Fintech app True Balance partners with ICICI Lombard to provide health insurance cover around 1 billion unbanked Indians

True Balance, a fintech app operated by Balancehero India, the wholly owned subsidiary of Balancehero Co Korea, on Monday 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 Rs 25,000 to the patient at a premium of Rs 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 and tele consultation benefit and ambulance assistance.

Victor Choi, CEO, Balancehero India said, “A global threat of the nature of COVID-19 is a bigger threat to Tier 3 and 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.".

On the tie-up, Sanjeev Mantri, executive director, ICICI Lombard stated, “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.”