Insurance For MEME: Due to i-Select Liability, the comprehensive policy offer for SME, startup, mid segment industries will be better than before.
New Insurance Products For MSMEs: ICICI Lombard, one of India’s leading private general insurance companies, has launched 3 new insurance products on the occasion of International MSME Day. They have been designed keeping MSMEs in mind. These 3 new schemes include MSME Suraksha Kavach Policy (MSME Suraksha Kavach Policy), Property All Risk (PAR) Policy, and i-Select Liability. Explain that MSME is considered the backbone of the Indian economy. Which includes about 63 million enterprises and contributes 30% to India’s GDP. Through this, more than 113 million people are getting employment.
MSME Suraksha Kavach Policy
MSME Suraksha Kavach Policy is a product designed to protect MSMEs against loss of assets due to defined insured perils. The policy offers the benefit of optional coverage for STFI (Storm, Typhoon, Cyclone, Tempest, Tornado, Hurricanes, Flood and Inundation) and perils of terrorism, giving businesses the flexibility to choose the right level of protection.
‘PAR’ and i-Select Liability
In addition, the ‘PAR’ policy covers a wide range of assets including buildings, machinery, stock and furniture in view of damages caused by accidents or misfortune. Whereas due to i-Select Liability, the comprehensive policy offer for SME, startup, mid segment industries will be better than before. Along with this, it will also be easy to issue policies and buy policies in real time.
Easy access to digital platform
ICICI Lombard is the first company to provide a dedicated digital platform at sme.icicilombard.com. This digital platform allows MSMEs to easily buy, renew and endorse insurance products online as well as register claims. It offers a wide range of insurance solutions including GHI, Marine, Liability, Engineering, Workers’ Compensation Insurance, PI for Doctors and Property Insurance.
A special service for MSMEs and start-ups
Sanjeev Mantri, Executive Director, ICICI Lombard said that MSMEs have an important role to play in taking India towards the goal of USD 5 trillion economy. In today’s dynamic business environment, all businesses, especially MSMEs, must have a strong risk management and contingency plan. Insurance plays an important role in this process. Insurance provides financial protection to this sector and enables the business to face any kind of uncertainty. ICICI Lombard’s new insurance products are designed to empower MSMEs.
ICICI Lombard has also developed a special service for MSMEs and start-ups, which offers settlement within 10 working days for eligible assets and marine claims up to Rs 5 lakh. This facility is powered by state-of-the-art AI and big data analytics, which ensures a seamless claim process.
