The individual can pay back the advance in 6 or 12 monthly instalments at a later date, the company said.
The insurance company will also reimburse medical infrastructure support expenses up to a maximum of Rs 10,000 per family member, arising from home quarantine in case of infected employees.
The benefit also includes a spouse, two children up to 25 years and dependent parents, it added.
Recently, ICICI Lombard had announced its decision to bear the vaccination cost for all its employees and their dependents.
The insurer also stated that it is also tying up with healthcare facilities in the country to further facilitate the vaccine inoculation programme.
Further, the company is also providing a family floater cover of Rs 4 lakh and corporate buffer of Rs 3 lakh to support their employees and families during such trying times.
This insurance cover includes the employee, spouse, two children (up to 25 years of age) and dependent parents, the company added.