SBI General Insurance Group Health Policy for Retirees:
Dated 09.10.2025 : SBI General Insurance Company has introduced a Group Health Insurance Policy for retirees, family pensioners, and dependents, arranged through K M Dastur Reinsurance Brokers Pvt. Ltd. The policy includes a ₹5 lakh base cover and optional super top-up plans from ₹1–7 lakh with threshold limits of ₹3, ₹4, and ₹5 lakh.
The Base policy will have a base cover for Rs 5 Lakhs . The Supertop-up policies can be taken from Rs 1 Lkah to Rs 7 lakhs with a threshold limit from Rs 3 lakhs , Rs 4 lakhs & Rs 5 lakhs .
Additional Benefit: Members who choose to purchase the Base Policy and the Super Top-Up Policy together will be eligible for a special discount on the Base Policy premium.
Base policy Premium :
For Retiree + Spouse
Base policy cover Rs 5.00 LAKHS Without top up Premium of Rs 41,300 and with top up , Premium will come down to Rs 38,940
For a single person : Cover of 5.00 LAKHS Without top up Rs 31,053, and With top up Premium of Rs 27,410
Top up policies premium for the Threshold limit of Rs 3 lakhs :
Top up Insurance Amount Premium
For Retiree + Spouse single
1 .00 LAKHS 5,923 3,484
2.00 LAKHS 9,481 5,575
3.00 LAKHS 13,432 7,902
4.00 LAKHS 19,741 11,612
5.00 LAKHS 24,604 14,780
6..00 LAKHS 37,719 23,021
7.00 LAKHS 54,343 32,289
Top up policies’ premium for the Threshold limit of Rs 4 lakhs :
Top up Insurance Amount Premium
For Retiree + Spouse Single
1 .00 LAKHS 4,758 2,799
2.00 LAKHS 7,616 4,478
3.00 LAKHS 10,789 6,347
4.00 LAKHS 15,857 9,328
5.00 LAKHS 19,764 11,873
6..00 LAKHS 32,929 20,097 7.00 LAKHS 47,441 28,188
Top up policies’ premium for the Threshold limit of Rs 5 lakhs :
Top up Insurance Amount Premium
For Retiree + Spouse Single
1 .00 LAKHS 3,807 2,240
2.00 LAKHS 6,092 3,582
3.00 LAKHS 8,632 5,078
4.00 LAKHS 12,685 7,462
5.00 LAKHS 15,811 9,498
6..00 LAKHS 26,344 16,708 7.00 LAKHS 37,952 22,551
Salient Features of the Base Policy:
- The base policy is issued insurance cover Rs 5.00 lakhs and any bank retiree can buy the policy irrespective of his/ her cadre .
- Room Rent Rs. 3500 Per day for the base policy
- ICU shall be RS. 7000 per day for the base policy
- Pre-existing Diseases: : Covered from day 1
- Policy has limited coverage for various diseases like
Unilateral Total Knee Replacement (including implant) – Rs 145,000
Unilateral Total Hip Replacement (including implant)- Rs 145,000
Cataract – Rs 30,000
- All Advanced medical surgeries to be covered with co-pay of 50%
7 For complete terms and conditions , contact KMD by email : <Enquiries@kmdastur.com>
Salient Features of the Top up policy
- The premium varies depending up on the threshold limit for the same coverage .
- Bed Charges shall be limited to Single Room (Occupancy) A/c
- Proportionate Deduction clause applicable where Insured member has
opted for room rent higher than eligible room rent category.
- However, the same is not applicable on:
1. Cost of Pharmacy and Consumables
2. Cost of Implants and Medical Devices
3. Cost of Diagnostics.
- Pre-existing Diseases: Covered from Day 1
- For complete terms and conditions , contact KMD by email : <Enquiries@kmdastur.com>
COMPARISON OF IBA AND KMD POLICIES
To know completely about IBA Sponsored policy , CLICK HERE
- While IBA Policy has 4 values of base policy for Rs 3, lakhs , 4 Lakhs , Rs 5.25 Lkahs and Rs 7 lakhs depending up on the cadre of the retiree , KMD policy has a single base coverage policy for Rs 5 . lakhs irrespective of the cadre of the retiree
- Premium on Top up policy of IBA is uniform for Rs 1.0 lakh , 2.00 lakhs , 3 lakhs & Rs 4 .00 lakhs irrespective of threshold limit . But in the KMD top up policy , premium varies according to the threshold limit for the same coverage
- The two policies have different daily bed charges limits and different other terms and conditions and hence cannot be compared . Only we can compare premiums for the total coverage .
- IBA POLICY Premiums are as follows, and you can compare the same with premiums for KMD policies
For Retiree + spouse , Without GST ( GST @ 18 % to be added separately )
Base Insurance Amount IBA / National Insurance
premium
3 .00 LAKHS 27,001
4.00 LAKHS 31,001
5.25 LAKHS 40,231
7.00 LAKHS 60,001
Top up Insurance Amount IBA / Natnional insurance
1 .00 LAKHS 12,501
2.00 LAKHS 20,001
3.00 LAKHS 29,301
4.00 LAKHS 39,001
For Single Person , Without GST ( GST @ 18 % to be added separately )
Base Insurance Amount IBA / National Insurance
premium
3 .00 LAKHS 24,301
4.00 LAKHS 29,251
5.25 LAKHS 37,181
7.00 LAKHS 48,001
Top up Insurance Amount IBA / National insurance premium
1 .00 LAKHS 10,621
2.00 LAKHS 17,001
3.00 LAKHS 24,901
4.00 LAKHS 31,201
Some examples of comparison for Retiree + Spouse
1 . For a retired staff , IBA policy costs for a coverage of Base Rs 3.00 lakhs + top up Rs 2.00 lakhs , premium of Rs 27,001 + 20,001 totalling to Rs 47,002 . Base premium for KMD policy for Rs 5.00 lakhs coverage is Rs 41,300
2. For a retired staff , IBA policy costs for a coverage of Base Rs 4. 00 lakhs + top up Rs 1.00 lakhs , premium of Rs 31,001 + 12,501 totalling to Rs 43,502 . Base premium for KMD policy for Rs 5.00 lakhs coverage is Rs 41,300
3. For a retired officer , IBA policy costs for a coverage of Base policy for Rs 5.25 lakhs , premium of Rs 40,231 . Base premium for KMD policy for Rs 5.00 lakhs coverage is Rs 41,300
4. For a retired scale VI officer , IBA policy costs for a coverage of Base Rs 7.00 lakhs , premium of Rs Rs 60,001 . Base premium for KMD policy for Rs 5.00 lakhs coverage is Rs 41,300 + top up of Rs 2 .00 lakhs Rs 6,092 totalling to Rs 47, 392 .
Combination of IBA Base policy + KMD Top up Policy
There are retirees who have tried the combination of IBA Base policy with Top up Policies of KMD which would reduce the cost of total premium . For example , in the above example case 1 , one substitutes IBA top up policy with KMD top up policy :
IBA base policy costs for a coverage of Base Rs 3.00 lakhs at 27,001 + top up of KMD for Rs 2 .. lakhs Rs 9,481 totalling to Rs 36, 481 .
However such combinations may pose procedural difficulties while making claim and we are not sure on the operational hurdles .
Note : We do not have any commercial interest in any of the referred insurance companies and readers are requested to make independent enquiries and judgments before buying any insurance policies .
K M Dastur Reinsurance Brokers
For more information Contact us