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SBI Health Insurance Scheme: Health Insurance

SBI General health insurance scheme is a joint venture (JV) between the State Bank of India (SBI) and the Insurance Australia Group (IAG), which began operations in 2010.

The company was founded in 2010 and has since offered insurance plans for small and medium-sized businesses, individuals, retailers, and families at an affordable premium rate. 

With its customer-oriented approach, the company offers a wide range of general insurance schemes, from car insurance to health insurance, from personal accident insurance to travel insurance to home insurance.

And not only that, but the company also offers various non-life insurance plans for commercial businesses, such as fire insurance, marine insurance, aviation insurance, liability insurance.

To meet the changing health needs of a growing population, SBI develops comprehensive health insurance plans that meet the various medical needs of the individual.

SBI Health Insurance Scheme Benefits 

SBI Universal Health Insurance has formulated its health insurance plans with certain unique features and benefits that its customers can enjoy. Medical costs and the cost of treating various diseases are constantly increasing; therefore, purchasing health insurance plans is extremely important for healthcare today. 

The health insurance plan of SBI will provide you with reliable health care and a sense of financial security. Here are some key benefits of purchasing an SBI health insurance plan. 

  • The insurance company offers a wide range of health insurance plans covering everything from basic illness to critical illness.
  • Ensures comprehensive coverage of various diseases and medical expenses.
  • Mediclaim policy of SBI offers a variety of coverage options from 50,000 to 5 lakhs
  • No requirement for pre-medical examination for applicants under 45 years of age.
  • Offers flexible plan options such as Metro Health Insurance Plan, Semi-Metro Plan, and Rest of India
  • The SBI Health insurance plan offers the opportunity to cover the whole family, including your parents, dependent children, your spouse, and yourself in one floater family policy package.
  • Expenses before and after the hospital are reimbursed. 
  • Get a free medical examination every 4 years.
  • Lifelong renewability is provided by the insurer
  • Provision is there to increase coverage by additional coverage, such as removing partial room price limits and consultation fees.
  • The cashless treatment facility is available in more than 6000 network hospitals across India
  • Benefits of saving tax on the SBI health insurance are available under section 80D of the Income Tax Act 1961

SBI Health Insurance Plans

SBI General Insurance offers a variety of health insurance plans to meet the different health insurance needs of its clients. Once you know the coverage and limitations of the plans, you can choose a plan that meets most of your health needs. 

Following are various SBI health insurance schemes: 

  • SBI Arogya Premier Policy
  • SBI Arogya Plus Policy
  • SBI Arogya Top Up Policy
  • SBI Hospital Daily Cash Insurance Policy
  • SBI Critical Illness Insurance Policy
  • SBI Group Health Insurance Policy
  • SBI Loan Insurance Policy
  • SBI Retail Health Insurance Policy

SBI Arogya Premier Policy

This SBI health insurance scheme is a health insurance plan from SBI that offers broader medical coverage. The plan covers you, your spouse, dependent children, parents, and parents-in-law. This plan, with its many benefits, provides the necessary coverage and ensures that all the needs of your healthcare are fully met.

Arogya Premium Policy Features:

  • Before and after hospital costs of the insured person (60 and 90 days), diagnostic reports, consultations with doctors, medicines, etc. are included.
  • The company covers 141 types of care that require hospitalization within 24 hours.
  • Up to 50% of insurance costs, this plan covers 12 advanced treatment procedures. 
  • The minimum age to get this plan is 3 months and the maximum age is 65 years.
  • People 55 years of age or younger do not need medical tests and who have no medical history. 
  • This plan also provides air ambulance coverage up to Rs. one lakh.
  • Under section 80D of the Income Tax Act, the plan provides tax deductions. 
  • Besides standard Western medicine, the plan also provides coverage of traditional AYUSH forms of medicines (Unani, Homeopathy, Ayurveda, Yoga, and Siddha). These alternative treatments must be performed at a government hospital.
  • There is a grace period of 30 days from the end of the policy renewal period.

SBI Arogya Plus Policy

The SBI Arogya Plus policy is a health policy provided by SBI general health insurance for insured persons and their families in case of emergency medical care. This SBI health insurance scheme provides financial assistance against rising medical costs to meet all health needs.

Features of Arogya Plus Policy

  • Two coverage options i.e. individual and a family floater are provided by this SBI Arogya Plus policy.
  • 3 months is the minimum and 65 is the maximum entry age to purchase this policy. 
  • This Arogya Plus policy has no exit age.
  • The sum insured under Arogya plus policy is ranging from Rs 1 Lakh, Rs 2 Lakh to Rs 3 Lakh. 
  • Rs. 8,900, 13,350, or 17,800 is the premium per year for this policy for an insured sum of Rs. 1, 2, or 3 lakhs. 
  • OPD reimbursement by this policy depends on factors such as age, premium, and type of family.
  • The tenure period of this policy is 1 year, 2 years, and 3 years
  • There is no lower limit on maternity costs, cover them in the full amount of the insurance contract. It also deals with maternity costs within the OPD benefits, provided that maternity costs are incurred after 9-month of the adoption of the policy. No requirement of medical tests under this policy for people under the age of 55 or below unless they have a medical history.
  • This plan covers costs before and after hospitalization for 60 and 90 days, respectively.
  • The policy protects from 142 OPD procedures.
  • Domestic hospitalization and ambulance expenses are covered.
  • However, this plan does not cover pre-existing diseases for the first 4 years of the plan and some specific diseases for the first year of coverage.
  • Tax benefits for an insured person are available under Income Tax Ac. 

Also Read: SBI Home Loan scheme – State Bank Loan Schemes

SBI Arogya Top-up Policy

The SBI Arogyatop up is a health policy that is appropriate to cover the costs of unforeseen critical events, such as an accident or illness, in addition to the SBI’s basic insurance plan. 

With a large top-up coverage, this policy helps the individual and the family (based on the floater plan), paying the high costs of hospitalization and recovery.

Arogya Top-up Policy Features:

  • People under the age of 55 do not need medical examinations.
  • The plan has large coverage ranging from Rs 1,000,000 to Rs 50,000,000, with Rs 1,000,000 to Rs 10,000,000 deductible option. The option of the deduction is available in multiples of 1 lakh
  • 1, 2, or 3 years is the policy term under this plan, with a 5% premium discount on a two-year policy and 7.5% on a three-year policy. 
  • Offers reimbursement up to Rs. 5,000 for ambulance cost.
  • Includes alternative treatments like Ayurveda, Unani, Siddha, Yoga, and Homeopathy (AYUSH).
  • Provides tax relief under Income Tax Act (section 80D)
  • Renewal of this plan has a grace period of 30 days from the last day of the policy.

 SBI Hospital Daily Cash Insurance Policy

This SBI health insurance scheme provides daily hospital benefits and provides additional cover for expenses that are not included in the basic package like travel, meals, etc. The SBI Hospital daily cash insurance policy gives you a reimbursement for your daily hospital expenses. Therefore, the plan covers various costs that are not usually covered by traditional policies.

Hospital Daily Cash Insurance Policy Features:  

  • The age group is 18 to 65 years to take the policy and can include children older than 3 months
  • The plan provides daily cash benefits ranging from Rs. 2000 to Rs. 4000.
  • Intensive care (ICU) coverage, up to double daily coverage. 
  • This plan provides the option of four daily cash benefits: 500, 1000, 1500 and 2000 
  • Provides daily financial assistance in case of accidental hospitalization
  • Recuperation benefits are given in a lump sum. 
  • Can easily refund you within 15 days of a free tracking period. 
  • This plan provides a flexible coverage period of 30 and 60 days
  • Benefits of tax savings according to Article 80 D of the Income Tax Act. 

SBI Critical Illness Insurance Policy

Critical Disease Insurance Police from SBI offers coverage for up to 13 life-threatening illnesses. Excessive treatment costs can spend anyone’s savings. However, the cost of treatment is covered by this medical policy.

Critical Illness Insurance Policy Features: 

  • The policy covers up to 13 serious diseases. 
  • 65 years is the maximum and 18 years is the minimum age to purchase this plan.
  • You can choose between one-year and three-year plans.
  • The insurance limit is Rs. 50 lakh.  
  • Physician screening is not required until the age of 45
  • The serious diseases which this health plan covers are: cancer, kidney failure, paralysis, coma, complete blindness, stroke, primary pulmonary hypertension, coronary artery by-pass graft, brain and spinal cord injury, myocardial infarction (First Heart Attack), heart valve surgery, aortic surgery, and aortic surgery. It depends on the survival period and the provisions on the minimum assessment period
  • This plan also includes a free looking period of 15 days

SBI Group Health Insurance Policy

Group health insurance is an ideal plan for you and your families. This plan offers financial assistance for your medical expenses and ensures that you receive the best possible health services to achieve a quick recovery. Persons having age 65 with no medical history do not need a medical examination.

Group Health Insurance Policy Features 

  • The minimum age to purchase this plan is 3 months, and the maximum age is 30 years.
  • The insurance limit ranges from Rs 1 Lakh to Rs 5 Lakh.
  • Fees for specialists and medical practitioners are covered by this plan.
  • The costs of food, accommodation, assistance and intensive care will also be covered.
  • This plan covers costs before and after hospitalization 60 days after hospitalization and 30 days before hospitalization.
  • Offers multiple coverage options–Self and Family and family floater options for the total sum insured. 
  • Charges for an ambulance are also covered.
  • Co-payment 10% up to the acceptable claim limit. 
  • Expenditure on daycare, eye care, dialysis, tonsillectomy, chemotherapy, radiotherapy, etc.
  • Costs of domestic hospitalization are also covered under this plan.
  • Integrated costs for dialysis, oxygen, drugs, radiotherapy, operating room, surgical instruments, chemotherapy, pacemaker expenses, and the like are covered. 
  • Waiting for one year applies to certain diseases.
  • Covers pre-existing diseases after 4 years
  • Under this plan benefits of tax savings are provided under Article 80 D of the Income Tax Act.

SBI Loan Insurance Policy

This loan insurance policy from SBI is a special health policy designed to alleviate the stress of repaying a home loan in any unfortunate situations that may occur due to serious illness, personal accident, and loss of job.

Loan Insurance Policy Features:

  • This loan insurance policy can be used for up to 3 years
  • Up to RS. 1 crore assured amount no medical examination is required. Also, a medical test is not required up to the age of 55 years.
  • The minimum and maximum age for the entry of this policy is 18 and 60 years respectively.
  • This plan provides permanent disability insurance.
  • This policy offers the loss of job coverage: up to 3 EMI will be reimbursed.
  • This plan covers critical diseases like cancer, kidney failure, paralysis, coma, complete blindness, stroke, primary pulmonary arterial hypertension, aortic graft surgery, coronary artery bypass grafting, multiple sclerosis, myocardial infarction (first heart attack), heart valve surgery, and organ transplant. 
  • 100% compensation for eye loss, physical separation, or permanent disability of the arms or legs.
  • Availability of free looking period. 
  • Accidental death coverage is provided

SBI Retail Health Insurance Policy

SBI Retail Insurance Policy is a health insurance policy that aids you and your family to enjoy the best medical care available. All family members under this SBI health insurance scheme can be insured with a single plan. 

Features of SBI Retail Health Insurance Policy

  • Under this policy, no pre-medical tests are required up to the age of 45 having no medical history.
  • One of the special features is the ability to choose between flexible plans: metro plan, semi-metro plan, and the rest of India
  • This plan covers hospital room rental, medication costs, intensive care costs, operating room costs, and doctor expenses. 
  • Covers before the hospital and after hospital costs for 30 and 60 days, respectively

Conclusion:

SBI health insurance helps to protect you and your family and save on taxes. Choose SBI general insurance for comprehensive coverage and affordable prices. Health insurance is one of the most promising products of an insurance company.

Health insurance policies of SBI are framed to cover individuals and families against various health costs in the event of illness, disease, or accident. SBI’s health insurance plans are available for all and are affordable too.

The Insurer has the vision to become the most reliable general insurer in India and is committed to its mission of providing simple and innovative general insurance solutions, responding to customer needs, and creating a sustainable business for the future. 

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