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| SBI launches health insurance plan | | | EARLY TIMES REPORT
JAMMU, Sept 6: State Bank of India Life Insurance launched a health insurance plan ‘Hospital Cash’, here today.
Briefing the media persons about the product of the company Managing Director M N Rao said that the plan guards the erosion of policyholders’ accumulated savings, in case of medical emergency, by way of providing fixed daily allowance to the insured for every day of hospitalization irrespective of the hospital bill amount.
He elaborated that the 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.
Rao added that 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” he added.
He maintained that the 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.
Rao said that 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 adding that 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.
Rao also said that the 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%.
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