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.

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    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 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

    • Loss or damage to the insured vehicle
    • Personal accident cover
    • Third party liability cover
    • Third party liability cover

    Add-On Covers Provided

    • Coverage for natural and man-made disasters
    • 24x7 roadside assistance cover
    • Instant approval of cashless claims
    • Cashless claims accepted in over 3900 garages across the country
     

    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

    • Hijack distress allowance
    • Medical cover
    • Medical evacuation expenses
    • Missed flight connection charges
    • Accidental death in a common vehicle benefit
    • Personal liabilities cover
    • Emergency cash benefit provided to the insured up to a value of $1000
    • Trip delay benefit

    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.


    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 by Prafulla Sarode (5 stars / 5 stars)

    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 by Ajay Vrindavan Gupta (5 stars / 5 stars)

    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 by M. T. Cosca (5 stars / 5 stars)

    I really like the customer service provided by ICICI Lombard. Their employees are very friendly and always ready to help.

    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.