Flipkart and ICICI Lombard have entered into a partnership to offer Hospicash insurance to consumers. Hospicash is different from other standard indemnity health insurance policies in its ability to allow consumers to draw a fixed amount for each day of hospitalization. This amount will come in handy when payments are to be made for incidental medical or emergency expenses. This insurance is capable of covering both accidental hospitalizations and planned surgeries and treatments. It is also made paperless and flexible for the convenience of the insured.
As per the study done by the Union ministry of statistics and program, the direct average out of pocket expenses incurred at the time of hospitalization in India ranges from Rs 4,452 to Rs 31,845 per person, and as far as the loss of actual income is estimated to be around Rs 8,164 which indicates Indians do incur significant expenses at the time of hospitalizations. Hospicash cash insurance will do the job of covering the hospitalization expenses of the consumers with daily cash benefits starting from Rs 500. It also provides extra allowances that can cover travel and post-discharge costs and also compensations for the loss of income during hospitalization.
The executive director of ICICI Lombard, Sanjeev Mantri has said their decision to partner with Flipkart will enable them to reach their online-savvy consumers and help them in securing themselves and their loved ones through this affordable and convenient scheme. He did mention that this initiative in line with their brand ethos of Nibhaye Vaade.
Some of the features are Daily Cash benefits with the provision of Rs 500- Rs 2000 per day, the sum insured could be Rs 500, Rs 1000, Rs 1500 Rs 2000 per day with lump sum benefit covering up to 9o days of hospitalization, with a waiting period of 30 days and minimum hospitalization being 24 hours. Inclusions are accidents and illness-related hospitalizations having a hospital network of over 6,500 and a health claim ratio of 99.9%.
Ranjith Boyanapalli, Head of Fintech and Payments Group, Flipkart said that as consumers are becoming increasingly aware of the importance of health insurance, they want Flipkart to be a one-stop solution for it.