Flipkart, India’s homegrown e-commerce marketplace, has partnered with ICICI Lombard to offer Group SafeGuard insurance, a group insurance policy to its consumers. Compared to the standard indemnity health insurance policies, Group SafeGuard is a benefit offering that allows consumers to avail a payout 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 a report[1]by the Union Ministry of Statistics and Programme Implementation, the direct average out-of-pocket expenditure for hospitalization in India ranges between Rs 4,452 to Rs 31,845for a person, whereas the average loss of income due to hospitalization is estimated to be around Rs 8,164 per day. The Hospicash benefit offered by ICICI Lombard provides consumers an extra allowance to cover any out of pocket expenses – be it emergency medical expenses, travel, post-discharge costs or compensation for loss of income during hospitalization.
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 benefit, consumers can now safeguard themselves against overhead charges which can often result in an unnecessary drain of savings. We aim to keep offering industry-best insurance options on our platform to make our consumers’ journey simplified, and keep them better informed.”
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 portals to reach online savvy consumers and meet their needs towards securing themselves and their loved ones during exigencies. Our Hospicash benefit under the Group Safeguard 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.”
| Feature | Provisions |
| Daily Cash Benefit | Rs. 500 to Rs. 2,000 per day |
| Inclusions | Accident and illness related hospitalization |
| Sum insured | Rs 500, Rs 1000, Rs 1500, Rs 2000 per day (lump sum benefit on hospitalization – cover for up to 90 days of hospitalization) |
| Hospital network | More than 6,500 |
| Health Claim Ratio | 99.87%* |
| Waiting Period | 30 Days |
| Minimum hospitalization | hours |
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 and cyber, through partnerships with some of the country’s leading insurance service providers. Flipkart aims to provide 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 the latest technologies such as Artificial Intelligence and Robotics for seamless customer service, policy purchase/ renewal, claim settlement etc. thereby empowering customers and making it possible for them to enjoy one of the best-in-class insurance solutions conveniently from anywhere and at any time.
