Press Release

For Immediate Release

ICICI Lombard introduces Smile Suraksha, a standalone dental

plan for the new India
 The new insurance will enable the middle-income group to
subscribe to a dental plan without the requirement of a
comprehensive health insurance
Mumbai: ICICI Lombard one of India's leading private sector non-life
insurance company in India now provides insurance cover to those
suffering from dental ailments. Our tie-ups with dental clinics ensure
standardized pricing for dental procedures. The standalone insurance
product gives insurees protection from exorbitant dental expenses while
ensuring that they get treatment before the ailment becomes severe by
providing yearly subsidized visits to our partner clinics. The policy also
offers a 15% discount on elective and cosmetic dental procedures.
For developing countries like India, dental problems are a burden,
especially in rural areas. But the rising demand for cosmetic dental
surgery coupled with a growing geriatric population has led to an increase
in demand for dental procedures, yet, dental procedures are often looked
at as very expensive by the patients, and because of this, they defer
treatment until the ailment becomes unbearable. At the present moment,
only one standalone dental insurance is available in the Indian market.
Some comprehensive health insurance policies provide cover for dental
ailments, but since these are expensive and mostly aimed at the upper-
income group, a big part of the Indian population has little to no access to
cover for dental ailments.
The Smile Suraksha policy provides an annual cover of Rs 50000 at a one-
time premium, starting from Rs 999. The policy also includes a
mandatory, yearly checkup at a partner clinic and provides a 50%
discount on the 2nd visit. Subsequent visits are discounted by 15%, for a
maximum of 5 visits (including the mandatory checkup). In addition to the
above, the policy also provides a 15% discount on elective and cosmetic
dental procedures.
We have secured partnerships with nationally located clinics like Fortis,
Max hospitals, Medica, etc. Apart from this, we’ve also tied up with 10000
independent dental practitioners across the country to facilitate treatment
at standardized prices. A mobile application to locate clinics and
independent practitioners will be launched. The app will also provide
insurees with a one-stop solution to keep track of their unclaimed amount
and upcoming premium payments.
Our primary competitor lags behind us in terms of availability of capital
and brand recognition. We propose a cover of Rs. 50000 as compared to
Rs 25000 offered by the current market leader. We also have a higher

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number of partner clinics and the potential to forge even more
partnerships.
Given that less than 20% of 1.34 billion people in India have a health
insurance policy, our initial target is to be dental insurance providers to
1% of them. At the lowest premium of Rs. 999, we estimate the total
market potential to be around Rs 249 Crores based on our projections.
Mr. Ram Lal, a respondent of the primary survey, said, “Finally! Insurance
for my teeth! The standardized rates will make sure that I don’t have to
pay exorbitant amounts for root canal treatments, and the mobile
application will make sure I can avail treatment while traveling across the
country.”
Commenting on the launch, a senior executive said, “We are incredibly
proud to announce one of the first stand-alone dental insurances in the
country. For a long time, dental health has been put on the back burner.
ICICI Lombard is poised to improve India’s dental hygiene, one smile at a
time!”
About ICICI Lombard General Insurance Company Ltd.
We were the largest private-sector non-life insurer in India based on gross
direct premium income in fiscal 2018 (Source: IRDAI), a position we have
maintained since fiscal 2004 after being one of the first few private-sector
companies to commence operations in the sector in fiscal 2002. We offer
our customers a comprehensive and well-diversified range of products,
including motor, health, crop, fire, personal accident, marine, engineering
and liability insurance, through multiple distribution channels.

Fireflies|9831510504|IIM Ranchi|2019-21