SBI General Insurance Company Limited

Ventured in 2010, SBI is expected to become a large player in the general insurance Market! SBI General insurance Company Limited is a joint venture between the State Bank of India and the Insurance Australia Group (IAG). SBI owns 74 percent of the total Capital, and IAG holds 26 percent.

Over the years, SBI General Insurance has established its presence in 23000 branches of the State Bank of India. Also, it has recently licensed 10 Regional Rural Banks in India. The current policy offerings by SBI General Insurance cover Motor Insurance, health insurance, Travel Insurance, and personal accident and Home insurance.

Insurance Australia Group Limited is an international general insurance group operating in New Zealand, Australia, the United Kingdom and Asia. AIG’s businesses endorse over $11 billion of annual premiums, selling insurance under many leading brands. As of June 2019, SBI General Insurance's overall market ranking was 13th among about 30 insurers. It recorded 32.83 per cent growth in gross written premiums in 2019 at ₹47.17 billion.

FY19-20, SBI General Insurance registered 23.4 percent growth with a profit of ₹412 crores. Its revenue grew by 45 percent to reach ₹6,840 crores for the FY19-20. As of 31 March 2021, SBI General Insurance is ranked 12th in the Industry.

SBI General Insurance Product Portfolio

Here is the list of products you can expect in SBI General Insurance’s Portfolio:

1. SBI Health Insurance Plans

Challenging times often bring valuable lessons. One key takeaway from recent months is the paramount importance of health. Prioritising the well-being of yourself and your family should be your foremost goal. But how do you achieve this? Health insurance is a vital product that covers medical expenses you and your family may face. It is a contract between the insurance provider and the policyholder, who pays regular premiums. The provider is responsible for covering medical expenses incurred during the policy period.

Under this category, you can find the following plans:

• SBI General HealthEdge Insurance Plan
• SBI General Arogya Supreme Policy
• SBI General ArogyaSanjeevni Policy
• SBI General Super health insurance policy
• SBI General Divyanga Suraksha Policy
• SBI General Surrogacy Suraksha Policy
• SBI General Arogya Plus Policy
• SBI General Arogya Top-up Policy
• SBI General Critical illness insurance Policy
• SBI General Hospital Daily Cash Insurance Policy
• SBI General Loan Insurance Policy

Inclusions of SBI General Health Insurance Policy

Jotted down below is everything included in these policies:

• Covers costs incurred for hospitalisation of at least 24 hours.
• Includes pre-hospitalisation and post-hospitalisation expenses as per the policy norms.
• Medical expenses for 141 specified day-care procedures that do not require 24-hour hospitalisation.
• Hospitalisation expenses incurred under AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy) treatment.
• Fees for medical practitioners, surgeons, anaesthetists, consultants, and specialists.
• Anaesthesia, blood, oxygen, operation theatre expenses, and surgical appliances.
• Costs for medicines, consumables, diagnostic expenses, and X-rays.
• Dialysis, chemotherapy, and radiotherapy costs.
• Expenses for pacemakers, prostheses/internal implants, and other integral parts of an operation.
• Expenses incurred on the treatment of cataracts.
• Ambulance expenses.
• Expenses incurred on dental treatment and plastic surgery necessitated due to disease or injury.

Exclusions of SBI General Health Insurance Policy

Jotted down below is everything not included in these policies:

• Treatment of diseases diagnosed within the first 30 days of policy purchase.
• Excludes expenses for rest cure, rehabilitation, and respite care.
• Excludes obesity and weight control treatments unless specified otherwise.
• Excludes any procedures related to gender change.
• Excludes plastic or cosmetic surgery unless required due to illness or injury.
• Excludes injuries due to participation in hazardous or adventure sports.
• Excludes any expenses resulting from a breach of law.
• Excludes conditions arising from alcohol, drug, or substance addiction/abuse.
• Excludes dietary and over-the-counter supplements unless prescribed by a medical practitioner as part of hospitalisation, claim, or daycare procedure.
• Excludes treatments for refractive error.
• Excludes any unproven or experimental treatments.
• Excludes treatments for sterility and infertility.
• Excludes any claims arising from war, invasion, acts of foreign enemies, hostilities, civil war, and similar events.
• Excludes any treatment received outside India.

2. SBI Motor Insurance Plans

SBI General Motor Insurance provides comprehensive vehicle coverage, safeguarding against unforeseen damages, theft, and third-party liabilities. With a wide Range of policy options tailored to individual needs, you can choose from basic plans to comprehensive packages Offering add-ons like zero Depreciation and roadside assistance.

Under this category, you can find the following plans:

• SBI General Two Wheeler insurance
• SBI General Private car insurance
• SBI General Motor Act Only- Two Wheeler(5 Years)
• SBI General Long Term Two Wheeler Insurance Policy - Package
• SBI General Motor Act Only- Private Car (3 Years)
• SBI General Motor Trailer Insurance
• SBI General Motor Commercial Vehicle Insurance Policy Package
• SBI General Act Only Insurance Policy

Inclusions of SBI General Motor Insurance Policy

Jotted down below is everything included in these policies:

• Coverage for loss or damage to the insured vehicle.
• Protection against liabilities arising from injury or death of third parties, as well as damage to their property caused by the insured vehicle.
• Coverage for any loss or damage sustained by the vehicle or its accessories due to various factors, including fire, explosion, accidental damage, transit-related incidents by road, rail, or air, natural calamities like lightning, earthquake, flood, and other events such as burglary, theft, riot, or terrorism.

Exclusions of SBI General Motor Insurance Policy

Jotted down below is everything not included in these policies:

• Loss or damage to the vehicle and/or its accessories because of normal wear, tear, and general ageing of the vehicle.
• Depreciation or any consequential loss.
• Mechanical or electrical breakdown.
• Vehicle usage not per limitations as to use.
• Damage caused by or to a person driving the vehicle without a valid license.
• Damage caused by or to a person driving the vehicle under the influence of drugs or alcohol.
• Loss or damage due to war, mutiny, or nuclear risk.

3. SBI Health Insurance Plans

SBI General Home Insurance offers comprehensive protection for homeowners, safeguarding your property against various risks. Policies are tailored to individual needs, covering damage or loss to the structure and contents of the insured property. With efficient claim settlements and flexible policy options, SBI General Home Insurance provides peace of mind, allowing you to confidently protect your most valuable asset.

Under this category, you can find the following plans:

• SBI General Bharat Griha Raksha
• SBI General Griha Raksha Plus
• SBI General Simple Home Insurance Policy

Inclusions of SBI General Home Insurance Policy

Jotted down below is everything included in these policies:

• Comprehensive coverage for damage to the structure and contents of the insured property.
• Protection against natural disasters like fire, flood, earthquake, and burglary.
• Liability coverage for legal obligations towards third parties.

Exclusions of SBI General Home Insurance Policy

Jotted down below is everything not included in these policies:

• Intentional damage caused by the homeowner.
• Wear and tear over time.
• Damage due to specific events like war or nuclear risks.
• Inadequate maintenance of the property.
• Commercial use of the property without appropriate endorsement.

4. SBI Travel Insurance

SBI General Travel Insurance offers you comprehensive protection against unforeseen risks during your journeys. With global coverage, you can explore with peace of mind, knowing you’re financially protected. SBI General's efficient claims process ensures timely assistance and support wherever you may be.

Inclusions of SBI General Travel Insurance Policy

Jotted down below is everything included in these policies:

• Coverage for medical expenses, including evacuation and repatriation.
• Treatment for injuries or illnesses sustained while on holiday.
• Travel support services.
• Personal liability coverage extends to damage to third-party persons or property.
• Cash Advance cover ensures travellers are never stranded without money during their trip.
• Protection against trip delays while travelling from India.
• Loss of passport under the policy.
• Home burglary insurance is also part of the coverage.

Exclusions of SBI General Travel Insurance Policy

Jotted down below is everything not included in these policies:

• Coverage is not extended to persons travelling while undergoing or awaiting treatment for a medical condition.
• Exclusions include suicide, suicide attempts, self-harm, mental health disorders, stress, anxiety, depression, and drug or alcohol abuse.
• Participation in Naval, Military, or Air Force operations is not covered.
• Acts of war ordered by or under the local government are excluded.
• Proximity to radioactive substances and nuclear waste is not covered.
• Travel in an aircraft unlicensed to carry passengers is excluded.
• Driving without a valid license or safety crash helmet is not covered.
• Engagement in hazardous activities, whether labour or sports-related, casual or professional, is excluded.
• Pre-existing medical conditions are not covered.
• Complications in pregnancy or childbirth are excluded from coverage.

5. SBI Personal Accident Plans

SBI General personal accident insurance provides financial protection for accidental death, disability, or injury. Tailored to individual needs, policies offer coverage for medical expenses, loss of Income, and rehabilitation costs resulting from accidents. Whether at work, home, or travelling, SBI General Personal Accident Insurance provides a safety net, allowing individuals to focus on recovery without worrying about the financial burden of unforeseen accidents.

• SBI General Individual Personal Accident
• SBI General Saral Suraksha Bima

Inclusions of SBI General Personal Accident Insurance Policy

Jotted down below is everything included in these policies:

• Coverage for accidental death, disability, or injury.
• Compensation for medical expenses, loss of income, and rehabilitation costs resulting from accidents.
• Worldwide coverage for accidents that occur anywhere.

Exclusions of SBI General Personal Accident Insurance Policy

Jotted down below is everything not included in these policies:

• Self-inflicted injuries or intentional harm.
• Injuries sustained while under the influence of alcohol or drugs.
• Injuries resulting from participation in hazardous activities or professional sports.
• Pre-existing medical conditions.
• Injuries sustained during acts of war or military operations.
• Injuries sustained while engaging in illegal activities.

6. SBI General Cyber Insurance

The company offers Cyber VaultEdge, a protection plan that safeguards against cyber risks. It secures you and your family from cyber-attacks and malicious activities perpetrated over the internet. It also covers legal costs and expenses arising from legal actions by third parties due to privacy breaches and data breaches. You can receive reimbursement for costs incurred for IT specialist services to restore data.

Inclusions of SBI General Cyber Insurance Policy

Jotted down below is everything included in these policies:

• Theft of Funds
• Identity Theft
• Data Restoration /Malware Decontamination
• Cyber Bullying, Cyber Stalking, and Loss of Reputation
• Cyber Shopping (Online shopping, Online Sales)
• Social Media & Media Liability
• Network Security Liability
• Privacy Breach & Data Breach Liability (including by Third Party)
• Smart Home Cover
• Liability for Intentional Misbehavior of Underage Persons

Exclusions of SBI General Cyber Insurance Policy

Jotted down below is everything not included in these policies:

• Non-disclosure of known facts or circumstances before policy inception.
• Intentional, malicious, dishonest, deliberate, or reckless actions or omissions by the insured.
• Actions or omissions related to employment, self-employment, professional, or business activities.
• Loss or damage to tangible property and consequential losses, including loss of use.
• Investment or trading activities.

7. SBI General Corporate Insurance

SBI General corporate insurance Policy offers comprehensive coverage tailored to the unique needs of businesses. It safeguards against various risks, including property damage, liability claims, and business interruption. Coverage extends to diverse sectors, including Manufacturing, services, and retail, ensuring robust protection for organisations of all sizes.

Under this category, you can find the following plans:

• SBI General Health Insurance
• SBI General Construction and Engineering Insurance
• SBI General Package Insurance
• SBI General Marine Insurance
• SBI General Fire insurance
• SBI General Motor Insurance
• SBI General Sign Board Insurance Policy
• SBI General Modified National Agriculture Insurance Scheme (MNAIS)
• SBI General Trade Credit Insurance Policy
• SBI General Aviation & Hull Package Policy
• SBI General SME Package Insurance Policy
• SBI General Cellular Network Insurance Policy
• SBI General Advance Loss of Profit Policy
• SBI General Baggage Insurance Policy
• SBI General Portable Electronic Equipment Insurance Policy
• SBI General Weather Insurance
• SBI General Mega Risk Insurance Policy
• SBI General Port Package Insurance Policy
• SBI General Delay in Start-Up (DSU) Insurance
• SBI General All Risk Insurance Policy
• SBI General Kidnap, Ransom and Extortion (KRE) Insurance
• SBI General Fidelity Guarantee Insurance Policy
• SBI General Oil & Energy Risk Insurance
• SBI General Money Insurance Policy
• SBI General Plate Glass Insurance Policy
• SBI General Burglary Insurance Policy

Inclusions of SBI General Corporate Insurance Policy

Jotted down below is everything included in these policies:

• Comprehensive coverage for property damage, liability claims, and business interruption.
• Flexible options tailored to the specific needs of businesses.
• Efficient claims processing for quick resolution.
• Coverage extended to diverse sectors, including manufacturing, services, and retail.
• Expertise in risk management and personalised service.

Exclusions of SBI General Corporate Insurance Policy

Jotted down below is everything not included in these policies:

• Non-disclosure of known facts or circumstances before policy inception.
• Intentional, malicious, or reckless actions by the insured.
• Exclusions related to specific industries or activities not covered under the policy.
• Loss or damage resulting from events not specified in the policy.
• Exclusions related to certain types of property or assets.

8. SBI General Rural Insurance

SBI General Rural Insurance caters to the unique needs of rural communities, offering comprehensive coverage for agriculture, livestock, and rural properties. Policies encompass protection against natural calamities, crop failure, and livestock diseases, ensuring financial security for farmers and rural dwellers. With a focus on affordability and accessibility, SBI General extends support to remote areas, empowering rural populations to mitigate risks and safeguard their livelihoods.

Under this category, you can find the following plans:

• SBI General Agricultural Pump Set
• SBI General Cattle Insurance
• SBI General Micro Insurance Policy
• SBI General Sheep and Goat Insurance
• SBI General Pradhan Mantri Fasal Bima Yojana (PMFBY)
• SBI General Arogya Sanjeevani-Micro Insurance Product
• SBI General Arogya Sanjeevani-Group-Micro Insurance Product
• SBI General Jan Rakshak Personal Accident
• SBI General Kutumb Swasthya Bima
• SBI General Kutumb Swasthya Bima - Group
• SBI General Pashu Rakshak-Micro Insurance Product
• SBI General Gramin Samriddhi Bima

Inclusions of SBI General Rural Insurance Policy

Jotted down below is everything included in these policies:

• Comprehensive coverage for agriculture, livestock, and rural properties.
• Protection against natural calamities such as floods, droughts, and cyclones.
• Coverage for crop failure, livestock diseases, and other agricultural risks.
• Focus on affordability and accessibility, catering to rural communities' needs.
• Expertise in rural risk management and personalised service.

Exclusions of SBI General Rural Insurance Policy

Jotted down below is everything not included in these policies:

• Non-disclosure of known facts or circumstances before policy inception.
• Intentional, malicious, or reckless actions by the insured.
• Exclusions related to certain types of property or assets not covered under the policy.
• Loss or damage resulting from events not specified in the policy.
• Exclusions related to specific agricultural practices or activities not covered under the policy.

9. SBI General Liability Insurance Policy

SBI General liability insurance Policy offers comprehensive protection against legal liabilities arising from third-party claims. Tailored to various industries, it covers bodily injury, property damage, and advertising liabilities. With customisable options, businesses can safeguard operations against unforeseen risks, including legal expenses and settlements.

Under this category, you can find the following plans:

• SBI General Directors & Officers Liability Insurance
• SBI General Errors and Omission Liability Insurance
• SBI General Event Cancellation Insurance
• SBI General Broad Form Liability Insurance
• SBI General Product Liability Insurance Policy
• SBI General Public Liability Insurance Policy
• SBI General Clinical Trial (No Fault) Insurance
• SBI General Employees Compensation Policy
• SBI General Public Liability Insurance Act Policy
• SBI General Commercial General Liability Insurance Policy
• SBI General Cyber Defense Insurance
• SBI General Clinical Trial (Professional Liability) Insurance

Inclusions of SBI General Liability Insurance Policy

Jotted down below is everything included in these policies:

• Comprehensive protection against legal liabilities arising from third-party claims.
• Coverage for bodily injury, property damage, and advertising liabilities.
• Customisable options tailored to various industries and business needs.
• Legal expense coverage for defence costs and settlements.
• Expert Risk assessment and prompt claims handling for efficient support.

Exclusions of SBI General Liability Insurance Policy

Jotted down below is everything not included in these policies:

• Non-disclosure of known facts or circumstances before policy inception.
• Intentional, malicious, or fraudulent actions by the insured.
• Exclusions related to specific industries or activities not covered under the policy.
• Loss or damage resulting from events not specified in the policy.
• Exclusions related to certain types of liability claims not covered under the policy.

Conclusion

The experienced claim management team at SBI General Insurance aims to provide customers with - a fast, convenient and transparent claim process. With its best-in-class service, SBI General Insurance Company Limited is prospering in its aspiration to become the most reliable general insurance company and to increase insurance penetration in India by implementing transparent and fair business practices.0