ICICI Lombard is the latest to offer customised health insurance policy, plans to add more products
ICICI Bank’s general insurance arm ICICI Lombard has started offering dedicated products to startups, mirroring similar moves by SBI, HDFC Bank, RBL Bank and Federal Bank in recent months.
ICICI Lombard said the initiative, which is yet to be announced formally, was taken keeping in view the rapid growth in thedomestic startup market. People aware of the development said the insuranceinitiative has been launched in ‘stealth mode’.
“As of now, we have designed a health insurance policy for startup ventures. However, we would (soon) come up with other products designed specifically for startups,” said Birendra Mohanty, vice-president, SME & Broking, ICICI Lombard GIC.
Recently, Ahmedabad-based startup Salebhai.com, which was struggling to get a tailor-made, group health insurance policy for its employees, took a specially designed group cover from ICICI Lombard.
Vishwavijay Singh, founder of Salebhai.com pointed out that usually all insurance companies provide group health insurance to business entities that have at least 50 employees. “We got it for 30 employees,” he said, adding that for startups, they have designed group health insurance having strength of five or more employees.
The other features that have been added to the health insurance product to suit startups are – addition deletion of employees, option to pay premium on monthly or quarterly basis and facility to add newemployees at flat premium rate.
“Usually there is high attrition among startups, as well as for a growing startup, there is continuous addition ordeletion of employees. The flexibility takes care of this issue,” Singh said.
Source: ET tech
Date: 5th April, 2016