SBI Life Insurance has launched its latest health insurance plan ‘SBI Life Hospital Cash'. The plan provides fixed daily allowance to the insured for every day of hospitalisation.
“Our foray into health insurance is also aimed at addressing the issues of rising healthcare costs and acute under-penetration of health insurance in India,” said Mr M.N. Rao, MD and CEO, SBI Life Insurance.
Hospital Cash's daily hospitalisation cash benefit 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.
It provides policyholders with a 100 per cent fixed payout from the first day of hospitalisation without any deductions.
The cover can be renewed till the age of 75 years.
In case the insured person is admitted into an ICU, the amount receivable by the policyholder is twice that of the Hospital Cash's regular cash benefit.
An additional fixed lump-sum 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.
Bonus up to 40 per cent of enhanced sum assured without increase in premium, discount of 2.5 per cent on premium on renewal of policy, family rebates up to 10 per cent and premium guarantee for three years are additional features of the plan
