ICICI Lombard to offer affordable Hospital Daily Cash benefit with Phone Pe

Customers who already have health insurance policies, employer health insurance, self-funded means of paying hospital bills would also be eligible for the claim payout benefit.

ICICI Lombard, under its Group Safeguard Insurance policy, has launched Hospital Daily cash benefit, a sachet-based group insurance product, in collaboration with PhonePe. It is a customized hospitalization policy that will allow PhonePe users to get an assured amount if they are hospitalized due to injury or illnesses, including COVID-19.

One of the top benefits of this product is that hospital bills are not required for the claim. A Discharge Certificate would be sufficient in most cases for claim processing. The cover can be availed in less than 2 minutes and policyholders can view their policy documents instantly on the app.

This daily cash benefit enables customers to choose a cover from Rs 500 per day up to Rs 5,000 per day at an annual premium starting at just Rs 130. A minimum of 48 hours of hospitalization is required for being eligible for a claim along with a deductible of 1 day for each claim.

This is applicable for hospitalization at any government or private hospital across the country. Customers get double the insurance cover amount if they are admitted to an ICU. Customers who already have health insurance policies, employer health insurance, self-funded means of paying hospital bills would also be eligible for the claim payout benefit.

The catch is that PhonePe users in the 18-65 age group can get this product on the app and don’t need to undergo any prior medical tests.

Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “The Hospital Daily Cash benefit under Group Safeguard Insurance as a unique sachet-based product. Further, benefits like assured cash in the event of hospitalization without the need of a bill should provide additional help and convenience to customers in these challenging times.”