ICICI Lombard announces the launch of three new Insurance products
Specially designed for MSME
image for illustrative purpose
Hyderabad ICICI Lombard announced the launch of three insurance products specially designed for Micro, Small, and Medium Enterprises (MSMEs). On the occasion of International MSME Day, ICICI Lombard is reinforcing its commitment to support and protect the backbone of the Indian economy with the introduction of MSME Suraksha Kavach Policy, Property All Risk (PAR) Policy, and i-Select Liability. The ‘MSME Suraksha Kavach Policy’ is designed to safeguard MSMEs against loss or damage to property.
This policy offers the benefits of optional coverage for STFI (Storms, Typhoons, Cyclones, Tempest, Tornados, Hurricanes, Floods and Inundation) and Terrorism. The ‘PAR Policy’ covers properties including buildings, machinery, stocks, and furniture, against loss or damage caused by accidents or misfortunes, unless specifically excluded in the policy. The ‘i-Select Liability Add On’ further enhances ‘Club Royale’ policy, offering a range of additional covers such as security upgrades, cover on valuables like jewelry or any home event cancellation, all of this worldwide.
Sanjeev Mantri, Executive Director of ICICI Lombard stated "In today's dynamic business landscape, all businesses, especially MSMEs, must have a robust risk management and contingency plans. Insurance plays a pivotal role in this process, offering crucial financial protection and empowering businesses to withstand turbulence and uncertainties. Our new insurance solutions are specifically designed to empower MSMEs with a wider suite of products, a more comprehensive cover for property related risks and convenience of bundled offering in a singular plan. On this International MSME Day, we wholeheartedly celebrate and salute the entrepreneurial spirit of this vibrant community.” ICICI Lombard has also developed a unique service for MSMEs and start-ups, offering settlement offers for admissible property and marine claims up to INR 5 lakh within ten working days. Furthermore, aligning with its vision of creating an inclusive and diverse ecosystem, ICICI Lombard has enrolled its women agents for MSMEs in an exclusive tailor-made program which includes webinars on insurance and financial literacy to build awareness among women and showcase the benefits of insurance policies.
