PRESS RELEASE

ICICI LOMBARD LAUNCHES THE FIRST-OF-ITS-KIND ‘SALARY SECURE’POLICY

• Now be worry free about job loss with the ‘Salary Secure’ policy which will cover
job loss and sudden disability during job that prevents from working
• ‘Salary Secure’ will cover individuals aged 25 to 55 working in private organised
sector earning 10 lacs to 50 lacs per annum
Mumbai, February 14th ,2019: ICICI Lombard General Insurance Company, India’s one of the
largest non-life insurance provider, today announced the launch of ‘Salary Secure’ insurance
policy, a pioneering policy in non-life insurance segment in India. In the event of Job loss or
disability that makes person unable to work for at least 45 days, Salary Secure policy will
safeguard employee financially in the form of providing either an upfront compensation
package or weekly compensation till new job for up to 30 weeks.
Today uncertainty and vulnerability over middle level jobs are more than ever this coupled
with today’s generation lack of savings like yester generations is putting them in precarious
position. Problem become grave if person is only earning individual in family. Salary Secure is
a revolutionary policy that would provide money quickly in case of layoff or certain medical
emergency. One can use this money for paying medical bills, groceries, rent, school fees,
childcare and even searching for new job. Salary Secure would provide coverage based on
four salary coverage rates (20%,30%,40%,50%) that employee could choose. Coverage under
the policy includes:
1.Job Loss: ‘Salary Secure’ would primarily provide coverage job loss due to layoff, business
closing, or other employer-initiated separation.
2.Disability: ‘Salary Secure policy would also cover disability due to illness or injury that
prevents one from working for more than 45 days.
"As a single person dependent solely on my own income, the prospect of being out of work
with no income coming in for a significant amount of time is unsettling. ‘Salary Secure’ gives
me the added security that should I be out of work due to job loss or injury/illness, I would
have financial resources to support me. ‘Salary Secure’ contributes towards lessening my
stress and anxiety should unforeseen events occur impacting my ability to work". Sandhya
Jain, Delhi
Speaking at the launch, Bhargava Dasgupta, CEO of ICICI Lombard General Insurance said
“The motivation behind this innovative product has been our obsession to protect our
customers completely in times of any catastrophe and provide them assistance in times of
need. Jobs scenario is becoming more complex uncertain and volatile we would ensure
employees save for rainy days not just golden years. ‘Salary Secure’ is a perfect fit product
PRESS RELEASE

that would cater to the unmet needs of substantial aspiring working class population of our
country”.
This new offering has a significant market potential and could carve out a substantial customer
base, according to the income tax returns record there are nearly 2.3 million estimated people
who are in the earning bracket of 10 lac to 50 lacs working in organised private sector. Further
rising incomes and women participation in organised private sector would increase the market
potential in medium to long term.

About ICICI Lombard: ICICI Lombard General Insurance Company Limited is one of the
leading private sector general insurance companies in India. It is engaged in general
insurance, reinsurance, insurance claims management and investment management.[2] The
company has a Gross Written Premium (GWP) of Rs 147.89 billion (FY 2019). The firm offers
policy insurance and renewal through its intermediaries and website. It markets assurance
products including Car Insurance, Health Insurance, International Travel Insurance, Overseas
Student Travel Insurance, Two Wheeler Insurance, Home Insurance and Weather insurance.[3]
ICICI Lombard has 265 branches and 910 virtual offices spread across the nation.