SBI General launches custom home insurance: How it compares to others

SBI General Flexi Home Insurance lets you customize coverage for fire, theft, valuables & more, with a one-time premium for up to 20 years. Tailored protection for owners & tenants alike

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SBI General Insurance has launched Flexi Home Insurance policy, aimed at both homeowners and tenants. This flexible insurance product is designed to protect not only the structure of homes but also contents and additional risks, all customizable to suit individual needs.

 

A flexible approach to home protection

 

According to the SBI General’s statement the Flexi Home Insurance policy allows customers to design their own plan with a basic mandatory ‘Fire’ cover at its core, while offering a suite of add-ons including:

 

• Natural calamity coverage 
• Burglary and theft protection 
• Valuable item protection 
• Alternative accommodation expenses

Policyholders also benefit from discounts for opting for multiple optional covers, making the product both versatile and economical.

 

Speaking on the launch, Subramanyam Brahmajosyula, chief product & marketing officer at SBI General Insurance, said, “Every home is unique, and so are its protection needs. With Flexi Home Insurance, we empower customers to choose the level of protection that suits them while ensuring financial security against unforeseen events.”

 

Key features of SBI General Flexi Home Insurance

 

 

 

• Mandatory Fire Cover: Basic protection against fire is required under all plans 
• Customizable Add-ons: Choose from natural disasters, burglary, valuable items, and more 
• Coverage for Both Owners and Renters: Tailored protection for varied residential needs 
• One-Time Long-Term Payment: Premium payable once for a tenure of up to 20 years 
• Discounts on Multiple Covers: Cost-effective flexibility for broader coverage 
• Protection for Structure and Contents: Comprehensive security for both physical property and possessions 
• Long-term peace of mind

 

One of the standout features of this policy is its long-term tenure, with a one-time premium payment offering coverage for up to 20 years, a rare option in the home insurance market. This is especially attractive to homeowners looking for uninterrupted protection and peace of mind over the long term.

 

 

 

Backed by strong performance

 

This product launch comes on the back of a strong performance year for SBI General. According to the company’s statement in FY 2024-25, it recorded an impressive 112 per cent growth in Gross Written Premium, reaching Rs 14,140 crore. Its accolades include awards for Best Claims Settlement ratio and General Insurance Company of the Year.

 

 

 

Similar home insurance products in the market

 

Several insurers offer competitive alternatives that reflect a similar customer-first philosophy:

 

 

HDFC ERGO Home Shield Policy

 

• Comprehensive protection against fire, flood, burglary, and electrical/mechanical breakdown 
• No depreciation on contents up to 10 years old 
• Optional cover for portable electronics and automatic inclusion of new assets 
• Add-ons include hotel stay and rent for temporary accommodation 
• Discounts up to 30 per cent for home safety features

 

 

ICICI Lombard Complete Home Protect Policy

 

• Covers owned and rented homes including appliances, furniture, and jewelry 
• Insures against natural disasters, terrorism, and water damage 
• Covers alternate accommodation costs 
• Long-term policy tenure up to 5 years 
• Claims settled within 7 days with proper documentation

 

 

Bajaj Allianz My Home Insurance All Risk Policy

 

• All-risk cover for contents, jewelry, and portable devices 
• Global coverage extension for valuables 
• Covers tenants, landlords, and homeowners 
• Rent allowance if the home becomes uninhabitable 
• Option for full or partial sum insured; valuation needed for high-value items