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SBI General Insurance Company Limited was formed in 2009 as a joint venture company between Insurance Australia Group and State Bank of India, the largest state-owned banking and financial services company in India. On 27th March 2020, Insurance Australia Group sold its stake pursuant to which State Bank of India now owns 70% along with Honey Wheat Investment Limited, Nepean Opportunities LLP (Premji invest affiliate) and others holding the remaining 30% stake in the company. The company offers a vast range of insurance solutions in the commercial and retail space. Its products include health, motor, home, travel and personal accident in the retail segment and fire, aviation, package, marine, construction and engineering and liability insurance in the commercial segment.
SBI General Insurance company is a brand name in itself because of its wide distribution channel and bancassurance channel. Some key highlights of the company are stated as follows:
|Gross Written Premium
|8,312 crores for FY 2020-21
|Number of branches
|23,000 branches of SBI Group and 5,500 branches of Rural Banks in the Regional level
|Number of agents
|Number of employees
|21,000 certified employees
|Number of customers
|10.19 crore customers till date
|Number of claims
|Rs 15,000 crore claims handled till date
SBI General Insurance company is one of the leading general insurance companies in India known for its high customer value and innovative products. The company has been recognised various times for its excellent customer service and brand value. Some of the latest achievements of the company are as follows:
SBI car insurance policies are very comprehensive in their coverage and can be customised with the help of add-ons to suit the variant needs of customers. Coverage features that you will find in SBI car insurance plans are as follows:
SBI General car insurance provides comprehensive coverage ensuring 360-degree protection for you and your car. However, certain events are not covered in the car insurance policy which is known as common exclusions. It is necessary to know the common exclusions of your car insurance plan before you decide to buy one. Some common exclusions of SBI car insurance policies are as follows:
As mentioned earlier, SBI General Insurance offers different types of car insurance plans. Some of its most popular plans, also available at PayBima, are discussed below –
This is a third-party policy that is mandated in the Motor Vehicles Act, 1988. The features of the policy are discussed below –
This is an independent own damage policy that covers only the damages suffered by the insured car. The features of the policy are as follows –
This is a comprehensive car insurance policy that covers both third-party liabilities as well as the damages that your car can suffer. The benefits of the plan are as follows –
SBI car Insurance policies can be brought online through PayBima. PayBima is a digital platform that offers an easy and quick process to buy suitable car insurance. Here are the steps to buy a car insurance policy offered by SBI general insurance through PayBima:
Car insurance has a fixed tenure. To enjoy uninterrupted coverage, you need to renew your plan after its tenure is over. If you fail to renew your car insurance within 90 days of its expiry, your accumulated no claim bonus would also lapse.
Renewal is much easier than buying a car insurance plan and can be done within seconds through PayBima. All you need to do is visit the PayBima website, enter your car insurance policy number and other details, review your existing coverage and pay the premium. Your policy will be renewed instantly without any hassle. PayBima also offers an option to make changes in the coverage of the plan at the time of renewal. Do not forget to claim any claim bonus at the time of renewal of the policy for every claim-free year. SBI General Insurance offers a discount on renewal premiums of 10% for one claim free year, 20% for two consecutive claim-free years and 50% discount for 3 or more consecutive claim-free years and so on.
You can call PayBima for assistance with the process of renewal. Dial 1800 267 6767 or drop an email at email@example.com.
SBI General Insurance provides a very easy and seamless settlement process. The company has recently been recognised for Best Claim Settlement in the non-life category. Its fast, transparent and fair claim process helps its customers to lead a stress-free life. You can file a claim on your SBI car insurance plan through PayBima. The steps are pretty simple and status as follows:
No sooner an incident occurs, the first thing that you need to do is to inform SBI General Insurance Company by calling on a toll-free number or by visiting the official website of the company. You can also initiate a claim through PayBima by providing the policy number and car registration number.
Once you have informed the insurance company, its executive will suggest you take your car to the nearest network garage if you want to avail of cashless settlement of your claim. To locate the nearest garage, you can visit the official website of the insurance company and fill in the details mentioning your state, city and vehicle. You will find a list of network garages of SBI General from which you can select the one nearest to the place of incident.
A surveyor of SBI General Insurance Company will visit the network garage and access the extent of damage caused to your car. The surveyor will prepare a report which will be submitted to the insurance company based on which SBI General will accept or reject your claim. The network garage will begin repairing your car after getting approval from the insurer.
Download the claim form online or collect it from the branch of the insurance company and fill it with relevant details. The claim form is one of the essential documents which is to be filed with the insurer for the successful settlement of the claim. Ensure to fill in the details accurately for the smooth processing of the claim.
Once all the documents in the claim form are submitted, the claims executive will verify it and directly settle your claim to the network garage. Once the repair is done you can collect your car from the network garage and you would not be required to pay anything.
Reimbursement claims, as the name suggests, allow you to get reimbursement of the repair cost incurred on the car. If you want to get your car repaired at a non-network garage or if your cashless claim has been rejected by SBI General Insurance then you can opt for reimbursements in which the entire process will be similar but you will have to pay all the repair costs from your pocket initially which you can get reimbursed by the insurance company by submitting original bills and claim form. The insurance company will validate your claim and credit the amount to your bank through NEFT.
When you inform the insurer for initiating the claim, the customer care representative will provide you document details required for processing the claim. Documents which are required to be submitted for the claim settlement process include the following:
SBI General Insurance is the most trusted insurance partner for a transforming India. Its car insurance plans are customized to suit the different needs of its customers. Here are some of its highlights:
For a new car, you can buy a bundled plan which has a 3-year third-party liability cover and an annual own damage cover.
Yes, the no claim bonus can be transferred from the existing car insurance policy to the new policy that you buy from SBI General Insurance. The no-claim bonus would be used to provide you with a discount on the own-damage premium.
Personal accident cover for the owner/driver of the car is allowed for a sum insured of Rs.15 lakhs.
You can opt for as many add-ons as you want. However, for each add-on that you select, you would have to pay an additional premium.
Yes, you can renew a lapsed policy. To do so, intimate SBI General Insurance of your intention to renew. The company might arrange for an inspection of your car before the renewal is allowed.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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