ICICI Lombard in partnership with Freepaycard, an online pre-paid card trading platform, has launched Group Safeguard Insurance. The plan will be offered to the members of Freepaycard, allowing them to receive an assured amount in case of any injury or hospitalization for treatment.
ICICI Lombard says as convenience, affordability, and reach are important factors to increase insurance adoption and penetration, this strategic partnership will make the bite-sized health insurance solutions, designed specifically for Freepaycard members, available at its multi-category partner retail outlets. Freepaycard members can add these health solutions on the go while shopping for other essential goods or services.
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 will let customers avail sum insured up to Rs 60,000 for a maximum period of 30 days. This option can be availed at Rs 699 for a 1-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 1-year at Rs 699 for a sum insured of Rs 10 lakhs 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, which 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.”
All Freepaycard members in the 18-65 age group are eligible for the product (without undergoing any prior medical tests). Additionally, customers can choose either of the three or all three covers as per their requirements and get themselves insured.