SBI General Insurance tweaks premium rates for select health insurance products; check details

Leading insurer SBI General Insurance has announced a revision in premium rates for specific health insurance products, effective February 1, 2025. The updated rates have been tailored to meet evolving healthcare needs and regulatory changes designed to enhance access to health insurance benefits. These adjustments will be applied to five key products, ensuring ongoing financial security for policyholders against growing medical expenses.

The affected schemes are Arogya Sanjeevani Policy, SBI General Insurance Company, Arogya Sanjeevani Policy, SBI General Insurance Company, Arogya Sanjeevani Policy, SBI General Insurance Company Limited – Micro Insurance Product, , Arogya Sanjeevani Policy, SBI General Insurance Co. Limited – Group - Micro Insurance Product, and Arogya Top-Up Policy.

The modifications align with recent regulatory mandates, such as a reduction in the waiting period for pre-existing conditions from 48 to 36 months and a decrease in the moratorium period from 8 years to 5 years. These alterations aim to facilitate faster access to benefits for customers, underscoring SBI General’s dedication to offering adaptable and dependable health insurance solutions that cater to the dynamic healthcare environment.

 “Accessible health coverage is essential, especially with rising healthcare costs and lifestyle-related illnesses. This premium adjustment helps us maintain our commitment to high-quality, affordable solutions that safeguard our customers’ financial well-being through life’s uncertainties,” said Subramanyam Brahmajosyula, Chief Product & Marketing Officer, SBI General Insurance.

Last month, SBI General Insurance introduced the 'SBIG Health Super Top-Up' policy as an additional layer of protection for policyholders beyond their basic health insurance coverage. This comprehensive health insurance plan is available in two variants, with sum insured options ranging from Rs 5 lakh to Rs 4 crore. With features like global coverage and a cumulative bonus that increases over time, this policy offers significant value to customers.

Claims under the 'SBIG Health Super Top-Up' policy are settled once the primary health insurance coverage is exhausted or when expenses exceed the deductible amount. This policy is ideal for group and retail health customers, as well as High-Net-Worth individuals seeking comprehensive coverage.

SBI General Insurance H1 results

SBI General Insurance saw a significant increase in profit after tax for the first half of the current financial year, reporting a growth of 591% to Rs 414 crore compared to Rs 60 crore in the same period last year. The company also showed robust overall business growth, with gross written premium (GWP) increasing by 16.1%, outpacing industry growth of 7%. The solvency ratio stood at a healthy 2.26 times, well above the minimum regulatory requirement of 1.50 times, indicating strong financial stability. The strong performance in the Motor, Health, Engineering, and Marine Cargo segments drove the company's growth in H1 FY25. 

While SBI General Insurance shares are not currently listed on exchanges, key shareholders include the State Bank of India with a 69.96% stake and Napean Opportunities holding 16%.