The evolution of health insurance has been remarkable in India. Various healthcare uncertainties and skyrocketing medical costs have fuelled a surge in the demand for health insurance which was extremely low a few decades ago. Today, the Indian health insurance sector is filled with a multitude of health insurance companies offering different types of plans.
However, when it comes to the best and most well-renowned names in the industry, SBI Health Insurance and Tata AIG Health Insurance are worthy of discussion. Both of these companies offer reliable health insurance plans that have unique features of their own and cater to the diversified needs of their customers. Having known the importance of health insurance and the fact that both companies offer an array of solid benefits, choosing any one of them might be a matter of dilemma for various individuals.
To solve the confusion, this post will carry out a detailed comparison between the two health insurance companies so that the readers can make a wise decision!
About SBI Health Insurance
The SBI (State Bank of India) Health Insurance is a health section of the SBI General Insurance company. The company was launched in the year 2009 as a collaborative effort between the SBI (State Bank of India) and the IAG (Insurance Australia Group). With a primary aim to offer top-notch and easily accessible medical facilities to all of its customers, the company has tied the knot with more than 23000 network hospitals across the nation.
SBI Health Insurance plans are specifically designed while keeping in mind the particular needs of the Indian customer. These plans provide all-inclusive medical coverage, which covers daycare charges, inpatient hospitalization costs, hospitalization costs, and numerous other healthcare-related costs. Additionally, it provides personalized health insurance policies for COVID-19, critical illness, and other conditions.
Information On Tata AIG Health Insurance
Tata AIG Health Insurance is a health segment including a wide range of health insurance plans from the Tata AIG General Insurance company. In January 2001, the American International Group (AIG) and the Tata Group of India established the company as a joint venture. With more than 8000 network hospitals, Tata AIG Health Insurance’s major mission is to offer hassle-free access to cashless hospitalization and claim settlement to its customers.
The company’s health insurance plans are designed in a thorough manner to cover its customers with a wide range of medical exigencies, including COVID-19, critical illnesses, maternity treatment, and more. They offer various benefits like free health checks, international coverage, refilling of the sum insured amount, wide sum insurance coverage, discounts on premiums, and the option of additional sum insured, to name a few.
What Are The Salient Features & Benefits Offered By SBI Health Insurance?
Listed below are some of the key features and benefits that a customer can leverage when choosing SBI Health Insurance plans!
Comprehensive Coverage:
The health insurance plans offered by SBI General Insurance company offer coverage to a wide range of conditions and illnesses, such as pre and post-hospitalization expenses, AYUSH treatment, daycare procedures, cataract treatment, and so on.
Wider Network Of Hospitals:
Since the company has more than 23000 network hospitals across the nation, the customers of SBI Health Insurance can be easily assisted by the company in case of medical emergencies.
Robust Customer Support:
The department of SBI Health Insurance has very strong customer support. Policyholders may at any time seek claim assistance and get answers to their questions pertaining to their policies.
Customizable Plans:
The majority of SBI Health Insurance plans have customizable features like selecting base cover along with different sum insured and rider options. This allows the policyholder to make a choice on the insurance coverage depending on his/her financial situation.
Convenient In Purchasing:
SBI Health Insurance policies can be easily purchased online directly through its website. However, if an individual does not wish to purchase the plan online, he/she can easily purchase it from any of the easily accessible SBI branch offices, which are abundantly present across the nation. Additionally, almost all SBI Health Insurance plans do not require the customer to undergo any kind of medical screening if he/she is below 45 years of age. This further makes the entire process of availing a policy highly convenient.
Faster Claim Settlement:
The company has a fair, quick, and transparent method for effective management and a quicker resolution of claims.
What Are The Salient Features & Benefits Offered By Tata AIG Health Insurance?
The health insurance plans from Tata AIG offer a number of great features and benefits that make them a fantastic option for various insurance needs of an individual. The following are some of them!
Cashless Hospitalization:
By choosing Tata AIG Health Insurance, the policyholders can get access to more than 8000 network hospitals of the company across the nation. This feature settles the medical expenses and bills of the customers directly with the network hospitals, thus saving them from filing and following up on health insurance claims.
Substantial Cumulative Bonus:
For each policy year where the policyholder has not raised a claim, he/she can get a cumulative bonus between 10 to 100 percent on the sum insured. With the help of this substantial bonus, the sum insured under the health insurance plan will increase without paying any extra premiums.
Paperless Processes:
One need not stand in long queues to buy or renew their Tata AIG Health Insurance plans. They can compare online, select, purchase, as well as renew their plans from the comforts of their homes. With the motto of “With You Always”, the company also provides dedicated support to its customers in the entire claim process with fewer papers. Moreover, one can get his/her policy through mail or WhatsApp. All of these approaches aim to reduce paper-based operations in Tata AIG Health Insurance.
Round-The-Clock Assistance:
The company has made it a mission to anticipate every need of its customers. Therefore, it offers 24/7 customer support and claims to solve queries even in the middle of the night in an emergency.
Incredible Discounts:
The Tata AIG Health Insurance plans not only offer comprehensive coverage but also some of the most incredible discounts. For example, if you buy the company’s family floater plan, the discount that you receive on the premium will increase as more family members are added to the plan as mentioned below:
- 2 Members Added: 20% Discount On Premium
- 3 Members Added: 28% Discount On Premium
- More Than 3 Members Added: 32% Discount On Premium
There are various other types of discounts offered by the company’s health insurance plans, which one can find on the company’s website.
Automatic Restoration Benefit:
Medical emergencies give rise to various expenses; therefore, Tata AIG Health Insurance plans are designed with automatic restoration benefits. In case the sum insured by a policyholder has exhausted in an emergency in a single policy year, this benefit will automatically refill or restore his/her sum insured amount.
In-Depth Comparison Of SBI Health Insurance & Tata AIG Health Insurance
| Parameters | SBI Health Insurance | Tata AIG Health Insurance |
| Cashless Network | 23000+ | 8000+ |
| Customers Till Date | 10.83 Crores | 5 Crores+ |
| Claim Settlement Ratio (FY 2021-22) | 95.04% | 93.55% |
| Incurred Claim Ratio (FY 2021-22) | 86.31% | 75.01% |
| Solvency Ratio (As Of March 2022) | 1.85 | 1.97 |
| Equity Share Capital (As On March 31, 2022) | 215.62 | 994.46 |
| Waiting Periods | 30 Days | Initial Waiting Period: 30 Days PED (Pre-Existing Disease) Waiting Period: 2 To 5 Years For Specific Illness: 2 Years For Maternity Cover: 4 Years |
| Pre- & Post-Hospitalization Expenses | Covered | Covered |
| Ambulance Cover | Covered | Covered |
| AYUSH Cover | Covered | Covered |
| Daycare Procedures | 141 Covered | 540 Covered |
| Mobile App | “SBI General Insurance” | “Tata AIG Insurance” |
SBI Health Insurance OR Tata AIG Health Insurance: Which One To Choose?
Tata AIG Health Insurance and SBI Health Insurance, both come with their own sets of comprehensive plans with their own pros and cons. If you prefer features like a higher number of network hospitals, a higher incurred claim ratio, and a high claim settlement ratio, then SBI Health Insurance is a good choice for you.
However, if you prioritize benefits like higher cumulative bonuses, substantial discounts, and automatic restoration benefits, then Tata AIG is a wiser choice. Make sure to conduct thorough research and check all the points you require in your policy before purchasing any health insurance from any of the two companies mentioned above. This will help you in making an intelligent choice!
