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SBI General Insurance has launched a group health insurance product exclusively for the customers of State Bank of India (SBI) and its associate banks. This would be available at the 20,000 plus branches of the SBI network for all its bank account-holders.
SBI General's Group Health Insurance Policy (for Individuals & Family) has no pre-policy medical test up to the age of 65 years for people with no medical history and has a one-year waiting period for specified diseases (Pre-existing diseases covered after 4 years)
The product provides coverage of pre and post hospitalisation expenses, 30 days before and 60 days after the hospitalisation. The size of the coverage is from Rs 100,000 up to Rs 500,000. The minimum age of entry for SBI General's Group Health Insurance Policy is 18 years. However, children from the age of 3 months can be covered subject to either one of the parents concurrently covered with SBI General's Group Health Insurance Policy.
Steve Hollow, deputy chief executive officer, SBI General Insurance said that this not only provides an opportunity for better penetration, but would also help the population in Tier II, Tier III cities to get access to a well-priced health product.
Currently SBI General's Group Health Insurance Policy is available for a one year period only, though there is renewal guaranteed if opted for. Even if multiple policies are taken through one or more than one account with SBI for any reason, the liability will be restricted to only one policy with the highest Sum Insured.
In case of a Joint account, two separate policies may be issued in case both the account holders opt for respective Individual policies. However, only one policy will be allowed if Family Floater option is opted which can be extended to the family of any one of the joint account holders as per family definition.
This policy also provides coverage for covers for surgery procedures hospitalisation for specified procedures like Dialysis, Chemotherapy, Radio therapy, Eye Surgery, Dental Surgery (due to accident) among others.
However, SBI General would not be liable under the policy in respect of payment towards treatment taken due to any condition, ailment or injury for which one has been diagnosed, received medical treatment, had signs and / or symptoms, prior to inception of the first policy, until 48 consecutive months have elapsed, after the date of inception of the first policy with them. Also, any disease contracted during the first 30 days of commencement of the policy are excluded.
Hollow said that the product is designed for the mass market.. "This has been developed only for the SBI channel and we will continue to develop products for the bancassurance channel, including Regional Rural Banks," he said.
