SBI General Insurance Company Limited is a prominent private general insurer in India, backed by the trust, scale, and credibility of the State Bank of India (SBI)—the nation’s largest and most established banking institution. Incorporated in 2009, the company was originally a joint venture between SBI and Insurance Australia Group (IAG). Following IAG’s exit in 2020, SBI General is now co-owned by SBI (70%) along with investors including Napean Opportunities LLP, Warburg Pincus, Premji Invest, and Axis Asset Management.
Corporate Overview
Operating under the regulatory oversight of the Insurance Regulatory and Development Authority of India (IRDAI), SBI General has emerged as a trusted and customer-centric insurer. With a pan-India presence through over 140 branches, the company strategically leverages SBI’s unparalleled network of 24,000+ bank branches to ensure last-mile connectivity and comprehensive reach, especially across underpenetrated rural and semi-urban markets.
Product Portfolio
SBI General Insurance offers a broad spectrum of general insurance products across motor, health, personal accident, travel, home, and commercial lines. Its health insurance vertical is particularly robust, offering customized protection solutions for individuals, families, SMEs, and corporates. Key offerings include:
Arogya Supreme Policy: A comprehensive plan offering up to ₹5 crore in sum insured, covering over 20 basic and 55 optional benefits, including maternity, mental healthcare, AYUSH, and OPD coverage.
Arogya Plus Policy: An entry-level plan covering hospitalization, daycare procedures, and pre- and post-hospitalization expenses.
Critical Illness Insurance: Provides a lump-sum payout upon diagnosis of specified major illnesses such as cancer, stroke, and renal failure.
Group Health Insurance: Tailored solutions for enterprises across the SME and corporate segments.
Arogya Sanjeevani Policy: A standard and affordable policy aligned with IRDAI guidelines for basic health coverage.
Key Features and Differentiators
Extensive Distribution Network: Enables widespread access through SBI’s unmatched banking footprint.
Cashless Network Hospitals: Partnerships with over 6,000 hospitals nationwide for cashless treatment.
Digital Tools & Automation: End-to-end digital processes via the SBI General mobile app and website for policy management and claims.
Robust Claims Infrastructure: Streamlined claims settlement supported by 24x7 customer service channels.
Lifetime Renewability: Guaranteed lifelong renewability across all health products in accordance with IRDAI norms.
Financial Strength & Market Position
SBI General Insurance continues to post consistent growth in Gross Written Premiums (GWP) and maintains a solid solvency ratio, reflecting sound risk management and fiscal discipline. Its public sector lineage enhances credibility, while the brand enjoys high customer satisfaction and multiple accolades for expanding insurance access in underserved areas.
Strategic Direction
The company is focused on consolidating its leadership in the Indian general insurance market by deepening its rural presence, advancing digital infrastructure, and introducing customer-centric, modular products. Its ability to draw on SBI’s vast customer base and distribution capability offers a distinct competitive advantage in scaling health insurance adoption across demographic segments.
