ICICI Lombard Insurance Reviews, Ratings, Best Plans and USPs
ICICI Lombard General Insurance
ICICI Lombard General Insurance Company is one of the most popular and leading private sector general insurance organizations in India. This organization is a joint venture between Fairfax Financial Holdings Limited, which is an organization based in Canada, and ICICI Bank Limited.
ICICI Lombard General Insurance Company has been doing excellent work in terms of providing its customers with high-quality insurance services. Because of this, the organization has been recognized several times for being awarded for its innovative products and customer-centric approach.
The ICICI Lombard General Insurance products range from car insurance, health, two-wheeler, home, rural, business, and marine insurance. Every insurance type has a very holistic profile. The coverage of these insurance policies is also very extensive and it is available at affordable prices.
Apart from all this, ICICI Lombard General Insurance plans also come with top-up options. Policyholders can choose their top-ups for an additional cost to their premium payment. This would provide extra coverage to the policyholder and his or her family members.
About ICICI Lombard General Insurance
When it comes to purchasing insurance policies, then ICICI Lombard General Insurance policies seem like an obvious choice. This is because this company provides several extra benefits to its customers. Do you want to know what those benefits are? If yes, then go through the list that is mentioned below.
- Quick Cashless Claim Settlements
ICICI Lombard General Insurance boosts of settling all their claims within four hours! This saves the policyholder from a lot of stress - Extensive Network of Hospitals
The organization has over 5,025 hospitals in its network. Policyholders can enjoy cashless services and reimbursement treatments at those hospitals with ease - Excellent Claim Settlement Ratio
According to the recent reports, the claim settlement ratio of ICICI Lombard General Insurance is an impressive 78.67% - Access to ICICI Lombard Wellness Program
This program provides several services to customers in just a few clicks. These services include Disease Management Services (DMS), HRA, which is a tool that can help in evaluating the quality of life and health status of an individual, free health check-ups, and medical concierge services - The 100% Sum Insured Reset Benefit
The insurance policies provided by ICICI Lombard reset up to 100% of the base sum insured during a policy term if the sum insured is found to be insufficient because of any claims made during the policy term. This benefit is provided once to the policyholder during a single policy term - Free of Cost Additional Services
Customers can avail of several additional services like specialist e-consultation, health check-up, online chat with doctors, consultation for speech, physiotherapy, or audiology - Absence of Entry Age Restriction
ICICI Lombard insurance plans do not come with any entry age restriction. This means that one can purchase these plans throughout his or her lifetime - Lifetime Renewability
There are also no age restrictions of the policyholder that he or she needs to adhere to during the renewal. This means that policyholders can renew a policy throughout his or her lifetime - Rewarding Healthy Habits
ICICI Lombard health insurance plans also provide rewards to policyholders if they follow healthy habits. These points can later be redeemed by the policyholder according to the terms and conditions set by the organization
ICICI Lombard General Insurance Company Ltd. is one of the best organizations in India that provides insurance policies to customers. It is a private sector general insurance company that had a Gross Written Premium (GWP) value of INR 135.92 billion at the ending of 31 March 2020.
The company has also issued over 26.2 million policies and settled over 1.86 million claims as of March 31, 2020. For the financial year 2020, this organization has also settled 99.9% of its health insurance claims and 93.2% of its motor insurance claims within 30 days of filing the claim.
Customers can get cashless benefits by opting for a policy within this organization as they have a network of over 6500 hospitals and 8800 partner garages. This company has also been assigned an iAAA rating by ICRA, which is an Associate of Moody’s Investors Service. This rating shows that ICIC Lombard has a very high claim paying ability.
Customers also rate the services of this organization very highly. Let’s look at some of those reviews below.
Impressive Services 5/5 Prafulla Sarode
I have a health policy and I recently filed a claim. The claim was quickly settled and I was very impressed with their efficiency and promptness in handling the claim request. I did not face any issue and received the claim on time.
The Best Insurer 5/5 Ajay Vrindavan Gupta
I have been a customer of ICICI Lombard for years now. And I do not plan to stop. I have applied for claims and renewal several times over the years. And I’m never worried about their services. I hope they continue providing their services for years and years.
Excellent Customer Service 5/5 M. T. Cosca
I really like the customer service provided by ICICI Lombard. Their employees are very friendly and always ready to help.
ICICI Lombard General Insurance mainly provides seven types of insurance policies. Right now we will look at those different types of insurance policies.
ICICI Lombard Motor Insurance
Motor insurance provides personal and financial protection to policyholders. These insurance policies often cover damages to the vehicle, theft, and bodily injuries. A good motor insurance policy can also provide a steady income to policyholders who are not able to work due to an injury from the accident.
Motor insurance policies also provide coverage of the cost of repairs to third party vehicles. It is also legally required for vehicle owners to get third party motor insurance plans. This is due to the Motor Vehicles Act, 1988. Motor insurances are also of two types. You can learn more about the different types of motor insurance policies by referring to the table below.
|
Comprehensive Motor Insurance Policy |
Third Party Legal Liability Insurance Policy |
|
|
Type of Vehicle |
Available for both four-wheelers and two-wheelers |
Available for both four-wheelers and two-wheelers |
|
Legally Required to Purchase |
No |
Yes |
|
Coverage Provided |
|
|
|
Add-On Covers Provided |
|
ICICI Lombard Health Insurance
High-quality healthcare can be expensive, especially in a private hospital. This is why it is important for individuals to purchase health insurance policies to protect themselves and their families.
The majority of ICICI Lombard health insurance policies are available for a small premium fee. Paying this fee would ensure that an individual can get rid of stress related to money in medical emergencies.
Ideally, health insurance policies should cover charges for medical tests, ambulance charges, consultation fees of the doctor, post-hospitalization costs, and pre-hospitalization costs. ICICI Lombard policyholders can also get cashless treatment within their wide network of hospitals.
All you need to do to avail of these services is get ICICI Lombard health insurance. But which one should you buy? You can find the type of health insurance policy that suits your needs from the table mentioned below.
|
ICICI Lombard Complete Health Insurance |
ICICI Lombard Health Booster |
ICICI Lombard Personal Accident Insurance |
|
|
Individual or Family Policy |
Can insure both individuals and families |
Can insure both individuals and families |
Only for individuals |
|
Total Sum Insured |
Up to INR 50 lakhs (One can select the total sum insured value depending on his or her total budget) |
Up to 50 lakhs |
A fixed benefit provided in case if the policyholder meets with an accident |
|
Minimum Entry Age |
No minimum entry age |
No minimum entry age |
18 years (The maximum entry age is 80 years) |
|
Requirement of Medical Check-Up |
No medical check-up required under the age of 46 years |
No |
No |
|
Cashless Claims Provided |
Yes and within four hours |
Yes |
Not Applicable |
|
Other Benefits |
Add-on benefits can be purchased at an extra value |
Rewards provided for maintaining a healthy lifestyle and a 10% increase in sum insured for no claim bonus |
Coverage of the policy can be increased by getting add-on benefits |
ICICI Lombard International Travel Insurance
There are many risks associated with traveling and one can protect himself or herself against those risks by opting for travel insurance. Travel insurance policies often provide coverage against medical costs while abroad, cancellation cover, stolen luggage, or lost luggage. This is why it is required to get the best travel insurance when traveling internationally.
Travel insurances can be purchased for trips that have a business, leisure, or study goals associated with them. ICICI Lombard provides four international travel policies. We will learn about these policies now.
|
ICICI Lombard Multi Trip Travel Insurance |
ICICI Lombard Senior Citizen Plan |
ICICI Lombard Gold Multi Trip Plan |
ICICI Lombard Asia Plan |
|
|
Minimum Entry Age |
3 years |
71 years |
3 months |
3 months |
|
Maximum Entry Age |
85 years |
85 years |
70 years |
70 years |
|
Coverage Duration |
Up to 60 days but can be extended for an extra premium for another 60 days |
Up to 60 days |
30 days, 45 days, and 60 days |
Not Applicable |
|
Requirement for Medical Check-Up |
Not required |
No |
No |
No |
|
Premium Payment Plan |
Premium can be paid on per daily basis |
Online and offline |
Online and offline |
Online and offline |
|
Other Benefits |
Basic plan |
|
|
|
ICICI Lombard Home Insurance
The ICICI Lombard Home Insurance protects your house against several perils like accidents, theft, and damage. This insurance policy can be purchased for a stipulated time and it would provide comprehensive coverage during that time only.
Once the policy term is over, then policyholders will have to renew the policy. ICICI Lombard home insurance plans are provided at very affordable prices. These policies also provide financial coverage even in the case of storms, earthquakes, lightning, and floods.
The coverage of home insurance policies extends to the structure of the home and contents inside the home. One can also enhance the coverage of the policy by choosing extra add-on benefits. These benefits are provided at an additional cost over the premium amount. Some of these add-on features are:
- Burglary for contents inside the home
- Fire and special perils for both home contents and the structure of the house
- Terrorism cover provided for contents inside the home and the structure of the home
ICICI Lombard NRI Insurance
It is a dream come true for many people across India to study or work abroad. However, there are several issues that are attached to that dream. For example, what would happen when you retire and want to come back to India? What if you are working abroad but you have aging parents living in India?
In these cases, it is important for individuals to take smart steps so that they are financially protected. ICICI Lombard NRI insurance provides long-term security to Indian citizens who are living or working abroad. The different NRI insurance policies provided by ICICI Lombard are:
- ICICI Lombard NRI Health Insurance
- ICICI Lombard NRI Travel Insurance
- ICICI Lombard NRI Home Insurance
- ICICI Lombard NRI Motor Insurance
ICICI Lombard Business Insurance
Your hard work decides the kind of success your business would achieve. And it is your effective risk management skills that would determine how you are able to keep your business a success. ICICI Lombard provides several insurance policies that help businesses with financial security in their time of need. There are six types of these policies and we’ll look at their details below.
|
ICICI Lombard Fire Insurance |
ICICI Lombard Marine Insurance |
ICICI Lombard Liability Insurance or Industrial Risk Policy |
ICICI Lombard Group Health Insurance |
ICICI Lombard Group Personal Accident Policy |
ICICI Lombard Workmen Compensation |
|
|
Brief |
Standard fire insurance policy |
Insure business products against harm during transportation |
Provides legal liabilities |
Provided to companies that wish to provide insurance policies to their employees and their family members |
Provides personal accidental death benefits |
Provides compensation to employees in case of medical emergencies |
|
Coverage |
Financial loss due to fire Property damage due to fire Lightening Aircraft damage Explosion Implosion Terrorism Strike Riot Malicious damage Storm Typhoon Cyclone Flood Inundation Landslide Subsidence Rockslide Impact damage Bush fire Missile testing operations Bursting or overflowing of water tanks, pipes, and apparatus Leakage from automatic sprinkler installations |
All modes of transportation included (water, road, air, and rail) Transportation through courier service included Protection against derailment, vehicle collision, overturning, or other accidents Damage due to theft, riot, hostile acts, or terrorism |
Warehousing, manufacturing, construction industry, third party damage, bodily injury, disease, accidental death, legal costs and expenses, and loss or damage to property |
Medical expenses, post-hospitalization, pre-hospitalization, and in-patient charges |
Accidental death, loss of eye or limb, permanent partial disability, and permanent total disability |
Medical emergencies during the employment period |
|
Sum Assured |
Personalized according to needs |
Depending upon the type of trading limits, vessel, and technical aspects of machinery + management and ownership consideration + previous claim experience + size of deductible |
Personalized according to needs |
Personalized according to needs |
Personalized according to needs |
Personalized according to needs |
ICICI Lombard Crop Insurance
This insurance plan is also known as the Pradhan Mantri Fasal Bima Yojna (PMFBY). This policy was launched in 2016 and has replaced all the previous crop insurance policies in the country. This policy provides coverage for localized risks, losses incurred after harvest, sowing risks, planting prevention risks, standing crop, localized calamities, and losses caused due to non-preventable risks like dry spells and drought.
Best Policies of ICICI Lombard
Till now, we have seen several policies that are provided by ICICI Lombard General Insurance to the general public. However, there are some policies that take away the spots of the best ICICI Lombard policies. Let’s see what those policies are:
ICICI Lombard Complete Health Insurance Policy
This plan is good for families who have members aged at least 3 months. The sum assured value under this policy varies a lot and can range from INR 3 lakh to INR 50 lakh. The plan covers several expenses like wellness programs, health check-ups, post-hospitalization charges, pre-hospitalization charges, and in-patient hospitalization charges.
The policy also comes with many add-on benefits like hospital daily cash, out-patient (OPD) cover, convalescence benefit, newborn cover, maternity benefit, preventive healthcare, and critical illness cover. These options can be included for an additional value on the premium.
ICICI Lombard Health Booster Policy
The ICICI Lombard Health Booster policy can be categorized as a super top-up policy that provides individual and family floater coverage. The policy is available for a term of 1 year, 2 years, and 3 years. The sum insured options for the policy range from INR 5 lakh to INR 50 lakh.
The minimum entry age for this policy is 3 months. And it provides various benefits like pre-hospitalization, domiciliary hospitalization, post-hospitalization, daycare treatment, road ambulance, and in-patient hospitalization charges.
One can also select some extra benefits for an additional premium amount. These extra benefits are personal accident cover, critical illness cover, and convalescence benefit. The maximum age to avail of these benefits is 60 years.
ICICI Lombard Arogya Sanjeevani Policy
The ICICI Lombard Arogya Sanjeevani policy is the ideal health solution for an individual and his or her family if they want proper coverage and protection against COVID-19. This policy can be availed by anyone between the age of 3 months to 65 years.
Coverage under this policy is provided for in-patient hospitalization expenses, post-hospitalization expenses, pre-hospitalization, cover for cataract treatment, and AYUSH treatment. The sum insured options for this policy can also range from INR 1 lakh to INR 5 lakh.
Other Insurance Companies
ICICI Lombard FAQs
1. What are the documents that I need to purchase an ICICI Lombard General Insurance plan?
The documents that customers need to purchase any ICICI Lombard General Insurance plan are:
Filled application form
Age proof
Address proof
Recent passport size photographs
Identity proof
Beyond this, one might be asked to submit additional documents depending on the type of policy chosen by the customer.
2. Can I buy corporate insurance plans from ICICI Lombard?
Yes, ICICI Lombard offers a number of corporate insurance plans that one can purchase.
3. What is the standard tenure of ICICI Lombard general insurance policies?
Usually, ICICI Lombard general insurance policies have a tenure of one year. There are also some plans that are of a longer duration. Hence, it is advised that customers should go through the policy details carefully before purchasing a policy.
4. Can I get WhatsApp updates related to my ICICI Lombard policy?
Yes, you can receive WhatsApp updates related to your ICICI Lombard policy. One can opt for this feature while purchasing or renewing a policy. Customers can also get this service by visiting the nearest ICICI Lombard office or directly contacting the customer care department.
