Shriram General Insurance enters indemnity health market

Shriram General Insurance (SGIC) has introduced Shri Health Suraksha Insurance, marking its entry into the indemnity-based health insurance segment.

The policy offers financial coverage for a variety of medical treatments, including modern procedures and AYUSH therapies – ayurveda, yoga, unani, siddha, and homeopathy. Policyholders can avail cashless medical treatment at more than 13,000 hospitals across India, with flexible sum-insured options for individuals and families.

Healthcare costs in India continue to rise

Anil Aggarwal, managing director and CEO of Shriram General Insurance, emphasised that medical emergencies can create both emotional and financial stress.

The ACKO India Health Insurance Index 2024 highlighted key trends in India’s healthcare sector, drawing data from around 60,000 claims. It revealed that medical expenses have continued to escalate, reporting an 11.35% increase in average claim amounts in 2023. This trend aligns with a broader rise in medical inflation, which reached 14% during the year.

A significant portion of healthcare costs in India remains out-of-pocket, with 62% of expenses not covered by insurance. The report also noted that only 23% of urban households have health insurance, leaving a large portion of the population financially vulnerable to medical emergencies.

Key features of Shri Health Suraksha Insurance

Aggarwal said that Shri Health Suraksha is structured to provide extensive coverage at an affordable cost, helping individuals safeguard their finances during health-related crises.

“It enables the customer to provide medical treatment to their loved ones, unhindered by any financial challenges. We have priced premiums competitively for a family floater plan. The offering aligns with our vision to allow every Indian to access comprehensive and quality medical care,” he said.

Key features of the new offering include:

• coverage for hospital expenses, including room rent, ICU charges, doctor and surgeon fees, blood transfusion, and oxygen costs
• nationwide access to cashless treatment at more than 13,000 network hospitals
• multiple sum-insured options based on individual and family healthcare needs
• availability for individuals and families, covering children as young as three months, as well as parents and in-laws
• pre- and post-hospitalisation expense coverage, day-care procedures, and ambulance costs
• cumulative bonus benefits, increasing the sum insured for every claim-free year
• a grace period of 15 to 30 days, depending on the chosen premium payment mode
• renewable annually with flexible policy tenure 

Shriram General Insurance has previously offered benefit-based health policies, including Shri Criticare Policy, which provides lump-sum payouts for critical illness diagnoses, covering 22 major conditions such as cancer, heart surgery, and neurological disorders.

The insurer also offers the Shri Hospital Daily Cash Benefit plan, designed to support daily expenses during hospitalisation.