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ICICI Lombard partners with Flipkart to offer Hospicash insurance to consumers

ICICI Lombard partners with Flipkart to offer Hospicash insurance to consumers 1

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[1], the direct average out-of-pocket expenditure during 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. 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.”

Daily cash benefitRs 500 to Rs 2,000 per day
InclusionsAccident and illness related hospitalization
Sum insuredRs 500, Rs 1000, Rs 1500, Rs 2000 per day (lump sum benefit on hospitalization – cover for up to 90 days of hospitalization)
Hospital networkMore than 6,500
Health claim ratio99.9%
Waiting period30 days
Minimum hospitalization24 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, 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.

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