True Balance partners with ICICI Lombard to cover around one billion unbanked Indians against Corona Virus
New Delhi:True Balance, a fintech app operated by Balancehero India, the wholly owned subsidiary of Balancehero Co. Ltd. Korea, today announced that they have tied up with general insurance major ICICI Lombard to provide health insurance cover to all those who test positive for COVID-19 using a government-accredited COVID-19 test
The policy, which will provide an immediate lump sum of INR 25,000 to the patient at a premium of INR 159 inclusive of GST. This coverage is intended to reach the one billion unbanked Indians who use the True Balance app nationwide. Along with the lump sum payout, the policy will cover health assistance benefit, virtual & tele consultation benefit & ambulance assistance.
True Balance platform have witnessed a surge in demand for insurance in the past one month. Insurance sales have increased over 10X since March whereas, the amount of insurance recharge have grown 8X during the same time period.
Speaking of the announcement, Victor Choi, CEO, Balancehero India said, “A global threat of the nature of COVID-19 is a bigger threat to Tier-3 & 4 in the current phase of community transmission, given the density of population in India. Rural regions in India are relatively less covered by insurance, and at this point of time, we feel it is True Balance’ duty to ensure we provide affordable insurance products to benefit the next billion users” and an attempt to solve the last mile issue for our consumers”.
On the tie-up, Sanjeev Mantri, Executive Director, ICICI Lombard stated, “ICICI Lombard has always been committed to people’s safety and security and endeavors to be ahead of the curve by providing industry first initiatives. As the coronavirus pandemic takes over the country, this strategic tie-up will allow us an opportunity to reach out to a large population who do not have a bank account or awareness about overall insurance policies. We aim at reaching out to these people who fall in the high-risk zone and with True-Balance we are targeting majority of this strata of population. This tie-up is aligned with our brand ethos of ‘Nibhaaye Vaade’ (Keeping Promises) and its commitment towards providing safety above everything.”
With over 70 million downloads across India, and a user base that has mushroomed rapidly over the past few years, True Balance hopes that this offer reaches out and benefits India, even as COVID-19 looms and the IMF mentions that the recession that may hit globally could be worse than that which we saw in 2008. With a core focus on Tier-2, 3 & 4 cities and towns across India, True Balance is well aware that it is these parts of the country that may be the worst impacted due to the pandemic and economic slowdown.