hospitalization expenses. The minimum and maximum age for entering this policy are 18 and 65 years respectively.
- Loan Insurance Policy
SBI Loan Insurance Policy provides full coverage to policyholders and assists them in repaying their loan in the event of medical emergencies caused by major illnesses or accidents that result in job loss or death. The policy covers 13 critical illnesses, permanent disablement, accidental death, and loss of job. The policy can be purchased for a maximum of three years, not the entire term of the loan. If there are no pre-existing conditions, no medical examination is required until the age of 45.
2. SBI Home Insurance Plans
SBI Home Insurance is a residential property insurance coverage that protects independent houses, apartments, and flats from unanticipated events that could result in loss or damage to the home’s structure and/or contents. SBI General offers two types of home insurance plans as follows:
- Bharat Griha Raksha
SBI General’s Bharat Griha Raksha plan covers you for fire, explosion or implosion, lightning, earthquake, storm, typhoon, cyclone, bush fire, etc. The policy tenure options range from 1 year to 10 years. If you have both Home Building and Home Contents cover, the policy includes an in-built cover for general contents of your home equivalent to 20% of the total covered for Home Building Cover, up to a maximum of ten lakhs.
- Simple Home Insurance Policy
SBI general Simple Home Insurance is comprehensive insurance that covers the structure of the home, its contents, and other risks such as theft, accidental loss, damage, or destruction of personal belongings. The policy tenure is up to 3 years and it covers multiple sections under package policy. Under the section of Fire and Allied Perils, home contents are automatically covered at 20% of the sum insured amount for the building (up to a maximum of Rs. 10 lakhs).
3. SBI Travel Insurance Plans
For all of your travel insurance needs, SBI General Insurance has comprehensive coverage. SBI General’s travel insurance policy covers medical expenses incurred in the treatment of critical diseases, illnesses, or injuries contracted while traveling abroad, as well as other related coverages.
- Travel Insurance (Business & Holiday)
The Travel Insurance Policy from SBI General covers treatment while on holiday, injury or illness sustained during travel, cash advance, trip delays, and travel support. The coverage for the plan is up to $ 500,000. The period of insurance comes with two options: Single Trip and Multi-Trip.
4. SBI Motor Insurance Plans
SBI General provides a wide range of motor insurance policies. Let’s discuss them one by one:
- Two-Wheeler Insurance
The two-wheeler insurance policy from SBI General provides enough coverage for two-wheeler owners and assists them in the event of an unfortunate incident involving their vehicles. Individual owners (with a valid driver’s license) of the vehicle are required to have personal accident coverage of Rs. 15 lakhs under SBI General’s Two-Wheeler Package Policy when driving. This does not apply to vehicles owned by the company. The customized pricing option is also available based on your profile. What’s more, if you are aged between 25 and 55 years, you can avail of the discount.
- Private Car Insurance
The Private Car Insurance from SBI General protects your car against accidental damage, third-party liability, and personal accident to the owner/driver. Various add-ons are also available with the plan, such as Depreciation Reimbursement, Engine Guard, Road Side Assistance, and Cover for Consumables. Natural calamities such as lightning, earthquakes, hurricanes, cyclones, landslides, and other natural disasters are also covered under the plan. Individual owners can get up to Rs 15 lakhs in personal accident coverage while driving. Passengers can also earn up to Rs 2 lakhs in coverage per person.
- Motor Act Only – Two-Wheeler (5 Years)
This policy covers legal liability to third parties arising from the usage of the vehicle, including bodily injury to/death of a person and any damage to third-party property. The policy is a long-term policy for 5 years and it also provides PA cover to Pillion Rider. Moreover, there is no effect of change in GST and third-party liability premium during the policy period.
- Long Term Two-Wheeler Insurance Policy – Package
The Long Term Two Wheeler Insurance Policy from SBI General provides complete coverage against third-party liability, as required by the Motor Vehicles Act. It also covers the insured car for a longer period of time, such as two or three years with discounted premium. Add-ons including Return to Invoice and Protection of NCB are available with the plan. Moreover, there is no effect of change in service tax and third-party liability premium during the policy period.
- Motor Act Only – Private Car (3 Years)
The Motor Act Only – Private Car Insurance protects you from any legal liability if your car causes an accident that injures a third person or damages their property. The policy is a long-term policy of 3 years and it also includes some additional benefits, such as personal accident cover, additional legal liabilities cover, as well as legal liabilities cover for using LPG/CNG bi-fuel kit.
- Motor – Trailer Insurance
The Motor – Trailer Insurance Policy of SBI General protects you against accidental damage to the vehicle, third-party liability, and personal accident to the owner/driver. Various add-ons are also available with the plan, such as Return to Invoice, Depreciation Reimbursement, and NCB Protection.
- Motor Commercial Vehicle Insurance Policy Package
This policy covers all of your vital farming equipment, including tractors, harvesters, reapers, threshers, chaff cutters, salvage corps vehicles, lawn movers, and so on, as well as personal accident coverage for you and other family members who may use the vehicle. This policy is designed to cover the mandatory third-party liability mandated by the Motor Vehicles Act, as well as vehicle loss or damage.
- Act Only Insurance Policy
This policy covers legal liability to third parties arising from the use of the vehicle, including bodily injury to/on the death of a person, and any damage to third-party property. Personal Accident Cover, Additional Legal Liabilities for Paid Driver/Conductor/Cleaner, Employees, and Non-Fare Paying Passengers, and Bifuel Kit are available for an additional fee under the plan.
5. SBI Personal Accident Insurance Plans
SBI General provides two types of Personal Accident plans. They are as follows:
- Individual Personal Accident
This SBI Individual Personal Accident Insurance Plan is a comprehensive personal accident policy that covers not only accidental deaths and disabilities, but also the resulting loss of income. The plan is available as an individual plan as well as a family floater plan. The policy has four coverage options from which you may select the one that best meets your needs.
- Saral Suraksha Bima
The plan provides coverage against accidental death, permanent total disablement, and permanent partial disablement. The plan is available for adults between 18 and 70 years of age and dependent children 3 months to 25 years. It also has optional covers including temporary total disablement, hospitalization expenses due to accidents, and education grant.
6. SBI Covid-19 Insurance Plans
In order to provide comprehensive protection against COVID-19, SBI General has launched two types of policies as follows:
- Corona Kavach Policy
SBI General’s Corona Kavach Policy is a reasonable indemnity-based health insurance policy that protects you and your family from a variety of medical expenses incurred as a result of a positive COVID-19 diagnosis. Individuals between the ages of 18 and 65 can purchase this coverage as an individual or as family floater. If you have a family floater policy, you can cover yourself, your lawfully married spouse, your dependent children, your parents, and your parents-in-law.
- Corona Rakshak Policy
SBI General Insurance’s Corona Rakshak Policy offers you a lump sum payout equivalent to 100% of the total sum insured. The sum is due upon a positive COVID-19 diagnostic that necessitates hospitalization for a minimum of 72 hours. A government-approved diagnostic center should perform a positive diagnosis. It is short-term insurance coverage that can be acquired for 3.5, 6.5, or 9.5 months. This policy is available in sum insured options ranging from Rs. 50,000 to Rs. 2.5 Lakh (in multiples of Rs. 50,000).
B. Corporate Insurance Plans
SBI General provides the following Corporate Insurance plans to its customers:
1. SBI Corporate Motor Insurance Plans
The following types of motor insurance plans are provided under the corporate section:
- Motor Trade-Road Transit
The Motor Trade-Road Transit Policy from SBI General provides comprehensive protection against third-party liability, loss or damage to vehicle, earthquake, malicious damage, storm, cyclone, typhoon, and legal liability to the paid driver. Additional legal liabilities, such as the ones listed below, can be added for an additional cost:
- In the operation of the vehicle, a paid driver/conductor/cleaner is hired.
- Employees who are not paid drivers but are traveling in/driving the vehicle.
- An extra charge might be paid to cover the CNG-LPG bi-fuel kit.
- Motor Trade-Road Risk
This plan provides protection against loss or damage to the vehicle, third-party liability, legal liability, personal accident, earthquake, storm, cyclone, and typhoon. The policy could be expanded to include the use of vehicles for social, domestic, and recreational activities, for the purposes of demonstration and tuition.
- Motor Trade-Internal Risk
The Motor Trade-Internal Risk plan provides comprehensive coverage against damage to the own vehicle (up to Rs. 50,000 for anyone accident), damage to a third-party vehicle (up to Rs. 1,50,000 for anyone accident), bodily injury, and property damage (up to Rs. 1,50,000 for anyone accident). The policyholder can also have additional covers at extra cost.
2. SBI Corporate Mediclaim Policies
SBI General offers the following health insurance plans for the corporate world:
- Group Personal Accident
The Group Personal Accident Insurance Policy from SBI General covers death as a result of an accident. Any permanent Indian resident who has a Savings Bank Account/Individual Current Account with State Bank of India or one of its affiliate banks and is between the ages of 18 and 65 can purchase the policy.
- Group Health Insurance Policy
SBI General’s Group Health Insurance Policy provides coverage for medical expenses, daycare expenses, pre and post-hospitalization expenses, domiciliary hospitalization, and pre-existing illness. The minimum entry age for the plan is 3 months and the sum insured ranges from Rs. 50,000 to Rs. 7,50,000.
- Group Loan Insurance Policy
This policy protects you against personal accidents, critical illness, and provides admission benefits in case of accidental hospitalization. The policy can be purchased for up to 5 years. The plan covers 15 critical illnesses, including Cancer of Specific Severity, Myocardial Infarction, Open Chest CABG, Coma of Specified Severity, Major Organ/ Bone Marrow Transplant, to name a few.
- Arogya Sanjeevani Group Product
The Arogya Sanjeevani Health Insurance Policy provides coverage for hospital room rent, boarding expenses, doctor fees, nursing expenses, operation theatre charges, ICU charges, road ambulance charges, AYUSH treatment, and pre and post-hospitalization expenses. For every claim-free year, the policyholder will get 5% of SI as a cumulative bonus. The plan is lifelong renewable and the sum insured options range from Rs. 1,00,000 to Rs. 5,00,000.
3. SBI Fire Insurance Plans
SBI General’s Fire Insurance Policy offers coverage for loss or damage that occurred due to fire. The company provides the following fire insurance plans to the corporal organizations:
- Standard Fire & Special Perils (SFSP) Insurance Policy
This policy protects various assets such as buildings, plant and machinery, stock, furniture, fixtures, and other immovable and movable assets from loss or damage caused by fire, lightning, explosion/implosion, aircraft damage, riot, strike, malicious damages, and terrorism, storm, tempest, cyclone, typhoon, and other disasters. The property might be insured on a depreciated cost basis (Market Value) or a replacement cost basis (Replacement Cost). Insurance on a reinstatement (replacement) basis is advised for complete protection. Stocks, on the other hand, should only be insured based on market value. Following the occurrence of a claim, the Sum Insured might be reinstated for the remainder of the policy period.
- Consequential Loss (Fire) Insurance Policy
The Consequential Loss (Fire) Insurance Policy provides cover for loss of gross profit, customers/suppliers extensions, cover for wages, cover for the increased cost of working, and lay off/Retrenchmen cover. In addition, for an additional premium, the following coverages are available: supplier’s extension, customer extension, failure of public power supply/gas works/waterworks, and spoilage risk extension.
- Bharat Sookshma Udyam Suraksha
This policy provides coverage for buildings, plants, machineries, furniture fixtures, stocks, etc. against fire, lightning, implosion/explosion, earthquake, volcanic eruption, bush fire, etc. The coverage for the plan is up to Rs. 5 crores. This policy is designed for businesses with a total value at risk in all insurable asset classes at a single location of less than Rs. 5 crores at the policy start date.
- Bharat Laghu Udyam Suraksha
This policy protects your business’s building structures, plant and machinery, stock, and other assets from fire, explosion or implosion, lightning, earthquake, volcanic eruption, storm, cyclone, etc. If the entire asset value at one site exceeds Rs 5 crore but does not exceed Rs 50 crore at the policy’s start date, this insurance will cover the property. Therefore, the policy provides coverage from Rs. 5 crores to Rs. 50 crores.
3. SBI Marine Insurance Plans
SBI General offers only one type of Marine Insurance.
- Marine Cargo Insurance – Open Cover
SBI General’s Marine Cargo Insurance provides protection against impact damage, aircraft damage, earthquake, malicious damage, storm, cyclone, and typhoon. The policy provides comprehensive coverage for cargo loss or damage while in transit between any two destinations, whether by sea, air, rail, road, or courier.
4. SBI Package Policies
SBI General offers the following insurance plans as packages that provide comprehensive protection to the policyholder:
- Industrial All Risks Insurance Policy
This policy is tailored to the needs of business firms as a whole. The insurance is provided on an all-risk basis, with typical exclusions. The policy covers hazards in the industrial and commercial sectors (particularly petrochemicals). Fire and all Special Perils, Burglary, Machinery Breakdown/Boiler Explosion/Electronic Equipment Insurance, and Business Interruption are all covered under the plan. The Machinery Loss of Profit cover (MLOP) is an optional feature that can be added to the policy by removing Special Exclusions.
- Business Package Insurance Policy
This policy, being a package policy, includes seven covers under a single policy form: Fire and Allied Perils, Business Interruption, Machinery Breakdown, Electronic Equipments/Appliances, Burglary and Housebreaking, Money Insurance, and Plate Glass Insurance. The Fire and Allied Perils section of the policy is a compulsory section, while all others are optional sections.
- Sookshma Business Package Insurance Policy
Being a package policy, the Sookshma Business Package Insurance offers 9 sections to the policyholders, namely Standard Fire and Special Perils, Business Interruption, Machinery Breakdown, Electronic Equipments/Appliances, Burglary Insurance, Money Insurance, Plate Glass Insurance, Sign Board Insurance, and Portable Electronic Equipment Insurance. Moreover, an add-on cover of the Declaration policy for stocks is also available under the plan.
5. SBI Construction & Engineering Insurance Plans
SBI General offers the following insurance plans under the Construction and Engineering section of the insurance policy:
- Latent Defects Insurance Policy
In the case of collapse or physical damage to the insured property, or any threat thereof, caused by a Latent Structural Defect of such Insured Property, the policy covers the insured to be indemnified by the insurers. The insurance is only available for buildings and civil structures that are about to be built. The policy also covers the insured for additional repair, replacement, and/or strengthening expenditures incurred purely and expressly in compliance with or as a result of any building or other rules imposed by or pursuant to any statutory duty.
- Electronic Equipment Insurance (EEI)
This policy is meant to cover electronic equipment on an all-risks basis, such as computers, medical, biomedical, and audio-visual equipment. Coverage for related Systems Software on Computer / EDP systems is also considered in the policy. Material Damage (Equipment), External Data Media, and Increased Working Costs are the three sections of the policy.
- Contractors All Risks (CAR) Insurance
This policy provides complete coverage for civil engineering projects with civil works valued at more than 50% of the overall contract value. The cover is operational during storage, erection/construction, and handover of the project to the principal. The policy is divided into two sections. Section I covers property that is lost, damaged, or destroyed as a result of any cause other than those specifically excluded in the policy and requires replacement or repair. Section II covers: a) legal liability for accidental loss or damage to other people’s property; b) legal liability for fatal or non-fatal injuries caused by the construction of any property to anyone other than the insured’s own employees, workmen, or employees of the owner of the works or premises.
- Erection All Risks (EAR) Insurance
This policy provides full coverage for erection projects, including coverage for property storage, erection, and testing at the insured location. Rather than being offered on a yearly basis, the policy is provided for the duration of the project. The policy is divided into two sections: Section 1 and Section 2.
- Contractors Plant & Machinery Insurance (CPM)
The policy covers unanticipated and unexpected physical damage to the contractor’s plant and machinery at the insured location caused by any dangers other than those specifically excluded by the policy. On the payment of additional premium, the policyholder can choose from several coverage options, such as Air Freight, Express Freight, Escalation, Third-Party Liability, Terrorism, to name a few. The sum insured shall be equal to the cost of replacing each item with a new item of the same kind and capacity, which shall include ordinary freight, customs duty, other charges, if any, and the cost of construction.
- Machinery Breakdown Insurance (MB)
This policy covers a wide range of machinery and equipment in commercial and manufacturing operations in the event of a breakdown. Only machinery/equipment that is listed in the policy schedule and is in use or at rest at the covered area is covered. In addition, the cover is extended to machinery that is being dismantled for cleaning or overhauling, or that is being transferred inside a covered area or re-erected in a covered location as a result of these operations.
- Boiler & Pressure Plant Insurance
The policy provides coverage to the boilers and pressure plants against various risks, such as damage to surrounding property of the insured, damage to boiler or pressure plant, liability towards death or bodily injury, etc. The plan also provides various add-on covers for offering more comprehensive protection.
- Machinery Loss of Profit Insurance Policy
This coverage provides a solution by covering profit lost due to a reduction in turnover as a result of a business interruption caused by damage to the insured machinery. This policy can only be purchased in conjunction with Machinery Breakdown Policy, and it will only kick in if the loss is covered by Machinery Breakdown Policy. The sum insured is calculated using the company’s gross profit.
6. SBI Miscellaneous Policies
- Money Insurance Policy
You can protect your money wherever it is with SBI General’s Money Insurance Policy. Theft of money (as specified) or loss, destruction, or damage caused by an accident are covered by the SBI General Money Policy. The policy applies to all enterprises, large and small, in all areas and industries.
- Plate Glass Insurance Policy
The Plate Glass Insurance Policy provides coverage to accidental breakage of Plate Glass. The policy benefits businesses, showrooms, shopping malls, five-star hotels, theatres, stadiums, and houses, among others. The following coverages can be added at an extra premium: Riot, Strike, and Malicious Damage.
- Burglary Insurance Policy
The Burglary Insurance Policy from SBI General protects your most valuable possessions. The policy has a one-year or short-term duration. This policy provides protection against damage to personal belongings, damage to safe/strong rooms, and theft. The policy provides lump-sum benefits for death/injury. There is also automatic reinstatement of SI features under the plan.
- Sign Board Insurance Policy
The Sign Board Insurance Policy provides coverage to hoardings, glow/neon signs, and material damage. The floater option is also available under the policy. The policy also contains two sections, namely, Material Damage and Third-Party Liability. The section of Material Damage provides coverage to the loss/damage of signboards due to accidental external means. Whereas, the Third-Party Liability section provides coverage to legal liability for death/bodily injury and/or damage to the property of the third party.
- Modified National Agriculture Insurance Scheme (MNAIS)
The Modified National Agriculture Insurance Scheme (MNAIS) provides protection against fire, floods, earthquakes, drought, storms, cyclones, typhoons, and landslides. The policy covers food crops (millets, cereals, and pulses), oilseeds, and annual commercial/floriculture/horticulture crops.
- Trade Credit Insurance Policy
Trade Credit Insurance from SBI General gives you peace of mind in unstable markets. The Trade Credit Insurance Policy protects suppliers of goods and services (but not financial services) from delays or nonpayment of trade credit owing to commercial and political risks. Domestic vendors and exporters can take advantage of the scheme.
- Aviation & Hull Package Policy
This cover indemnifies the insured towards loss or damage resulting in physical destruction or obligations towards the insured during the operation of the aviation hull connected operations owing to all risks subject to stipulated exclusions. The policy includes 9 sections, namely Hull All Risk, Aviation Hull “War & Allied Perils”, Airport Owners & Operators Liability, Aviation Liability, Fuel Suppliers Liability, Aircraft Operators Aviation War, Hi-Jacking and other Perils Excess Liability, Aviation Personal Accident ( Crew Members), Group Aircrew Loss of License, and individual Aircrew Loss of License.
- SME Package Insurance Policy
The policy covers the property if the total worth of all assets at a single location does not exceed 5 crores at the time the policy is issued. The policy comes as a package cover with two sections, namely Standard Fire and Special Perils and Burglary Insurance. Under the Standard Cover, various in-built covers are also available, such as stocks on a floater basis, start-up expenses, the cost for removal of debris, to name a few.
- Cellular Network Insurance Policy
The coverage is comprehensive and exclusionary, with optional add-ons accessible on international markets. The policy has 5 sections, including Material Damage or Physical Loss – Property, Comprehensive Software Cover, Business Interruption or Loss of Profit, Third-Party Liability Cover, and Marine Cargo Insurance. The premium rate will be determined by the reinsurance terms.
- Advance Loss of Profit Policy
This policy is given in conjunction with EAR/CAR. The sum due as indemnity hereunder is for a loss of gross profit and an increase in working costs. The exact terms, conditions, warranties, and supplementary coverage would be determined by the proposers’ alternatives as well as the final terms supplied by the reinsurer. The policy’s terms, conditions, and warranties will be the same as those given by the reinsurers. When compared to other types of Loss Of Profits (LOP) insurance, the range of material damage that triggers the insurer’s liability under ALOP insurance is by far the broadest.
- Baggage Insurance Policy
Baggage Insurance Policy covers loss or damage to accompanied personal baggage while traveling anywhere in India or internationally via any mode of conveyance as chosen by the proposer. The policy can be purchased for either a year or a six-month period. The agreed value or the value as per valuation certificates will be compensated for valuable objects. Only multiples of Rs. 10,000/- up to a maximum of Rs. 50,000/- can be received under the scheme.
- Portable Electronic Equipment Insurance Policy
This insurance is meant to cover portable electronic equipment on an all-risks basis, such as laptops, cameras, portable medical and biomedical equipment, portable audio/visual equipment, and so on. The Systems Software on Portable Computer / EDP systems is likewise covered under this policy. For the agreed sum covered, the insurance indemnifies the insured by way of repair, replacement, or payment for physical loss or damage to insured property caused by any cause other than those specifically excluded under the policy.
- Weather Insurance
Weather Insurance from SBI General protects you against financial loss caused by unexpected weather changes, such as humidity, snowfall, river flow, wind velocity, temperature, hailstorm, etc. The coverage is available on a benefit basis. Any proposer whose business is subject to weather fluctuations may be issued this policy. The duration of the policy will be determined by the reinsurance quote. It may be issued for a single year or a portion of one year, such as crop duration.
- Mega Risk Insurance Policy
The SBI General’s Mega Risk Insurance Policy provides insurances for the total sum insured of Rs. 2,500 crores or more at one location. Various add-ons are also offered under the policy. The policy includes four sections, including Physical Loss or Damage – Property (Non-Marine), Machinery Insurance, Business Interruption or Specified Standing Charges and/or Increased Cost of Working, and Marine Cargo Insurance.
- Port Package Insurance Policy
The Port Package Policy is a comprehensive set of insurance products designed to protect port authorities and terminal operators from a variety of commercial and environmental risks. The policy covers port authorities acting as a landlord, terminal operators, marine terminal operators, transport depots, cargo handling operators, to name a few.
- Delay in Start-Up (DSU) Insurance
The Delay in Start-Up (DSU) Insurance offers protection against impact damage, aircraft damage, earthquake (fire and shock), malicious damage, storm, cyclone, and typhoon. The basis of loss settlement is in respect of an increase in working cost and reduction in production.
- All Risk Insurance Policy
For the agreed sum insured, the All Risk Insurance Policy indemnifies the in
sured by way of repair, replacement, or reimbursement for physical loss or damage to insured property caused by fire, riot and strike, theft, accident, or any other fortuitous cause not specifically excluded under the policy. On the payment of additional premium, the policy provides various add-ons options to the policyholder.
- Kidnap, Ransom and Extortion (KRE) Insurance
The Kidnap, Ransom, and Extortion Insurance provide coverage against kidnapping, extortion, detention, hijacking, legal liability, and personal accident. This plan can be purchased by corporations, non-governmental organizations, ship owners, managers, and charterers who are in danger of kidnapping, extortion, incarceration, or hijacking. The insurer will ultimately assess eligibility based on the information provided by the proposer, such as geographic scope, net worth, and fame.
- Fidelity Guarantee Insurance Policy
This insurance protects the insured against financial loss caused by forgery, embezzlement, theft, or fraud/dishonesty or fraudulent conversion of money or money’s worth or goods by the insured’s salaried employees. Any employer with employees handling goods and/or money and a mechanism for keeping track of all transactions can purchase the policy.
- Oil & Energy Risk Insurance
This policy protects the insured in the event of a loss or damage that results in physical destruction or liability during the building or operation of oil and energy-related operations. The policy provides protection against aircraft damage, impact damage, earthquake (fire and shock), storm, cyclone, typhoon, and malicious damage.
C. SBI Rural Insurance Plans
SBI General offers the following rural insurance policy to its customers while keeping in mind all the needs of individuals living in rural areas:
- Agricultural Pump Set
This policy is intended to cover pump sets of any type with a capacity of up to 25 HP that are used solely for agricultural purposes and are powered by electricity or another fuel. The policy’s sum insured will be calculated on a reinstatement value basis. Any individual or group of individuals who are either owners or have a legitimate interest in the protection of the agriculture pump set may purchase the plan.
- Cattle Insurance
This policy protects milch cows, buffaloes, calves/heifers, stud bulls, bullocks, and male buffaloes owned by an individual and utilized for commercial and/or personal purposes from death and Permanent Total Disability (PTD) caused by accidents and/or diseases. The policy period is from 1 year to 3 years. An animal will be insured for its current market value under the policy. The beneficiary and authorized veterinary practitioner will examine and agree on the market price of the animal to be insured.
- Micro Insurance Policy
The SBI General Micro Insurance Policy is meant to cover accidental death and disability. It also offers you the option of receiving a fixed reimbursement for each day of hospitalization, regardless of the actual medical costs, as well as coverage for thirteen of the most common severe conditions. The period of insurance if for one year and the entry age for the plan is from 18 to 65 years.
- Sheep and Goat Insurance
This coverage is designed to protect your sheep and goats, which you own and use for commercial and/or personal purposes, against death as a result of an accident or sickness. The policy period ranges from 1 year to 3 years. An animal will be insured for its current market value under the policy. The beneficiary and authorized veterinary practitioner will examine and agree on the market price of the animal to be insured.
- Pradhan Mantri Fasal Bima Yojana (PMFBY)
SBI General’s PMFBY provides complete insurance protection against crop loss, assisting farmers in stabilizing their income. All food and oilseed crops, as well as yearly commercial/horticultural crops for which past yield data is available and a sufficient number of Crop Cutting Experiments (CCEs) are done, are covered by the plan.
- Gramin Samriddhi Bima
This policy includes 8 sections including Standard Fire and Special Perils, Burglary, House Breaking and Theft, Animal Driven Cart, Personal Accident, Television and Set Top Box, Agricultural Tractors/Power Tillers/Harvesters, Agricultural Pump Set, and Pedal Cycle. Under the section of Fire and Allied Perils, the policy additionally includes optional coverage for valuable material on an agreed value basis up to a total insured of Rs. 5 lakhs.
D. SBI Liability Insurance Plans
SBI General offers the following Liability Insurance plans to its customers:
- Directors & Officers Liability Insurance
Directors & Officers Liability Coverage is intended to protect directors and officers from legal liability to compensate third parties for losses resulting from any wrongful act committed by directors and officers in their capacity as directors and officers for which they are not indemnified by the insured organization. Upon the payment of additional premium, the insured can have various coverages, such as Outside Directorship Endorsement, Crisis Communication Cover, Risk Management Extension, etc.
- Errors and Omission Liability Insurance
This policy is designed to protect you from having to pay compensation to a third party because your product failed to perform the function or serve the purpose intended, or because you failed to provide service in accordance with the terms and conditions of a contract due to a wrongful act to which this insurance applies. Having such coverage in place to protect your assets is a wise risk mitigation approach, as a single incident can result in significant financial obligations.
- Event Cancellation Insurance Policy
This policy is designed to provide coverage against losses occurring due to event cancellation. The policy comes as a package policy with two sections, namely Cancellation and Abandonment and Legal Liability. The cover is available on an indemnity basis.
- Broad Form Liability
For business enterprises, the coverage provided is comprehensive broad form liability coverage. The insurance provides complete coverage for legal liability stemming from personal injury, property damage, and advertising injury in the course of the insured’s business operations. It’s an occurrence-based policy that also includes a ‘responsibility to defend’ clause. Payment of an extra premium is required for certain extensions.
- Product Liability Insurance Policy
The policy covers your legal duty to pay compensation to a third party for physical harm and/or property damage caused by any defect in the items made and covered under the policy after they have left your premises. It also covers the legal fees and expenditures you pay in defending yourself, up to the level of indemnity.
- Public Liability Insurance Act Policy
Public Liability Insurance protects the insured against the legal need to compensate third parties for bodily injury or property damage resulting from accidents that occur on the insured’s premises and are caused by the insured’s usual business operations. If you own, manage, operate, handle, or are involved in manufacturing and processing facilities, godowns, warehouses, or other storage facilities, building activities, etc., this insurance is for you.
- Clinical Trial (No-Fault) Insurance
The Clinical Trial (No-Fault) Insurance protects the insured’s liability to compensate research subjects for bodily injuries due to no fault of their own. According to reinsurance acceptance, the policy might be granted for a trial term or on an annual basis.
- Employees Compensation Policy
The Employee Compensation Policy from SBI General covers legal liability to pay compensation for personal injury caused by accident or disease while the insured is employed in the business. The policyholder can also have coverage for medical expenses, occupational disease, and contractors workers/employees by paying an additional premium.
- Public Liability Insurance Policy
The Public Liability Insurance Policy protects you from legal liability to indemnify affected parties in the event of an accident involving a fortuitous, sudden, or unintentional occurrence while handling any hazardous substance that results in continuous, intermittent, or repeated exposure to death, injury, or property damage. Various add-on covers can be chosen under the policy by paying an additional premium.
- Commercial General Liability Insurance Policy
The Commercial General Liability Insurance Policy protects you from having to pay compensation to a third party for personal harm and/or property damage caused by a product hazard, a premises hazard, or an operations hazard. It also covers the legal fees and expenditures you pay in defending yourself, up to the level of indemnity. Section 1 – Public Liability and Section 2 – Product Liability are the two sections of the policy.
- Cyber Defense Insurance
SBI’s Cyber Defense Insurance is meant to protect your company from a variety of cyber risks, such as hacking and viruses, as well as data theft and privacy breaches. It covers direct costs to your company as well as third-party claims, as well as expenses connected with defending cyber claims, such as legal defense costs.
- Clinical Trial (Professional Liability) Insurance
The Clinical Trial (Professional Liability) Insurance covers liability for physical injuries, property damage, and damages resulting from data security breaches. This policy can be implemented jointly or individually by the sponsor, the Clinical Research Organization (CRO), the institution, or the investigator(s). According to reinsurance acceptance, the policy might be granted for a trial term or on an annual basis.
Why Insurance Plans From SBI General Deserve Your Attention?
Many people prefer SBI General Insurance because of the following reasons:
On The Go Assistance
SBI General Insurance provides prompt support for a variety of insurance-related questions, putting clients at ease. Customers can download policies, check claim status, review policy details, and locate network hospitals via the ‘Quick Assistance’ option on the website.
Claim Settlement Process Is Rapid And Transparent
SBI General Insurance has a claim settlement process that is both quick and transparent. Until far, the company claims to have handled claims totaling more than Rs. 11,000 crores.
Ideal Incurred Claim Ratio
The ICR or Incurred Claim Ratio is the ratio of an insurer’s total value of claims resolved to the total value of premiums collected in a particular period. Any policyholder who has an incurred claims ratio of less than 50% is losing money.
When we talk about SBI General Insurance, the company has an excellent Incurred Claim Ratio of 71.12, which itself indicates the profit of the company.
Healthy Solvency Ratio
It’s also important to think about the solvency ratio when choosing an insurance company. A solvency ratio is an important indicator that prospective business lenders use to evaluate an organization’s ability to meet long-term debt obligations. A solvency ratio is a financial health indicator that looks at whether a company’s cash flow is enough to cover its long-term obligations.
All insurers must currently maintain a healthy solvency ratio of 1.50, according to IRDAI. SBI General Insurance company succeeds in maintaining a healthy solvency ratio of 2.27, as of March 2020.
Easy Portability Option
If you are dissatisfied with your current insurer or insurance plan, you can switch to any identical SBI insurance plan at the time of renewal. You can keep your SBI health insurance plan without losing any of your policy benefits, such as the waiting period benefit.
What’s The Buying Process Of the SBI General Insurance Plan?
One can buy an insurance plan from SBI General either through an online or offline method. Let’s take a look at both of the processes:
- Visit the official website of Probus Insurance.
- Click on ‘Products’ and choose a general insurance plan.
- Fill in your basic details, compare, and select the SBI general insurance plan according to your needs.
- Make the payment online through various online methods.
- The policy details will be sent to you at your registered mail address.
You can visit the branch or contact the insurance provider company. In case you are not satisfied with the services or policies offered by the insurance provider company, you can reach out to Probus Insurance.
Claim Process For SBI General’s Insurance Policies
The claim process for each type of SBI General’s insurance plan is as follows:
Health Insurance Claim Process
When it comes to SBI General Health Insurance claim settlement scenarios, a policyholder can choose between cashless or reimbursement claim settlement.
- Cashless Claim: In case of emergency or planned hospitalization, find an SBI General Insurance network hospital in the city where you intend to receive cashless treatment. Carry the cashless treatment card/policy number and member ID with you when you visit the specified network hospital. Pre-authorization forms are accessible at the network hospital. Fill them out. The pre-authorization form will be forwarded to SBI General Health Insurance once the insurer has been notified and you have completed the form. Following an examination and evaluation of the claim information, the SBI General Health Insurance team will notify the policyholder and hospital of the claim’s approval or denial. The medical expenses will be paid immediately by SBI General Health Insurance if the claim is granted.
- Reimbursement Claim: In the event of planned hospitalization, notify SBI General right away. In the event of emergency hospitalization, notification should be sent as quickly as possible. Within 30 days of discharge from the hospital, the policyholder must submit a claim form together with all supporting documentation. SBI General Health Insurance’s claim management team sends a letter of approval to the policyholder for confirmation of the approval after conducting an investigation of the documents and claim form data. The claim is settled within 15 days after verification.
Home Insurance Claim Process
The claim process for SBI Home Insurance is very simple. Within 15 days of the accident, notify SBI General Insurance. Contact the police and file an FIR or written complaint if you are a victim of theft or burglary. Fill out the homeowner’s insurance claim form and attach any supporting papers. After that, a surveyor will be sent to the affected home to assess the degree of the damage. The company will receive the surveyor’s report. SBI General Insurance will then approve the claim based on the papers and surveyor reports that have been supplied. The policyholder will subsequently be paid the claim amount.
Travel Insurance Claim Process
The first step is to notify SBI Travel Insurance about your desire to register a claim. The customer representative will then direct you to where you may obtain a copy of the form. Fill out the form and attach the required papers, which include a copy of your travel insurance policy, evidence of identity and address, and the reason for filing the claim. Your travel insurance claim will now be evaluated by SBI. The company will then release the claim amount to you once your claim has been confirmed. In the event of a medical emergency, you may receive cashless care at a network hospital, and our offshore claims manager will deal directly with the hospital to settle the claim.
Motor Insurance Claim Process
SBI General’s Motor Insurance claim can be availed through 2 methods:
- Cashless Method: Contact SBI General right away and advise them of the accident and its location. Within 24 hours of registering the claim, the claim manager/executive will call you and offer a claim number/reference number. In the event of serious bodily injury or car theft, an FIR must be filed at the nearest police station. Tow/drive your damaged car to a cashless garage for repairs. You must also submit the necessary documents to the claims manager or executive and have them validated against the originals. SBI General would approve the claim amount after all documents and processes have been completed.
- Reimbursement Claim: Contact SBI General right away and advise them of the accident and its location. Within 24 hours of registering the claim, the claims manager/executive will call you and offer a claim number/reference number. Tow/drive your damaged car to a cashless garage for repairs. You must also submit the necessary documents to the claims manager or executive and have them validated against the originals. If your car is fixed at a garage that is not authorized by SBI General, you will be responsible for the entire cost of the repairs. Keep any repair receipts and submit them to the company. You will be reimbursed subsequently with the claim amount that you are entitled to.
Fire Insurance Claim Process
Notify the insurance company right away, either online or by calling their toll-free number available 24 hours a day, 7 days a week. Also, call the fire department and the police. After that, the SBI General Company would appoint a surveyor to investigate the matter. Submit the completed claim form, as well as any additional evidence or images. If the claim is approved, it can be resolved in 15 to 30 days.
Marine Insurance Claim Process
You must promptly notify the insurance provider if the cargo or the ship is lost or damaged. A surveyor will evaluate the damage or loss that has been mentioned. All documentation and witnesses must be supplied, along with a properly completed claim form. The insured must file a monetary claim with the insurance provider and receive an acknowledgment for a missing package. If the provider believes the case is appropriate, it will authorize the claim; otherwise, it will reject it.
For other types of insurance policies, such as rural insurance and liability insurance, you can contact the company’s toll-free number 18001021111 or SMS “CLAIM” to 56612 or email email@example.com. You will then receive your claim number/reference number from the company. You can also submit a claim by entering your information on the company’s website and clicking “Submit.” The devoted and experienced claims staff of the company will strive to provide you with exceptional customer service as well as a quick, fair, convenient, and transparent claims procedure to ensure that your claim is resolved quickly without any hassle.
Frequently Asked Questions
SBI General Insurance provides 0.5 percent of the sum insured per day for every 24 hours of hospitalization for Covid-19 treatment following a positive illness diagnosis.
SBI General’s car insurance has over 2613 cashless garages, ensuring convenient cashless services with no trouble.
If you have any questions about your coverage, you may contact SBI General Insurance’s customer care department using the following information:
Phone Number: 1800-22-111/1800-102-1111
Email ID: firstname.lastname@example.org
Mailing Address: General Insurance Company Ltd. “Natraj”, 301, Western Express Highway & Andheri Kurla – Road, Andheri (East) Mumbai – 400 069
If an insured or policyholder has a complaint about SBI General Insurance’s services, products, or processes, they can contact the grievance redressal cell.
No. If you do not claim throughout the policy period, you will not be reimbursed. You will, however, be eligible for a 5-percent ‘Cumulative Bonus,’ which can be accumulated up to a maximum of 25%.