SBI Life Insurance announced its entry into the health insurance segment with the launch of its 'Hospital Cash' plan, which provides a fixed daily allowance to policyholders for each day of hospitalization.
The Hospital Cash plan guards against the erosion of policyholders' accumulated savings on account of medical bills by providing a fixed daily allowance to the insured person for every day of hospitalization, irrespective of the hospital bill amount.
The plan is available for a fixed policy term of 3 years and offers the flexibility of premium payment options, with collection on a yearly, half-yearly or quarterly basis. The cover can be renewed till the age of 75 years.
Hospital Cash's Daily Hospitalization Cash Benefit (DHCB) provides policyholders with a 100 per cent fixed payout from the first day of hospitalization without any deductions. Furthermore, in case the insured person is admitted into an ICU, the amount receivable by the policyholder is twice that of the DHCB.
An additional fixed lump sum of Rs 10,000 is payable to policyholders covering two or more family members under the plan in case the insured person is admitted to the ICU.