Traditional life insurance and health insurance plans usually don’t cover all the additional expenses related to injury or illness at the time of hospitalization. Hence, a health insurance plan that can cover added medical cost is necessary in times of rising hospital expenses and SBI General Hospital Daily Cash Insurance is one such policy which can provide that protection.
What is SBI General Hospital Daily Cash Policy?
This health insurance policy covers additional hospitalization expenses during an illness/ disease or accidental bodily injury along with providing daily, fixed benefit for each day of hospitalization irrespective of the actual medical cost. It provides the policyholders with the additional protection and provision for expenses that are generally not covered under an ordinary health insurance plan such as food, travel, etc.
Types Of SBI General Hospital Daily Cash Policy
SBI General offers the customers the flexibility to customize their plan in terms of the benefits payable along with the coverage days. The health insurance company offers 2 coverage options under this plan:
- 30 days coverage
- 60 days coverage
Along with these, the following 4 daily benefit options under the above-listed coverage options are provided by them to their customers:
For 30 Days Coverage
| Benefits Payable | Option A | Option B | Option C | Option D |
| Daily Hospitalization Benefits Due
to Injury or Sickness |
Rs. 500 | Rs. 1,000 | Rs. 1,500 | Rs. 2,000 |
| ICU Hospitalization (Maximum 7 days and Maximum 15 Days per Policy Period) | Rs. 1,000 | Rs. 2,000 | Rs. 3,000 | Rs. 4,000 |
| Accidental Hospital Confinement | Rs. 1,000 | Rs. 2,000 | Rs. 3,000 | Rs. 4,000 |
| Convalescence Benefits for
Hospitalization More Than Consecutive 10 Days |
A fixed lump sum amount is payable which is 3 times of the benefits payable if the hospitalization duration exceeds 10 days. This amount is maximum Rs. 5,000. | |||
For 60 Days Coverage
| Benefits Payable | Option A | Option B | Option C | Option D |
| Daily Hospitalization Benefits Due
to Injury or Sickness |
Rs. 500 | Rs. 1,000 | Rs. 1,500 | Rs. 2,000 |
| ICU Hospitalization (Maximum 7 days and Maximum 15 Days per Policy Period) | Rs. 1,000 | Rs. 2,000 | Rs. 3,000 | Rs. 4,000 |
| Accidental Hospital Confinement | Rs. 1,000 | Rs. 2,000 | Rs. 3,000 | Rs. 4,000 |
| Convalescence Benefits for
Hospitalization More Than Consecutive 10 Days |
A fixed lump sum amount is paid by the insurance company which is maximum Rs. 5,000 if the hospitalization duration exceeds 10 days. | |||
Eligibility Criteria
The minimum and maximum age of entry for an adult is 18 yrs and 65 yrs respectively. Children from the age of 3 months can be covered provided either of the parents is covered with SBI General.
SBI General Hospital Daily Cash Insurance Policy Features
- It provides daily cash benefits of ICU, hospitalization, accident hospital expenses
- Provides flexibility to their customers to choose their plan from 30 days and 60 days coverage options
- Premiums paid for this plan are exempted from Income tax under section 80D of Income Tax Act
- Provides 15 days free look period to let policyholder thoroughly read and review their policy documents and related terms and conditions
- Free look option is available with this policy that ensures the policyholder can go through the terms and conditions related with this insurance
What SBI General Hospital Daily Cash covers?
In case of accidental bodily injury and sickness which causes the insured to hospitalize, following benefits will be payable under SBI General Hospital Daily Cash:
- Hospital daily cash benefit will be provided for 24 hours of hospitalization
- In case, the insured is hospitalized due to accident, twice the amount of cash benefit will be provided for a maximum of 5 days per Hospitalization and maximum of 10 days per Policy Period
- ICU expenses covered for a maximum of 7 days per Hospitalization and maximum of 15 days per Policy Period
Also Read: SBI General Critical Illness Plan
Documents required for claim process
Following are the documents which the insured have to submit to the insurance company within 7 days from the date of discharge to process claim:
- Claim form duly signed
- Copy of attested hospital summary or discharge summary
- Copy of medical reports and records as well
- Doctor’s certificate
- Valid Identity card proof with 2 recent photos of insured
- Any other relevant information
If the reason for hospitalization doesn’t fall under the exclusions category, the cash benefit depending up on the plan will be payable to the policyholder ranges from Rs 500 to Rs 2000 per day for 30 or 60 days coverage options respectively.
Cases where you can’t claim SBI General Hospital Daily Cash Policy
This policy will not be liable to pay under the following conditions:
- Any ailment, injury or condition for which the policyholder has received medical advice or treatment or signs prior to the policy inception
- Any disease contracted during the first 30 days of commencement of the policy
- Joint replacement surgeries shall only be covered after the waiting period of 36 months expect accidental replacement
- Treatment for mental illness/diseases, psychological or psychiatric disorders
- Expenses related to AIDS and related problems
- Day care treatments defined under the policy are excluded from the scope of the policy
- Any health issue due to the substance of alcohol or drug and for de-addiction treatment
- If the treatment have arisen and traceable to pregnancy or is it related to childbirth, prenatal/post natel care.
How long does it take to pay out a claim?
The insurance company will assess the claim document upon receiving. Upon satisfactory assessment of the claim, the insurer will make the payment of claim. In case, it is repudiated, the same will be communicated to the policyholder with reason.
Renewal Process Of SBI General Hospital Daily Cash policy
SBI General Hospital Daily Cash Policy can be renewed every year by paying the required premium to the insurance company. In case, the policyholder is not able to pay the premium, S/he can pay it under 30 days grace period from the premium due date.
If the policyholder renews his or her policy after 70 years, it will only be accepted if the insured accepts to pay the premium plus additional loading charges applicable for that age band.
Advantages Of buying this SBI General Daily Cash Insurance Policy
- Having SBI General Hospital Daily Cash policy will give peace of mind to the policyholder about the extra expenses incurred during the hospitalization
- The minimum and maximum benefit amount which the policyholder can claim is Rs 500 and Rs 2,000
- Along with other daily cash benefit, it also provides fixed lump sum to take care of Convalescence expenses
Important Aspects (Critical things you shouldn’t ignore)
- There is a waiting period of 30 days for all illness
- Critical surgeries such Hydrocele and Hernia shall be covered, but only after a waiting period of 12 months
- Diseases such as Hysterectomy, cataract, etc. shall be covered only after a waiting period of 24 months
- Applicant can port her/his existing hospital daily cash policy into this policy
- It is not a substitute of health insurance but a supplement which ensures additional expenses incurred during hospitalization are covered
| Features | |
| Claim Type (In-House or TPA) | TPA |
| Pre-Hospitalization | NA |
| Network Hospital Count | 5800+ |
| Post-Hospitalization | NA |
| Room Eligibility | NA |
| Share Claim Payments | Deductible |
| Restoration of Cover | NA |
| No Claim Bonus | NA |
| Ambulance Charges | NA |
| Worldwide Coverage | NA |
| Maternity Cover | Not covered |
| Hospitalization at Home | NA |
| Day Care Treatment | Not covered |
| Non-Allopathic Treatment Coverage | NA |
| Emergency Ambulance | NA |
| Health Check-up
|
NA |
FAQ’S
Q1. What are the tax benefits one can avail with this plan?
SBI General Hospital Daily Cash provides tax benefits under section 80(D) of the Income Tax Laws. The benefits provided are as follows:
- For Parent (s): Maximum Rs. 25,000
- For Self, Spouse and Dependent Child: Maximum Rs. 25,000
- For Parent (s), if they are Resident Senior Citizen: Maximum Rs. 30,000
Q2. What is meant by ‘Pre-Existing Disease’? Is there any pre-existing disease covered in this health insurance plan?
Any ailment, injury or related conditions for which the customer had symptoms or signs or/and already diagnosed or/and received medical treatment or advice prior to the policy issued date is called ‘pre-existing disease’. All pre-existing diseases are permanently excluded from this health insurance plan’s coverage.
Q3. Is pre-acceptance health check-up mandatory to buy this policy?
No, there is no need to undergo pre-acceptance medical tests if the age of the applicant is less than 45 years and have no medical history. Proposal’s acceptance is a subject to the following conditions:
- Age 45 years and above and irrespective of sum insured
- Applicants with adverse medical background as mentioned in the proposal form
The normal cost of pre-acceptance medical or health check-up has to be borne b the customers. In case the proposal is accepted, the health insurance company will reimburse the 50% of the cost.
Q4. What is meant by waiting period? Is there any waiting period provided under this health insurance plan?
The concept of ‘waiting period’ is defined as the duration specified by the insurer. A policy must pass this period before all or some of the health care coverage can start. In this period, claim cannot be admitted. This health insurance plan comes with 30 days of waiting period.
Q5. What are the deductible under this health policy?
The health insurance plan comes with some deductibles as well. Any excess equivalent to the initial 24 hours of hospitalization benefits will be levied on each hospitalization throughout the policy period.