SBI General Insurance withdraws Arogya Plus policy with effect from Oct 5

Private general insurer, SBI General Insurance Company, on Thursday announced the withdrawal of its Arogya Plus policy with effect from October 5, 2024.

As per the regulatory requirement, insurance companies must give 90 days advance intimation to their customers before withdrawing a policy.

Policyholders holding the Arogya Plus policy will be given an option to migrate to a comprehensive health insurance policy like Super Health Insurance or to any other individual health insurance product available with the general insurer, including the Standard Product.

Arogya Plus provided coverage up to a specified sum insured at a flat premium. The flat premium was irrespective of the age of the insured and family combination. The policy was available on an individual basis, family non-floater, and family floater sum insured basis. The policy had no limits on room rent or age-related charges.

According to the press release by the company, “This decision is part of our ongoing commitment to continuously review and refine our product offerings to better serve our customers' evolving needs.”

Super Health Insurance offers a multitude of benefits designed to meet all healthcare needs and ease the financial burden associated with hospitalisation and medical expenses. The key features of the product include coverage for all daycare procedures or surgery, preventive health checkups, claims shield, and coverage for non-medical expenses like gloves and attendant charges.

It also provides a reinsure benefit which offers unlimited refills of the sum insured at no extra cost, and more. This product is meticulously designed to provide comprehensive healthcare coverage at affordable rates, making health insurance accessible to a wider range of customers.

SBI General Insurance, established in 2009, currently has over 143 branches across India. The company recorded nearly 16 per cent year-on-year (Y-o-Y) growth in Gross Direct Premium Income (GDPI) to Rs 12,553.57 crore in FY24.

The improvement in premium has also nudged an increase in the market share of the company to 4.33 per cent from 4.22 per cent in FY23.