BharatPe, ICICI Lombard launch coronavirus insurance product for shopkeepers

Indian payments company BharatPe has partnered with ICICI Lombard to provide a coronavirus insurance product called the ‘COVID-19 Protection Insurance Cover’ for shopkeepers across the country.

The new COVID-19 insurance product from BharatPe and the ICICI Bank subsidiary is claimed to enable policyholders to get 100% of their hospitalization expenses arising from the novel coronavirus infection.

BharatPe said that the coronavirus insurance cover is a step forward in its efforts to introduce industry-first initiatives for shopkeepers across India. The COVID-19 Protection Insurance Cover is also said to be the ‘first of its kind’ sachet product to be offered for merchants by ICICI Lombard.

Commenting on the coronavirus insurance product, Ashneer Grover – CEO and Co-founder, 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.”

BharatPe, ICICI Lombard launch coronavirus insurance product for shopkeepers. Image courtesy of Gerd Altmann from Pixabay.

Available for shopkeepers aged between 18 and 65 years, the new coronavirus insurance product in India can be availed at a starting premium price of Rs 199 to get a cover of Rs 25,000. The policyholder will also get added benefits such as chat or virtual assistance, health assistance, teleconsultation, and ambulance assistance.

Sanjeev Mantri – ICICI Lombard Executive Director, commenting on the novel coronavirus insurance product, 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.”