SBI General Insurance has rolled out an affordable health insurance plan in collaboration with State Bank of Travancore (SBT) for its customers.
A statement by SBI General was quoted by PTI as saying, "SBI General Insurance and SBT jointly announced the launch of SBI General’s Group Health Insurance Policy exclusively for SBT account holders and their families."
In order to purchase the new health care plan, a 35-year-old customer will have to pay INR1,300 ($20.76) per year to have a INR100,000 ($1597) cover which translates into INR3.56 per day.
The policy offers multiple coverage options, no pre-policy medical test up to age of 65 years for people with no medical history, 142 day care procedures covered, guaranteed renewal upon option.
The plan also offers coverage of pre and post-hospitalization expenses, uses transparent claim process and cashless treatment across more than 3,000 hospitals in the network.
SBT DMD-OSD Jeevandas Narayan was quoted by PTI as saying, "With the cost of treatment increasing by 15-20 per cent a year, it is going to make a serious dent in the middle class household budget. SBI General’s Health Insurance Policy provides a much-needed cushion with its affordable premium."
SBI General Insurance managing director and CEO Bhaskar Sarma said that India has one of the highest out-of-pocket health care expenditures in the world, which is one of the major reasons that India’s poor incur debt is the cost of health.
"What we really need is a health insurance which is priced just right and affordable for the vast majority of people. Health insurance that is affordable is the key for penetrating further in semi-urban and rural areas.
SBI General’s Health Insurance Policy is designed to protect the happiness of the family with its affordable premium," Sarma added.