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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:


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
Established– 2001

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