Insurer to cover unbanked Indians against COVID-19

ICICI Lombard has tied up with True Balance, a FinTech app operated by Balance Hero India, to provide health insurance cover at a premium of $2 for COVID-19 using a government-accredited COVID-19 test.

The insurance policy will provide an immediate lump sum of INR25,000 ($329) to the policyholder and will also cover health assistance, virtual and tele consultation and ambulance assistance.

As the coronavirus pandemic spreads across the country, this strategic tie-up will allow the company an opportunity to reach out to a large rural and semi urban population who do not have a bank account or awareness about insurance.

ICICI Lombard executive director Sanjeev Mantri said that through this tie-up the company aims to reach those people who fall in the high-risk zone in rural India.

Balance Hero India CEO Victor Choi said that given the high density of population in India COVID-19 in the current phase of community transmission is a bigger threat to Tier 3 and 4 cities.

“Rural regions in India are relatively less covered by insurance, and at this point of time, it is our duty to ensure we provide affordable insurance products for the benefit of the masses,” he said.

The True Balance app has witnessed a surge in demand for insurance products in the past one month since the outbreak of the coronavirus in India.

Source: Asia Insurance Review