ICICI Lombard Launches New Products Across Health, Motor, Corporate Segments

India’s leading private non-life insurance company, ICICI Lombard has launched its latest line-up of 14 new or enhanced insurance solutions. It includes riders/add-ons and upgrades across Health, Motor, Travel and Corporate segments

The general insurance happens to be a vast subdomain in the insurance sector in India covering major non-life insurance policies like motor, home, fire and many more.

ICICI Lombard, being the leading general insurance company in India, said that it has launched 14 new products across Health, Motor and Corporate segments. The offerings were announced through a press conference, on 10 November 2022.

ICICI has offered a comprehensive array of products across categories for a wide spectrum of customers. The new offerings came after the recent announcement of use and file framework from the IRDAI (Insurance Regulatory and Development Authority).

The executive director of ICICI Lombard, Sanjeev Mantri, speaking about the expansion of ICICI Lombard’s product portfolio, said “We, at ICICI Lombard, have always been at the forefront of providing millions of customers with simplified and cutting-edge risk solutions that are tailored to their specific needs.”

“I am elated to share that we have a product for virtually every segment and fuelled by regulatory reforms, we have accelerated our pace of developing and launching new products. With 14 new products and upgrades on the anvil, has further cemented ICICI,” Mantri added.

The head of Health Agency, ICICI Lombard, Vivek Srivastav briefed about various products launched in the health segment. It includes, Golden Shield for senior citizen, Health AdvantEdge for global citizen, BeFit – a cashless OPD and Comprehensive Health Insurance (CHI) and Health Booster.

He said that it was initially launched in 20 locations which now has broadened its reach to 50 locations.

Talking about the various products launched in Motot segment, Deputy Vice President, CS-Motor Analytics and Claims OPS, ICICI Lombard, Gaurav Khurana said that products designed in this segment are tailor-made according to use of vehicle by an individual. It includes Motor Floater Insurance, Pay-As-You-Use (PAYU) Plan, Pay-How-You-Use (PHYU) Plan and the Emergency Medical Expense Cover ((EME).

Also, Khurana responding to a question asked by BW Businessworld said that as of now the products are designed keeping private vehicle owners in mind. We may think about developing such products for commercial users in future.

The associate vice president – undertaking liability, ICICI Lombard, Rohit Ranjan explained the products introduced in corporate sectors through a power-point presentation. Products include Club Royale Home Insurance, Voyager Travel Insurance, Liability Floater, Drone Insurance and Retail Cyber Liability Insurance.