Commenced its operations in the year 2010, The SBI Insurance Company is an outcome of collaboration between the State Bank of India (SBI) and the Insurance Australia Group (IAG). Currently, it is helping millions of people by offering a comprehensive assortment of general insurance products such as motor insurance, health insurance, personal accident, travel insurance, and home insurance.
The company also proffers numerous non-life insurance products such as fire insurance, marine insurance, aviation insurance, and liability insurance, etc. for the customers in the commercial sector.
SBI Health Insurance renders expansive medical coverage to take care of hospitalization coverage incurred by the policyholders or their family members. This company pays for the in-patient hospitalization expenses, pre and post-hospitalization costs, day care treatments, and many other healthcare expenses that give patients peace of mind and enable them to focus on their recovery.
KEY ATTRIBUTES OF SBI HEALTH INSURANCE COMPANY
Before you arrive at any decision related to insurance, it is necessary to check the company's performance. Let's see some key features of SBI HEALTH INSURANCE Company that will enable you to decide.
Network hospitals: Choosing an insurance company that maintains a comprehensive spectrum of networks helps you a lot at the time of a medical emergency. Under SBI Health Insurance Company, you will find more than 2000 network hospitals.
Claim support: If your health insurance fails to settle claims within the predefined period, then the whole purpose of getting insurance goes in a drain. According to the IRDAI Annual Report of 2021-22, SBI has settled 95.04% of claims within 3 months.
Annual premium: SBI Health Insurance has experienced substantial progress in the past 4-5 years. In the FY of 2021-22, the company's market share was 9166.22 crores. This number reflects a good growth in its business volume.
Solvency ratio: The solvency ratio of a company helps in analyzing its ability to fulfill its financial obligations. It is necessary to maintain a solvency ratio of 1.5%. The solvency ratio of SBI Health Insurance company is 1.98 as per the IRDAI Annual Report of 2021-22.
PAN India Presence: With more than 24,700 branches of State Bank Group, and 5500+ Regional Rural Banks, this company ensures to help customers regarding their health insurance needs.
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What is the Claim Process for SBI Health Insurance Plans?
Firstly, a policyholder needs to inform the company either by calling their toll-free number (1800221111) or SMS 'CLAIM' to 561611.
The SBI customer representative will connect with you and request you to share some necessary details.
Then the representative will contact you within 24 hours of filing the claim.
Submit all the necessary documents.
The company will begin the process and settle all valid claims within 30 days of the final report.
What is the Renewal Process of SBI Health Insurance?
Policyholders can renew their policy by following the steps that are mentioned below:
Visit the official website of SBI General and click on 'Renew' present under the 'health tab'.
After entering the necessary details, click on 'Go'.
The next page will display the summary details of the policy. Go through all the details and make the payment.
Your policy will be renewed. You will get its notification to your registered phone number and email id.