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ICICI Bank unveils `HomeSafe' cover

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Ms Chanda Kochhar, Executive Director, ICICI Bank, and Mr Sandeep Bakhshi, Managing Director, ICICI-Lombard, at a press conference in Mumbai on Thursday.

MUMBAI, June 13

ICICI Bank on Thursday launched `HomeSafe' - a property insurance cover bundled with its home loans.

As an introductory offer, between June 13 and September 30, the product comes free with every new home loan, Ms Chanda Kochhar, Executive Director, ICICI Bank, told newspersons here. Ms Kochhar said the bank is yet to finalise the price of the insurance cover, which is being offered by ICICI-Lombard, the general insurance venture of the universal bank.

She said HomeSafe customers will be covered for damage to property due to unforeseen disasters such as earthquake, lightening, fire, landslides, riots, strikes, etc.

The cover, for the total construction value of the property, will be on for the tenure of the loan and will cease on full repayment.

Mr Sandeep Bakhshi, Managing Director, ICICI-Lombard, said mortgage insurance is expected to be the fastest growing segment in general insurance.

"Currently mortgage, travel and health insurance constitute only about 20 per cent of the Rs 11,000-crore general insurance market in India. This segment will grow exponentially in the coming years,'' Mr Bakhshi said.

He said in the past year general insurance in India has grown by about Rs 900 crore. General insurance sector is currently dominated by motor insurance, which comprises about 40 per cent. Of ICICI- Lombard's Rs 70-crore portfolio, 15 per cent is retail insurance and the rest is corporate.

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