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ICICI Lombard in Partnership with FreePaycard Launched Group Safeguard Insurance

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ICICI Lombard in partnership with Freepaycard launched Group Safeguard InsuranceOn October 28, 2020 ICICI Lombard General Insurance Co. Ltd. in partnership with FreePaycard Retail Pvt.Ltd, an online pre-paid card trading platform launched Group Safeguard Insurance for the members of FreePaycard. The customized hospitalization product comes in 3 variants namely, Hospital Daily Cash Benefit, Death Benefit or the Personal Accident Cover, and Special Vector-borne Disease-related Hospitalization Benefit.

  • The policy enables the FreePaycard members to receive an assured amount in case of any injury or hospitalization for treatment.

About Group Safeguard Insurance:

Eligibility

The Freepaycard members between the age of 18 to 65 are eligible to avail the product, without the need to undergo any prior medical tests.

Covers

i.Hospital Daily Cash Benefit

  • The customers can avail the sum insured up to Rs 60,000 for a maximum of 30 days period.
  • An amount of  Rs 699 is to be paid to avail this option for a year tenure.
  • The cover can also be opted by the Freepaycard members who already have health insurance policies or employer health insurance.

ii.Death Benefit or the Personal Accident Cover

  • It can be availed at Rs 699 for a year.
  • The sum insured is Rs 10 lakhs, in case of accidental death of the insured or permanent total disablement.
  • The sum insured is Rs 90,000 for parental care in case of accidental death or permanent total disablement.

iii.Special Vector-borne Disease-related Hospitalization cover

  • It can be availed at Rs 379 for a year for a sum insured of Rs 75,000.
  • The amount is paid on hospitalization due to any of the covered vector-borne diseases or malaria.
  • In order to be eligible to claim the cover, a minimum of 48 hours of hospitalization is required.

Recent Related News:

ICICI Lombard in partnership with PhonePe has launched Hospital Daily cash benefit under its Group Safeguard Insurance policy, a sachet-based group insurance product.

It is a customized hospitalisation policy that allows PhonePe users to get an assured amount if they are hospitalised due to injury or illnesses(including COVID-19).

About ICICI Lombard General Insurance Co. Ltd:
HeadQuarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Bhargav Dasgupta
Established– 2001

About FreePaycard Retail Pvt.Ltd:
HeadOffice– Gurgaon, Haryana
MD & CEO– Richard Andrew