SBI General Insurance on June 6, 2024 announced that it will be withdrawing its Arogya Plus policy, from October 5, 2024 onwards. This decision is part of the insurance provider’s ongoing commitment to continuously review and refine product offerings to serve the customers’ evolving needs better, SBI General Insurance announced in a press statement.
While the Arogya Plus Policy will no longer be available to customers from the above date, policyholders will have the option to migrate to other policies available with SBI General Insurance said, the insurer said, adding that it remains committed to providing a wide range of health insurance products that are designed to meet various healthcare needs.
“Policyholders holding the Arogya Plus Policy will be allowed to migrate to a comprehensive health insurance policy, Super Health Insurance, or any other individual health insurance product available with SBI General Insurance, including standard product. This transition ensures that our valued customers receive top-notch health coverage without interruption,” SBI General Insurance said in the press statement.
According to the insurer, 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.
“Key features include coverage for all day-care procedures, surgery, preventive health check-ups, claims shield, and non-medical expenses, such as gloves, attendant charges, etc. It also offers 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, thereby making health insurance accessible to a wider range of customers,” the statement said.
According to the Insurance Regulatory and Development Authority of India (Irdai) norms, an insurer needs to seek prior permission from the regulator before withdrawing any product. The insurer needs to provide a 90-day written notice to the existing policyholders.
SBI General Insurance reported a 30.4 per cent rise in net profit at Rs 240 crore for the financial year ended March 2024. It also reported a 17 per cent growth in gross written premium (GWP) in FY 2023-24 and the GWP stood at Rs 12,731 crores. The company recently signed a strategic bancassurance collaboration agreement with Jana Small Finance Bank to facilitate the sale of non-life insurance products.
