ICICI Lombard and BharatPe join hands to launch coronavirus insurance cover for shopkeepers
One of India’s largest merchant payment & lending network, BharatPe has joined hands with ICICI Lombard to roll out 'COVID-19 Protection Insurance Cover' for shopkeepers across the age group of 18-65 years.
Amid the coronavirus pandemic, this policy on a positive diagnosis of COVID-19 will pay 100 percent of the sum insured, irrespective of hospitalisation expenses. The new product is a step forward in BharatPe's endeavour in introducing industry-first initiatives for shopkeepers. It is also a ‘first of its kind’ sachet product by ICICI Lombard that will cover merchants, stated the press release.
The health cover is priced at a premium starting at an amount of Rs 199 and provides a sum insured for Rs 25,000 and value-added benefits such as health assistance and CHAT/virtual assistance, teleconsultation, and ambulance assistance. The unique benefit of the COVID-19 Insurance Protection Cover is the coverage.
On the introduction of the new COVID-19 insurance, Ashneer Grover, CEO & Co-Founder, BharatPe, 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. The small businesses are the most affected financially and shopkeepers are at the most risk from the risk of infection."
BharatPe currently serves over 40 lakh merchants across Bangalore, Delhi, Hyderabad, Pune, Mumbai, Jaipur, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh, Jodhpur, Ludhiana, Surat, Patna, Karimnagar, Mysore, Visakhapatnam, Vijayawada, and Warangal. The company has grown business 30x in 2019 processing over five crores UPI transactions a month. The company has already disbursed more than 25,000 loans (over Rs 140 crores).
On the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard, 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, 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.”
(Edited by Kanishk Singh)