E-commerce marketplace Flipkart has partnered with ICICI Lombard to offer group insurance policies for its consumers.
Compared to standard indemnity health insurance policies, Group SafeGuard offers consumers to avail a payout for each day of hospitalisation. Flipkart said 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 hospitalisations or planned surgeries and treatment.
The direct average out-of-pocket expenditure for hospitalisation ranges between Rs 4,452 to 31,845 for a person while the average loss of income due to hospitalisation is estimated to be 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 hospitalisation.
Over the past year, Flipkart branched out into insurance services for life, health, motor and cyber through partnerships with some of the country's leading insurance service providers. It aims to provide millions of customers with access to customised and simplified insurance plans based on their diverse needs.
ICICI Lombard has been deploying the latest technologies like artificial intelligence and robotics for seamless customer service, policy purchase or renewal and claim settlement.