Group Insurance October 7, 2020

Won’t it be great if you can choose the perfect premium amount for your health insurance plan? To make your wish come true, SBI General Insurance Company Limited provides you access to the Group Health Insurance Policy Premium Calculator. Using the calculator, you can select the suitable premium amount as per your policy term. Let’s read this page further to know how this premium calculator works and what benefits it has for you.

Health Insurance

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SBI Group Health Insurance Policy Premium

The premium under this policy will be paid in advance, and no receipt for the premium is valid, except on the official form duly signed by an authorized officer of the insurer. The due premium payment and the observance and fulfillment of the terms, provisions, conditions and endorsements of SBI Group Health Insurance Policy by the insured person in so far as they relate to anything to be done or complied with by the Insured Person shall be a prerequisite when the Insurer has to make any payment under this policy. Any terms, provisions, conditions and endorsements of this policy shall be valid when made in writing and signed by an authorized official of the Insurer.

Steps to Use Group Health Insurance Policy Premium Calculator – SBI

To use the premium calculator, you need to follow the steps shown below:-

Steps 1:- Visit the official website of SBI General Insurance Company Limited

Steps 2:- Select the online calculator option from the page

Step 3:- You will be then redirected to the online calculator page, where you need to select ‘Health Insurance’ premium calculator

Step 4:- Provide your details such as gender, residence location, and for whom you are buying this policy – self, spouse, or child. Click on the ‘Go’ button

Step 5:-  Enter your mobile number and email address

Step 6:- Tick on the company terms and conditions and press the ‘Continue’ button

Benefits of Group Health Insurance Policy Premium Calculator

  1. The calculator ensures fast calculation of health insurance premium 
  2. When the policyholder or buyer knows a tentative amount of their insurance premium, it becomes easier for them to plan a financial schedule as per their set goals.
  3. The Group Health Insurance Policy Premium Calculator comes up with different parameters that can be calibrated to reach the optimum sum of the premium payment suitable to the financial status of the policyholder.
  4. With all these benefits, a Group Health Insurance Policy Premium Calculator customizes your favorites and serves what is best for you.

SBI Group Health Insurance Policy Eligibility

To buy this policy, the buyer must meet the following criteria, otherwise, his/her application request will be rejected by the insurer.

  1. Family Plan:- Should consist of the account holder, spouse, and two children
  2. The insured should be a permanent Indian Resident
  3. The insured has to be an existing account holder of SBI or its associate bank.
  4. The entry age for adults in this policy is from 18 to 65 years
  5. Dependent child aged between 3 months to 18 years are covered in this policy

What if the Insured Cancels the SBI Group Health Insurance Policy?

The policyholder has the right to cancel the policy by giving a 15-day written notice to the insurer and in such an event, the company will refund the paid premium for the unexpired policy period as per the details below.

Period on Risk Refunded Premium Rate
Up to 1-month 75% of annual rate
Up to 3-months 50%of annual rate
Up to 6-months25% of annual rate
Above 6-months Nil

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