The health insurance plan will benefit 40,000+ partners in India
We are pleased to introduce a comprehensive health insurance plan for our service partners in India. We have tied up with ACKO Insurance to craft this insurance cover.
Under the newly launched health insurance policy, all UC Plus service partners will get an insurance cover of INR 2 lac. The policy will also provide family medical insurance for spouse and two children and up to 12 free medical consultations per year. This is in addition to the existing Group Life and Accidental Insurance cover. Service partners without UC Plus subscription will benefit from a health insurance cover of INR 1 lac, with up to 12 free medical consultations per year for self, along with the existing benefits of the Group Life and Accidental Insurance cover.
Commenting on the initiative, Varun Khaitan, COO & Co-founder Urban Company, said, “Health insurance provides a shield against unexpected medical expenses that can throw individuals and families in dire financial situation. To protect our service partners from such a scenario, we are introducing a specially designed health insurance plan. At Urban Company, our priority has always been the well-being of our partners and we constantly strive towards that through our continued focus on safety net and wealth creation for them.”
Brijesh Unithan, Senior Vice President of Partnerships, ACKO Insurance said “Health Insurance has become a critical aspect in financial planning, and kudos to Urban Company for planning this on behalf of their service professionals. We are excited about the partnership and will keep refining the benefits with more experience to make it a one-stop shop for Urban Company’s service professionals to access all their health insurance needs.
ACKO Group Medical Cover (GMC) empowers partners to choose from a wide range of benefits offering flexibility to change benefits as per the changing needs of the family and reduces the burden of expensive medical care and the soaring medical inflation. In addition, ACKO GMC eliminates the tedious paperwork by making the entire insurance journey accessible on the app.
We have a structured approach towards partner development and well-being centered around 4 key pillars: improved earnings, safety net, training and wealth creation. This announcement is part of the Urban Company’s efforts to further strengthen the safety net it offers to its partners. All active partners on the UC platform in India are covered under the Group Life and Accidental Insurance cover. Some of the key aspects covered under the policy are life insurance (INR 6 lakhs), disability cover (INR 6 lakhs), accidental hospitalization (INR 70,000), accidental OPD treatment (INR 10,000), among others.
Recently, we also announced an industry-first ‘Partner Stock Ownership Plan (PSOP)’ initiative for our service partners. Under this initiative, we plan to award stocks worth INR 150 Cr. to thousands of service partners over the next 5–7 years. This will enable our service partners, including plumbers, electricians, cleaners, beauticians, and massage therapists etc., to become equal stakeholders in the company’s growth.