Product Overview

SBI General Insurance, one of India’s leading private general insurers, launched a new flagship retail health insurance product called Health Alpha. The product is positioned around the philosophy “Your Health. Your Cover. Your Way” and provides customers with the ability to personalise health protection for themselves and their loved ones during the festive season.

Coverage Flexibility

Health Alpha offers more than 40 distinct coverage options and allows sum‑insured selections ranging from ₹5 lakh to unlimited. Eligible relationships for gifting include a legally married spouse, children, parents, brothers, sisters, parents‑in‑law, nephews, nieces and other relatives who have an insurable interest, subject to the product’s eligibility criteria and policy terms.

Key Features and Optional Add‑ons

  • Up to 10× Cumulative Bonus: An optional add‑on that can multiply the cumulative bonus by up to ten times for each claim‑free policy year, enhancing coverage over time.
  • Endless Sum Insured: A once‑in‑a‑lifetime benefit that covers eligible hospitalisation expenses for a single claim that exceeds the base sum insured, available only when the selected sum insured is ₹10 lakh or higher.
  • Gym and Sports Injury Cover: Optional outpatient department (OPD) benefits for injuries sustained during hobby sports or daily fitness activities, covering specialist consultations, diagnostics, medicines and physiotherapy; purchasable up to age 55.
  • Plan Ahead: Allows policyholders to extend waiting‑period continuity to a spouse aged up to 35 years and to up to two newborn children, provided enrolment occurs within stipulated timelines.
  • Five‑Year Policy Tenure: Customers may opt for a policy term of up to five years, with tenure‑based discounts applied to encourage long‑term protection.
  • Welcome Discount: New customers receive a 5% discount if the policy is purchased within five days of receiving the quote, subject to applicable terms.

Pricing and Discounts

The product’s flexible limits and optional benefits enable customers to tailor coverage to their financial priorities, while the tenure‑based discounts and welcome discount provide cost incentives for early adoption.

Executive Commentary

Mr. Mohd. Arif Khan, Deputy Chief Executive Officer of SBI General Insurance, stated that gifting health protection during festivals “offers a lasting expression of care” and that Health Alpha is designed to make health insurance more personal and accessible.

Company Background

Founded in 2009, SBI General Insurance has expanded from 17 branches in 2011 to a nationwide network of 182 branches. The insurer operates through a multi‑distribution model encompassing bancassurance, agency, OEM, broking, retail direct channels and digital collaborations, leveraging over 23,000 SBI branches, agents, financial alliances, OEMs and digital partners to reach remote areas. Its product portfolio serves retail, corporate, SME and rural segments via both digital and physical channels. The company employs over 9,900 staff.

In FY 2025‑26, SBI General reported Gross Direct Premium (GDP) of INR 15,904 crore, reflecting a 14.5% year‑on‑year growth. The insurer has earned multiple accolades, including Domestic General Insurer of the Year – India and Claims Initiative of the Year – India at the Insurance Asia Awards 2025, Smart Insurer 2025 at the ETNOW Insurance Summit, and several CSR recognitions.

Disclaimer

The press release is provided under an arrangement with Newsvoir; PTI assumes no editorial responsibility.