true balance, a fintech application developed in Korea, has associated with ICICI Lombard General Insurance to provide health insurance at an affordable premium to its Tier II and Tier III Indian customers. These group policies availed by true balance are aimed to promote affordable and accessible health insurance for the consumers of true balance which they can easily avail through the app.
“true balance is a financial platform for the next billion unbanked users for whom saving money is the most important part of their livelihood. In a country where the healthcare and wellness costs are high and has been rising continuously, the idea behind availing such group insurance policies is to make healthcare and wellness accessible to our customers at a premium as low as Rs. 5, Rs. 50, Rs. 75 and maximum of Rs. 310 with monthly and yearly tenures so that customers can avail it instantly,” said Charlie Lee, founder of true balance.
On the partnership, Sanjeev Mantri, executive director of ICICI Lombard, said “We are happy to associate with true balance. We are excited to provide their customers with innovative solutions to protect them against risks such as health hazards and hospitalization expenses. Our partnership will ensure that their customers especially in tier II & III get the much-needed access to risk mitigation solutions through our convenient online platforms.”
true balance started as a balance check application and has now evolved its model to move into financial services in earnest. As part of the plan, true balance is focused to provide financial services like recharge loan, True Pay later and handset loan. The group policies availed by true balance will cover personal accidents, hospital daily cash benefit etc.
The paperless, digital services are particularly beneficial for Tier II/III users as they can enroll under these policies without any hassle in just few clicks. The company is committed to providing financial inclusion by providing micro size insurance solutions available and plan to make the next million digitally enabled.
The mobile application true balance was launched in Korea in 2014 by Lee Cheol-won Lee (Charlie Lee), an alumnus of the University of Chicago. In 2016, true balance was founded in India to empower the next billion and to enable seamless mobile bill recharges; which has garnered more than 70 million downloads so far. true balance is a "one-stop payment“ solution for all utility bill payments and foresees to provide small loans for these services to its users.
true balance is aligned with the mission of digital India and focus on providing the rural population with an experience for easy and safe utility bill management and payments through use of mobile technology.