Urban Company rolls out health insurance for service professionals

The tech-enabled home services company has tied up with ACKO Insurance to craft this insurance cover.

Urban Company, the home services company, said on Monday it is will provide health insurance for its service partners by tying up with ACKO Insurance.

“Health insurance provides a shield against unexpected medical expenses that can throw individuals and families in dire financial situation,” said Varun Khaitan, COO and co-founder Urban Company. “To protect our service partners from such a scenario, we are introducing a specially designed health insurance plan.”

The company’s service partners will get an insurance cover of Rs 2 lakh. 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 Rs 1 lakh, with up to 12 free medical consultations per year for self, along with the existing benefits of the Group Life and Accidental Insurance cover.  

“ 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,” said Brijesh Unithan, senior vice president of partnerships, ACKO Insurance.

Urban Company said the insurance cover is part its efforts to strengthen the safety net for 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 (Rs 6 lakh), disability cover (Rs 6 lakh), accidental hospitalization (Rs 70,000) and  accidental OPD treatment (Rs 10,000),  

Recently, Urban Company also announced ‘Partner Stock Ownership Plan (PSOP)’ initiative for its service partners. Under this initiative, the firm plans to award stocks worth Rs 150 crore. to thousands of service partners over the next 5-7 years. This will enable Urban Company service partners, including plumbers, electricians, cleaners, beauticians, and massage therapists, to become equal stakeholders in the company’s growth.