Flipkart, India's 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 hospitalisation.
The fixed daily amount enables consumers to pay for incidental medical or emergency expenses. The insurance is inexpensive, paperless, and flexible; covering both accidental hospitalisations and planned surgeries/treatment.
Indians incur significant expenses during hospitalisation. According to a report 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 —emergency medical expenses, travel, post-discharge costs or compensation for loss of income during hospitalisation.
Ranjith Boyanapalli, head of 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 hospitalisation.”
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.