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True Balance, ICICI Lombard to cover a billion Indians against COVID-19

True BalanceTrue Balance, a FinTech app operated by Balancehero India, the wholly-owned subsidiary of Balancehero Korea, announced their tie-up with general insurance major ICICI Lombard against coronavirus (COVID-19) using a government-accredited COVID-19 test. The policy will provide an immediate lump sum of INR 25,000 at a premium of INR 159 inclusive of the Goods and Services Tax (GST). The coverage is intended to reach a billion Indians through the True Balance app.

Victor Choi, CEO, Balancehero India said, “A global threat of the nature of COVID-19 is a bigger threat to Tier-3 & 4 in the current phase of community transmission, given the density of population in India. Rural regions in India are relatively less covered by insurance, and at this point of time, we feel it is True Balance’ duty to ensure we provide affordable insurance products to benefit the next billion users” and an attempt to solve the last mile issue for our consumers.”

True Balance has stated that its platform has witnessed a surge in demand for insurance in the past month. Insurance sales have increased over 10X since March whereas, the amount of insurance recharge have grown 8X during the same time period.

With over 70 million downloads across India and a user base that is said to have mushroomed rapidly over the past few years, True Balance mentioned that it hopes the offer reaches out and benefits individuals where the app focuses on Tier-2, 3 & 4 cities and towns across India.

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