ICICI Lombard reckons as a trusted partner when it comes to Insurance, India’s leading private non-life insurance company.
They have many firsts to their credit and it’s not a small feat to achieve these.
With the customers’ ever-changing needs and risks emerging owing to various factors like pandemics, climate change or data privacy, the solutions needed also need to be more suited. To add to it the advent of newer technologies paves the way for better solutions.
The insurance Regulatory and Development Authority of India (IRDAI) has recently announced that health and general insurance companies (for sectors like fire, motor and marine) could launch their products without prior approvals. The regulatory body aims to enhance insurance penetration across the country through this “Use and File Framework.” This stepping stone decision gives flexibility to the companies for bringing in customised innovative plans to the customers at short timelines. This has been effective immediately. This decision was like the cherry on the cake, it became the core thought to launch new product offerings by ICICI Lombard. They have launched 14 new or enhanced insurance solutions, including riders/add-ons and upgrades across Health, Motor, Travel and Corporate segments.
Sharing his thoughts on the expansion of ICICI Lombard’s product portfolio, Sanjeev Mantri, Executive Director, ICICI Lombard said,
“We, at ICICI Lombard, have always been at the forefront of providing millions of customers with simplified and cutting-edge risk solutions tailored to their specific needs. Innovation and agility are a part of our organisational DNA, and our comprehensive suite of offerings is designed to meet the myriad needs of customers, cutting across demographics of age, geographies, socio-economic backgrounds or gender. Am elated to share that we have a product for virtually every segment and fuelled by regulatory reforms, we have accelerated our pace of developing and launching new products. I believe the current era in the insurance industry is an exciting period to usher in innovation and reimagine possibilities. With 14 new products and upgrades on the anvil, has further cemented ICICI Lombard as a pre-eminent and comprehensive risk insurer of the nation.” — Sanjeev Mantri, Executive Director, ICICI Lombard
Talking about the highlights of these newly launched product offerings:
| Golden Shield | · This product provides policies covering exhaustive hospitalization expenses like room rent, ICU, doctor fees, anaesthesia, blood, oxygen, OT charges, medicines and more for the most underserved target segment in the industry – senior citizens. · Medical expenses for daycare procedures/treatments requiring less than 24 hours of hospitalization. · Modern treatments including stem cell therapy, balloon sinuplasty, oral chemotherapy, robotic surgeries, deep brain stimulations and more. · Unique add-on care coverage that provides the services of a healthcare professional assisting the senior individual take care of their health and keep the family members informed. | |
| Health AdvantEdge | It includes domestic and worldwide international cover for a global citizen including pre- and post-hospitalization, unlimited teleconsultation, air ambulance, and ambulance assistance services. | |
| BeFit | · Cashless OPD policy covering common ailments like cough/cold or minor injuries not requiring hospitalisation. · Initially launched for 20 locations this add-on rider programme has been expanded to 50 locations enabling holistic coverage for routine OPD consultations, diagnostic tests, physiotherapy and pharmacy bills. | |
| Comprehensive Health Insurance (CHI) & Health Booster | Host of comprehensive product line across segments and age groups like CHI, Health Booster, CritiShield and FamilyShield. | |
| Motor Floater Insurance | This product offers the convenience of a single policy, single renewal date and single affordable premium for all the motor policies. | |
| Telematics add-on | o Pay-As-You-Use (PAYU) Plan: Customers are provided with the flexibility to choose from different ‘kilometre plans’ depending on usage. Hence, the premium for the policy is limited only to the extent the vehicle is used or estimated to be used by the customer. o Pay-How-You-Use (PHYU) Plan: Under this plan, the premium charged changes as per the driving behaviour score. A customer with good driving behaviour can avail of attractive discounts over the base premium of the policy. | |
| Emergency Medical Expense Cover (EME) | Covers the occupants of the vehicle against medical expenses and daily hospital cash benefits in the event of an accident. | |
| Equated Monthly Instalment (EMI) Protect | Covers the total liable EMI amount for which the Insured’s vehicle is under repair in a garage. | |
| Club Royale Home Insurance | Curated for the elite base to ensure complete protection pertaining to not just their residential units, but also their family, pet and appointed staff. | |
| Voyager Travel Insurance | Caters to evolving needs such as self-driven holidays, cruises etc., and reflects the changing lifestyle and preferences of travellers. | |
| I-Select Liability Insurance | This policy offers Comprehensive liability coverage to SMEs/start-ups covering a host of liabilities including protection for directors and officers, cyber liability, general/product liability, employee dishonesty or professional indemnity amongst more. | |
| Drone Insurance | It covers insurance on theft or loss of the product during flight and while on the ground including third-party liability. | |
| Retail Cyber Liability Insurance | The policy is designed with the objective to protect individuals and their families against any cyber fraud or digital risks that could result in financial or reputational loss to individuals |
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