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With daily cash benefits starting from Rs. 500 Hospicash benefit under Group SafeGuard insurance will provide cover to Flipkart consumers

Bengaluru, NFAPost: Flipkart, India’s homegrown ecommerce 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 hospitalisation.

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 hospitalisation in India ranges between Rs 4,452 to Rs 31,845 for a person, whereas the average loss of income due to hospitalisation 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.

Flipkart Head – Fintech and Payments Group Ranjith Boyanapalli said Flipkart is consistently striving to offer value-driven solutions to 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,” said Ranjith Boyanapalli.

He also highlighted that Flipkart aims to keep offering industry-best insurance options on its platform to make consumers’ journey simplified, and keep them better informed.

ICICI Lombard Executive Director Sanjeev Mantri said ICICI Lombard endeavour is to offer innovative and contactless insurance solutions to consumers.

“We are excited to partner with Flipkart, one of India’s leading ecommerce 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,” said Sanjeev Mantri.

Sanjeev Mantri also pointed out that the new partnership is in line with the company’s 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
*as on date. Provided by ICICI Lombard

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