Pradeep Gaur/Mint
Pradeep Gaur/Mint

SBI General’s Health Insurance Policy-Retail

It is a basic health insurance policy that pays for your hospitalization expenses.

It is a basic health insurance policy by SBI General Insurance Co.Ltd that pays for your hospitalization expenses.

What do I get?

It broadly covers hospitalization expenses, certain specified daycare procedures and pre- and post-hospitalization expenses. In case of hospitalization due to an accident, the policy cover increases by 25% of the balance sum insured up to a maximum of 1 lakh. This benefit, however, is available only once during the policy period. This policy also pays for alternative treatment. For ayurvedic treatment, the policy allows a cover of 15% of the sum insured up to a maximum of 20,000. For homeopathic and Unani treatment, the cap is 10% or 15,000 whichever is less. Even as the policy offers a sum insured of up to 5 lakh, it restricts the sum incurred to 2 lakh for senior citizens who are first-time buyers. This policy is renewable for lifetime.

Watch out for

This policy comes with sub-limits. The sub-limit of room rent is restricted to 1% of the sum insured and 2% in case of intensive care unit. Beyond that, there is a sub-limit on consultant and specialist fees of upto 40% of the sum insured. Another 40% sub-limit is applicable on other charges such as anaesthesia, blood, oxygen, operation theatre charges and surgical appliances. Even pre- and post-hospitalization charges have a sub-limit of 10% of the sum insured. Further, on the treatment of cataract there is a sub-limit of 15% upto a maximum of 25,000.

In case you choose a hospital that doesn’t fall in the network of the insurer, not only will you have to get your costs reimbursed as is the norm but you will also have to pay 10% of the bill yourself.

Mint Money take

This policy has too many sub-limits making it a complicated plan. For instance, if you want a plan that offers full sum insured all over India you will pay the highest premium compared with a plan that restricts the liability of the insurer to 70% of the sum insured in Mumbai and New Delhi and 80% in Chennai, Kolkata, Bangalore, Ahmedabad and Hyderabad. For instance a 35-year-old will pay a premium of 6,392 for a sum insured of 5 lakh for a cover all over India. But if you choose a plan that gives a lower sum insured in the metros and other big cities, then the premium will come to about 5,229. Even at this price it’s not the cheapest in the market.

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