Mumbai: ICICI Lombard General Insurance, the leading Private sector General Insurance Company has tied up with Air India to offer special discounts to students traveling abroad for higher education. This tie up would enable students having a valid ticket of Air India to avail of the university compliant Student Medical Insurance at a special discount.
According to Sudhir Menon, head, travel and worksite, ICICI Lombard General Insurance close to 1.2 lakh students travel to foreign universities each year, of which 60 per cent of the students travel to the US. Of these, only nine per cent avail of medical insurance.
Menon says, "Though medical insurance has now been made mandatory by universities abroad, most students are usually unaware of comparable medical insurance offered in India at relatively lower cost, offering higher benefits. ICICI Lombard issues students medical insurance cover keeping in mind the specific requirements of individual universities at considerably lower cost and cover medical treatment, medical aid and therapies, thus offering students a policy which is comparable to the university requirements."
The ICICI Lombard student medical insurance covers students from the time they leave India to the time they come back, thus offering a worldwide coverage. The policy also offers cashless hospitalisation services worldwide and the student has easy access to a 24X7 helpline number through a toll free 1800 number.
In addition to the medical coverage, it also offers eight non-medical covers like passport loss, baggage loss, personal accident cover, bail bond, compassionate visit, sponsor protection, study interruption and personal liability. The policy is extendable to the second year, and thus covers the student for the entire period of study.
ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank, India's second largest bank and Fairfax Financial Holdings Ltd., a US-based $26 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard General Insurance is the largest private sector general insurance company in India, and the 5th largest amongst all players, with a gross written premium (GWP) of Rs.1,592 crore for the year ending 31 March 2006 with a growth of 80 per cent as compared to the corresponding period last year.