When it comes down to protecting your health, you cannot overlook the importance of health insurance. Since the market is flooded with many options, choosing the right one may seem a potentially daunting task. With many new insurance plans coming in every month, Star Health and SBI General Insurance are two prominent insurance providers in India, each offering a range of health insurance products.
Star Health Insurance offers a wide range of health insurance plans catering to individuals, families, and senior citizens. The company is well-known for emphasizing health-related goods, such as group health insurance, senior citizens, and critical illness insurance. On the other hand, SBI Health Insurance seeks to offer families and individuals complete health insurance coverage. It provides group health insurance, critical illness plans, individual and family floater policies, and other health insurance options.
Confused between both? Let’s dig deep into the differences between Star Health Insurance and SBI Health Insurance!
Comparison Between Star Health Insurance and SBI Health Insurance
Here is the sheer comparison between Star Health Insurance and SBI Health Insurance.
|Star Health Insurance
|SBI Health Insurance
|Incurred claim ratio
|The incurred claim ratio of Star Health Insurance is 87.06% (2021-22) IRDAI Report
|On the other hand, SBI Health Insurance has an incurred claim ratio of 81.92% (2021-22) as per the IRDAI Report.
|Claim Settlement Ratio
|The claim settlement ratio of Star Health Insurance is 99.06% (2021-22) IRDAI Report.
|SBI Health Insurance, on the other hand, has a claim settlement ratio of 95.04% (2021-22) IRDAI Report.
|Network Hospitals across India
|There are 14,000+ network hospitals across the country.
|On the other hand, it has a hospital network of over 23000.
|No of Plans
|The number of plans offered by Star Health Insurance is 20+.
|With SBI Health Insurance, there are 10+ insurance plans to choose from.
|Annual Health Check-ups
|Star Health Insurance offers annual health check-ups.
|SBI Health Insurance also offers annual health checkups.
|Pre and Post Hospitalisation Expenses
|Yes, pre and post-hospitalization expenses are covered under Star Health Insurance.
|With SBI Health Insurance, your pre and post-hospitalization expenses will be covered if you are admitted to the hospital.
|Star Health Insurance offers COVID Coverage.
|SBI Health Insurance covers COVID-19 disease.
|All road ambulance expenses are covered under Star Health Insurance.
|SBI Health Insurance, on the other hand, covers ambulance expenses.
|Amount of Claims Settled (in Rs.)
|Star Health Insurance has a proven track record of settling 4 Crore+ Rupees claims settled every hour.
|SBI Health Insurance has handled claims of Rs. 24000+ cr.
|Star Health Insurance offers tax benefits.
|With SBI Health Insurance, you can easily get tax benefits, allowing you to save money.
“Star Health App”
“Virtual Assistant- Twinkle”
|SBI App available on Google Play Store and App Store
|Star Health Insurance covers multiple critical illnesses.
|There are multiple critical illnesses covered under SBI Health Insurance.
What is Star Health Insurance?
Star Health and Allied Insurance Co. Ltd. started as a joint enterprise with Allied Insurance in the year 2006. A large selection of health insurance plans is available from Star Health Insurance at a low cost. Hospital stays, doctor visits, critical illnesses, Ayurvedic treatments, etc. are all covered by the insurance. Additionally, Mediclaim for children with autism is provided by Star Health Insurance. Recently, a trial program offering coverage for coronavirus patients was created by Star Health Insurance Company.
India’s first stand-alone insurance provider is Star Health Insurance. The covered members can receive cashless care at more than 14,000 hospitals in the insurer’s network. Furthermore, the insurance company maintains a global presence through its extensive network of over 850 locations. The claim settlement ratio of Star Health Insurance is 99.06% (2021–22) IRDAI Report. For those under 60, there is no co-payment necessary, which is one of the main advantages.
What are the Features and Benefits of Star Health Insurance?
Here are the key features and benefits of Star Health Insurance.
- Wide Range of Coverage
One of the greatest benefits of the Star health plans is that they put affordable medical insurance into the grasp of a large number of individuals. A variety of health insurance plans are available from Star Health, including maternity plans, diabetic health plans, senior citizen health insurance plans, family health plans, and more. Numerous benefits and coverages are available with Star health plans, such as in-patient treatment, post- and pre-hospital care, domiciliary care, daycare services, OPD coverage, and more.
- Large Hospital Network
It’s simple to locate a medical facility of your choice thanks to the company’s network of more than 14,000 hospitals nationwide. In addition to facilitating cashless care for policyholders, this extensive network of affiliated hospitals guarantees that, in the event of an emergency, the insured can obtain first-rate care at any of the network’s medical institutions.
- Lifelong Renewability
If the policyholder doesn’t care about the renewal date, the majority of Star health insurance policies offer the option of lifetime renewability. This feature ensures that the insured has uninterrupted coverage from policy lapses.
- Quick Claim Settlement
Policyholders can easily get cashless claims in less than two hours thanks to the company’s claim settlement staff. According to the IRDAI Report, the company has a claim settlement ratio of 99.06% for 2021–2022. This figure demonstrates unequivocally why Star Health is thought to be among the top health insurance companies in the nation for resolving claims.
- Tax Deduction
Policyholders with active health insurance can receive tax deductions under Income Tax Act Section 80D. People under 60 years of age can earn a tax break of up to INR 25,000, while those over 60 can enjoy tax benefits of up to INR 50,000.
Understandings SBI Health Insurance
SBI health insurance plans pay for daycare therapies, pre- and post-hospitalization fees, inpatient hospitalization charges, and a range of other medical expenses. There are SBI medical insurance products available for senior citizens, including individual policies, family floater plans, and top-up options with reversible policy premium terms.
For people looking to protect themselves from unfortunate events like illness, injury, or death, SBI Health Insurance is the best option for individuals, families, and small businesses. Health insurance plans by SBI are appropriate for senior individuals, and their particular plans are specifically made to be affordable.
What Unique Features and Benefits Does SBI Health Insurance Offer?
The following are the key features and benefits offered by SBI Health Insurance.
- Peace of Mind
You want to avoid thinking about how much medical care will cost when you’re ill. All you want is to recover. Purchasing health insurance offers you peace of mind since your healthcare provider will be able to provide you with high-quality care.
Purchasing SBI health insurance for your family guarantees that they won’t have to worry about unplanned medical expenses and gives them financial independence.
- High Sum Insured
SBI is one of the top health insurance providers in India. It offers a range of medical insurance plans with sums insured as little as INR 1 lakh and as much as INR 50 lakh, allowing you, the policyholder, to choose the amount you want covered.
- Family Floater Plans
Imagine a world in which you and your loved ones don’t have to worry about receiving medical care. If a loved one is hurt and needs emergency care, it’s a nightmare come true. Getting the best medical care would be a never-ending battle that involved traveling from hospital to hospital. You may now put those worries to rest because SBI General’s family floater health insurance coverage will cover every member of your family under a single policy.
- Preventive Care
Your health insurance plan must cover preventive treatment. Your doctor may be able to prevent you from developing a serious illness or something else that could end up costing you a lot of money if your health insurance plan covers preventative care at no cost to you.
Regular free health check-ups are provided by SBI Arogya Supreme, SBI Arogya Premier, and SBI Retail health insurance policies when no claims are made.
- Cashless Facility
The cashless feature that is included with health insurance policies is one of the main advantages of purchasing an insurance policy with SBI General. SBI has network connections with more than 23,000 hospitals around the country. The cashless hospitalization service reduces the amount of money you must pay upfront to receive the required medical care.
Medical insurance policies come with the added benefit of a wide hospital network that enables policyholders to get hospitalization at any SBI General network facility.
- AYUSH Coverage
One of the greatest health insurance plans in India, SBI Health Insurance, has recently increased the scope of its coverage to include alternative medical therapies. This protects policyholders’ financial standing by providing them with more options and freedom to choose the kind of medical treatment they want, according to their preferences.
- Tax Benefits
Section 80D of the Income Tax Act is an essential instrument to have in your taxable income when it comes to tax planning and personal budgeting. It lets you write off the costs associated with yearly insurance coverage maintenance and premium payments.
Premium Illustration of Star Health Insurance and SBI Health Insurance
Here is the premium illustration of a 30-year-old male, Mr. Anup Gupta who is working as a software engineer at Cognizant, New Delhi. Let’s discuss the premium amount that he needs to pay for both plans.
Star Health Insurance:
|Health Insurance Cover
|Rs. 10 Lakhs
₹ 11,476 (Including Tax)
SBI Health Insurance:
|Rs. 10 Lakhs
|Rs. 12,541 (Including GST and other taxes)
What Should You Pick: Star Health Insurance or SBI Health Insurance?
Both SBI Health Insurance and Star Health Insurance have advantages, therefore customers should carefully analyze each insurer’s products to see which best suits their budgetary constraints and healthcare needs. It is critical to evaluate elements including coverage benefits, network hospitals, premium prices, claim settlement rates, customer feedback, extra features, and policy terms and conditions. If you want health insurance with a higher number of network hospitals along with better customer service, then SBI Health Insurance is an ideal choice. On the other hand, if you want to buy health insurance with a higher claim settlement ratio with a maximum number of health plans to choose from, Star Health Insurance will never disappoint you!