The SBI Life Insurance Company has announced that it will introduce its first independent health insurance plan the coming month. The SBI Life Insurance Company is a joint venture between the State Bank of India and BNP Paribas Assurance. U.S. Roy, managing director and CEO, SBI Life Insurance Company remarked that they received the consent of the insurance regulator for the product previous month and that the company is currently readying its information technology system for this product. Roy then added that the independent health insurance plan would get launched by August.

The health insurance sector is expected to grow significantly in coming years and therefore besides critical-illness riders, the Life Insurance Corporation of India, Bajaj Allianz Life Insurance, Reliance Life Insurance and Tata AIG Life Insurance have also introduced standalone plans. 

The health insurance plan which will be introduced by the SBI Life Insurance Company will be a well-defined one, under which the policy-holder will avail a prefixed amount in case of hospitalization. It is only Bajaj Allianz that launched a family floater indemnity plan, which seeks to refund hospital bills subject to the sum assured.