HDFC ERGO General Insurance, India’s leading private sector general insurance company, announced its partnership with Visa, the leader in digital payments. The partnership will provide curated insurance covers for Visa’s business cardholders. To start with, the partnership will offer two insurance products – Business Suraksha Classik and my:Credit Personal Accident Insurance group policy:
1. Business Suraksha Classik policy will provide small traders and shop owners a safety mechanism from accidents due to Fire, Floods, Earthquake, Burglary, Cash in kept in a safe, among others with enhanced add-ons under the Fire section like spontaneous combustion, waiver of under insurance up to 15%, increased limits for architect/surveyor fees and removal of debris.
2. my:Credit Personal Accident Insurance group policy is broadly divided into two different insurance offerings that can be customized, namely – Accident Shield and Permanent Disability plan. Under Accident Shield, the sum assured will be provided to an individual (or family of an individual) if the insured sustains an injury due to an accident which shall within twelve months of its occurrence is the sole and direct cause of death. In case the insured is permanently disabled due to an accident then the Permanent Disability benefit will cover the individual as per the sum assured under the plan.
Speaking about the partnership Mr. Ankur Bahorey, President – Bancassurance Business, HDFC ERGO General Insurance Company said, “Traditionally SME owners have given limited attention to business risk management, which often makes them vulnerable towards several factors such as theft or Act of God, unforeseen health conditions, loss of income due to reasons beyond their control etc. They also need to consider employee benefits, assets & liability management and; most important; family protection. We believe SMEs now need to draw up a prudent financial strategy to navigate through such unplanned & unfortunate incidents. With this association, we will deliver solutions as well as a sense of security to SMB owners and their respective employees.”
Mr. Manish Daswani, Head – Business Solutions, India and South Asia, Visa said, “Small businesses are amongst the most adversely impacted by the pandemic and Visa remains committed to helping them navigate and thrive in the new normal. We are thrilled to partner with HDFC ERGO to bring specialized insurance solutions to our Visa business cardholders. These bespoke plans have been built with the needs of MSMEs in mind and aim to ensure the financial wellbeing and security of our cardholders and their businesses.”
The my:Credit Personal Accident policy provides a total sum insured of up to INR 1 crore which is subject to the credit limit of an individual cardholder and for tenure of 1 year. Additionally, adults between the age group of 18 to 60 years are eligible to opt for this policy. The policy is customised and its benefits are exclusively made available for Visa customers.