ICICI Lombard launches 14 products across segments

AgenciesUpdated: Sunday, August 28, 2022, 06:05 PM IST
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ICICI Lombard launches 14 products across segments |

ICICI Lombard General Insurance Co has launched 14 products across the health, motor, and corporate insurance segments.

These offerings include riders, add-ons and upgrades on existing policies.

Speaking about 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 that are 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 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.”

These product offerings are as follows:

Golden Shield

This is a policy that covers health and medical expenses of senior citizens and also provides the services of a healthcare professional that can assist senior individuals.

Health AdvantEdge

This covers pre-hospitalisation and post-hospitalisation expenses of individuals, both in India and abroad. It also includes unlimited eleconsultation, air ambulance, and emergency assistance services.

BeFit

This is an outpatient department treatment policy and covers expenses for treatment of common cold and also for minor injuries not requiring hospitalisation. It also serves as an add-on rider to indemnity health products that cover physiotherapy, pharmacy bills, and diagnostic tests. It is available in 50 locations across India.

Comprehensive Health Insurance and Health Booster

These include a wide array of retail health products across segments and age groups like comprehensive health insurance, health booster, CritiShield, and Family Shield.

Motor Floater Insurance

Under a motor floater policy, customers can have a single policy, a single renewal date, and a single premium for all motor policies.

Pay-As-You-Use Plan

This is an add-on to a motor insurance policy and customers can choose various km-based plans depending on the usage of the motor vehicle. The premium that the policyholder pays is limited to the extent to which the vehicle is used or estimated to be used by the customer.

Pay-How-You-Use Plan

This is an add-on to a motor insurance policy and the premium charged by the insurer changes according to a driving behaviour score. Hence, a customer with a good driving behaviour can avail discounts over the base premium of the policy.

Emergency Medical Expense Cover

The Emergency Medical Expense Cover add-on covers the occupants of the vehicle against medical expenses and daily hospital cash benefits in the event of an accident.

Equated Monthly Instalment Protect

The Equated Monthly Instalment cover add-on applies in cases where the vehicle is involved in an accident and covers the total liable equated monthly instalment amount for which the insured's vehicle is under repair in a garage.

Club Royale Home Insurance

This policy is exclusively curated for high net worth individuals and ultra high net worth individuals and ensures complete protection pertaining their residential units, family, pet, and appointed staff. Multiple properties and locations can be insured in a single policy. It has a wide range of add-ons and can be customised.

Voyager Travel Insurance

This policy covers expenses relating to self-driven holiday, cruise etc. It reflects changing lifestyle and preferences of travellers. It provides group and corporate coverage, both for domestic and overseas travel up to a year.

Liability Floater

This policy provides a comprehensive liability coverage to small and medium-sized enterprises and startups and covers a wide range of liabilities including cyber fraud, employee dishonesty, professional indemnity, and commercial general liability.

Drone Insurance

The policy covers expenses relating to theft, loss, or damage caused to drones. It caters to drone manufacturers and logistic companies.

Retail Cyber Liability Insurance

This policy offers protection to individuals and their families against cyber fraud or digital risks that could result in financial or reputation loss.

Each of the health insurance plans launched today are cashless--the settlement of the bills under these plans will be done directly between the hospital and the insurance company.

ICICI Lombard General Insurance Co has more than 20,000 cashless networks, which include hospitals, diagnostic centres, doctors, etc. It also includes outpatient services, Amitabh Jain, head-health underwriting and claims, IL TakeCare, said at an event today.

The IL TakeCare application is a platform than manages ICICI Lombard General Insurance's health and wellness policies.

These slew of offerings come after the Insurance Regulatory and Development Authority of India announced the 'use and file' framework for general insurers. Under the framework, standalone health insurers and general insurers will be able to launch products immediately without prior approval from the regulator.

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