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and Insurance Australia Group (IAG). SBI has a 74% stake in the company while the remainder
is held by IAG. SBI General Insurance Company is headquartered in Mumbai, the commercial
capital of India.
State Bank is the largest banking franchise in India and. Along with its seven associate banks, it
has the strength of over 18,500 branches across the country and the largest in the world.
Insurance Australia Group Limited (IAG) is an international general insurance group, with
operations in Australia, New Zealand, the United Kingdom and Asia.
SBI General Insurance has a team of highly experienced professionals in place to ensure that the
company functions in sync with its vision and goals. RR Belle is the CEO and Managing
Director of SBI General Insurance.
A variety of insurance products are offered by SBI General to suit the different individual needs
and preferences of the customers. These include insurance products with respect to motor, travel,
health, accident and home insurance. The company also caters to SME and corporate clients with
customized solutions for insurance and risk consultancy, liability, property, liability, marine and
miscellaneous.
SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI),
the largest state-owned banking and financial services company in India, and BNP Paribas
Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26% of
the capital. SBI Life Insurance has an authorized capital of 20 billion (US$330 million)and a
paid up capital of 10 billion (US$170 million).
In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the company
a AAA/Stable/P1+ rating.[2][3]
History[edit]
When the government of India opened the life insurance sector to private companies, SBI started
SBI Life as a joint venture with BNP Paribas in 2001. While in its initial stage its business was
mainly from bancassurance channel, now it is developing its own agency team for selling its life
insurance products.
References[edit]
1. Jump up ^ Products by SBI life Insurance Regulatory and Development Authority, (IRDA)
website.
2. Jump up ^ "SBI Life Insurance gets top rating". Mint. 1 October 2007.
3. Jump up ^ "India's SBI Life Insurance rated 'AAA' on parental support - Crisil". Forbes.
09.17.07.
Type
Joint Venture
Industry
Insurance
Founded
March 2001[1]
Key people
Products
Life insurance
Pensions
Owner(s)
Employees
Introduction:
Unit Linked Insurance Plans are long term investment cum protection plans that offer you an opportunity of availing
market linked returns while providing life insurance protection. Depending on your risk appetite, you have the option
of choosing from host of funds having varied degree of risk exposure. Flexibility and transparency are some of the
other attractive features that make ULIPs an attractive long term investment option.
To help you fulfill your long term dreams, SBI Life presents you a wide range of ULIPs so that you continue to
Celebrate Life!
Joint venture
State Bank of India enjoys the largest banking franchise in India. State Bank of India is country's largest & a premier
commercial Bank in terms of balance sheet, profits, assets, deposits, branches and employees.
Along with its 5 Associate Banks, SBI Group has the unrivalled strength of over 19,600 branches across the country,
arguably one of the largest in the world.
State Bank of India is today going through a momentous phase of Change and Transformation.
The Bank has ventured into many new businesses with strategic tie ups in Pension Funds, General Insurance, Custodial
Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc
each one of these initiatives having a huge potential for growth.
The Bank is surging ahead with cutting edge technology and innovative new banking models, to expand its reach.
With 22,983 ATMs of its own & 28,198 ATMs including its associate banks (as of 31st December 2012) complementing its
19,698 branch network, State Bank of India today offers one of the largest banking network to the Indian customer.
To know more about State Bank of India, visit www.sbi.co.in
About Insurance Australia Group
Insurance Australia Group (IAG) is a general insurance group with operations in Australia, New Zealand and Asia. IAG's
businesses underwrite approaching A$10 billion of premium per annum and employ over 13,500 people.
IAG operates some of Australia's leading general insurance brands including NRMA Insurance, CGU, SGIO, SGIC and
Swann Insurance. IAG's heritage dates back to 1925 when the National Roads and Motorists' Association (NRMA) started
providing insurance to its members in New South Wales (NSW) and the Australian Capital Territory (ACT). Products are
sold:
Directly to customers through both branch and agency networks throughout Australia as well as via call centres and online facilities; and
Indirectly to customers through intermediary channels, including insurance brokers, authorised representatives, motor
dealerships and financial institutions.
IAG is the leading general insurer in New Zealand, through its NZI, State and AMI brands. State and AMI cover
predominantly personal assets, such as homes and vehicles, and sell policies directly to the public. NZI specialises in
providing business, rural and personal insurance through brokers. In Asia, IAG holds controlling interests in Safety
Insurance (Thailand) and AAA Assurance (Vietnam). It also has interests in AmGeneral Holdings Berhad, the general
insurance arm of AmBank Group (Malaysia); SBI General Insurance Company, a joint venture with State Bank of India; and
Bohai Property Insurance Company Ltd (China).
IAG is an ASX top 30 company with a market capitalisation in excess of A$12 billion.
IAG has been assigned a 'Very Strong' Insurer Financial Strength Rating of 'AA-' by Standard & Poor's for its key
wholly owned insurance companies.
IAG is ranked in the Dow Jones Sustainability Index.
vision
Be the most trusted general insurer in India with fair and transparent business practices, leading the Nation's effort
in increasing insurance penetration
Fire Insurance
Standard Fire and Special Perils Insurances
Take Control of your business's destiny with the help of SBI General Insurance:
With product like Standard Fire & special Perils Insurance Policy, you can safeguard your assets that you value most.
Basis for Indemnity - As the Policy can be availed of either on Market Value or on Reinstatement Value of the property being
insured, the basis of indemnity also differs accordingly. In either case, if the Sum Insured is less than the amount required to
be insured, the Company will pay only in such proportion as the Sum Insured bears to the amount required to be insured.
Every item (if more than one) shall be subject to this condition separately.
Key Benefits
Indemnity on market value basis - Replacement value less depreciation for the usage
Optional benefit - Replacement Value or Reinstatement Value basis
Multiple options - Stocks on Declaration basis or floater basis or Floater Declaration Basis
Following are the unique features of this policy:
Named perils policy
Named exclusions
Standard cover across a types of customer segment
Coverage
This Policy covers various assets like Building, Plant and Machinery, Stock, Furniture, Fixtures and other immovable
and movable assets against loss or damage due to,
Fire
Lightning
Explosion / Implosion
Aircraft Damage
Riot, Strike, Malicious Damages and Terrorism
Storm, Tempest, Cyclone, Typhoon, Hurricane, Tornodo, flood, inundation,
Impact damage
Subsidence, Landslide and Rock slide
Missile Testing operations
Bush Fire
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
Leakage from Automatic Sprinkler Installations
Further, on payment of additional premium, the following additional coverage can be opted
Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
Debris Removal (in excess of 1% of claim amount)
Deterioration of Stock in Cold Storage
Forest Fire
Impact Damage by insured's own vehicles etc.
Spontaneous combustion
Omission to insure Additions, Alterations or Extensions
Earthquake (Fire and Shock)
Spoilage Material Damage Cover
Leakage and Contamination Cover
Loss of Rent
Alternative Accommodation
Start Up Expenses
Terrorism Cover
Sum Insured
Property can be insured on depreciated cost (Market Value) or replacement cost basis. In order to get full protection,
insurance on reinstatement (replacement) basis is recommended. However Stock should be covered only on Market Value
basis. The Sum Insured can be reinstated after occurrence of a claim for the balance period of the Policy
Exclusions
We would like you to be familiar with some of the major exclusions under the Policy. This will ensure you are not put
to any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as
transparent as possible.
ArisingExcess under the policy
War and war like perils
Nuclear risks
Pollution or contamination even caused by insured perils
High value items like gold, cash unless specified
Health Insurance
Group Health Insurance
Your greatest wealth is your health & everybody has differing levels of control over their own wellbeing. Life follows no fixed
pattern and sudden illness or bodily injury can sometimes leave you financially hurt and highly stressed. SBI General's
Group Health Insurance Policy helps you to be in control by protecting and making medical treatment expenses more
manageable thus ensuring quality health care for you and your family.
Key Features
This policy covers the following benefits:
Room, Board & Nursing Charges 1% of sum insured max Rs.1500/- per day for Normal Room & of sum insured max
Rs.2500/- per day for ICU.
Medical Practitioner and Specialists Fees.
Anaesthesia, Blood, Oxygen, Operation Theatre charges, Surgical Appliances, Medicines & Drugs, Diagnostic
Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, prosthesis/internal implants and any
medical expenses incurred which is integral part of the operation.
Pre-hospitalisation Expenses - Insurer shall pay for expenses incurred 30 days prior to the date of admission into the
hospital.
Post-hospitalisation Expenses - Insurer shall pay for expenses incurred 60 days after the date of discharge from the
hospital.
Day Care Expenses - Insurer shall pay for Day Care expenses incurred on advanced technological surgeries and
procedures requiring less than 24 hours of hospitalisation as per the attached list and subject to the condition that
prior approval is obtained by the Insured Person/Insured from the Administrator/Insurer for such a Day Care
Procedure/Expense.
Domiciliary Hospitalisation- Insurer will cover Reasonable and Customary Expenses towards Domiciliary
Hospitalisation as defined in definition subject to 20% of the Basic Sum Insured or a maximum of up to Rs.20000,
whichever is lesser.
Additional Coverages
We will pay charges associated with the following additional covers subject to additional premium paid by Insured to us and
conditions as applicable:
Ambulance charges, Maternity Cover with Nine months waiting period and without 9 months waiting period.
The rate of premium shall depend upon the Age, Gender, Sum Insured and Location.
Exclusions
The Company will not be liable under the Policy in respect of payment towards treatment taken due to:
Any condition, ailment or injury or related condition(s) for which you have been diagnosed, received medical
treatment, had signs and / or symptoms, prior to inception of your first policy, until 48 consecutive months have
elapsed, after the date of inception of the first policy with us.
Any disease/ailment contracted during the first 30 days of commencement of the policy and charges for admission,
discharge, administration, registration, documentation and filing, service expenses/surcharges.
Non-allopathic treatment, Treatment arising from or traceable to pregnancy childbirth, miscarriage, abortion or
complications of any of this, including caesarian section. However, this exclusion will not apply to abdominal operation
for extra uterine pregnancy (Ectopic Pregnancy), which is proved by submission of Ultra Sonographic Report and
certification by Gynaecologist that it is life threatening.
Congenital diseases, All expenses related to AIDS and related diseases. Ailments / Complications arising out of
use/abuse of intoxicating drugs or alcohol.
For more details & full list of exclusions, please refer to the policy document.
Motor Insurance
Tractor and Other Farm Vehicles Insurance
India is an agriculture based country. Agriculture and farming are the main occupations of the majority of the population of
our country outside big cities. At SBI General, we recognise the pivotal role farmers like you are playing in contributing to the
growth and development of the country. Unfortunately you are also exposed to the vagaries of the nature that can potentially
cripple you sometimes due to accidental damage to your Tractor or other farming vehicles.
With SBI General's Tractor and Other Farm Vehicles Insurance Policy- Package, you can safeguard your Tractor and other
Farming Vehicles as well as your dream.
Key Features
This policy provides protection to your all important farming companions such as tractors harvesters, reapers,
threshers, chaff cutters, salvage corps vehicle, Lawn movers etc, in addition to the personal accident cover to you and
your other family members who may use the vehicle.
This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with loss or
damage to the Vehicle itself.The Policy also provides cover for:
Scope
This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with
loss or damage to the Vehicle itself.
Third party liability: Protects against any legal liability arising out of the use of the vehicle, towards third parties arising
on bodily injury to / on death of a person and any damage caused to third party property.
Loss or damage to the vehicle:
The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:
The following additional legal liabilities may also be opted for at an additional premium.
Bonus
On payment of additional premium, SBI General will maintain the No Claim Bonus (NCB) subject to the following:
Exclusions
On payment of additional premium, SBI General will maintain the No Claim Bonus (NCB) subject to the following:
Key Features
Scope
This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with
loss or damage to the Vehicle itself.
Third party liability: Protects against any legal liability arising out of the use of the vehicle, towards third parties arising
on bodily injury to / on death of a person and any damage caused to third party property.
Loss or damage to the vehicle:
The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:
Fire, explosion, self-ignition, accidental damage by external means
Any damage in transit by road, rail, inland waterway, lift, elevator or air.
Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide,
rockslide.
Burglary, theft, riot, strike, malicious act & terrorist activity
Personal accident cover:
The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owners (available only
if the owner of the vehicle holds a valid driving license) of the vehicle while driving. This is not applicable for a
Company owned vehicle. Paid driver, cleaner and conductor employed in operation of vehicles can also be covered
for Personal Accident for a maximum Capital Sum Insured of Rs 2 lakh per person. You may also now opt for higher
limits in Personal Accident cover.
Additional Legal liabilities :
The following additional legal liabilities may also be opted for at an additional premium
Paid driver/Conductor/Cleaner employed in operation of vehicle.
Employees travelling in/driving the vehicle other than paid driver.
Non-fare paying passengers
Bonus
No Claim Bonus
If you do not make a claim during the Policy period, a No Claim Bonus (NCB) is offered on renewals. This discount
can go as high as 50%. (NCB will only be allowed provided the Policy is renewed within 90 days of the expiry date of
the previous policy.) Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor
insurance policy from another company.
Exclusions
Any loss/damage to the vehicle and/or its accessories will not be covered if caused by the followingNormal wear, tear and general ageing of the vehicle.
Depreciation or any consequential loss
Mechanical/ electrical breakdown
Damage caused by overloading or strain
Loss of or damage to accessories by burglary. Housebreaking or theft unless such insured vehicle is stolen at the
same time
Vehicle being used otherwise than in accordance with limitations as to use
Damage to / by a person driving the vehicle without a valid license
Damage to / by a person driving the vehicle under the influence of drugs or liquor
Loss / damage due to war, mutiny or nuclear risk
Marine Insurance
Key Feature
The policy provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points
either by Sea / Air / Rail / Road / Courier
Coverage
The Policy covers any accidental loss or damage to the cargo described in the Policy schedule whilst in transit by
perils named in institute clauses
Type of Coverage under marine cargo insurance is determined by the mode of transport and requirements of
customers as given below:
Transit by Sea / Inland Waterways / Coastal Waters.
Coverage provided under this type will be as per institute clauses which are uniformly used in international
markets.Three types of coverage are offered for such transit:
Exclusions
We would like you to be familiarised with some of the major exclusions under the Policy. This will ensure you are not put to
any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as transparent as
possible. This Policy does not cover the following:
Loss, damage, expense attributable to wilful misconduct of insured.
Ordinary (inevitable) Losses
Loss, damage, expense caused by inherent vice
Loss, damage, expense caused by insufficient, unsuitable or defective packing or preparation of goods. 'Packing'
includes stowage in container or lift van but only when such stowage is done prior to attachment of insurance or by
the insured or their servants
Loss, damage, expense proximately caused by delay, even if delay be caused by a risk insured against
Loss, damage, expense arising from insolvency or financial default of owners, managers, charterers or operators of
the vessel.
aNuclear Weapons Risk
War Risk Exclusion
Loss, damage, expense caused by or resulting from strikes, lockouts, labour disturbances, riots, civil commotions or
caused by any person
Loss, Damage, Expense arising from -Un Seaworthiness of vessel or craft
-Unfitness of vessel, Craft, Conveyance, Container, and Lift
-Van for Safe Carriage of interest insured.
-Where the assured or their servants are privy at the time of Loading.
Key Benefits
This Policy offers comprehensive insurance cover for civil engineering projects where the value of civil works is more
than 50% of the total contract value
The cover operates during storage, erection/construction till completion and the handing over of the works to the
principal
Coverage
Add on coverage
Exclusions
The company will not be liable under the policy in respect of loss or damage due to:
excess as stated in the Policy Schedule
loss discovered only at the time of taking an inventory.
normal wear and tear, gradual deterioration due to atmospheric conditions .
loss or damage due to faulty design, workmanship\
the cost of replacement, repair or rectification of defective material and/or
the cost necessary for rectification or correction of any error during construction
loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, notes, securities, cheques etc.
any damage or penalties on account of the Insured's non-fulfillment of the terms of delivery or completion under his
Contract of construction or of any obligations assumed there under or lack of performance
loss or damage to vehicles licensed for general road use or water borne vessels etc
liability consequent upon -1.bodily injury to or illness of employees or workmen of the Contractor(s) or the Principal(s)
or any other firm connected with the project 2.Loss of or damage to property belonging to or held in care custody or
control of the Contractor(s), the Principal(s) or any other firm connected with the project 3.any accident caused by
vehicles licensed for general road use or by waterborne vessels or aircraft; 4.Any agreement by the Insured to pay
any sum by way of indemnity
Key Benefits
Protects the Boilers and other Pressure Plants against the risk of any damage to it
Protects the surrounding property
Covers against the accidental death or injury
Specific expenses incurred due to loss or damage to the insured items.
Scope
The Policy covers the insured Boiler and other Pressure Plants against the following risks:
Damage to the Boiler and/or Pressure Plant described in the Policy Schedule due to accident (other than by fire)
Damage to surrounding property of the Insured described in the schedule or property held in trust or on commission
for which the Insured is responsible due to accident to the insured property (other than by fire)
Liability towards death of or bodily injury to any person or damage to property not belonging to the Insured in the
event of explosion or collapse of the Insured Boiler/Pressure Plant.
Further, on payment of additional premium, the following coverages can be extended to cover expenses relating to:
Express Freight, Holiday and Overtime Rates of Wages
Air Freight
Owner's Surrounding Property
Additional Custom Duty
Warranties
Exclusions
The Company will not be liable under the Policy in respect of loss or damage due to
Fire and allied perils.
War, war like operations and nuclear perils
Experiments on the insured items that would have imposed abnormal conditions to their working
Gradually developing flaws, defects, cracks, partial fractures
Defects due to the wearing away or the wasting of the materials of a Boiler or a Pressure Plant whether by leakage,
corrosion or by the action of the fuel, failures of joint within the range of steam or feed pipes, or for bulging and
deformation due to overheating of tubes (unless such defects, fracture, failure or bulging result in explosion or
collapse) or for the cracking of section of cast-iron heating boilers or other vessels constructed of cast iron
The failure of individual tubes in Boilers of the water tube locomotive or other multitubular types, in Super heaters or in
Economizers
Application of steam hydraulic or any other test of this plant as specified by Inspecting Authority or otherwise
Willful Act, Willful Damage or Gross Negligence on the part of the Insured
Liability assumed by the Insured on agreement
Faults/defects existing at the time of commencement of this Insurance
Loss of use of the Insured's plant or property or any other consequential loss incurred by the Insured
Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or under
contracts.
Miscellaneous
Plate Glass Insurance
Modern business premises like yours are the pride of place for you as well as your employees. You have built it with lot of
care and passion using some of the best materials including glass. It is critical to protect them as they are the dream
workplace. With SBI General's Plate Glass Insurance Policy, you can safe guard your dream business premises.
At SBI General, we believe being with our customers at every step and help them be in control by so that they can take on
the business challenges with confidence.
Key Features
Scope
Replacing damaged window frames, but with due allowance for wear and tear.
Coverage Details
Exclusions
Package Insurance
Industrial All Risks Insurance.
Every successful business needs complete protection against potential loss. Industrial units are exposed to host of risks
which can put a break in operation, cause financial burden and leave you hopelessly out of control. SBI General Insurance
can help you successfully overcome these situations and put you firmly in control of your business operation and dream.
With product like SBI General Industrial All Risks (IAR) Insurance Policy, you can safeguard your assets that you value
most.
SBI General Industrial All Risks (IAR) Insurance Policy is targeted at corporate across Industries (large and mid size)..
Coverage.
Features
Add On Coverage
Exclusions
The Company will not be liable under the Policy in respect of loss or damage due to
a - i) faulty or defective design materials or workmanship inherent vice latent defect gradual deterioration deformation
or distortion or wear and tear
a - ii) interruption of the water supply gas electricity or fuel systems or failure of the effluent disposal systems to and
from the premises
unless Damage by a cause not excluded in the Policy ensues and then the Company shall be liable only for such
ensuing Damage.
b - i) collapse or cracking of buildings
b - ii) corrosion rust extremes or changes in temperature dampness dryness wet or dry rot fungus shrinkage
evaporation loss of weight pollution contamination change in colour flavour texture or finish action of light vermin
insects marring or scratching
unless such loss is caused directly by damage to the property insured or to premises containing such property by a
cause not excluded in the Policy.
c) Property damaged as a result of its undergoing any process
d) Property undergoing testing installation including materials and supplies thereof if directly attributable to the
operations of work being performed thereon unless Damage by a cause not otherwise excluded ensues and then the
Company will be liable only for such ensuing loss
e) Vehicles licensed for road use (including accessories thereon) caravans trailers railway locomotives or rolling stock
watercraft aircraft spacecraft or the like
f) Property in transit other than within the premises specified in the Schedule
g) Property or structures in course of demolition construction or erection and materials or supplies in connection
therewith