ICICI Lombard, FreePaycard offer bite-sized health insurance solutions

| 20 Nov 2020

ICICI Lombard in partnership with Freepaycard, an online pre-paid card trading platform, has introduced Group Safeguard Insurance - a group offering for members of Freepaycard Retail that allows members to receive an assured amount in case of any injury or hospitalization for treatment.

With this strategic partnership, ICICI Lombard will make its bite sized health insurance solutions, designed specifically for Freepaycard members, available at its multi-category partner retail outlets. Freepaycard members can thus add these health solutions on the go while shopping for other essential goods or services.

Convenience, affordability and reach are important factors to increase insurance adoption and penetration.

The insurance offering is a customized hospitalization product that comes in three variants: Hospital Daily Cash Benefit, Death Benefit, and Special Vector-borne Disease-related Hospitalization Benefit.

The Hospital Daily Cash Benefit enables customers to avail sum insured upto Rs 60,000 for a maximum period of 30 days. This option can be availed at Rs 699 for a one year tenure. It will be useful in case of hospitalization at any government or private hospital across the country. Freepaycard members who already have health insurance policies or employer health insurance can also opt for this cover.

The second cover, Death Benefit or the Personal Accident Cover for one year at Rs 699 for a Sum Insured of Rs 10,00,000 in case of accidental death of the insured  or permanent total disablement, and Rs 90,000 for parental care in case of the insured’s accidental death or permanent total disablement.

The Special Vector-borne Disease-related Hospitalization cover comes at Rs 379 for a year for a Sum Insured of Rs 75,000, that is paid on hospitalization due to any of the covered vector-borne disease or malaria. These include dengue, chikungunya, kala-azar, Japanese encephalitis, and filariasis. However, a minimum of 48 hours of hospitalization is required for the insured to be eligible for the claim.

Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “At ICICI Lombard, we continuously strive to demonstrate our ethos of Nibhaye Vaade through innovative, and industry-first initiatives to support our customers. Further, it is our endeavor to offer convenient solutions to them in the new normal. We are delighted to partner with Freepaycard to offer several relevant covers to their customers to provide them financial relief and thereby peace of mind in their hour of need.”

Richard Andrew, MD & CEO, Freepaycard Retail, said, “It has been our constant endeavor to keep adding more and more citizens of our great country into our membership program. We believe, affordable health/medical insurance is the need of the hour and that every member of ours should have access to this facility.”

All Freepaycard members in the 18-65 age group are eligible for this product (without undergoing any prior medical tests). Additionally, customers can choose either of the three or all three covers as per their requirement and get themselves insured.

Stay in the know via our complimentary weekly newsletter

Check these out:

Executive Champion of the Year 2020 - Rakesh Sharma, TATA AIA Life Insurance Co. Ltd, India

Parag Raja appointed MD & CEO of Bharti AXA Life Insurance

More than 20,000 views of the 3-day Insurance Inspired Summit - Download and learn from 18 top speakers at your own pace