According to BharatPe, the new insurance policy will help shopkeepers get 100% of their hospitalisation expenses in the event of contracting COVID-19
New COVID-19 insurance product launched by BharatPe and ICICI Lombard. (Credit: mattthewafflecat from Pixabay)
BharatPe and ICICI Lombard have joined forces to launch the ‘COVID-19 Protection Insurance Cover’ for shopkeepers across India amid the coronavirus outbreak in the country.
ICICI Lombard, which is a subsidiary of the ICICI Bank, is a general insurance company in India. On the other hand, BharatPe is an India-based QR code-based payment app that serves offline retailers and businesses.
According to BharatPe, the new insurance policy will help shopkeepers get 100% of their hospitalisation expenses in the event of contracting COVID-19.
The payments technology company said that the new insurance product is a step forward in its attempt to roll out industry-first initiatives for shopkeepers. Furthermore, the company said that the coronavirus insurance solution is also a ‘first of its kind’ sachet product from ICICI Lombard designed for merchants.
BharatPe CEO comments on the new COVID-19 insurance product
BharatPe CEO and co-founder Ashneer Grover said: “Merchants’ well-being is our immediate focus, and as Coronavirus turns into a pandemic, we have designed a unique insurance cover with ICICI Lombard to provide financial support to merchants. Shopkeepers will get 100% of the opted Sum Insured as a lump sum in the event of the first diagnosis itself.
“The small businesses are the most affected financially and shopkeepers are at the most risk from risk of infection. The insurance is available on the BharatPe app and we hope to cover lakhs of our merchants digitally over the next few days.”
The starting price of the premium for the health cover is INR199 ($2.64), which provides a sum of INR25,000 ($331.14) to the insured along with benefits like health assistance and chat/virtual assistance, teleconsultation, and ambulance assistance.
BharatPe said that the COVID-19 Insurance Protection Cover covers people in the age group of 18-65 years.
ICICI Lombard executive director Sanjeev Mantri said: “At ICICI Lombard, we are committed to go the extra mile and introduce relevant and timely solutions for customers. With the current threat on account of coronavirus pandemic, we have introduced a dedicated policy – Covid-19 Protection Insurance Cover.
“Further, our association with Bharat Pe enables us to reach out to their merchant base which could be vulnerable to the virus given their business activity.
“This tie-up is aligned with our brand ethos of ‘Nibhaaye Vaade’ (Keeping Promises) and our commitment to meet the insurance related needs of consumers and businesses.”
In September 2019, ICICI Lombard signed a bancassurance partnership with Standard Chartered Bank to offer its general insurance products through the latter’s 100 branches in India located across 43 cities.