All policyholders should be aware that SBI General Insurance Company plans to withdraw its Arogya Plus policy on October 5, 2024. This policy will not be accessible to the clients after this date.
Important Notice for Policyholders
As insurance firms are required to tell their clientele at least 90 days prior to a policy being withdrawn, it is important for Insurance providers to ensure that policyholders have enough time to make necessary adjustments to their policies.
Options for Current Policyholders
For the holders of an Arogya Plus policy, these options are transferring to other health insurance policies with SBI General Insurance Company, which include the comprehensive Super Health Insurance policy or other individual health insurance products of the company including the Standard Product.
What Was Arogya Plus?
The Arogya Plus Policy was a health policy that offered benefits up to a certain sum insured with a fixed premium rate that remained unchanged. The insured person’s age and the family’s composition had no impact on the premium’s value. The policy came in three forms:
1. Individual Basis: Coverage was available for one single individual.
2. Family NonFloater Basis: Each member of the family was covered separately.
3. Family Floater Sum Insured Basis: There was a single coverage amount which could be used by any family member.
The policy also had no limitations on room rent or the insured’s age.
Why Is the Policy Being Withdrawn?
SBI General Insurance stated that the withdrawal of Arogya Plus is part of their strategy to analyze and improve all of their product offerings, which will allow them to better serve the needs of their customers.
About Super Health Insurance
Super health insurance has an incredibly expansive list of benefits meant to cover all the hospital and medical expenses a person may accrue over time. The standout features comprise of the following:
Broad Coverage for Let-Go Procedures or Surgeries: A client is covered for any medical treatment or surgical procedures that can be performed without the need for an overnight hospital stay.
Preventive Health Check-Ups: Health checkups are included in the policy to ensure that any potential health issues are flagged during an early stage of their development.
Claim Shield Provisions: This assists in protecting your claims history.
Covers Non-Medical Expenses: His/Hers attendant fees are included, which under most healthcare policies are considered non-claims expenses.
Re-insure Benefit: A refined feature that ensures unlimited sums insured refills at no extra charges whatsoever.
These features ensure that Super Health Insurance coverage products are rich in features that focus not only on reimbursement but also on customer retention. The Super Health Insurance policy is designed to provide various options with superior quality of health care at the lowest possible prices to cater to more customers.
SBI General Insurance Company Overview
Founded in 2009, SBI General Insurance has over 143 branches located throughout India. The firm has shown remarkable development with a growth rate of nearly 16% in Gross Direct Premium Income (GDPI) for the fiscal year 2024, which now stands at Rs 12,553.57 crore. This has resulted in a marginal growth of market share from 4.22% in the last fiscal year to 4.33% in FY24.
To better meet the needs of their customers, SBI General Insurance has decided to withdraw the Arogya Plus policy. Policyholders will be facilitated to transfer to other comprehensive health insurance policies which offer broader coverage and benefits. The company is continuing to grow and expand into new markets, allowing it to serve more customers effectively.
With these steps, SBI General Insurance intends to restructure the value and effectiveness of their services in order to offer better protection and comfort to their policyholders.
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