ICICI Lombard partners with Flipkart to offer Hospicash insurance to consumers  

Mumbai/Bengaluru: Flipkart, India’s homegrown e-commerce marketplace, has partnered with ICICI Lombard to offer Hospicash insurance to consumers. Compared to the standard indemnity health insurance policies, Hospicash is a benefit offering that allows consumers to avail a fixed amount for each day of hospitalization. The fixed daily amount enables consumers to pay for incidental medical or emergency expenses. The insurance is affordably priced, paperless, and flexible, covering both accidental hospitalizations or planned surgeries/ treatment.

Indians incur significant expenses during hospitalization. According to research , the direct average out-of-pocket expenditure during hospitalization in India ranges between Rs 4,452 to Rs 31,845 for a person, whereas the average loss of income due to hospitalization is estimated to be around Rs 8,164. The Hospicash insurance policy offered by ICICI Lombard provides consumers an extra allowance to not just cover emergency medical expenses’ but also travel and post-discharge costs and compensation for loss of income during hospitalization.

Sanjeev Mantri, Executive Director, ICICI Lombard said, At ICICI Lombard, our endeavour is to offer innovative and contactless insurance solutions to consumers. We are excited to partner with Flipkart, one of India’s leading e-commerce portal to reach the online savvy consumers and meet their needs towards securing themselves and their loved ones during exigencies. Our Hospicash insurance is an affordable and convenient offering that can help consumers meet their daily incidental expenses during hospitalization. This is in line with our brand ethos of Nibhaye Vaade to go the extra mile to handhold customers during their hour of need. 

Ranjith Boyanapalli, Head – Fintech and Payments Group, Flipkart, said, “We are consistently striving to offer value-driven solutions to our consumers. As consumers increasingly understand the importance of health insurance, we want to ensure that Flipkart is their one stop solution to provide them services for a holistic health protection plan. With Hospicash insurance, consumers can now safeguard themselves against overhead charges which can often result in unnecessary draining of savings. We aim to keep offering industry-best insurance options on our platform to make our consumers’ journey simplified, and better informed.”

Guided by a strong understanding of the needs and preferences of Indian consumers, Flipkart has, over the past year, branched out into insurance services for life, health, motor, cyber and devices/appliances, through partnerships with some of the country’s leading insurance service providers. Flipkart aims to be at the forefront of providing millions of customers with access to customized and simplified insurance plans based on their diverse needs.   

ICICI Lombard has been at the forefront of introducing innovative and technology enabled non-life insurance solutions. Further, it has been deploying latest technology such as Artificial Intelligence, Robotics for seamless customer service, policy purchase/ renewal, claim settlement etc. thereby empowering customers and making it possible for them to enjoy best in class insurance solutions conveniently from anywhere and at any time. 

About the Flipkart Group

The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, and Flipkart Wholesale. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's e-commerce revolution, with a registered customer base of over 300 million, offering over 150 million products across 80+ categories. Our efforts to democratize e-commerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem and empower generations of entrepreneurs and MSMEs have inspired us to innovate on many industry firsts. The recent launch of Flipkart Wholesale, our new digital marketplace, is a testament to our commitment to accelerate the growth of kiranas and MSMEs in India. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians. Together with Myntra, which holds a prominent position in the online fashion market and now Flipkart Wholesale, the Flipkart Group will continue to steer the transformation of commerce in India through technology.

About ICICI Lombard General Insurance Company Ltd

We are the leading private-sector non-life insurer in India based on gross direct premium income in fiscal 2020 (Source: IRDAI). We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. 

Source: Press Release

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