ICICI Lombard partners with True Balance

ICICI Lombard has partnered with True Balance for providing financial inclusion for unbanked customers. Reacting to this, the stock of the company increased by Rs. 38.75 per share on Wednesday.

ICICI Lombard, in association with True Balance which is a fintech app, aims to provide General Insurance to Tier-2 and Tier-3 Indian consumers at an affordable premium. The consumers of True Balance will benefit from these policies by getting affordable and easy access to health insurance via the mobile app. This initiative is aimed at including a billion of unbanked users for whom healthcare and wellness costs seem expensive. These policies bring a relief to such people as the premium is kept as low as Rs. 5, Rs. 50 and the maximum is Rs. 310 having monthly and yearly tenures.

Sanjeev Mantri, Executive Director of ICICI Lombard said that this innovative project will provide for access to risk mitigation solutions from the convenient online platform thus increasing the outreach.

ICICI Lombard General Insurance Company Ltd. is a non-life insurer in India offering products such as motor, health, crop, fire, personal accident, marine, engineering and liability insurance through multiple distribution channels as well.

True Balance founded in Korea is ‘One Stop Payment’ solution providing a platform for mobile payments, safe utility bill management and also financial services like recharge loan, True Pay later, handset loan etc.

Reacting to the news, on Wednesday, the stock of the company was trading at Rs. 1,202.20 per share, an increase by 3.33 per cent or Rs. 38.75 per share. The intraday high is Rs. 1211 and intraday low is Rs. 1162.05. The 52-week high is Rs. 1,264.50 and 52-week low is Rs. 703.40 on BSE.