The insurance industry is now seeing new types of risk emerging, be it pandemic, climate change or data privacy and this calls for comprehensive coverage steered by the changing customer behaviour and driven by the advent of new technological solutions and opportunities. This was the core thought behind the new offerings propelled by the recent revolutionary announcement of the ‘Use and File’ framework from the IRDAI (Insurance Regulatory and Development Authority). ICICI Lombard, India’s leading private non-life insurance company launched its latest lineup of 14 new or enhanced insurance solutions, including riders/add-ons and upgrades across Health, Motor, Travel and Corporate segments.This article will help you know all about the new launches of ICICI Lombard.
ICICI Lombard, offers an array of products across categories for a wide spectrum of customers. The product suite shall transform the way consumers experience insurance, providing them seamless journey and tech-enabled solutions.
Here’s a sneak peek of the categories of new launches
- Health Insurances
- IL Take care
- Motor Insurances
- Corporate Insurances
Products of New Launches
Golden Shield, provides financial security against uncertain health-related risks for senior citizens, a target segment that has remained underserved by the industry. The product provides policies that cover exhaustive hospitalization expenses that are more relevant to customers in an older age bracket. The coverage includes expenses pertaining to room rent, ICU, doctor fees, anaesthesia, blood, oxygen, OT charges, medicines and more. It also includes medical expenses for day-care procedures/treatments requiring less than 24 hours of hospitalization, and for modern treatments including stem cell therapy, balloon sinuplasty, oral chemotherapy, robotic surgeries, deep brain stimulations and more. This comes with a unique add-on care coverage that provides the services of a healthcare professional assisting the senior individual take care of their health and keeping their family members informed.
Health AdvantEdge, a flagship offering for the Global Citizen, includes domestic and worldwide international cover. It also includes enhancement of pre- and post-hospitalization, unlimited teleconsultation, air ambulance, and ambulance assistance services.
BeFit: Introduced recently and a first of its kind in the industry as a cashless OPD policy, is BeFit that covers common ailments like cough/cold or minor injuries not requiring hospitalisation.BeFit, is a Comprehensive Cashless Out Patient Solution. It is an add-on rider to indemnity health products, which enables holistic coverage for routine OPD consultations, diagnostic tests, physiotherapy and pharmacy bills. What was initially launched in 20 locations has now broadened its reach to 50 locations.
Comprehensive Health Insurance (CHI) & Health Booster: We have a host of products across segments and age groups like CHI, Health Booster, CritiShield and FamilyShield which offer a comprehensive spread of retail health products and are in line with the company’s continuum of care philosophy.
Motor Floater Insurance :
Customers can enjoy the convenience of a single policy, a single renewal date, and a single premium for all their motor policies with a Motor Floater Policy. Customers opting for this product are provided with an affordable premium for their multiple vehicles insured under this offering.
These add-on covers convert the base motor product into an ‘Asset cum Usage’ based product wherein the premium charged for the insurance of the base motor vehicle would depend partially on the usage.
- Pay-As-You-Use (PAYU) Plan :
- Pay-How-You-Use (PHYU) Plan :
Voyager Travel Insurance
The new cover under this product, caters to the evolving needs such as self-driven holiday, cruise etc., and reflects the changing lifestyle and preferences of travellers. A single solution for group and corporate coverage, this product covers both domestic and overseas travel upto one year.
Emergency Medical Expense Cover ((EME): The EME 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 (EMI) Protect: EMI cover add-on applies for cases where the vehicle is involved in an accident and covers the total liable EMI amount for which the Insured’s vehicle is under repair in a garage.
Club Royale Home Insurance: Exclusively curated for the elite base, to ensure complete protection pertaining to not just their residential units, but also their family, pet and appointed staff.
Drone Insurance: It covers insurance on theft or loss of the product during flight and while on ground including third party liability.
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.
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.
Apart from launching a slew of 14 products, it also offers a variety of tech-enabled solutions one of them is IL Take Care App which is a one-stop solution for all your insurance and wellness needs.
For more details you can check out http://www.icicilombard.com