Listen to this article
ICICI Lombard General Insurance launched a new policy that will help senior citizen of 65 years and above to avail health insurance. So far, senior citizen of 65 years and above cannot avail fresh policy. However, they can renew their existing policy till their lifetime.
Also, the insurers launched 14 new products including riders/add-ons across health, motor, travel and corporate segments.
The company launched these products under ‘Use and File’ framework introduced by IRDAI. ‘Use and File’ framework allows insurers to launch new products without taking prior approval of the regulator, which helps them come out with innovative solutions.
Sanjeev Mantri, Executive Director, ICICI Lombard, said, “I believe the current era in insurance industry is an exciting period to usher in innovation and reimagine possibilities.”
Here are details of a few new products:
Golden Shield: Senior citizens even after 65 years of age can buy this policy to cover their hospitalization expenses. The coverage includes expenses pertaining to room rent, ICU, doctor fees, anaesthesia, blood, oxygen, operation theatre 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 so on.
Health AdvantEdge: Offers health insurance benefits across various geographies.
BeFit: Covers expenses towards doctor consultation (OPD benefits), diagnostic tests, physiotherapy and pharmacy bills.
Motor Floater Insurance: Customers can bundle all their vehicles in a single policy. It offers the convenience of a single policy, a single renewal date and a single premium for all their motor policies.
Pay-As-You-Use (PAYU) Plan: Customers will have a 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.
Pay-How-You-Use (PHYU) Plan: Under this plan, the premium charged changes depending on 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): Offers coverage to rider and passengers of a vehicle against medical expenses in the event of an accident.
Club Royale Home Insurance: Home owners can club their multiple houses and properties in a single home insurance policy. It covers property from perils of fire and other damages.
Voyager Travel Insurance: Offers coverage for both domestic and overseas travel up to one year. Both retail and group can buy this policy.
Liability Floater: Comprehensive liability coverage to SMEs/startups covering a host of liabilities including cyber, employee dishonesty and professional indemnity.
Retail Cyber Liability Insurance: Offers protection to individuals and their families against any cyber fraud or digital risks that could result in financial or reputational loss.