EPR Financial News
Categories: Financial, Financial Services, Insurance, Insurance Services
ICICI Lombard Private sector general insurer, a provider of ICICI Lombard health insurance online has recently launched ‘International Travel Insurance Plan’. This plan is different from a regular travel insurance plan provided by insurance companies these days as it provides overseas medical insurance assistance too.
“We have launched this product keeping in view that number of international travellers from India is increasing. Apart from medical insurance, this policy covers a host of other risks like political ones, catastrophic evacuation, emergency financial assistance, and home insurance cover,” said Amit Bhandari, the vice-president for underwriting and claims.
Mr. Bhandari also confirmed that the ICICI Lombard medical insurance company has collaborated with United Health Care (UHC), a US-based healthcare provider. According to Bhandari, the collaboration by online insurance company will take care of bill settlement directly. It will also help with other facilities such as cashless hospitalisation. This is available across a huge network of hospitals.
As per a recent report and statistics studies, total premium collected by the travel insurance segment across the country stood at 400 crore INR in the last financial year. This is quite a low figure as compared to those collected for previous financial years in the history of travel insurance sector.
CICI Lombard is the largest private sector insurer. It had a gross written premium (GWP) of Rs 5,358 crore last financial year.