SBI General Insurance Company Limited

SBI General Insurance Company Limited emerges as a prominent player in the realm of private general insurance companies under the robust parentage of the State Bank of India (SBI). It was founded in 2009 as a joint venture between the State Bank of India and the Insurance Australia Group(IAG). Following a significant stake sale by IAG on March 27th, 2020, SBI has now assumed ownership of 70% of SBI General Insurance, while the remaining stake is held by other reputable entities.

Embracing the values of trust and security that lie at the core of its parent company, SBI General Insurance Company Limited strives to be the most reliable insurance company for the rapidly evolving India. With a resolute commitment to simplicity and innovation, it strives to provide insurance solutions that prioritise convenience for individuals and places great emphasis on responsiveness to customer requirements - ensuring their needs are met with utmost dedication. It also works towards a prosperous future by cultivating a sustainable business model.

In the financial year 2022-23, SBI General Life Insurance successfully issued 3,75,13,526 policies and received 6,43,939 claims.

Awards & Recognitions

SBI General Life Insurance has received numerous prestigious accolades -

It was honoured with The ‘Insurer Of The Year’ award in the Non-life category by the FICCI Insurance Awards 2022 for its commitment to innovation, customer-centric approach, and convenient insurance solutions.
At the InsureNext Summit and Awards 2023, SBI General Insurance Company Limited was honoured with the ‘Best Claim Settlement and Best Innovation’ award for its outstanding performance in claim settlement and dedication to come up with innovative insurance solutions.
SBI General Life Insurance Company Limited was recognised with the ‘Special Commendation Award’ at The CSR Journal Excellence Awards 2022.
In recognition of its outstanding performance and industry leadership, SBI General Insurance Company Limited was honoured with the prestigious ‘Smart Insurer’ award in the Large Non-Life Insurance category at the 9th edition of the Annual Insurance Summit & Awards of The Economic Times.
Marksmen Daily presented SBI General Insurance Company Limited with the ‘Most Preferred Workplaces in BFSI 2022-23’ award - highlighting its commitment to fostering an exceptional work environment for its employees.
At the India Insurance Summit & Awards 2023, SBI General Life Insurance Company Limited was honoured with the ‘General Insurance Company of the Year’ award’, recognising its exceptional performance and leadership in the general insurance sector.

Claim Settlement Ratio

At the India Insurance Summit & Awards 2023, SBI General Life Insurance Company Limited was honoured with the ‘General Insurance Company of the Year’ award’, recognising its exceptional performance and leadership in the general insurance sector.

It is important to review the insurer's CSR track record over the last few years to check if they have maintained consistency in meeting their claim obligations. The insurance company that maintains a high claim settlement ratio is trustworthy and reliable, as it fulfils its commitments effectively.

Solvency Ratio

The solvency ratio serves as a crucial financial indicator, providing valuable insights into the overall financial health and stability of an insurance company. It serves as a measure of the insurer’s capability to fulfil their claim obligations promptly.

According to the guidelines established by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies are required to maintain a minimum solvency ratio of 150%. SBI General Insurance Company Limited's solvency ratio is 172% as of March 31, 2023. This indicates that it has ample resources and financial strength to fulfil its financial commitments effectively.

Network Hospitals

A network hospital is a hospital that has an agreement with your insurance company to offer cashless treatment services. If you receive medical treatment at a network hospital and your insurer approves the cashless settlement, you won't have to bear the financial burden of paying the bills upfront and the insurer directly covers your medical expenses. You will only be responsible for expenses that are not covered by your policy, such as consumables, administrative fees, registration fees, and similar costs.

SBI General Insurance Company Limited boasts a robust network of more than 23,000+ hospitals that provide cashless treatments. To find the network hospitals based on your location, you can visit https://www.sbigeneral.in/contact-us/hospital. This tool allows you to check the number of hospitals in your neighbourhood listed with your insurer as well as whether your preferred hospital is included in their network.

Network Garages

Network garages are authorised by insurance companies to provide repair services in case of accidents or damage to your vehicles. If you get your vehicle repaired at a network garage, you need not pay for the expenses upfront. The insurance company covers the repair costs and you are responsible for paying only the deductibles and any consumable charges that may apply.

SBI General Insurance Company Limited has an extensive network of over 7,205+ garages to provide cashless repair services. You can access the comprehensive list of these garages based on your location by visiting https://www.sbigeneral.in/contact-us/garage.. This link can help you check the number of network garages available in your vicinity.

Customer Service

Toll-Free
If you have any questions or need help regarding your insurance policies, you can reach out to SBI General Insurance Company Limited’s customer support team by calling their toll-free number 1800-102-1111.
Email
You can also email your inquiries or concerns, etc to SBI General Life Insurance Company Limited at customer.care@sbigeneral.in. They will address your questions and provide you with assistance promptly.

You can also get in touch with the SBI General Life Insurance Company Limited through alternative contact options in case you have any doubts or issues -

Twitter: https://twitter.com/sbigeneral
Facebook: https://www.facebook.com/SBIGENOfficial