ICICI Lombard partners Air India Express for travel insurance

Leading private insurer ICICI Lombard on Wednesday said it has partnered Air India Express to provide travel insurance to its domestic and overseas travellers.

"This would be an exclusive tie-up, where Air India Express customers can avail travel insurance as a part of our bundle product," Company National Manager (Retail Products and Strategy) Amit Madhan told reporters here.

The partnership would enable customers to take advantage of group travel insurance facility provided by the insurer, valid for a period of 15 days or the return to India, whichever is earlier.

"The policy will also cover pre-existing diseases in the case of life-threatening situations, like heart attack, if it is proved that the hospitalisation was not planned," he added.

The policy cover includes expenses due to accidents, loss from trip delay, loss or delay of checked-in baggage and loss of passport.

The insurance company already has a partnership with Jet Airways, Kingfisher, Ezeego and Akbar Travels.

The overseas travel insurance market is estimated to be Rs 400 crore, of which ICICI Lombard claims to enjoy a share of 15 per cent.

ICICI Lombard, a joint venture between India's largest private sector bank ICICI Bank and Canadian financial company Fairfax Financial Holdings, has over 44 lakh policies with Gross Written Premium of Rs 3,694 crore.