ICICI Lombard Health Insurance

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About ICICI Lombard Health Insurance

ICICI Lombard General Insurance Company is one of the leading health insurers in India that covers medical expenses for illnesses or injuries and protects you from sudden financial burden. It is a joint venture of ICICI Bank Limited from India and Fairfax Financial Holdings Limited from Canada, which provides a top service along with a good number of network hospitals and claim support. ICICI Lombard General Insurance Company has also acquired the non-life insurance business of Bharti AXA General Insurance in 2020. The company offers comprehensive health insurance that covers the expenses of hospitalization, daycare procedures, ambulance charges, and domiciliary hospitalization. Apart from health, it provides insurance coverages for various products such as cars, bikes, homes, travel, etc.

With the annual gross premium of Rs. 2695.15 Crores for the year 2019-20 and issuing millions of policies in the same year, the company has successfully settled 96.93 % of claims within 3 months. The IAAA rating by ICRA indicates its highest claim paying ability.

Few Awards and Achievements

The company aims to create a financially protected environment for everyone. ICICI Lombard General Insurance has been recognized with various awards and accolades.

  • ATD Best Winner Award
  • Claim Leader Award in Indian Insurance Awards, 2014
  • E-Business leader award 2013
  • Porter Prize Award
  • Golden Peacock Innovation Award 2011

Key Features Of ICICI Lombard Health Insurance

Nowadays, having health insurance for you and your family is a necessity. As the health care facilities are getting expensive, most specifically in a private hospital, it becomes even more difficult when the person who runs the house financially gets hospitalized. Buying health insurance can help you in such situations of medical emergencies.

Now the question arises: What Plan to choose? With the availability of several health insurance companies, choosing an appropriate plan is quite a difficult task.

To make your selection easy for an ideal healthcare plan, our experts at PolicyX have shortlisted top health insurance companies based on certain parameters such as Network hospitals, claim support (within 3 months), market share, and solvency ratio.

ICICI Lombard Health Insurance Company is a one-stop solution to all your problems. It offers an ideal insurance policy that covers expenses for ambulance charges, doctor fees, pre and post-hospitalization, and medical examinations. All the hospitals empanelled with ICICI Lombard provide cashless facilities. Apart from all these benefits, claim support, solvency ratio, annual gross premium are some other factors that are crucial to consider while selecting a health insurance plan.

  1. Network Hospitals

    Choosing a health insurance company with a wide network of hospitals in your vicinity helps you at the time of a medical emergency. It is a crucial factor that gives you an idea of how easily you can assess the cashless facility during hospitalization.

    As we have discussed before, Network hospitals have a tie-up or agreement with insurance companies for offering cashless hospitalization to the insured person where you don't have to pay a single penny to the hospital directly. With a cashless facility, all your medical expenses are borne by an insurer and you can focus on the treatment and recovery of your loved ones without worrying about the medical bills.

    ICICI Lombard is empanelled with 6500+ network hospitals across India and offers you complimentary health check-ups, pre and post-hospitalization expenses, coverage for pre-existing diseases, etc. With a wide network of hospitals, you don't have to wander here and there at the time of a medical emergency.

    Let's understand this with the help of an example.

    Mr. Kapoor suffered severe chest pain and was hospitalized immediately. Mr. Kapoor's family was tensed about his condition and for the medical expenses akin. The hospital is already enrolled with ICICI Lombard General Insurance company, so, in this case, all the medical bills were paid by the insurance company and this cashless treatment will help Mr. Kapoor to undergo treatment without any financial stress.

    Here is a graph showing the network hospitals of ICICI Lombard with other top six health insurance companies.

    Network Hospitals of ICICI Lombard Health Insurance Company with other top companies

    Network Hospitals of ICICI Lombard Health Insurance Company with other top companies

    **Data from IRDAI Annual Reports

    It is always advisable to check the network hospital list before buying a health insurance plan or getting admitted to the hospital.

    If you want to check the ICICI Lombard health Insurance hospital list as per your state/region, you can visit the PolicyX.com network hospital list page.

  2. Solvency Ratio

    The solvency ratio is one of the important factors that should be considered while selecting an insurance company. It helps policyholders assess the ability of a company to meet its financial obligations.

    IRDAI publishes the solvency ratio in its annual reports. As of now, IRDAI has made it mandatory to maintain a healthy solvency ratio of 1.50 for every insurance company. ICICI Lombard has a solvency ratio of 2.2 that very well fulfills the criteria or standards suggested by the IRDAI and indicates the company's highest claim paying ability.

    For your better understanding, we have prepared a graph below showing the solvency ratio of ICICI Lombard for the last few years i.e., from 2016-20.

    Solvency Ratio of ICICI Lombard Health Insurance

    Solvency Ratio of ICICI Lombard Health Insurance

    **Data from IRDAI Annual Reports

    The graph states the assessment of the solvency ratio of the last four years and ICICI Lombard is matching the criteria of IRDAI in terms of solvency ratio. This indicates that the company is financially sound with sufficient resources to pay off the claims to the customers. IRDAI publishes a solvency ratio of a year in a quarterly cycle from June 2019 to March 2020. Let's understand the solvency ratio of ICICI Lombard of the year 2019-20.

    Solvency Ratio of ICICI Lombard 2019-20

    Solvency Ratio of ICICI Lombard Health Insurance

    **Data from IRDAI Annual Report 2019-20

    It is also important to match the parameters with other companies. Let's compare the solvency ratio of ICICI Lombard with other top companies.

    Solvency Ratio of ICICI Lombard with other top general companies

    Solvency Ratio of ICICI Lombard with other top general companies

    **Data from IRDAI Annual Report 2019-20

  3. Claim Support (within 3 months)

    Have you ever thought about why you should consider claim support while buying a health insurance company? Claim support is the assessment of the claim settling ability of an insurer, thus used to rate the company based on its claim settlement. IRDAI publishes claim to support (within 3 months) annually in the first month of every year. In IRDAI Annual Report 2019-20, the company's claim support (within 3 months) is 96.93 that means out of 100 claims ICICI Lombard has settled 96% of claims in 3 months. Moreover, ICICI Lombard offers a quick and hassle-free claim experience to its customers which is why it is among the top 3 insurers in India. It is always advisable to check the claim support before selecting any health insurance company.

    For better understanding, a graph of the claim support of the top 6 companies is prepared below, have a look.

    Claim support (within 3 months) of ICICI Lombard and other top companies

    Claim support (within 3 months) of ICICI Lombard and other top companies

    **Data from IRDAI Annual Report 2019-20

    Here, we have compared the claim support of ICICI Lombard with other top six companies and found that ICICI Lombard is a financially sound company with good claim paying ability. The company has witnessed significant growth in the last four years i.e., from 2016-20.

    Claim Support of ICICI Lombard for FY 2019-20

    Claim Support of ICICI Lombard for FY 2019-20

    **Data from IRDAI Annual Reports

  4. Market Share

    Market share determines the business volume and it also measures the consumers' preference for a product over other similar products. Business volume refers to the total number of policies that are sold by an insurance company and the premiums collected. As per IRDAI Annual Report 2019-20, the company's Annual Gross Premium is 2695.15 crores whereas, in 2018-19, it was 2267.16. It has shown significant growth in the past few years i.e., from 2016-20.

    Annual Gross Premium of ICICI Lombard for FV 2016-20

    Annual Gross Premium of ICICI Lombard for FV 2016-20

    **Data from IRDAI Annual Reports

    The above graph shows significant growth from 2016-20, indicating a sizable grip on the sector. ICICI Lombard shares 5.3% of the insurance market. Let's understand this with the help of a pie chart.

    Market share of ICICI Lombard Health Insurance

    Market share of ICICI Lombard Health Insurance

    **Data from IRDAI Annual Report 2019-20

    We have summarized the above information in a tabular form. Go through the table carefully and choose your plan wisely.

    Network Hospitals6500+
    Solvency Ratio2.2
    Claim Support (within 3 months)96.93
    Annual Premium 2019-202695.15 Crores
    Market Share (in%)5.3

    **Last Updated on May, 2021

What are the benefits of ICICI Lombard Health Insurance?

The company that provides additional benefits to its customers in comparison to the other companies, is an ideal choice. ICICI Lombard Health Insurance plan comes with a wide variety of benefits listed below to explain why this can be a good option for you. Go through the section carefully and choose your plan wisely.

  1. Pre and Post-hospitalization

    One of the most important benefits of this policy is that it covers the medical expenses incurred before hospitalization and after getting discharged from the hospital.

  2. Coverage for Pre-existing Diseases

    This health insurance plan covers pre-existing diseases after the completion of a waiting period mentioned in the policy documents.

  3. Tax Benefit

    You can avail of tax benefits on premiums paid under section 80 (D) of the Income Tax Act, 1961.

  4. Ambulance Charges

    ICICI Lombard pays for the ambulance charges that include the transportation of policyholders from one hospital to another.

  5. 24X7 Customer Service

    In-house claim settlement team that helps you resolve claim-related queries. The company offers a quick and hassle-free claim experience.

  6. Trusted Brand

    ICICI Lombard has an impressive range of insurance products and services catering to the respective requirements of different customers. It is a trusted brand by millions of Indians. The IAAA rating by ICRA and a good customer base signify its highest claim paying ability.

ICICI Lombard Health Insurance

What Are The Different Types Of Plans Offered By ICICI Lombard Health Insurance?

ICICI Lombard General Insurance offers various health plans that provide financial protection to you and your loved ones and ensure to fulfill all your financial and healthcare requirements at the time of a medical emergency. The company offers myriad plans for individuals, families and even offers coverage against COVID-19.

Here is a list of plans offered by ICICI Lombard to help you lead a happy and financially secure life.

ICICI Lombard Pages Type of Plan Who to Buy?
Health Booster PlanSuper top-upIt is a super top-up health insurance plan that covers an individual's extra medical bills when your existing health plan doesn't cover it.
ICICI Lombard Complete Health InsuranceFamily Health InsuranceIt is a comprehensive health plan that offers protection to your family during planned or emergency hospitalization.
Arogya Sanjeevani PolicyFamily Health InsuranceThe plan takes care of you and your family's basic healthcare needs.
Health Care PlusFamily Health InsuranceThis plan takes care of your excess payment that may arise due to the amount that is paid for illness cover.
Personal Protect PlanAccidental death and disabilityA personal protection plan provides coverage for accidental death and permanent total disability.
Corona Kavach PlanCOVID-19This plan is specifically designed for individuals diagnosed with COVID-19.

**Last Updated on May, 2021

Let's discuss each plan in detail.

  1. Health Booster Plan

    Health Booster is super top-up health insurance that covers medical expenses for illnesses and treatments which are in excess of your health insurance plan. This plan is ideal for those individuals who want to protect themselves from increasing medical costs and unforeseen medical problems.

    Key Features:

    • The expenses for 150-day care treatments such as eye operation, ligament tear surgery which do not require 24 hours of hospitalization are covered under this plan.
    • No pre-policy medical examination for sum insured up to Rs. 10 Lakhs for the age up to 45 years of age.
    • Get the response for cashless claims in 4 hours and reimbursement claims within 14 days from the date of receipt of the last document.
    • In this plan, the family floater option is also available in which you can cover up to 2 adults and 3 children under a single plan.
    • The hospital daily cash benefit option allows the insurer to pay a fixed amount of Rs. 1000 - Rs. 3000, in case you are hospitalized for 3 consecutive days.
    • The company pays the lump-sum amount of the first diagnosis of a listed critical illness.
    • You are eligible for tax benefit on paid premiums, as per section 80(D) of the Income Tax Act, 1961.

    Eligibility Criteria:

    Entry Age (adults)Minimum - 18 years or above for individual
    Maximum - No Age limit
    Entry Age (Children)3 months old in a family floater plan
    6 years old in individual policy
    RenewabilityLifetime
    CoverageRs. 5 Lakhs - Rs. 50 lakhs

    **Last Updated on May, 2021

  2. ICICI Lombard Complete Health Insurance Plan

    ICICI Lombard Complete Health Insurance Policy protects you and your family against unforeseen medical expenses. It is specifically designed to cater to your medical and healthcare requirements. This plan provides an option to include your family under one plan and you can choose coverage as per your medical needs such as maternity cover, OPD cover, cover for critical illness, and donor expenses.

    Key Features:

    • This comprehensive health insurance plan covers the hospitalization expenses incurred on COVID 19.
    • All the medical expenses incurred at the time of hospitalization for more than 24 hours such as room, nursing, boarding charges are covered under this plan.
    • Pre-existing diseases are covered under this plan immediately after 2 years from the starting date of the policy.
    • This plan provides coverage for expenses under AYUSH treatments that include Ayurveda, Unani, Siddha, and Homeopathy.
    • Get the coverage for the expenses incurred on daycare treatments that requires less than 24 hours of hospitalization.
    • Medical expenses incurred for 30 days before the hospitalization and 60 days after the hospitalization are covered under this plan.

    Eligibility Criteria:

    Entry Age (Minimum)Child > 3 months of age in family insurance plan
    > 6 years of age in case of individual health plan
    Entry Age (Maximum)No limit
    Policy Tenure1 or 2 years
    CoverageRs. 5 lakhs - Rs. 50 lakhs

    **Last Updated on May, 2021

  3. Arogya Sanjeevani Policy

    Arogya Sanjeevani Policy is an ideal choice if you are looking for a plan that fulfills all your medical and healthcare requirements. This plan is provided on a floater basis. Under this plan, the medical bills are paid by the insurer, if in case you are hospitalized.

    Key Features:

    • Medical expenses incurred on daycare procedures are covered under this plan that requires less than 24 hours of hospitalization.
    • It provides coverage for AYUSH treatments including Ayurveda, Unani, Siddha, and Homeopathy.
    • Pre and post-hospitalization expenses incurred for 30 and 60 days respectively are also covered under the plan.
    • Get the tax benefit on paid premiums under section 80(D) of the Income Tax Act, 1961.
    • The plan provides an option to cancel the policy by giving them a notice period of 15 days of receiving the policy.
    • This plan provides coverage for :
      • In-patient hospitalization
      • Cataract treatment
      • Daycare procedures
      • Plastic surgery
      • Dental Treatment

    Eligibility Criteria:

    Entry AgeAdult: 18 years - 65 years
    Dependent children: 3 months - 25 years
    CoverageRs. 1 lakh - Rs. 5 Lakhs
    Policy Tenure1 year

    **Last Updated on May, 2021

  4. Corona Kavach Policy

    Corona Kavach Plan is specifically designed to provide coverage for the COVID-19 hospitalization. The medical expenses for COVID-19 treatment are covered under this plan.

    Key Features:

    • Hospitalization expenses are covered under this plan for a minimum of 24 hours of the hospitalization, on a positive diagnosis of COVID-19.
    • It provides daily hospital cash benefits ranging from Rs. 250 to Rs. 2500 per day.
    • Pre and Post hospitalization expenses are also covered under the plan for 30 days before hospitalization and 60 days after the discharge from the hospital.
    • Get the coverage for Ambulance charges including the transportation of policyholders from one hospital to another.

    Eligibility Criteria:

    Entry Age (Minimum)18 Years
    Entry Age (Minimum)65 Years
    CoverageRs. 50,000 to Rs. 5 lakhs

    **Last Updated on May, 2021

  5. Health Care Plus Plan

    A health care plus plan provides protection to you and your family by taking care of excess medical expenses that may arise when the hospitalization bill and other related expenses exceed the current cover.

    Key Features:

    • This plan provides coverage for hospitalization expenses such as room rent, nursing and boarding charges, bed charges, and more.
    • The doctor's fees, expenses incurred on medicine and surgical equipment, diagnostic tests expenses are also covered under this plan.
    • Pre-existing diseases are covered after 4 years of providing continuous coverage with the insurance company.
    • In this plan, you are eligible for a free health check-up at the time of renewing the policy.
    • Tax benefit on premiums paid under section 80(D) Income Tax Act, 1961.

    Eligibility Criteria:

    Entry Age of senior-most member5 years - 65 years
    Age of Proposer> 18 years
    Policy Tenure1 / 2 years

    **Last Updated on May, 2021

  6. Personal Protect Policy

    The personal protection product of ICICI Lombard provides coverage for accidental death and permanent total disability along with the reimbursement of expenses incurred in case of hospitalization.

    Key Features:

    • In case of death of the policyholder, because of an accident within the policy tenure, the company compensates the sum insured amount to the nominee.
    • The insurer pays coverage for the permanent and total disability such as loss of sight, limbs, etc. due to an accident within the policy time.
    • This plan provides coverage in case of claims arising because of the acts of terrorism within the policy tenure.

    Eligibility Criteria:

    Minimum Entry Age18 years
    Maximum Entry Age80 years
    Policy Tenure1, 3, 5 years

    **Last Updated on May, 2021

What Is Not Covered Under ICICI Lombard Health Insurance?

Here are the major exclusions:

  • Cosmetic surgery
  • Intentional destruction of property or goods
  • Suicidal death claims
  • Any kind of loss or damage to the property because of war or war-like situations
  • Any injury /damage occurred within the 15 days of the policy commencement
  • Any injury occurred under the influence of alcohol abuse or substance
  • Natural wear and tear of the property of the policyholder

How to buy ICICI Lombard Health Insurance?

There are a number of options available in the market to buy ICICI Lombard Health Insurance plans. But every plan does not offer a good service and desired security. For a quick and smooth buying process, let's have a look at the below section:

  • Visit the official website of ICICI Lombard and click on 'Health Insurance'
  • Fill in all the required details and choose the sum insured. Click on the option 'Buy Now.
  • After filling in all the required details, select the premium amount.
  • Pay the premium online and your policy document will be mailed to your registered email address.

What Is The Process Of Renewing ICICI Lombard Health Insurance?

To process the ICICI Lombard health insurance renewal, follow the below-mentioned steps:

  • Visit the official website of the company.
  • Click on the section 'Renewals' under the menu.
  • Now, select the type of plan you want to renew from the drop-down menu
  • Fill in all the required details such as date of birth, policy number in the renewal form
  • Click the 'Submit' to proceed with your application
  • Make payment as per the instructions provided.
  • After completing all the steps, you will receive a message of successful policy renewal.

You can also go for the offline renewal process by visiting the nearest branch of ICICI Lombard.

What Is The ICICI Lombard Health Insurance Claim Process?

  • Inform the company about the unforeseen event within 48 hours. You can call on their toll-free number or you can send an SMS on 575758.
  • Submit the required documents instructed by the customer care officer.
  • In order to proceed with the claim process, download the claim application form from the website or you can get it from the nearest branch office.
  • Submit all the required documents along with the ICICI Lombard health insurance claim form to the respective branch.
  • The cashless claims are processed in a set period of time and the reimbursement claims are settled within 30 days from the date claim has been made.

Documents Required

  • A duly filled application form
  • Original bills, discharge papers, receipts related to the hospitalization
  • Medical bills of chemists along with a valid prescription
  • All the copies of medical examination reports

ICICI Lombard Health Insurance Review

IAAA rating by ICRA indicates that ICICI Lombard has the highest ability to resolve claims with a quick and hassle-free customer experience. Moreover, they offer a number of key features such as cashless facility, pre, and post-hospitalization, daycare procedures, etc. Their plans are highly recommended for you and your family because of the ICICI Lombard health insurance Claim settlement ratio and their level of patience while resolving customer's problems.

Contact Details Of ICICI Lombard Health Insurance

ICICI Lombard Customer care number - 1800 2666

Email -customersupport@icicilombard.com

Address - ICICI Lombard General insurance company Limited, 401 - 402, Interface building no. 11, Link Road, Malad (West), Mumbai - 400064

ICICI Lombord Health Plans


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FAQs

Yes. A waiting period will apply but only to the sum insured amounts that are added extra.

You can intimate your claim online on the company's website or the mobile application of ICICI Lombard. All the scanned documents or photographs can be uploaded on the app. Or you can courier all the hard copies of documents to the following address:

ICICI Lombard Healthcare,
ICICI Bank Towers,
Plot No. 12, Financial District,
Nanakramguda, Gachibowli,
Hyderabad- 500032

No. This policy is limited to India.

Yes, the expenses for COVID-19 vaccination will be covered if the policy has Outpatient Treatment Cover.

Mandatory coverage is the original coverage offered by the health insurance policy. This coverage cannot be altered or removed.

The policy can easily be canceled during the free look period that is usually 15 days. Fill the form with all the required details and visit any nearest branch. Once the request is processed, the premium is refunded after the applicable deductions within the stipulated period.

In case of planned hospitalization, it is required to inform ICICI Lombard Health Insurance at least 1 or 2 days before.

On the other hand, emergency hospitalization must be informed to the insurer within 24 hours of hospitalization.

Yes, you can do this. ICICI Lombard provides an option of lifetime renewability with no limit for age. You can renew it anytime and keep your family protected and secure.

Last updated on May, 2021

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.3/5 (15 Total Rating)

May 24, 2021

Karan Mehta

Coimbatore

Thank you policyx for guiding me and resolving my queries related to icici lombard. Really happy the way they treat their customers. I have suggested this plan to my sister also

May 24, 2021

Sanam Mehta

Chennai

Today i got my refund of claim reimbursement and today is the best day of life.All credit goes to policyx as they are very nice

May 21, 2021

Karan Mehta

Coimbatore

Thank you policyx for guiding me and resolving my queries related to icici lombard. Really happy the way they treat their customers. I have suggested this plan to my sister also

May 21, 2021

Sanam Mehta

Chennai

Today i got my refund of claim reimbursement and today is the best day of life.All credit goes to policyx as they are very nice

May 25, 2021

Rahul Saraswat

Chandigarh

Very good plan. I suggested this plan to many of my family members. Actually, I bought this a year before because the claim ratio is good. I am happy.

Last updated on May 2021

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