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