ICICI Lombard’s Group Health Insurance product for SMEs

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December 2021 , ICICI Lombard General Insurance, one of India’s leading and most trusted private sector in non-life insurance category had launched an online business insurance platform, www.sme.icicilombard.comin December 2020, for small and medium enterprises (SMEs). Access to insurance for micro enterprises was an industry untouched, this gave a rise to building up solutions for the same target group. The main objective is to empower such SMEs by providing insurance policies to protect themselves from liability and property perils. In line with the object, ICICI Lombard stepped its foot in Group Health Insurance (GHI) a product catering towards their employees.

Employees are the backbone of an organization and the most valued asset. ICICI Lombard’s Group Health Insurance (GHI)product is designed to offer health coverage to suit employees of all business types ranging from small & medium enterprises (SMEs) to large organizations. The enterprise can choose the desired plans which usually range from 1 lac to 10 lac for their employees. The need of health insurance is more than ever before due to the following reasons

·         Sky rocketing medical expenses

·         Need for routine medical check-up and care

·         Expensive trips to specialist doctors

·         Possibility of hospitalization and treatment

ICICI Lombard’s GHI plans are usually requested for employees, spouses, and children, which constitutes three fourths of the overall request. In one fourth of cases, parents are covered whereas simultaneously one third of the customers have also opted for Maternity cover.

Pandemic has alarmed many and made them realise the importance of having a health insurance. Mainly the SMEs whose income was escalated down have understood the benefits of having an insurance not only for their company but also for their employees. The demand for health insurance cover increased many folds after the pandemic. As a result of this, ICICI Lombard has seen small companies from various industries seeking employee health insurance plans to get their employees covered. This has also become a means of retaining talent and attracting new talent. After the launch of their GHI plan in www.sme.icicilombard.com the organization has seen a good response from SMEs, which has increased by around 10% on an average every month.

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