SBI Hospital Daily Cash Insurance Policy
Usually, health insurance plans do not cover all the expenses mentioned above related to illness or injury. SBI Health Insurance offers its customers a plan that provides the policyholder with a regular fixed benefit for every day of hospitalization. This unique plan, i.e., SBI Hospital Daily Cash Plan, offers added protection to the policyholder and thereby providing for extra medical expenses that are not covered under a regular health insurance policy such as travel expenses for getting treatment, food, etc.
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What is the SBI Hospital Daily Cash Insurance Policy?
This plan offers regular daily cash benefits to the policyholder in case of hospitalization. This is apart from the actual medical expenses. The insured gets an additional cover, which means besides all the essential expenditure other necessary expenses, for example, food, traveling to hospital is also reimbursed, which is not covered in the regular health insurance policies. The plan offers its customer a daily cash benefit for a specific duration of hospitalization.
Features of the SBI Hospital Daily Cash Insurance Policy
Some of the salient features of this policy are mentioned below:
In this policy, there are two coverage options given, namely
- Coverage of a maximum of 30 days,
- Coverage of a maximum of 60 days.
Both plan options include the following features and benefits -
- If the policyholder has to be hospitalized, the benefits are given for hospitalization for each fully complete and a continuous span of 24 hrs.
- Benefits of ICU hospitalization of double the amount of daily hospital benefit is given for each complete and a continuous span of 24 hrs in the ICU.
- If the person insured has to be hospitalized due to an accident injury, he/she is bound to double the regular hospital benefits provided in the plan for each continuous and completed period of 24 hours.
- If the policyholder is hospitalized for any reason for a continuous period of 10 days, he is bound to receive three times the costs of hospitalization or Rs 5,000, whichever is less.
Benefits of the SBI Hospital Daily Cash Insurance Policy
This plan offers a range of additional benefits as compared to other similar plans available in the market. If one buys this plan the following benefits can be availed of daily:
- A cash amount up to Rs 2,000 per day of hospitalization as cash benefit can be availed.
- Secondly, a cash amount of up to Rs 4,000 as ICU hospitalization cash benefit can also be availed.
- In the case of hospitalization, due to the policyholder's accident, he/she can ask for a per-day cash benefit of maximum Rs 4, 000.
- Medical expenses owing to convalescence are also covered under the plan, but it is a fixed amount of up to Rs 5,000.
- Though the minimum age limit for entry in this plan is 18 years and maximum 65 years, children aged 3 months and thereafter are also covered in this plan, if both parents buy this policy.
- Policyholders can opt for a flexible plan option that offers a maximum of 30 days and 60 days coverage.
- As far as daily cash allowance is concerned, the policyholder gets four options to choose from, i. e., Rs 500, Rs 1,000, Rs 1,500 or Rs 2,000.
- The policyholder can avail of tax-saving benefits under section 80 D of the Income Tax Act 1961.
*Tax benefit is subject to changes in tax laws.
A 15-days free-look period is available with this policy. If the policyholder is not satisfied with the terms and conditions of the policy, he/she can return the policy back, and all premiums paid will be returned
Inclusions of the SBI Hospital Daily Cash Insurance Plan
The following medical charges are covered under this plan-
- A benefits cover of daily hospital expenses up to Rs 2000 or Rs 4,000 for ICU hospital expenses for maximum 7 days or 15 days as per policy.
- If the policyholder is hospitalised owing to an accident, he/she can get a cash benefit of up to Rs 4000.
- The policyholder can get a benefit of Rs 5000 if he is hospitalized for more than 10 days at a stretch for convalescence.
Exclusions of the SBI Hospital Daily Cash Insurance Plan
Claims arising due to any of these below-listed reasons will be rejected by the insurer under SBI Hospital Daily Cash Insurance Plan:
- If the policyholder suffers from any pre-existing disease or has received any treatment for the same before purchasing this policy
- In the first 30 days of the purchase of this policy, if the buyer is diagnosed, or has symptoms or signs of any disease or received treatment for any disease
- A waiting period of up to 90 days from the date of receipt of the plan
- Non-allopathic treatment is not covered under the plan
- Pregnancy complications or treatment like miscarriage, abortion, childbirth, or post-natal and pre-natal care
- Congenital diseases
- AIDS or HIV and any sexually transmitted diseases
- Self-inflicting injuries, depression, and mental disorders
- Hospitalization for intoxication and alcohol consumption
- Diseases like cataract, a hysterectomy will be covered after a waiting period of 2 years
- Joint replacement surgery after waiting for 3 years of the plan term
- Hospitalization expenditures, which are related to extrauterine pregnancy, cesarean, and uterine
- Treatment for psychiatric disorders
*This list is only indicative and not exhaustive. The complete list of exclusions can be found with the policy document
Eligibility of the SBI Hospital Daily Cash Insurance Policy
The eligibility of SBI Hospital Daily Cash Insurance plan are:
- Minimum entry age of the policyholder for adults - 18 years
- Maximum entry age of the policyholder for adults - 65 years
- Minimum entry age of the policyholder for child - 3 months
- Maximum entry age of the policyholder for a child - 21 years
- Children can only be included if both parents are covered in the same policy at the same time.
- Maximum cash benefit - Rs 2000 per day
- The maximum benefit would be Rs 500 per day for up to a maximum period of 30 days & for policyholders above 60 years of age and new buyers.
- Pre-medical screening is required for policyholders above 45 years of age if the coverage opted for more than Rs 2000.
- The plan will cover 50% of the cost of pre-medical screening due to the tests.
*The above information is subject to change as per the norms of the insurance provider.
Claim Process of the SBI Hospital Daily Cash Insurance Plan
SBI Hospital Daily Cash Insurance Plan's claim process is as follows:
For Cashless Claim Process
The cashless claim process is done if the person insured for a particular treatment visits a network hospital. The steps are:
- If the hospitalization is pre-planned, one must inform the policy provider before getting hospitalized. For emergencies like accidents, the information should be given to SBI in 24 hours of hospitalization.
- At the hospital payment counter, documents like the plan document and health card provided by the insurance company should be shown. Once done, the claim form should be taken from the hospital's desk, and then complete information should be filled in.
- Through the claim application form, one needs to inform SBI about the type of hospitalization done, the medical condition of the policyholder, and the number of days required for treatment in the hospital.
- It also asks the policyholder's personal details like phone number, email, policy number, and other details. Once done, it should be submitted to SBI. After submitting the claim form to the insurance company, one will have to wait.
- After receiving the claim form, SBI will check and verify the documents. After completion of the verification process, the company will notify you about the claim approval.
- If the claim is approved, the company will pay the necessary hospital bill directly.
For Reimbursement Claim
The reimbursement process is done when the policyholder is hospitalized at a non-network hospital where a cashless facility is not available. The steps are:
- For planned hospitalization, SBI should be notified within 7 days before admission to the hospital. For emergency hospitalization, notify within 24 hours.
- On completion of the treatment, fill up a claim form at the hospital and submit the medical health card and plan document. The claim form can also be submitted online. Pay the hospital bill and collect all receipts, prescriptions, and other documents that will be required to be submitted with a claim form.
- The claim form asks about policy number, name of the person insured, birth date, height, weight, age, and other information. It also asks about the type of treatment undergone, the name of attending doctor, the name of the hospital, etc. After filling the claim form, upload essential documents, and submit it.
- After submitting the form, the policy company will verify the documents and details entered by the company. SBI might ask for more documents for verification. After completion, SBI will notify about claim approval.
- On approval, the company will transfer the amount through NEFT.
Essential Documents for Claim Renewal Apart from Claim Form
The documents required are:
- Diagnosis report
- Receipts for hospital room charges
- Total hospital bill
- FIR copy in case of accidents hospitalization
- ICU charges, if any
- OT charges
- Any other documents
On receiving the documents and after cross verification, the company will pay the claim amount.
How to Buy the SBI Hospital Daily Cash Insurance Plan?
For buying the SBI Hospital Daily Cash Insurance plan, follow the buying guide:
- For buying the policy online, visit Paisawiki.com and on the home page enter details like mobile number, birth date, name of the person insured, email id, number of people to be assured, and policy type.
- The website will search according to the needs of the customer and will show a list of plans online. The person to be insured can select the plan, check its details, or compare it with similar plans. The plans have various features and benefits mentioned for the easy comparison process. After comparing online with various insurance plans, select a suitable plan.
- After selecting the plan, enter the personal details asked, such as medical history, claim history, and insurance policies bought if any. Then plan specific details, like policy term option, the number of members to be insured, age of each member, and their contact details.
- After entering these details, the website provides different rider options to select from. It can be selected for extra benefits at some additional premium.
- After making the necessary selection, one can calculate the premium using the premium calculator. Once the final premium is calculated, go to the payment section.
- In the payment section, enter card details or banking details to pay via credit card, debit card, wallets, UPI, internet banking, or mobile banking. After a successful transaction, the policy details will be mailed to the policyholder.
Documents Required for the SBI Hospital Daily Cash Insurance Plan
The documents required for SBI Hospital Daily Cash Insurance Plan are:
- KYC documents - Aadhar Card, Voter Card, PAN card, Electricity Bill, Utility Bill, Passport, Postpaid bill, Passbook, and any government ID card.
- Bank Details
- Medical history details
- Diagnosis Report if the medical test is required
Once all documents are submitted, the policy documents will be mailed to the customer.
Renewal of the SBI Hospital Daily Cash Insurance Plan
For renewal of the SBI Hospital Daily Cash Insurance Plan, following the stepwise process:
- Step 1: Visit com. Check the plan renewal section.
- Step 2: Enter birth date, policy number, and a mobile number asked.
- Step 3: Once done, the plan details will be shown along with the renewal option.
- Step 4: The policyholder can add riders or remove them. There is also an option to add new family members.
- Step 5: Once done, select the renewal button and enter bank details to pay the premium.
A set of new documents will be sent after the successful completion of the renewal process.
Ans: No, pre-existing illnesses are not covered in the plan.
Ans: Yes, it is available, but one needs to port it with similar plans.
Ans: No, it is not required if the applicant is below 45 years of age.
Ans: No, the plan doesn't cover daycare services.
Ans: There is a waiting period of 2 years in the policy.
Written By: Paisawiki - Updated: 09 April 2021