SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%.

SBI General will be a technology driven company with state-of-the-art IT systems. It will be a multi-product, multi-segment and multi-channel company. SBI General is in the process of setting up a unique multi-distribution model encompassing Bancassurance , Agency, Broking & Retail Direct (On-line & Tele Sales) channels. Bancassurance will be the major channel during the initial years.

SBI General in course of time will introduce innovative and well-diversified portfolio of products at competitive prices & convenient to buy.

Long Term Home Insurance

Introduction :-

You spend your lifetime in dreaming about a home of your own. You take the help of financial

institutions to fulfil your dream. Along with the pleasure of fulfilling your dream come the liability

and the responsibility of paying for the same over the next few years. At SBI General, we make

things easy for you to protect your dream home. With SBI General's Long Term Home Insurance

Policy, you can truly enjoy the home you have just acquired.

Product feature :-

You can buy the policy upto a period of 30 years

In-built coverage for earthquakes

Benefits :-

SBI General's Long Term Home Insurance Policy provides a comprehensive solution for protecting your Home against any unpleasant surprises that life may throw at you.

It covers you against, the losses to the structure of the house due to any natural and man-made calamities

On additional payment, coverage against Terrorism can be opted

Coverage details :-

SBI General's Long term Home Insurance Policy is designed for covering loss or damage caused to the building used as residential homes due to fire and special perils. Covers destruction of or loss/ damage to the insured property by any of the following perils :

Fire

Lightning

Explosion / Implosion (excluding boilers , economizers, pressure vessels) Aircraft Damage

Riot, Strike & Malicious Damage

Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation

Impact Damage

Subsidence and Landslide including Rockslide

Bursting and/ or Overflowing of water tanks, apparatus and pipes

Missile Testing Operations

Leakage from Automatic Sprinkler Installations

Bush Fire

Earthquake (Fire & Shock)

Further, on payment of additional premium, Terrorism Cover can be opted.

Disclaimer: The above information is only indicative in nature. For details of the complete coverage please contact our nearest office and refer to the policy document.

Duration - The recommended Plan option is a minimum of 3 years as it will optimally protect your dream home against any eventualities. The maximum duration one can take is 30 years.

The rate of premium shall depend upon the Location and Period of Insurance Policy.

Exclusions :-

We would like you to be familiar with some of the major exclusions under the Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as transparent as possible

Major exclusions under the Policy are in respect of loss or damage due to:

Willful acts or gross negligence

Destruction/Damage by own fermentation, natural heating or spontaneous combustion

Explosion/Implosion damage to boilers, damage caused by centrifugal forces

Forest fire

War and nuclear group of perils

Unspecified precious stones, cheques, currency, documents, etc. unless specifically declared

Consequential losses

Theft during/after operation of peril

Pollution and contamination

Volcanic eruption or other convulsions of nature

Burning of Property by Public Authority

Electrical & Mechanical Breakdown

Motor Private Car InsuranceIntroduction :-

Life is one great balancing act. As you set to get the best out of life, you do encounter life's little road blocks like accidents & thefts. The best way to handle them is to just move ahead and enjoy the journey rather than get bogged down. With SBI General's Private Car Package Policy, you be in control no matter what the little road blocks that life throws at you.

Key features :-

This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with loss or damage to the Vehicle itself. The Policy also provides cover for:

Personal Accident

For an additional Premium, provides the following:

Additional Legal Liabilities towards Paid Driver and employee

Bi-fuel Kit Nil Depreciation

NCB Protection

Return to Invoice

Cover for Key Replacement

Loss of personal belongings

Coverage :-

This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with loss or damage to the Vehicle itself.

Third party liability: Protects against any legal liability arising out of the use of the vehicle, towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property.

Loss or damage to the vehicle:

The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:

Fire, explosion, self-ignition, accidental damage by external means

Any damage in transit by road, rail, inland waterway, lift, elevator or air.

Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.

Burglary, theft, riot, strike, malicious act & terrorist activity

Personal accident cover:

The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owners (available only if the owner of the vehicle holds a valid driving license) of the vehicle while driving. This is not applicable for a Company owned vehicle. Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs 2 lakh per person. You may also now opt for higher limits in Personal Accident cover.

Additional Legal liabilities:

The following additional legal liabilities may also be opted for at an additional premiumPaid driver employed in operation of vehicle.Employees travelling in/driving the vehicle other than paid driver.

Bifuel-Kit:

The CNG-LPG bifuel kit can also be covered by paying additional premium.

Nil Depreciation: On payment of additional premium Company will indemnify the Insured without deduction for

depreciation on parts in respect of approved partial loss.

NCB Protection:On payment of additional premium Company will maintain the No Claim Bonus (NCB) subject to following:

The vehicle is renewed with us. There was only one single such claim lodged in the entire Policy period. The insured vehicle is repaired in a Company Authorized Garage. The rate of NCB allowed at the time of renewal will be same that he was enjoying prior to the loss.

Return to Invoice: On payment of the additional premium, Company will pay the financial shortfall, if any, between the

amount Insured receives under section I of the Policy and the purchase price of the vehicle as

confirmed in the Invoice of Sale or current replacement price of new vehicle, whichever is less, in the event the insured vehicle is a Total Loss/CTL following an accident or stolen during the period of insurance and not recovered. The Company will also reimburse the first time registration charges and road tax which the Insured had incurred on the insured vehicle. Provided that, insured vehicle is not more than 2 years old from date of invoice/date of registration whichever is earlier on the commencement date of the Policy.

Cover for Key Replacement:

On payment of additional premium Company will reimburse the cost of replacing the vehicle keys subject to following:

In case of lost or stolen keys, all other duplicates of the lost or stolen keys are to be deposited with the Company

In case the vehicle lock is broken at the time of burglary or attempted burglary, the entire set of old keys are to be deposited with the Company

The Company is provided with a copy of FIR lodged with Police by the Insured confirming the date and time of the incident

The replacement should be carried out in a Company Authorized Garage. Each such replacement claim shall be subject to 10% co-share of the total cost of replacement

subject to a minimum of Rs 500/- , by the Insured. Any items replaced under this Endorsement, will be of the same type, quality, quantity, or standard

as the ones which were lost, stolen or replaced. The Reimbursement under this endorsement will be allowed only once during the Policy period.

Loss of Personal Belongings:

On payment of additional premium Company will make an allowance to the Insured for loss of personal belonging of Insured caused by perils as per Policy wordings and subject to following:

This Endorsement covers the personal belongings of the insured only Personal Belonging for the purpose of this Endorsement means, items such as clothes and other

articles of personal nature likely to be worn by the Insured including jewelleries, and/or used or carried by him like Mobile, Laptop, Audio/Video tapes, CD's, but excludes money, securities, cheques, bank drafts, debit or credit cards, travel tickets, paintings, curios and items of similar nature.

The Company is to be provided with a copy of FIR lodged with Police by you confirming the date and time of the incident and the articles lost.

Any claim under this Section is subject to the precondition that there is a valid own damage or Key replacement claim in respect of the insured vehicle already admitted by the Company under the Policy

The maximum amount payable under this Policy is Rs 50,000/- during the Policy period. Each claim is subject to a deductible of Rs 5000/- for Laptop and Jewelleries and Rs 2500/- for Mobiles and Rs 500/- for the rest.

Bonus :-

No Claim Bonus

If you do not make a claim during the Policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy.) Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company.

Other Discounts

Voluntary Excess discount: A further discount on the premium is available if you opt for a Voluntary Excess in addition to the Compulsory Excess. (All Policies carry Compulsory Excess amount which is deducted from the claim amount payable)

Exclusions :-

Any loss/damage to the vehicle and/or its accessories will not be covered if caused by the following-

Normal wear, tear and general ageing of the vehicle

Depreciation or any consequential loss

Mechanical/ electrical breakdown

Vehicle being used otherwise than in accordance with limitations as to use

Damage to / by a person driving the vehicle without a valid license

Damage to / by a person driving the vehicle under the influence of drugs or liquor

Loss / damage due to war, mutiny or nuclear risk

Money Insurance

Introduction :-Every successful business be it a medium enterprise or a SME, needs complete protection against potential loss. In business, handling money, be it in transit or in cash counters or in your safe often causes anxiety for everyone. Incidence like burglary or theft make you feel helpless. SBI General Insurance can help you successfully overcome these situations and put you firmly in control of your business and dream of making it big. With SBI General Money Policy, you can safeguard your Money no matter where it is.

SBI General's Money Policy is targeted at all businesses - small or large and across all segments and industries. The SBI General's Money Insurance Policy is a product that may be purchased as a distinct stand-alone product, or, when purchased within a suite of SBI General policies, can provide very extensive coverage.

Key features :-

Variable sum insured limits available to cover different sitatuations or needs.

Money cover available as follows:

In transit

On premises during business hours

In a safe or strong-room

Optional cover for value of safe

Broad definition of "Money"

Money means cash, bank drafts, currency notes, treasury notes, cheques, postal orders, money orders and current postage stamps, revenue stamps, court fee stamps and the like belonging to the Insured.

Coverage :-

SBI General Money Policy covers theft of money (as defined) or loss, destruction or damage caused by an accident, not otherwise excluded

Product features :-

A series of automatically provided additional benefits will be included within standard policy coverage

Bank Holiday increase - automatic increase in limits (with no additional premium charge) on the next business day following bank holiday

Automatic reinstatement of the sum insured to the originally selected level, following a loss, upon payment of the appropriate pro-rata additional premium once during any one period of insurance

Lump sum benefit for death or injury resulting during theft or attempted theft

Exclusions

We would like you to familiarized with some of the major exclusions under Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as transparent as possible.

The Company shall not be liable in respect of any loss :

Due to robbery, theft, fraud, dishonesty or collusion by any employee or agent of the Insured;

Arising out of shortages due to clerical or accounting errors, omissions, depreciation or direct or indirect consequential loss of any kind

Occurring elsewhere than within the Geographical Area specified in the Policy;

Resulting from confiscation, detention, rationalization, requisition or willful destruction by any government, public, municipal, local or customs authority

On the premises which at the time are closed unless the Money is in a locked safe or strong-room and all openings (including all doors leading to the safe or strong room) of the premises are fully secured

Loss from a safe or strong room following use of the safe or strong room key(s) or any duplicate thereof belonging to the Insured unless this has been obtained by threat or by violence to the person in custody of the key(s)

Money whilst unattended or from unattended vehicles

Due to the use of counterfeit Money

Damage cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.

SBI LIFE – GROUP CRITI9

Introduction  

SBI Life - Group Criti9 is a traditional non participating Group Health Plan. This plan provides protection against 9 critical illnesses where Sum Assured is paid in lump sum on diagnosis of any one of covered critical illnesses. So provides you money at time when you need it

Key Features:

• Simultaneous safety and protection against 9 Critical Illnesses

• Simplified joining process

• Guaranteed renewability till 65 years of age

• Tax benefit under section 80D of IT Act#, 1961

Critical Illnesses covered: • Cancer

• Heart Attack (Myocardial Infarction)

• Stroke

• Coronary Artery Bypass Surgery

• Kidney Failure (End Stage Renal Disease)

• Major Organ Transplant

• Coma

• Multiple Sclerosis

• Heart Valve Surgery

Eligibility: This plan is offered to different groups like employee-employer relationship, credit life groups, customers of bank / financial institutions, depositors groups etc.

SBI Life will issue a Group Master Policy to the Group Master Policyholder based on details contained in the proposal form. Group Members may be enrolled either on a voluntary or compulsory participation basis as decided by master policyholder. Group Size: •Minimum 50 members Age: •Entry from minimum age of 18 yrs till the maximum age of 55 yrs. Sum Assured: •Sum assured can be selected in the following ways:  • Uniform for all members

  • As a multiples of salary

  • As grade wise cover

 Minimum sum assured is Rs. 25,000/- and maximum sum assured is Rs. 500,000/-.

Benefits:   Sum Assured is payable in one lump sum on diagnosis of any one of covered critical illness provided: •Survival for a period of 30 days after the date of diagnosis

•Submission of necessary documents

Waiting Period:

The insured member can avail the benefits after 90 days of the date of commencement or date of revival

SBI LIFE – HOSPITAL CASH

Introduction  Good health is the most valuable asset that we have, but nowadays with increasing levels of stress, negligible physical activity and changing lifestyle our vulnerability to diseases is increasing at an alarming pace. The cost of healthcare is rising everyday and more than the cost of your treatment, indirect costs like - hospital room rent, nursing expenses, post discharge expenses, recuperating expenses, ambulatory charges etc account for a major part of the overall cost incurred. Lack of sufficient savings or a suitable health policy may force you to compromise on the quality of medical treatment. We feel you certainly deserve better. SBI Life - Hospital Cash is a comprehensive plan that covers not only hospitalization expenses but also other incidental costs. This plan offers you complete freedom from worries.

 

What is SBI Life - Hospital Cash:

This plan helps you keep your savings untouched in case of medical emergencies by paying you a fixed Daily Hospitalization Cash Benefit and an ICU benefit that is twice of daily cash benefit, irrespective of your hospital bill. This amount helps to pay for any kind of expenses incurred before, during or post hospitalization. We care for you and your loved ones! To aid your family in crisis we provide you with Family Care Benefit feature and family discount benefit.   

 

Key Features: 

• 100% payout from day one of hospitalization without any deductible

• Coverage of Pre-existing diseases after 2 years

• Guaranteed coverage up to 75 years

• Premium guarantee for 3 years

• Enhanced sum assured and increased payouts on each policy anniversary in case of No claim

• Tax benefit on premium paid under sec 80 D of IT Act^. 

 

Eligibility: 

This policy can be taken for Self /Spouse/Parents/ Parents in-law and dependent children.For children between age of 1 year-17 years to be covered at least one of the parents has to be insured under the same policy.

Minimum age at entry for the proposer on last birthday 18 years

Minimum age at entryFor Dependant Child 1 year

For Adult 18 years

Maximum age at entry

For Dependant Child 24 years

For Adult65 years for a new policy

72 years for a renewed policy

Max age at maturityFor Dependant Child 27 years

For Adult 75 years

Fixed Policy Term 3 years

Note: All ages are as on Last Birthday

       

 

Scale of Benefits: 

BENEFITS

Sum Assured per Annum(Rs) 2 Lakhs 3 Lakhs 4 Lakhs 5 Lakhs

Daily Hospitalization Cash Benefit(Rs/day) Rs 2000 Rs 3000 Rs 4000 Rs 5000

Daily ICU Benefit(Rs/day) Rs 4000 Rs 6000 Rs 8000 Rs 10,000

Family Care Benefit(Rs) Rs 10,000 - Lump sum per policy year

Waiting Period:

Hospitalization due to any illness within the first 30 days from the date of commencement of the cover or date of joining for a new member in the family policy is not covered except for those arising out of accident(s) which occur during the policy period.

Marine Cargo Insurance

INTRODUCTION :-

We are living in a world of Boundryless Business. As you continue to expand the business horizon, you are also increasingly exposed to the risks that are associated with transit of goods. Your biggest challenge is to put in place a suitable Risk Management, so that you can confidently move ahead fulfilling your dream of expanding your business horizon.

SBI General Insurance can help you to successfully overcome these situations and put you firmly in control. With SBI General's Marine Cargo Insurance Policy you can safeguard yourself from risks associated with transit of goods.

KEY FEATURE :-

The policy provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points either by Sea / Air / Rail / Road / Courier.

COVERAGE :-

The Policy covers any accidental loss or damage to the cargo described in the Policy schedule whilst in transit by perils named in institute clauses

Type of Coverage under marine cargo insurance is determined by the mode of transport and requirements of customers as given below:

Transit by Sea / Inland Waterways / Coastal Waters

Coverage provided under this type will be as per institute clauses which are uniformly used in international markets. Three types of coverage are offered for such transit:

All Risk Institute Cargo Clause "A" (Cargo)

Basic Cover Institute Cargo Clause "B" (Cargo)

Fire & Lightning Institute Cargo Clause "C" (Cargo) Transit by Air - Coverage provided for transit of goods by air is on "All Risk" basis as per Institute

Cargo Clause (Air).

Transit by Rail / Road - Coverage provided for inland transit of goods is classified in to three categories:

All Risk - Inland Transit (Rail / Road) Clause "A"

Basic Cover - Inland Transit (Rail / Road) Clause "B"

Fire & Lightning - Inland Transit (Rail / Road) Clause "C"

Transit by Registered Post / Courier - Coverage for transit of goods by Registered Post / Courier etc will not be provided on standalone basis. Such coverage shall be granted in conjunction with transit by Sea / Rail / Road / Air.

EXCLUSIONS :-

We would like you to be familiarised with some of the major exclusions under the Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as transparent as possible. This Policy does not cover the following:

Loss, damage, expense attributable to wilful misconduct of insured.

Ordinary (inevitable) Losses

Loss, damage, expense caused by inherent vice

Loss, damage, expense caused by insufficient, unsuitable or defective packing or preparation of goods. 'Packing' includes stowage in container or lift van but only when such stowage is done prior to attachment of insurance or by the insured or their servants.

Loss, damage, expense proximately caused by delay, even if delay be caused by a risk insured against

Loss, damage, expense arising from insolvency or financial default of owners, managers, charterers or operators of the vessel.

Nuclear Weapons Risk

War Risk Exclusion

Loss, damage, expense caused by or resulting from strikes, lockouts, labour disturbances, riots,

civil commotions or caused by any person Loss, Damage, Expense arising from –

-Un Seaworthiness of vessel or craft

-Unfitness of vessel, Craft, Conveyance, Container, and Lift

-Van for Safe Carriage of interest insured.

-Where the assured or their servants are privy at the time of Loading.

SBI Life Flexi Smart Insurance

SBI Life Flexi Smart Insurance Plan Review 

SBI Life – Flexi Smart Insurance Plan is a traditional endowment Life Insurance Policy where the nominee would

receive both the Sum Assured and the balance of the Policy Account, which is invested, as Death Benefit. On

Maturity the policyholder would receive the balance of the Policy Account plus Terminal Interest that is declared.

 

Our Advice –SBI Life – Flexi Smart Insurance Plan helps the customers to save and invest their money in a

guaranteed return investment opportunity along with some flexibility like premium holiday, top up, etc.

 

 

Key Features of SBI Life Flexi Smart Insurance Plan 

         This plan has a Guaranteed Interest Rate of 2.5% p.a. for the entire policy term + Interim Interest Rate that will

be guaranteed for that year + Additional Interest Rate.

         Sum Assured can be increased or decreased at any time

         There is an option of 1 to 3 years of Premium Holiday during the policy tenure.

         This policy has a feature of Top Up premiums that can be paid.

 

 

Benefits you get from SBI Life Flexi Smart Insurance Plan 

Death Benefit – In case of death of the Life Insured, the nominee would get

         Death Benefit which is Balance of Policy Account at the time of death intimation + Sum Assured.

         In case of death of Life Assured, when Policy is in Premium Holiday mode, Death Benefit will be Balance of

Policy Account at the time of death intimation + Sum Assured MINUS unpaid risk premium component along with

applicable taxes.

 

Maturity Benefit – On maturity, the balance Policy Account + Interest Declared is paid to the policyholder.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable

income each year under section 80C

 

 

Eligibility conditions and other restrictions in SBI Life Flexi Smart Insurance Plan 

  Minimum Maximum

Sum Assured (in Rs.) 10 X Annualized Premium 20 X Annualized Premium

Policy Term (in years) 10 20

Premium Payment Term (in years) Equal to policy term

Entry Age of Policyholder (in years) 8 60

Age at Maturity (in years) NA 70

Single Premium (in Rs.) NA NA

Payment modes Yearly, Half Yearly, Quarterly and Monthly

 

Sample illustration of premium amount in SBI Life Flexi Smart Insurance Plan 

Premium = Rs.25,000

Age = 30 years and 40 years

Policy Term = 20 years

PPT = Regular Pay

Sum Assured = Rs 5,00,000

Total Investment = Rs 25,000 X 15 years = Rs 5,00,000

 

  Additional Features and Benefits of SBI Life Flexi Smart Insurance Plan 

Riders – There are no riders available in this policy

 

Top-up

Minimum Top Up amount is Rs 2,000 and at any point of time during the policy term, the total top-up premium paid

shall not exceed the sum total of regular premiums paid at that point of time

 

 

What happens if? 

You stop paying the premium before 3 years - If the policy holder stops paying the premium, the insurance cover

will cease and the policy is converted to a Paid Up Policy. The policy can however be revived within 12 months from

the date of first unpaid Premium. If the policy is still not revived with 12 months, then the Surrender Value will be paid

on the first working day of the fourth policy year.

 

You stop paying the premium after 3 years - If the policy holder stops paying the premium after 3 years, then also

the policy has 12 months of time for revival. If the policy is still not revived with 12 months, then the Surrender Value

will be paid and the policy would be terminated.

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 3 years,

then the Surrender Value will be paid only after completion of 3 years. There is a 2% charge in the 4 thand the 5th year.

There is no charge levied for surrender after completion of 5 policy years.

 

You want a loan against your policy - There is no loan available under this plan.

 

 

Alternate Endowment Plans from different insurance companies 

IndiaFirst Secure Save Plan

ICICI Prudential GSIP

HDFC Life Sampoorn Samridhi Insurance Plan

 

 

Other Endowment Plans from SBI Life Insurance 

SBI Life – Money Back

SBI Life – Sanjeevan Supreme

SBI Life – Shubh Nivesh

SBI Life – Saral Life