Group Insurance 146 views July 14, 2021

ICICI Lombard Group Safeguard Micro Insurance Plan

ICICI LOMBARD Group Safeguard Micro Insurance Plan provides financial protection to the employee of an organization or company. Under this policy, you’ll get coverage against – accidental death, permanent total disability, EMI benefit, etc. So, read this page further to know more about the ICICI LOMBARD Group Safeguard Micro Insurance Plan coverage.

ICICI LOMBARD Group Safeguard Micro Insurance Plan Death & Disability Coverage

The insurer shall provide you the following benefits under this section:

Death Benefit

The insurer will pay the sum insured as specified against this benefit to the nominee in case the insured person dies due to an accident. Once a claim is paid under this benefit, all cover under this policy shall immediately and automatically cease in respect of that insured person.

Permanent Total Disablement (PTD) Benefit

If an insured person suffers from PTD within 365 days from the date of the accident, the insurer will pay the sum insured as specified against this benefit.

Note: If the injury results in more than one PTD, the maximum liability shall be limited to the sum insured.

Permanent Partial Disablement (PPD) Benefit

The insurer will pay a percentage of the sum insured if the insured suffers PPD due to an accidental injury.

Temporary Total Disablement (TTD) Benefit

If the insured suffers an injury due to an accident and that prevents the insured from engaging in any employment or occupation on a temporary basis, the insurer will pay a weekly amount as specified against this benefit. The insurer’s liability under this benefit is limited to a maximum period of five weeks.

Common Carrier Accident Benefit

The insurer will pay the sum insured as specified against this benefit if an insured suffers an injury due to an accident to the common carrier on which he/she is traveling during the period of cover. You can avail of this benefit if the accident results in death or PTD.

Adventure Sports Benefit

If the insured person suffers an injury due to an accident while engaging in any adventure sports during the policy period, the insurer will pay a sum insured as specified against this benefit, provided the injury results in death or PTD.

Children’s Education Grant Benefit

In case the accidental injury results in the insured person’s death or PTD, the insurer will pay the sum insured as specified against this benefit in respect of the surviving dependent children. The dependent child should be of less than 25 years on the date of the accident and is financially dependent on the insured person.

EMI Benefit

If the insured suffers from TTD or PTD due to an accident, the insurer will pay the EMI amount of the insured, starting from the first EMI amount falling due after the onset of the injury. The insurer shall not make any payment under this benefit when the insured person regains employment/occupation or if the maximum number of EMI amounts as specified in the policy certificate is completed.

Loan Protection Benefit

If the insured suffers an injury due to an accident and that results in the death or PTD, the insurer will pay an amount equal to the principal outstanding amount as on the date of the accident in respect of the insured person’s outstanding loan amount as specified in the policy certificate.

Orphan Benefit 

If the insured dies in an accident, the insurer will pay the sum insured to the surviving dependent children whether the child is an insured person under this policy or not. This benefit is for dependent children aged less than 25 years who do not have any independent source of income.

Note: The benefit is payable under this section if the other parent also dies as a result of the same accident or has died before the insured person.

Parental Care Benefit 

The insurer shall pay a sum insured as specified against this benefit to the parents of the insured if he/shedies due to an accident or suffers from PTSD due to an accident.

ICICI LOMBARD Group Safeguard Micro Insurance Plan Death & Disability Extensions

You can opt for any of the following extensions under the ICICI LOMBARD Group Safeguard Micro Insurance Plan by paying an extra premium for it:

Mobility Benefit

The insurer will pay a lump sum for modification of home, office and vehicle or towards the purchase of an Artificial Limb or any prosthesis or any other expenses arising out of TTD or PPD.

Repatriation of Mortal Remains Benefit 

If the insured dies in an accident, the insurer will pay the sum insured as specified against this benefit for transporting the mortal remains of the insured person from the place of death to the residence of the insured person. This benefit shall be payable if the death of the insured person occurs in a location other than the city/place of residence of the insured person.

Counseling Benefit

The insurer will pay the sum insured as specified against this benefit in respect of the expenses incurred on professional counseling of the insured person or the nominee/legal heir, provided the company has accepted a claim under death and TPD benefit.

Repatriation in case of Permanent Disability Benefit

If the insured suffers from PTD due to an accident, the insurer will pay the expenses for transporting the insured person from the place of accident or hospitalization to his/her residence.

ICICI LOMBARD Group Safeguard Micro Insurance Plan Hospitalization Expenses

The insurer will reimburse the medical expenses incurred in respect of the treatment of the accidental injury, provided the insured is receiving treatment on the written advice of the medical practitioner. You can add the following extensions under hospitalization cover, such as:

  1. Accidental Pre & Post-hospitalization Benefit – The insurer will reimburse the pre-hospitalization expenses incurred for up to 7 days before the date of the admission. Whereas, post-hospitalization expenses are covered up to 60 days following the date of discharge from the hospital.
  2. Accidental Hospitalization Daily Cash Benefit – The insurer will pay a daily amount as specified in the policy certificate for each continuous and completed day of hospitalization, provided the insured is admitted to the hospital for up to 7 days from the date of the accident.
  3. Air Ambulance Benefit – You’ll get coverage for air ambulance services for transportation from the site of the accident to the nearest hospital or from the site of first treatment to a higher center of care.
  4. Comatose Benefit – If the insured person is in a coma within 30 days from the date of the accident, the insurer will pay an amount as specified against this benefit.

Broken Bones Benefit – You’ll receive a percentage of the sum insured in case the accidental injury results in a fracture.

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