GST Reforms: SBI General Insurance Introduces Customisable Health Alpha Plan
The State Bank of India (SBI) General Insurance has introduced a new health insurance plan called Health Alpha, which is designed for people looking for flexible and affordable coverage. According to the company, this is the first customisable health plan that allows customers to customise their policy based on their lifestyle and healthcare needs. The plan offers unlimited flexibility with over 50 coverage options. This comes after the introduction of GST reforms.
The product offers sum insured options between Rs 5 lakh and unlimited sum insured. The plan can be opted for by both adults and children. For adults, the eligible age is 18 years, with no upper age limit. For children, the entry age ranges from 91 days to 25 years. Policyholders can choose a long-term policy for up to five years, helping them stay protected against increasing medical costs.
Features of SBI Health Alpha
Here are the key features of the Health Alpha plan:
- Welcome Discount: Policyholders can get a 5% discount if the policy is bought within five days of receiving a quote.
- Endless Sum Insured: It offers a once-in-a-lifetime opportunity for covering hospitalisation expenses for a single claim beyond the base sum insured.
- 10x Cumulative Bonus: The policyholder can earn up to a 10x cumulative bonus for every claim-free year.
- Tax Benefit: Health Alpha is eligible for the tax benefits offered under Section 80D of the Income Tax Act.
- Unlimited Sum Insured: There is no upper limit on the hospitalisation expenses, subject to policy terms.
- Gym and Sports Injury Cover: The plan also covers injuries from workouts or hobby sports. Includes OPD consultations, diagnostics, and physiotherapy.
- Transfer Waiting Period: It allows you to transfer waiting period benefits to a newlywed spouse (up to age 35 years) or newborn child (maximum 2 children), if they are enrolled in the policy within 120 days of marriage or birth.