SBI Life Insurance has announced a
foray into the health insurance segment with the launch of its ‘Hospital Cash’
plan, which provides a fixed daily allowance to policyholders for each day of
hospitalisation.
The Hospital Cash plan guards against the
erosion of policyholders’ accumulated savings on account of medical bills by
providing a fixed daily allowance to the insured person for every day of
hospitalisation, irrespective of the hospital bill amount, SBI Life said in a
statement today.
“Our foray into health insurance is aimed at
addressing the issues of rising healthcare costs and acute under-penetration of
health insurance in India,” SBI Life MD & CEO, Mr M.N. Rao, said.
The plan is available for a fixed policy
term of three years and offers the flexibility of premium payment options, with
collection on a yearly, half-yearly or quarterly basis. The cover can be
renewed till the age of 75 years.
Hospital Cash’s Daily Hospitalisation Cash
Benefit (DHCB) provides policyholders with a 100 per cent fixed payout from the
first day of hospitalisation without any deductions.
Furthermore, in case the insured person is
admitted into an ICU, the amount receivable by the policyholder is twice that
of the DHCB.
An additional fixed lumpsum of Rs 10,000 is
payable to policyholders covering two or more family members under the plan in
case the insured person is admitted to the ICU. The product would also be made
available for subscription online.
SBI Life has a market share of 21.6 per cent
among the private life insurers and a total market share of 6 per cent.
SBI Life Insurance is a joint venture
between State Bank of India
No comments:
Post a Comment