The new product launches by insurers have gained traction thanks to insurance regulator IRDAI’s ‘use-and-file’ guidelines. ICICI Lombard General Insurance is one insurer that has launched as many as 14 products in the last couple of years to enlarge its product basket. These include riders and add-ons along with full-fledged insurance policies.
The insurer has been conducting launch events across India to create awareness around new products and add-ons. We give you a brief of eight products that you must explore from Lombard’s product suite:
1) Health AdvantEdge
Globalisation has impacted our lives in a big way. A lot of us travel abroad quite often. A domestic health insurance may not work for them if it doesn’t offer international coverage. ICICI Lombard Health AdvanEdge is a flagship offering for global citizens which include domestic and worldwide international coverage. One can enhance the coverage for pre-and post-hospitalisation under this cover. Unlimited teleconsultation, air ambulance and emergency assistant services are also part of it.
An interesting offering in the outpatient department (OPD) segment, BeFit is an add-on cover that one can link with their regular health insurance policy. This cashless OPD policy covers ailments such as cough/cold or minor injuries not requiring hospitalisation. This policy enables holistic coverage for routine OPD consultations, diagnostic tests, physiotherapy and pharmacy bills.
3) Motor floater insurance
It is common to have multiple vehicles at home be it two-wheelers or four-wheelers. Motor insurance being mandatory, it is hard to remember policy renewal dates for each. Moreover, you may not be taking all vehicles to the road every day.
With motor floater insurance, you can enjoy the convenience of a single policy, a single renewal date and a single premium for all motor policies. You shall be provided an affordable premium for your multiple vehicles insured under this offering.
4) Telematics add-ons
This is an add-on cover that makes your regular motor insurance policy affordable. The premium charged depends on the usage. There are two types
Under pay-as-you-use customers are given the flexibility to choose from different ‘kilometre plans’ which they deem suitable for them. The premium then is limited as per the plan chosen. One can always top up if one exhausts the kilometre limit chosen in the beginning.
Under pay-how-you-use plan, the premium charged changes as per the driving behaviour of the one driving the car. A customer with good driving behaviour can avail of attractive discounts over the base premium of the policy.
5) Drone insurance
ICICI Lombard had launched the drone insurance in August 2021, the second insurer after HDFC Ergo to have introduced such a policy. This policy caters to drone manufacturers and operators or logistic companies and offers comprehensive insurance against theft, loss or damage caused to the drone including the payload such as camera or other equipment.
It also covers third-party liabilities if the insured drone causes damage to a counterparty. Notably, third-party liability insurance is mandatory in case of drones in line with motor insurance policies.
6) Retail cyber liability insurance
Cyber insurance policies for corporates have been in vogue for a long time. However, with increasing cyber fraud cases, insurers have started offering it to retail customers as well. Retail cyber liability insurance offers protection to individuals and their families against any cyber fraud or digital risks that could result in financial or reputational loss.
The policy can provide coverage up to ₹1 crore depending on the plan one chooses. The coverage is offered in cases such as identity theft, cyber bullying, cyber extortion, malware intrusion and financial loss due to unauthorised and fraudulent use of bank account, credit card and mobile wallets. Legal expenses arising out of covered risks are also covered.
7) EME and EMI covers
Emergency medical expense (EME) and equated monthly instalment (EMI) covers are two other add-ons that deserve attention. EME add-on covers the owners of vehicles against medical expenses and daily hospital cash benefits in the event of an accident-led hospitalisation.
EMI cover helps policyholders keep paying vehicle EMIs for the time period during which the vehicle is under repair in a garage. This is to take care of sudden expenses that may arise if your vehicle gets damaged due to an accident.
Be a smart customer and choose insurance wisely as per your need. The innovative product suites and add-ons will help you customise insurance your way.
Aprajita Sharma is a freelance journalist and a certified financial planner. She can be reached at @apri_sharma on Twitter and LinkedIn.