Mumbai (Maharashtra) [India], April 22: The start of a financial year is widely associated with tax planning and investment decisions, but it also serves as a crucial moment to reassess one’s overall financial protection strategy. In India, despite steady growth in the insurance sector, overall insurance penetration remains low, pointing to a significant and persistent protection gap.
Simultaneously, rising healthcare costs and growing utilisation of insurance benefits are reshaping how financial risks are experienced and managed at the household level. IRDAI data shows that health insurance claims in FY25 rose by 21.18%, reflecting a sharp increase in utilisation and, in turn, greater dependence on insurance as a financial safety net during medical needs. This evolving landscape underscores a broader shift: financial protection is no longer defined merely by the ownership of insurance, but by the quality, adequacy, and responsiveness of coverage in real-life situations.
In this context, SBI General Insurance outlines five essential financial protection moves to consider this financial year:
• Reassess Health Insurance Adequacy in Line with Medical Inflation:
With healthcare costs rising steadily, a basic sum insured may no longer be sufficient. Policyholders should evaluate whether their current coverage aligns with present-day hospitalization expenses and consider top-up or super top-up plans to enhance protection.
• Evaluate Insurer Performance Beyond Pricing:
Premium affordability should be balanced with insurer reliability. Metrics such as claim settlement ratios and incurred claim ratios (ICR) which reflect payout efficiency, offer deeper insight into an insurer’s ability to deliver on promises during critical moments.
• Align Coverage with Changing Life Needs:
Milestones such as career growth, marriage, or expanding family responsibilities significantly alter financial risks. Reviewing and updating health, motor, and personal accident policies ensures that protection keeps pace with evolving needs.
• Address Emerging and Underinsured Risks:
New-age risks, including lifestyle diseases and digital uncertainties, are becoming increasingly relevant. Expanding coverage through add-ons or specialised products can help mitigate these evolving exposures more effectively.
• Strengthen Documentation and Disclosure Practices:
Regulatory insights indicate that a significant proportion of grievances arise from non-disclosure and documentation gaps. Keeping policy records updated, ensuring accurate disclosures, and reviewing terms carefully can enable smoother claim experiences.
As India advances toward the vision of “Insurance for All by 2047,” the focus is steadily shifting from expanding access to improving the quality and effectiveness of coverage. Financial protection is no longer a one-time decision but an ongoing process that requires periodic evaluation, informed choices, and active engagement from policyholders.
By adopting a more disciplined and insight-driven approach to insurance planning, individuals can move beyond tax efficiency and compliance to build meaningful financial resilience. SBI General Insurance encourages policyholders to take proactive steps in strengthening their coverage and ensuring it remains aligned with their evolving needs. SBI General Insurance caters to Retail, Corporate, SME, and Rural segments. Its diverse product portfolio—which includes Health Insurance , Car Insurance, Bike Insurance Travel, Personal Accident, Cyber Insurance, etc.
About SBI General Insurance
SBI General Insurance, one of the fastest-growing private general insurance firms, backed by the robust support of SBI, upholds a legacy of trust and security. We position ourselves as India’s most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence in 146 branches. In FY 2024-25, SBI General Insurance reported a Gross Written Premium (GWP) of INR 14,140 crores, recording a YOY growth of 11.1%.
The company received numerous prestigious accolades, showcasing its excellence across various domains. Key honors include being named as the Domestic General Insurer of the Year – India and Claims Initiative of the Year – India at Insurance Asia Awards 2025 Singapore, Large General Insurance category at the Mint BFSI Summit & Awards, the 3rd InsureNext Awards 2024 for Best Claims Settlement, and India’s Best General Insurer of the Year at the 7th Insurance Conclave Awards. At the India Insurance Summit & Awards 2024, the company secured titles for General Insurance Company of the Year and Leading Implementer of Analytics Technology in Insurance. Additionally, it was honored as the Best BFSI Brand at the ET NOW Best BFSI Brands Conclave 2024 and included in BW BusinessWorld’s India’s Most Respected Companies. Certified as a Great Place to Work in 2024, the company also excelled at the ETBFSI Exceller Awards 2024 with recognition for Best Claims Management in Insurance and Best CSR Campaign of the Year, further highlighting its commitment to social responsibility and innovation.
With a team of over 9,000+ employees and our multi-distribution model covering Bancassurance, Agency, OEM, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network that includes over 22000+ SBI branches, plus agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.
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