SBI General Insurance Company is a leading name in the general insurance industry. Backed by the State Bank of India, one of the largest banks in India, the company enjoys a good reputation in the industry. SBI General Insurance Company offers a range of general insurance policies for both individuals as well as corporates. Personal accident policies are also offered by the company to its customers. Let’s understand the personal accident policy offered by the company in details –
SBI General Insurance offers two types of personal accident insurance plans. One is the individual personal accident policy which covers individuals and the other is the group personal accident policy which covers a group of individuals. SBI accidental insurance plans cover accidental deaths and disablements. If the insured dies in an accident or becomes disabled in an accident, the policy would pay a fixed specified benefit. This is a fixed benefit plan which pays a fixed amount of claim in the event of a contingency and the claim amount does not depend on the actual financial loss that you suffer.
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A personal accident policy proves to be useful because of the following reasons –
Given these reasons, a personal accident insurance policy proves to be quite useful.
As mentioned earlier, SBI General Insurance offers two types of personal accident plans. These plans are as follows –
This SBI accidental insurance plan is a comprehensive personal accident policy which not only covers accidental deaths and disabilities but also the loss of income that you suffer consequently. The salient features of Individual Personal Accident Insurance Policy are as follows –
Coverage under the policy is allowed for the following contingencies –
The coverage under this SBI accidental insurance plan would depend on the coverage table that you choose. Moreover, in addition to the coverage provided by the chosen table, you can also opt for additional coverage benefits through policy add-ons. The add-ons available under the SBI accidental insurance plan are as follows –
Under this add-on, a daily allowance of INR 1000 to INR 3000 would be paid if you are hospitalised due to an accident and your hospitalisation exceeds 24 hours.
This add-on covers the cost of a road ambulance or an air ambulance which might be needed to transport you to the hospital after an accident or to transport a dead body from the hospital to the residence of the insured. Coverage is allowed for up to 10% of the sum insured subject to a maximum of INR 1 lakh
Eligibility conditions of Individual Personal Accident Insurance Plan
Adults – 18 years to 65 years
Children – 3 months to 23 years provided that at least one parent is also covered under the plan
Minimum – INR 1 lakh
Maximum – INR 1 crore
Term of the plan
Depends on age, coverage amount and the coverage benefits selected
This SBI accidental insurance policy is for a group of individuals who are members of recognized groups. The salient features of the policy are as follows –
Eligibility conditions of SBI General Group Personal Accident Insurance Policy
18 years to 65 years
INR 2 lakhs, INR 4 lakhs, INR 10 lakhs or INR 20 lakhs
Term of the plan
Sum insured INR 2 lakhs – INR 100
Sum insured INR 4 lakhs – INR 200
Sum insured INR 10 lakhs – INR 500
Sum insured INR 20 lakhs – INR 1000
Exclusions under SBI accidental insurance plans
Under both SBI accidental insurance plans, there are specific exclusions in which cases the claim is not paid. If the insured faces accidental death or disability due to such exclusions, the claim would not be paid. The common exclusions under SBI accidental insurance plans include the following –
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SBI accidental insurance plans are available on the offline mode. You can buy the policy offline through any of the following ways –
You can visit the branch of the company which is nearest to your home or your office and apply for an SBI accidental insurance policy from the company. You would have to fill up a policy proposal form, provide all the relevant details, submit some relevant documents and pay the premium. Once the proposal form is submitted with the premium, the insurance company would underwrite the policy. After successful underwriting, the policy would be issued.
SBI General Insurance Company has numerous agents tied-up with it who sell SBI general insurance plans. You can, therefore, find and get in touch with any agent of the company. The SBI accidental insurance policy can then be bought from the SBI agent. You would have to fill up a proposal form with your details and provide your documents to apply for the policy. The policy premium should also be paid at the time of application. Once the policy is applied, the company would underwrite the application and issue the policy if everything is found to be in order.
Though SBI accidental insurance policy cannot be bought online, you can request for the company’s assistance online to buy the plan offline. Just visithttps://www.sbigeneral.in/portal/personal-accident-insurance/individual-pa-insurance to arrange for a call back from the company. Fill up the online callback form stating your personal details. The company’s executives would, then, get in touch with you and help you in buying the SBI accidental insurance policy easily.
For group personal accident policy, however, you would have to apply for the policy through your SBI bank account.
Documents required for buying SBI accidental insurance plan
To buy SBI accidental insurance, the following documents would be required to be submitted –
In case of any accidental contingency, when you face a claim under the policy, you can get the settlement of your claim easily. Here’s the claim settlement policy that you should follow for the settlement of your claims –
Documents required for claims
In order for the claim to get processed, you would have to submit the following documents –
Yes, a grace period of 30 days is allowed by the insurance company after the renewal date so that you can pay the premium and renew your policy.
If you have chosen coverage Table D wherein temporary total disablement is covered, there would be deductible on this coverage.
The sum insured is determined based on your income. It is limited to 120 times monthly gross income or 10 times the annual income from employment or occupation.