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ICICI Lombard Associated with True Balance to Provide Insurance Solution to Unbanked Customers

Published On Aug 20, 2019, Updated On Jan 23, 2020

In the recent development, ICICI Lombard partnered with True Balance to provide health insurance solutions to Tier II and Tier III Indian city customers. True Balance is a Korea-based fintech application launched in 2014. In 2016, True Balance found its footing in India and became a “one-stop solution” for all utility bill payments. ICICI Lombard General Insurance is popularly known to catering different insurance needs of customers like motor, health, crop, fire, personal accident, etc. This collaboration is aligned with the mission of digital India and focus on providing easy, safe and cheap accessibility for health insurance to customers through the use of mobile technology.

Charlie Lee, founder of true balance said that the idea behind these group insurance policies is to offer healthcare and wellness to their customers at an affordable premium as low as Rs. 5, Rs. 50, Rs. 75 and a maximum of Rs. 310 with monthly and yearly tenures. These group policies will provide cover for hospital daily cash benefit, personal accidents etc. 

On the partnership, Sanjeev Mantri, executive director of ICICI Lombard, said “We are happy to associate with true balance. We are excited to provide their customers with innovative solutions to protect them against risks such as health hazards and hospitalization expenses. Our partnership will ensure that their customers especially in tier II & III get the much-needed access to risk mitigation solutions through our convenient online platforms.”

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