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ICICI Lombard General Insurance

ICICI Lombard General Insurance Company Ltd. is one of the leading general insurance companies operating in India. It is one of the top private sector general insurance companies formed through a joint venture through a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited based out of Canada. It offers insurance coverage for car, bike, health, travel, home, student travel, and more.

For the year ending March 31, 2020, it has a Gross Written Premium (GWP) of Rs. 135.92 billion. The company has also issued over 26.2 million policies and settled over 1.86 million claims as on March 31, 2020.

For F.Y. 2020, ICICI Lombard General Insurance has settled 99.9% health insurance claims and 93.2% motor insurance claims within 30 days of claim filing. Customers can avail cashless health claims from 6500+ network hospitals and 8800 partner garages.

ICICI Lombard has been assigned an iAAA rating by ICRA (an Associate of Moody's Investors Service). This rating indicates ICICI Lombard General Insurance Company Limited's highest claims-paying ability.

Health Insurance Plans in November 2024

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Reliance General Insurer

Amount Covered: ₹ 1 Lakh

Deal Price: ₹ 2,094 / Year

Waiting period: 4 yrs

Buy ICICI Health Insurance Plans as Per Your Need

Vision and Mission of ICICI Lombard

The company aims to be the most value creating and admired risk solutions company in India with a global footprint. Following are some of the awards bagged by ICICI Lombard General Insurance.

The company received the “Claim Leader” award in Indian Insurance Awards, 2014 under the general insurance segment.

The company emerged as one of the most preferred companies for health insurance in a study undertaken by the Department of Consumer Affairs, Government of India.

ICICI Lombard received “E-business Leader” award in the Indian Insurance Awards, 2013 under general insurance category.

The company received “Porter Prize” award in “Creating shared value” category.

The company awarded with the Golden Peacock Innovation Award in 2011 for Rashtriya Swasthaya Bima Yojana.

ICICI Lombard General Insurance Statistics

ICICI Lombard has secured a good reputation, especially when it comes to the claim settlement. The company has a claim ratio of 99.87% and 93.14% for health insurance and motor insurance (own damage), respectively within 30 days of claim filing for FY 2019.

ICICI Lombard General Insurance products and services

Motor insurance

The most important reason to have motor insurance is for financial and personal protection. It covers bodily injuries, damage to the vehicle, theft, etc. A good motor insurance may also replace temporary income for the policyholder who may not be able to work because of the injury from an accident. Another good reason to have motor insurance is the cost of repairs of the third party vehicle if the driver hits someone. Vehicle repairs can be very expensive. When the driver is at fault, he may be required to pay for the repairs and replacement of the parts of the vehicle that has been hit.

Motor insurance policy is mandatory in India under the Motor Vehicles Act, 1988. Every two-wheeler or car which runs on the road must have a valid insurance cover. Basically, a motor insurance policy consists of the following:

a) Comprehensive policy

b) Third party legal liability policy

ICICI Lombard offers two types of motor insurance plans; below mentioned are the details of each type:

Car Insurance: ICICI Lombard car insurance, which is a comprehensive vehicles insurance, protects the policyholder against any uncertain obligations arising out of the damage or loss of the insured vehicle. The coverage offered by ICICI Lombard car insurance include:

Loss or damage to the insured vehicle
Personal accident cover
Third party liability cover
Add-on covers
Coverage for man-made calamities and natural disasters
24x7 roadside assistance cover
On the spot approval of cashless claims

Two-wheeler Insurance: ICICI Lombard offers comprehensive two-wheeler insurance policies that cover theft, accidental damages to the vehicle, third-party liability arising out of property damage, any injury, or death of third-party.

Add-on riders to extend the scope of coverage
Cashless claims in3900+ garages across the country

Health Insurance

Having a health insurance policy for yourself and your family is essential as healthcare is expensive, especially in a private hospital. Hospitalisation can cost you more than what you can manage and derail your finances. It becomes even tough when the breadwinner of the family is hospitalised. All this can be avoided by buying a health insurance plan and paying a nominal premium, which would lessen your stress in case of medical emergencies.

An ideal health insurance policy would cover expenses made towards medical tests, consultation fees of the doctor, ambulance charges, pre and post hospitalisation costs. If you have health insurance, you can get cashless treatment as your health insurance company would work in collaboration with the network hospitals.

The different type of health insurance policies offered by ICICI Lombard include:

Complete health Insurance: ICICI Lombard complete health insurance secures the policyholder and his/her family financially against uncertain health issue by providing a comprehensive cover up to Rs. 50 lakhs. The policy also gives the insured the option to choose the plan, sum insured as per the requirement and budget. There is no restriction on the entry age, and no medical check-up is required for policyholders below 46 years of age.

The policy offers cashless claim approval within 4 hours and also provides add-on coverage benefits. It is an indemnity health insurance plan which can be bought in the form of individual or family floater plan.

Health Booster: ICICI Lombard health booster plan is a comprehensive health insurance program which is available for everyone without any age restrictions. Policyholders can secure themselves and their families with health insurance coverage up to Rs. 50 lakhs. The policy gives rewards for maintaining a healthy lifestyle. The plan also provides a 10% increase in sum insured as no claim bonus.

Personal Accident Insurance: ICICI Lombard personal accident insurance policy is available for individuals with a minimum age of 18 years up to 80 years of age. The plan has a fixed benefit in case the policyholder meets with a personal accident. Policyholders can enhance the coverage by opting riders at an additional premium. No health check-up is required before purchasing this plan.

International Travel Insurance

With travel insurance, you are primarily covering yourself against travel risks such as cancellation cover, unexpected medical costs abroad, and lost or stolen luggage. Having the right travel insurance policy is critical while traveling abroad. Without travel insurance, disturbances to your trip can cost you a fortune. In many cases, you may even lose the money that you have paid, and you may have to pay for new bookings too. A travel insurance policy will cover you for the incidents that are not in your control, so that you do not have to spend your money if something goes wrong.

A right travel insurance plan protects the financial losses that you might face while travelling for business, leisure, or studies. Below are the travel insurance plans offered by ICICI Lombard General Insurance:

A) ICICI Lombard Multi Trip Travel insurance

Entry age: Minimum of 3 years, Maximum of 85 years

Coverage duration: Up to 60 days

Coverage can be extended to cover for 60 days
No pre-medical test required up to 85 years of age
You can pay premiums on per day basis B) Lombard Senior Citizen Plan

Entry age: minimum of 71 years, a maximum of 85 years

Coverage duration: Up to 60 days

Hijack distress allowance covered
Missed flight connection included
Medical cover including medical evacuation expenses

C) ICICI Lombard Gold Multi-Trip Plan

Entry age: Minimum 3 months, maximum of 70 years

Coverage duration: 30/45/60 days

Different versions of plan available for 30,45 and 60 days
Accidental death in a common vehicle is covered under this plan
Personal liability is covered
Especially designed for frequent international travellers to secure them from various medical and non-medical expenses.

D) ICICI Lombard Asia Plan

Entry age: Minimum of 3 months, maximum of 70 years

Coverage duration: Not applicable

Emergency advance cash is provided to the insured up to $1000
Trip delay is covered

Home Insurance

Home insurance is a type of property insurance that covers your home from different kinds of dangers, such as peril damages, accidents, and theft. You can opt for a home insurance policy for a stipulated tenure, and the policy will be effective only for that time period. Thus, it is safe to assume that your home insurance is also a type of term insurance for your house. Once the policy term is over, you have an option to renew the plan. It is crucial to make sure that you opt for a comprehensive home insurance plan that gives you required coverage at a reasonable cost.

A comprehensive home insurance plan covers your house against damages and losses caused due to natural calamities such as flood, lightning, earthquake, storm, etc. It is wise to use your foresight and be prudent. By doing this, you insure your home against any kind of man-made and natural calamities and assure a financially secure future for yourself and your family.

ICICI Lombard home insurance provides coverage for the following:

Structure of home
Contents in the home

Coverage under ICICI Lombard home insurance plan:

The policy covers you against natural calamities such as flood, fire, lighting, cyclone, storm, riot, earthquake, hurricane, landslide, etc. and man-made events such as theft, burglary, etc.

The company also provides add-on riders that can be taken along with the basic cover to enhance the policy coverage.

The basic coverage of home insurance offered by ICIC Lombard is allowed under three main heads. You can choose either of these coverages or combine them for better coverage. The heads are:

Fire and special perils for both home structure and home contents
Burglary for contents of the home
Terrorism for both home structure and contents

NRI Insurance

Whether you are pursuing your dream job overseas and at some point, you wish to settle back in India after retirement, or if you have ageing parents living in India and are dependent on you for financial support, it is important to take calibrated financial decisions. It is vital to provide long-term security and achieve financial goals for you and your dependents. As an NRI, Life insurance offers you an opportunity to plan for and meet various long-term financial goals. As an important part of your financial planning, NRI insurance can play a critical role in ensuring long-term financial security for yourself, your family, and your dependents.

Under NRI insurance, ICICI Lombard offers below listed policies:

NRI Travel Insurance
NRI Health Insurance
NRI Motor Insurance
NRI Home Insurance

Business Insurance

Effective risk management is the key to a successful business. ICICI Lombard offers comprehensive business insurance policies for multi-type and multi-size businesses.

The standard business insurance offered by ICICI Lombard include:

a) Fire insurance

A standard fire insurance policy provides coverage against financial loss or property damage caused due to fire or other covered perils.

What does the policy cover?

Fire
Lightning
Aircraft damage
Explosion and implosion
Riot, strike, terrorism, and malicious damage
Storm, cyclone, typhoon, hurricane, flood, and inundation
Subsidence, landslide and rock slide
Impact damage
Bush fire
Missile testing operations
Bursting, overflowing of water tanks, pipes, and apparatus
Leakage from automatic sprinkler installations

b) Marine insurance

As a business person, your goods are a source of revenue for you. Insuring your goods against any unwanted event, while they are being transported, means that you are securing the future of your business. ICICI Lombard provides a comprehensive and flexible marine insurance policy to fulfill your requirements.

What is included?

All modes of transportation, namely water, rail, road, and air, are covered under this policy. Goods being transported via courier services are also insured. Your in-transit goods will be protected against vehicle collision, derailment, overturning, or accidents happening anywhere from the source of destination. You can also extend the coverage to loss or damage of goods due to theft, riots, terrorism, strike and other hostile acts by human by opting for comprehensive coverage as per your need.

Types of marine insurance policies offered by ICICI Lombard

Inland policies
Export policies
Import policies
Turnover policies

The premium for a marine insurance policy will depend on the following factors:

Type of cover
Type of vessel, trading limits, technical aspects of machinery and trading limits
Management and ownership considerations
Past claim experience
Size of the deductible

c) Liability Insurance (Industrial risk policy)

Scope of cover

Legal liability for warehousing, manufacturing, construction industries towards damages to the third party with respect to:

Bodily injury or disease
Accidental death
Legal costs and expenses arising with the prior consent of the insurer and within the limit of policy specifications
Loss or damage to property

d) Group health insurance

ICICI Lombard offers group health insurance policy to ensure that all your employees as well as their families are insured against any unforeseen medical expenses. The plan gives you the flexibility to choose coverage as per your needs.

Scope of coverage

The policy covers medical expenses incurred during hospitalisation of any member for a minimum period of 24 hours.
Thirty days pre-hospitalisation and sixty days post-hospitalisation expenses are covered.

e) Group personal accident policy

The group personal accident policy from ICICI Lombard compensates the policyholder in case of accidental death, loss of eyes and limbs, permanent total disability, and permanent partial disability.

f) Workmen compensation

ICICI Lombard’s workmen compensation policy offers monetary compensation to the employee or nominee in case of medical emergencies during their employment period.

Exclusions under ICICI Lombard General Insurance

Any disease that has occurred within 15 days of the commencement of the policy

Cosmetic surgery

Any injury occurred directly or indirectly due to war, riots, etc.

Suicidal death claims

The injury occurred due to policyholder being under the influence of alcohol or any kind of drug abuse

Destruction of the property or goods on purpose

Any natural wear and tear of the insured property

Any damage or loss to the property due to war

ICICI Lombard General Insurance renewal Process

The online policy renewal process

Follow the below mentioned steps to renew the policy under ICICI Lombard General Insurance:

Visit the official company website, i.e., www.icicilombard.com

Click on “Renewals” under the menu bar.

Select the desired type of plan which you want to renew from the drop-down menu.

Enter the details asked in the renewal form such as policy number, date of birth, etc.

Click on the “Submit” button to proceed.

Make the payment using any of the payment options given.

On completion of the payment, you will receive a message on your screen about successful policy renewal.

The offline policy renewal process

You may visit the nearest ICICI Lombard branch office to renew your policy. Fill up the renewal form and make premium payment before the expiry of the policy grace period.

ICICI Lombard General Insurance Claim Process

Follow the below-mentioned steps to file a claim with ICICI Lombard General Insurance policy:

Inform the company about the unfortunate event within 48 hours by calling 1800 2666. Alternatively, you can send an SMS "CLAIM" to 575758.
The customer care officer will give you the list of documents to be submitted.
Download the claim application form from the company website, or you can get it from any of the branches of ICICI Lombard.
Prepare all the required documents, along with the claim form.
The surveyor will visit the spot of the incident in case of motor claims and based on his assessment, the application will be processed.
In case of health insurance policy, cashless claims will be processed at the hospital within a stipulated time, and reimbursement claims will be settled within 30 days from the date of the claim made.
Once the company verifies the documents, the claim amount will be released in the account of the claimant/beneficiary.

Contact ICICI Lombard General Insurance

Call: 1800 2666 (toll-free number)
Alternative number: 8655 222 666 (chargeable)
For crop insurance: 1800 266 9725
Email: customersupport@icicilombard.com
Address: ICICI Lombard General insurance company Limited, 401 – 402, Interface building no. 11, Link Road, Malad (West), Mumbai - 400064

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FAQs on ICICI Lombard General Insurance

What is the list of documents required to buy ICICI Lombard General Insurance Plans?

The documents required for buying ICICI Lombard general insurance plans depends on the plan chosen, however the general documents required are Filled Application Form, Age Proof, Identity Proof, Address proof, Recent Passport size photographs.

Does the company offer corporate insurance plans?

Yes, ICICI Lombard offers a range of corporate insurance plans to cover different risks faced by corporates and industries.

What is the tenure of general insurance policies?

Typically, general insurance policies are for one year. However, there are plans which provide a higher duration, one must carefully go through the sales literature to know more about the same.

Is there any facility to receive policy related updates on WhatsApp?

Yes, the company does provide this facility. You can opt to receive WhatsApp notifications at the time of opting for a policy. You can also opt for this service later by visiting the nearest branch or by calling the customer care department.

What is the claim settlement ratio of ICICI Lombard?

ICICI Lombard General Insurance has a good reputation when it comes to the claim settlement process and the ratio. It has a claim settlement ratio of 99.87% for health insurance and 93.14% in the case of motor insurance (own damage), respectively within 30 days of claim filing for FY 2019.

Does ICICI Lombard have a mobile application?

Yes. The company has a mobile app, which is called ICICI Lombard APP that can be installed from Google Play or App Store.

Does ICICI Lombard have customised business plans?

Yes, ICICI Lombard offers the following customised business plans. Office package policy Electronic equipment insurance policy Event insurance Shopkeepers insurance Project insurance Contractors all risk policy Burglary insurance

What should I do if my insurance policy expires?

You need to pay the renewal premium before the due date of your policy. If you fail to make the next premium payment, the policy will expire. However, the company offers a grace period of 30 days from the expiry date of the policy within which you can renew the plan.

What does lifelong renewability mean?

Lifelong renewability is a facility given to the policyholder to enjoy the lifelong protection of the insurance policy without any restrictions or age bar. Lifelong renewability helps the policyholder not only to meet sudden expenses, but also to enjoy protection for their entire life time.

How can I find the nearest ICICI Lombard branches?

It is quick and easy to find ICICI Lombard branch office with the branch locator service of the company. Visit www.icicilombard.com/branches and select the state and city in which you reside to find the nearest branch.

Is it possible to track policy claim under ICICI Lombard?

Yes. You can track your claim under “Self Help” section on the official website of ICICI Lombard.

What are the types of vehicle that I can insure under motor insurance plan?

Currently, the company allows you to insure private car and two-wheeler under vehicle insurance.

What is No Claim Bonus?

No Claim Bonus (NCB) is a discount on the premium of the own damage portion of your vehicle when you renew your motor insurance, provided you have not made any claim during the last policy tenure. The No Claim Bonus can be accumulated up to 50% of the own damage premium.

You can transfer the full benefits of No Claim Bonus, even if you shift your motor insurance plan to ICICI Lombard from any other insurance provider.

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