The insurance product compensates outdoor workers with small payouts or anti-heatwave kits when summer temperatures surpass 36°C for three days straight.
The parametric product, underwritten by Swiss Re and provided locally by ICICI Lombard, was triggered by 40°C heatwaves in May, paying out to 46,242 low-income women in India.
India's 'Bima Vistaar' product includes insurance coverage for life, health, personal accident, and property, and a parametric claims process for property.