State Bank of Travancore (SBT) and SBI General Insurance today jointly launched an affordable health insurance plan for SBT customers.
"SBI General Insurance and SBT today jointly announced the launch of SBI General's Group Health Insurance Policy exclusively for SBT account holders and their families," SBI General said in a release.
In terms of affordability, for a 35-year-old adult the policy will cost Rs 1,300 per year to have a Rs 100,000 cover which means Rs 3.56 per day.
The policy has benefits such as multiple coverage options, no pre-policy medical test up to age of 65 years for people with no medical history, 142 day care procedures covered, guaranteed renewal upon option.
Besides, it also offers coverage of pre and post-hospitalisation expenses transparent claim process and cashless treatment across over 3,000 hospitals in the network.
"With the cost of treatment increasing by 15-20 per cent a year, it is going to make a serious dent in the middle class household budget. SBI General's Health Insurance Policy provides a much-needed cushion with its affordable premium,". Jeevandas Narayan, DMD-OSD, SBT said in the statement.
India has one of the highest out-of-pocket health care expenditures in the world. One of the major reasons that India's poor incur debt is the cost of health, Bhaskar J Sarma, MD & CEO of SBI General Insurance said.
"What we really need is a health insurance which is priced just right and affordable for the vast majority of people. Health insurance that is affordable is the key for penetrating further in semi-urban and rural areas.
SBI General's Health Insurance Policy is designed to protect the happiness of the family with its affordable premium," Sarma said.