ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance is a leading name in the general insurance sector. The company offers a range of general insurance solutions for its retail as well as corporate clients and provides the best coverage benefits in its products. The company is formed as a joint venture between ICICI Bank Limited, one of India’s premier banking institutions, and Fairfax Financial Holdings Limited which is a Canada based financial services company. Both these promoters bring in their expertise to ICICI Lombard General Insurance Company making the company a name to be reckoned with.

Important facts about ICICI Lombard General Insurance Company

Here are some important facts about ICICI Lombard General Insurance Company which you should know –

• A few years after it was formed, ICICI Lombard crossed the premium milestone of INR 10 billion in 2006
• By 2010, the company had settled more than 5 million claims
• For the year ending 2018-19, the company’s Gross Written Premium stood at INR 147.89 billion
• As of 31st March 2019, the company boasts of selling more than 26 million policies

Awards and recognitions received by ICICI Lombard General Insurance Company

ICICI Lombard has received various awards ever since it was formed. Some of the most popular awards and achievements of ICICI Lombard are as follows –

• Effie Silver Award 2019 for its insurance campaign ‘Tension nahin, Insurance lijiye’
• Most Broker Friendly Insurer Award 2019 conferred by the Insurers Brokers Association of India
• ET Aspire 2 Good Award for ‘All Round Excellence in Corporate Social Responsibility for two consecutive financial years 2016-17 and 2017-18
• Business Excellence Award 2018

Why choose ICICI Lombard General Insurance Company?

Besides the strong financial standing of the company and the various awards which the company has won, here are other reasons which make ICICI Lombard General Insurance Company one of the most preferred general insurance providers in India –

• The company has an effective claim settlement department which promises to settle your claims at the earliest.
• ICICI Lombard’s claim settlement ratio in the financial year 2018-19 stood at 99.87% for health insurance policies and 93.14% for motor insurance policies
• The company is partnered with more than 5000 hospitals and 7800 garages across India so that your claims can be settled on a cashless basis easily
• The company was the first general insurance company to receive ISO Certification showing the efficiency of the company’s operations and products

Insurance policies offered by ICICI Lombard General Insurance Company

ICICI Lombard General Insurance Company offers different types of general insurance policies which are mentioned below –

Health insurance

Health insurance policies help in covering the medical costs that you incur in case of a medical emergency. They prove to be a boon in taking care of your healthcare costs which have become unaffordable for many. With a health insurance plan at your disposal, you can protect your finances in case you or your family member falls ill and require medical attention.

ICICI Lombard offers different types of health insurance plans which are as follows –

ICICI Lombard Complete Health Insurance plan
This health insurance plan is a comprehensive indemnity oriented health insurance policy which offers a range of coverage benefits. The policy covers the actual medical costs that you suffer up to the sum insured. Pre-exiting illnesses are covered after a short waiting period of two years and you can buy the policy for self as well as your family members.

Motor insurance

Motor insurance plans include car and two-wheeler insurance plans which are offered for vehicles. A motor insurance policy is mandatory in India as per the rules of the Motor Vehicles Act, 1988. To fulfil this mandate and to also offer coverage for the damages suffered by a vehicle, ICICI Lombard offers different types of motor insurance policies to its customers. The policies offered by the company include the following –

1. ICICI Lombard Car insurance plans

Car insurance plans are motor insurance plans which cover privately owned cars. Under car insurance plans, ICICI Lombard offers the following types of policies –

ICICI Lombard Private car package policy
This policy is a comprehensive car insurance policy for private cars. The policy covers your third party liability if you harm any third party as well as the damages suffered by your own car.

1. ICICI Lombard Two-wheeler insurance plans

Two-wheeler insurance plans are those motor insurance plans which cover privately-owned two-wheelers. ICICI Lombard offers the following types of two-wheeler insurance policies to its customers –

ICICI Lombard Two Wheeler Vehicle Package Policy This is a comprehensive bike insurance policy which has a term of one year. The policy covers third party liabilities and also the damages suffered by the bike itself.

ICICI Lombard Commercial vehicle insurance plans

Commercial vehicle insurance plans are those which cover vehicles that are being used commercially for transporting goods of or passengers. The range of commercial vehicle insurance plans offered by ICICI Lombard is as follows –

ICICI Lombard Goods Carrying Vehicle Package Policy
This policy covers goods carrying vehicles and offers them comprehensive coverage. Coverage under the plan is allowed for third party liability and also for the damages suffered by the vehicle itself.

Travel insurance

Travel insurance policies are those which cover the financial risks that you face when you travel. These policies, therefore, compensate you for the financial loss suffered due to unavoidable emergencies faced during your trip. ICICI Lombard offers two main types of travel insurance policies which are as follows –

ICICI Lombard Single Trip Travel Insurance Plan
This policy covers a single trip taken by you alone or with your family members. You can buy this policy whether you are travelling for leisure or for work. There are area-specific policies too which cover Schengen countries and other countries of the world and the sum insured offered under the plan is sufficient.

Home insurance

The building or buying a house involves a considerable amount of money and if the house is damaged due to unavoidable contingencies, you incur substantial financial losses. Similarly, any loss to the contents of the home also incurs a considerable financial loss. To cover these types of losses home insurance plans are available in the market. Home insurance policies cover the financial loss suffered if your home and/or its contents are damaged due to a risk which is covered under the policy.

ICICI Lombard offers a home insurance policy to cover the structure of your house, its contents or both. You can choose the coverage as per your requirement. Moreover, the home insurance policy offered by the company also has a range of optional extensions which can be bought for extending the scope of coverage of the policy.

Business Insurance

Business insurance plans cover the risks faced by small and big businesses in the course of their daily operations. The protection provided by the different types of business insurance policies ensures that the businesses do not face a financial loss if any untoward contingency occurs. ICICI Lombard offers different types of business insurance plans which are as follows –

1. Group Health Insurance
2. Group Personal Accident Insurance Policy
3. Workmen’s Compensation Insurance
4. Fire and Special Perils Policy (material Damage)
5. Public Liability Insurance (Industrial Risks Policy)
6. Office Package Insurance Policy
7. Electronic Equipment Insurance Policy
8. Shopkeeper Insurance Policy
9. Burglary Insurance Policy
10. Event Insurance Policy
11. Project Insurance – Erection All Risk Insurance Policy
12. Project Insurance – Contractors All Risk Insurance Policy
13. Wedding Insurance Policy

Crop Insurance

A crop insurance policy is a saviour for farmers who depend on the harvest of their crops to earn their livelihoods. The policy covers the loss of crop due to unforeseen eventualities and compensates the farmers for the loss suffered. ICICI Lombard offers Pradhan Mantri Fasal Bima Yojana which is a Government directed crop insurance scheme for Indian farmers.

NRI Insurance

ICICI Lombard offers its insurance policies to NRIs too who live abroad. NRIs can buy health insurance plans, home insurance plans, motor insurance plans and travel insurance plans offered by ICICI Lombard.

How to buy ICICI Lombard insurance plans?

ICICI Lombard offers a variety of insurance plans and you can fulfil all your insurance needs with the plans offered by the company. To buy any policy offered by ICICI Lombard, you can use any of the below-mentioned ways –

Buy offline
You can visit any of the branches of ICICI Lombard and apply for the desired insurance policy from the company’s office. You would get an application form at the branch which you should fill and submit with your relevant documents to apply for the policy. Alternatively, you can also get in touch with an agent of ICICI Lombard and buy the required insurance product from him/her. The agent would provide you with the application form which you should fill and submit with your documents. The agent would, then, help you buy the policy that you need.

Turtlemint also allows you to buy ICICI Lombard’s health or motor insurance policies through its platform because Turtlemint is tied up with ICICI Lombard. You can simply visit https://www.turtlemint.com/, choose the type of policy that you need to buy, provide the coverage information and generate the premium quote. You would also be able to compare different policies on Turtlemint’s website which allows you to choose the best policy for your needs. Compare and choose the best plan and pay the premium online to buy the policy.

How to renew ICICI Lombard insurance plans?

The process of renewing ICICI Lombard insurance policies is similar to the process of buying. You can renew in the following ways –

1. Visit the nearest branch of ICICI Lombard and apply for renewals. You would have to pay the renewal premium and mention the policy number for renewing the policy.
2. You can get in touch with an agent of ICICI Lombard and renew your policy through him/her.
3. ICICI Lombard also allows online renewals wherein you can visit the company’s website at https://www.icicilombard.com/, choose ‘Renewals’ and choose the type of policy which you want to renew. Provide your mobile number or policy number to fetch the details of your existing policy. Then pay the renewal premium online and the policy would be instantly renewed.
4. If you have bought your ICICI Lombard insurance policy through Turtlemint, you can log into your Turtlemint account and renew the policy online.

How to pay premiums for ICICI Lombard insurance plans?

Premiums for ICICI Lombard insurance policies can be paid in multiple ways. You can use any of the following means for premium payments –

• Cash (up to a specified limit)
• Cheque
• Demand draft
• Pay order
• Credit card
• Debit card
• Online banking (net banking facility like NEFT, RTGS and IMPS)
• Auto debit from your bank account
• Mobile wallets
• UPI platform

How to make a claim under ICICI Lombard insurance plans?

Claims under ICICI Lombard insurance plans require you to follow a specific claim process. The process depends on the type of policy that you buy. The claim process for two of the most popular general insurance plans is as follows –

• Health insurance claims
  If you face a claim in your health insurance policy, you should take the following steps to get your claim settled –
  • Inform the insurance company of your claim by calling the company’s claim helpline number or through the online mode
  • If you are seeking a cashless facility, you should find out the networked hospital where the facility would be available
  • You should avail and fill up a pre-authorization form for cashless claims
  • The form should be submitted at least 3-4 days before you undergo a planned hospitalisation or within 24 hours of an emergency hospitalisation
  • Based on the pre-authorization form, ICICI Lombard would approve your cashless claim
  • Once approved, you can avail cashless treatments
  • After discharge, you should submit a claim form and all your medical bills and reports to get the claim settled
  • If, however, you take treatments at a non-networked hospital, bear the medical expenses yourself. After discharge, fill up a claim form stating the expenses incurred and submit the medical bills supporting your claim. The company would verify the documents and reimburse you for the medical expenses that you incurred
    
  • Call ICICI Lombard for registering your claim and to find out the nearest networked garage for cashless claims
  • Take your vehicle to the nearest garage which is tied-up with ICICI Lombard
  • Once the vehicle is at the garage, the insurer’s surveyor would visit the garage and estimate the loss suffered
  • The surveyor would, then, prepare an estimate report and submit it with the insurance company
  • The company would approve the claim based on the surveyor’s report
  • Once approved, the garage would provide cashless repairs on the vehicle
  • After the repairs are done you can take your vehicle and the insurance company would settle the claim with the garage
  • If you take your vehicle to a non-networked garage you would have to get the repairs done at your cost. Thereafter you should submit all repair bills in original and ICICI Lombard would reimburse you for the costs you incurred

  Turtlemint also helps you in getting your claims settled. If you have bought the policy through Turtlemint you can simply call the company at 1800 266 0101 or send a mail to claims@turtlemint.com to inform Turtlemint of your claim. Thereafter Turtlemint would take the claim-related steps and get your claims settled in a hassle-free manner.

  Contact details of ICICI Lombard General Insurance Company Limited

  To contact ICICI Lombard for any type of query that you have or of you want to raise a complaint, you can get in touch with the company through any of the following modes –

  • You can write to the company’s customer care department. The address is ICICI Lombard General Insurance Company Limited, 401-402, Interface Building, Number 11, Link Road, Malad (West), Mumbai – 400064.
  • You can also send an email at customersupport@icicilombard.com
  • The company’s toll-free number is 1800 2666 which you can call anytime for any query or complaint
  • You can also call at the number 8655222666. This call would, however, be chargeable as per your phone tariffs

  Does ICICI Lombard offer group insurance plans?

  Yes, ICICI Lombard offers group health insurance policies, group personal accident plans as well as workmen’s compensation insurance among others.

  Can I port into ICICI Lombard’s insurance plans?

  Yes, porting is allowed under health and motor insurance policies. You can port from your existing insurance policy to ICICI Lombard’s insurance policy and also carry forward your renewal benefits of the last policy.

  Is a comprehensive motor insurance policy mandatory?

  No, a comprehensive motor insurance policy is not mandatory. The Motor Vehicles Act, 1988 mandates only third party liability coverage. However, a third-party insurance policy does not cover the damages suffered by the vehicle itself. That is why buying a comprehensive motor insurance policy is recommended as it also covers the damages suffered by the vehicle.