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SBI Launches Health Plan for its Account-holders

by Vanessa Jones on March 12, 2015 at 12:51 PM
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SBI Launches Health Plan for its Account-holders

SBI General Insurance offers an affordable product SBI General Group Health Insurance Policy for all SBI bank customers and aims at giving all customers a comprehensive and affordable health insurance in all 2 tier and 3 tier cities.

It is available with Individual and Family Floater option and offers a host of benefits. This policy does not require a medical test up to the age of 65 years and has a 1-year waiting period for specified diseases. Pre-existing diseases are covered after 4 years, there is a lifelong renewal guarantee for the policy with a grace period of 15 days.The premium paid is exempt from Income Tax under section 80D. It will cover pre and post hospitalization expenses and provides cashless treatment at over 3,000 network hospitals. This policy is available in all 23,000 branches of SBI and its Associate Banks.

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Bhaskar Sarma, MD &CEO, SBI General Insurance said, "In India where less than 15% of the population has some form of health insurance coverage, there is an urgent need to ramp up the health insurance coverage in the Country. The need of the hour is affordable health insurance that can be easily understood and is available to all. In times of rising health care costs, a sudden illness or injury can leave anyone financially devastated and highly stressed. With SBI General's affordable Group Health Insurance Policy customers are covered from any financial exigencies rising out of medical emergencies."

Less than 15% of India's 1.1 billion people are covered with health insurance. Over 80% of health financing is private financing, most of which is out of pocket payments and not by any pre-payment schemes - one of the highest in the world.
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Health insurance is not a priority investment in India; Customers are yet to accept health insurance as a financial tool for medical emergencies. They usually procrastinate when it comes to buying health insurance unless faced with an emergency. Customers are fully aware of the benefits health insurance entails and believe it to be a wasteful expenditure. SBI General Group Health Insurance Policy is an attempt to overcome this concern with low premiums, a comprehensive cover and ease of buying.

Source: Economic Times

Source: Medindia
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