Urban Company partners with ACKO Insurance to insure service employees

Urban Company, an Asian home service marketplace, today announced that it is introducing a comprehensive health insurance plan for its service partners in India. The company has partnered with ACKO Insurance to develop this insurance coverage.

Under the new health insurance policy, all UC Plus service partners will be provided with insurance coverage of INR 2 lac. The policy will also provide family medical insurance for the spouse and two children and up to 12 free medical consultations per year. This is in addition to existing group life and accident insurance coverage. Service partners without UC Plus subscription will enjoy health insurance coverage of INR 1 lac, with up to 12 free medical consultations per year for self, plus existing benefits of group life insurance coverage and accident.

“Health insurance provides protection against unexpected medical expenses that can put individuals and families in dire financial straits. 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 to achieve this through our continued focus on safety net and wealth creation for them,” said Varun Khaitan, COO and co-founder of Urban Company commenting on the initiative.

“Health insurance has become a critical aspect of financial planning, and kudos to Urban Company for planning this on behalf of its service professionals. We are excited about this partnership and will continue to refine the benefits with more experience to making it a one-stop-shop for Urban Company service professionals to access all of their health insurance needs,” said Brijesh Unithan, Senior Vice President of Partnerships, ACKO Insurance.

Additionally, ACKO GMC eliminates tedious paperwork by making the entire insurance journey accessible on the app.

All partners active on the UC platform in India are covered by the group life and accident insurance cover. Some of the main aspects covered by 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, Urban Company also announced an industry first “Partner Stock Ownership Plan (PSOP)” initiative for its service partners. As part of this initiative, the company plans to award shares worth INR 150 Cr to thousands of service partners over the next 5-7 years. This will allow Urban Company’s service partners, including plumbers, electricians, cleaners, beauticians and massage therapists, etc., to become equal stakeholders in the company’s growth, the company said in A press release.