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ICICI Lombard launches insurance products for MSMEs
June 27, 2023
General insurance company ICICI Lombard on Monday announced the launch of three insurance products focusing on MSMEs — MSME Suraksha Kavach Policy, Property All Risk (PAR) Policy, and i-Select Liability to make MSMEs more risk aware and provide them with the benefit of comprehensive coverage to safeguard their businesses.
The MSME Suraksha Kavach Policy is a bundled product to protect MSMEs against loss or damage to property due to defined insured perils. The policy offers the benefits of optional coverage for STFI (Storms, Typhoons, Cyclones, Tempest, Tornados, Hurricanes, Floods and Inundation), and Terrorism, providing businesses with the flexibility to choose the right level of protection.
On the other hand, the PAR policy covers a range of properties, including buildings, machinery, stocks, and furniture, against loss or damage caused by accidents or misfortunes, unless specifically excluded in the policy. Lastly, the i-Select Liability Add On is to further enhance the comprehensive Club Royale policy of ICICI Lombard by offering multiple additional covers such as security upgrades, cover on valuables like jewellery or any home event cancellation.
Sanjeev Mantri, Executive Director of ICICI Lombard, said, “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.”
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/