SBI Life Insurance, India’s largest new generation life insurer, has launched a health insurance plan – Hospital Cash. The plan guards the erosion of policyholders’ accumulated savings, incase of medical emergency, by way of providing fixed daily allowance to the insured for every day of hospitalisation irrespective of the hospital bill amount. Expenses incurred before, during and after discharge are covered through this allowance. Hospital Cash is available on online platform in addition to the company’s extensive multi-distribution network.
M. N. Rao, MD & CEO, SBI Life said “Providing holistic, health and wealth protection, solutions to all customer segments, our foray into health insurance is also aimed at addressing the issues of rising health care costs and acute under penetration of health insurance in India. As a consequence of accelerated usage of internet, in the recent years, the availability of health product on online platform will offer our customers added convenience and choice supplementing our existing robust multi-distribution network”.
Hospital Cash’s Daily Hospitalisation Cash Benefit (DHCB) provides policyholder hassle free advantage of receiving 100% fixed payout from first day of hospitalization without any deductible. Further, incase the insured is admitted into an ICU, the amount receivable to the policyholder is twice that of DHCB. Additional fixed lump sum of Rs. 10,000 is payable to policyholders covering two or more family members under the plan. Bonus upto 40% of enhanced Sum Assured without increase in premium, discount of 2.5% on premium on renewal of policy, family rebates upto 10% and premium guarantee for three years are additional features of the plan.
Customer can opt to buy the Hospital Cash conveniently on www.sbilife.co.in through five easy steps by making the payment through internet banking account or credit card. The plan can be bought completely online as no physical documentation is required. In addition to the online platform, the plan will be available through SBI Life’s 80,000 Insurance Advisors, more than 18,000 State Bank branches and Corporate Agents.
The plan is available for a fixed policy term of three years and flexibility of premium payment options including yearly, half–yearly and quarterly mode of frequency. The coverage can be renewed till 75 years of age at Maturity.
SBI Life ranks number one amongst private players, as per the latest IRDA report, July 2011. The company has a market share of 21.6% among private life insurers and a total market share of 6%.