Centre planning for Home Insurance scheme: Rs 3 lakh coverage for damage caused by natural calamities

In a significant step that would ease the lives of consumers, banks, and insurance companies, ICICI Lombard General Insurance tied up with the Telegram messaging app to launch an innovative insurance service called ‘Azure,’ which will be available to select customers in the next six months.

The company claims that this service will eliminate the necessity of smart lockers, where customers need to pay for insurance for their valuables and travel goods. By tying up with the messaging app, the payment of insurance can be done seamlessly with a single click.

Azure will offer three different plans—Glossy, Silver and bronze—wherein premium payments can be made through the messaging app. The company has come up with a unique system wherein customers can transfer funds to the insurance company through the messaging app. Customers can pay the premium through the app as well.

ICICI Lombard General Insurance says that customers will get a 20% discount on the premium for transactions that are made over the messaging app.

The company has tied up with DTN, HDFC Bank, and ICICI Bank for the payment of the policy. ICICI Lombard General Insurance CEO. Abhishek Devraj said that the insurance company is planning to expand the service and offer it across all of its insurance products. Devraj also said that the company was planning to make the service available to all of its customers by year-end. The services will be available on the App Store for Apple users and on Google Play for Android users.

The company had earlier tied up with the messaging app to launch a service called ‘Big Buddy,’ where users can pay the premium for the insurance through the app, and the insurance company will send an agent to collect the premium at the place where the customer lives.

ICICI Lombard General Insurance was the first private sector company in the country to offer the car insurance service in 2017. It had earlier tied up with the messaging app to launch a credit card payment service in February 2018.

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Background Info: ICICI Lombard launches insurance service on Telegram messenger

Title: Centre Planning For Home Insurance Scheme: Rs 3 Lakh Coverage For Damage Caused By Natural Calamities

Body: In a significant step that would ease the lives of consumers, banks, and insurance companies, ICICI Lombard General Insurance tied up with the Telegram messaging app to launch an innovative insurance service called ‘Azure,’ which will be available to select customers in the next six months.

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