SBI GI and Starfin India launch Hospital Daily Cash Benefit Plan

Mumbai, June 27

SBI General Insurance, one of India’s leading general insurance providers, has partnered with Starfin India, a subsidiary of BLS E-Services, to introduce an innovative Hospital Daily Cash Benefit Plan for low-income families.

Hospitalization costs can significantly impact savings due to the potentially high expenses associated with treatment, medication, and recovery. This financial stress is often compounded by income loss and out-of-pocket expenses such as travel, medication, and attendant care. Under this plan the policyholders will receive a fixed daily cash benefit during hospital stays due to illness or accidents, helping reduce financial stress during challenging times. It will also include coverage for accidental death and partial disability, offering added protection and peace of mind to insured individuals.

Commenting on the collaboration, Priya Kumar, Business Head - Emerging Business Lines at SBI General Insurance said, “Access to timely financial support during hospitalisation can make a significant difference for vulnerable families. Our collaboration with Starfin India is timely due to IRDAI’s objective of ensuring timely settlement of genuine claims, preventing fraud, and establishing effective grievance redressal mechanisms and also strengthening the financial resilience of underserved communities creating a meaningful impact at the time of need.”

Shikhar Aggarwal, Chairman, BLS E-Services Ltd (Parent company of Starfin India) added "By offering a daily cash benefit plan, we aim to alleviate the financial burden of hospitalization, empowering families during their most vulnerable times. This collaboration with our subsidiary Starfin India and SBI General Insurance represents a significant step in our commitment to provide accessible and affordable financial security to underserved communities.”

To facilitate this initiative seamlessly, Starfin India is leveraging its tech-enabled platform to simplify the insurance experience for customers. The platform enables quick policy issuance and offers a seamless, end-to-end claims process to enhance customer convenience. Users can easily select coverage options, fill in necessary details, and make payments online. Upon successful completion, a cover note is issued, followed by the final certificate of Insurance from SBI General within a specified timeframe. Claims can be effortlessly registered through the Claims app or web portal, with a simple document submission process and a 30-day turnaround time post-verification.

Lokanath Panda, COO, BLS E-Services (Parent company of Starfin India) further stated “This innovative plan provides crucial daily cash support and accidental death/disability coverage, ensuring financial security during critical health challenges. By addressing the critical financial burden of hospitalization, this plan is a significant step towards a more secure future for low-income families.”

This initiative underscores the commitment of both Starfin India and SBI General Insurance to empowering underserved communities with accessible and affordable health insurance solutions, ensuring financial resilience during medical emergencies.

EoM.