ICICI Lombard Health Insurance
ICICI Lombard Health Insurance
- Claim up to Rs. 55,000 deduction under section 80D*
- 10,000+ hospitals for cashless treatment
- Insurers offer plans with no limit on room rent
Table of Contents
ICICI Lombard General Insurance HighlightsUpdated on 05 Apr 2021
| Features | Specifications |
| Network Hospitals | 6500+ |
| Waiting Period for Pre-existing Disease | 2 years |
| Renewability | Lifetime |
*For Year 2017-2018
Overview of ICICI Lombard Health Insurance :
ICICI Lombard General Insurance Co. Ltd. brings to the Indian market the combined expertise of two individual enterprises, making it a formidable force in the general insurance industry. It offers insurance solutions to individuals as well as companies in the form of personal and business financial protection solutions respectively. Some of their retail insurance solutions include auto insurance, travel insurance, personal accident cover and health insurance to name a few.
Among the Company’s Health Insurance Offerings are the Following Plans:
- ICICI Lombard Complete Health Insurance
- ICICI Lombard Health Booster
- ICICI Lombard Personal Protect Insurance Policy
- Disease Management Program
- Arogya Sanjeevani Policy
- Corona Kavach Policy
ICICI Lombard Complete Health Insurance:
The ICICI Lombard Complete Health Insurance plan is a total health insurance solution that aims to provide coverage to not just the proposer but also his/her family. Coverage options are also flexible. Customers can choose to make their cover more comprehensive by opting to cover critical illnesses in addition to the basic plan.
| Entry Age | The minimum entry age is 6 years under individual policy and there is no limit on the maximum entry age. Under the floater plan, children are covered between the ages of 3 months and 5 years. |
| Policy Period | 1 or 2 years, as per plans offered |
| Renewability | Lifetime |
| Medical Screening | No health check-up is needed up to the age of 46 years (age as on last birthday) and sum insured up to Rs.10 lakh |
| Floater benefit | The floater cover protects the insured individual, spouse, brothers, sisters, dependent children, and dependent parents under the same plan. A single premium is payable for the cover. Children above the age of 3 months can avail coverage as long as the plan covers at least one adult. |
| Sum Insured | The customer can choose sum insured between Rs.3 lakh and Rs.50 lakh, based on his/her specific insurance needs. Additional sum insured: 10% increase in sum assured for every claim-free year; max. 50%; awarded at renewal If the customer raises a claim, the accumulated additional sum insured will go down by 10% the next year. |
| Premium | Depends on the amount of coverage you have opted for |
| Coverage |
|
| Add-on Covers |
|
ICICI Lombard Health Booster:
The Health Booster plan offered by ICICI Lombard is a super top-up insurance product that extends coverage for illnesses and expenses that are not covered under the base plan. The product is ideal for customers who are looking to protect themselves from surging medical costs and unprecedented medical issues.
| Entry Age | Minimum entry age is 6 years for individual policy. Children aged 3 months to 5 years can avail insurance under the floater policy. There is no limit on the maximum entry age. |
| Renewability | Lifetime |
| Medical Screening | Medical underwriting is required for an individual who is more than 46 years of age or opting for Sum Insured more than Rs.10 lakh, or both |
| Basis | Individual cover is provided to each member of the family |
| Coverage | Sum insured amount options from Rs.5 lakh to Rs.50 lakh and flexible deductible options (Rs.3 lakh, Rs.4 lakh & Rs.5 lakh) to suit your needs |
|
ICICI Lombard Personal Protect Insurance Policy:
ICICI Lombard offers the Personal Protect Policy that provides coverage for Accidental Death and Permanent Total Disability (PTD). The ICICI Lombard Personal Protect Insurance Policy offers coverage for terrorism as well. An optional cover is offered for Accidental Hospitalisation Expenses and Accidental Hospital Daily Allowance.
| Eligibility | The customer should be between 18 and 65 years of age to be able to buy the policy. You can also purchase the policy for your spouse, children, or parents. |
| Basis | Individual |
| Medical screening | Not required |
| Coverage |
|
Arogya Sanjeevani Policy
Under the policy, in case you are hospitalised, the medical bills are paid by the insurer. Basic healthcare needs are covered under the Arogya Sanjeevani Policy. Cover is provided on a floater basis.
| Eligibility | Individuals between the ages of 18 years and 65 years can opt for the policy. Dependent children between the ages of 3 months and 25 years. |
| Renewability | Lifetime |
| Basis | Floater |
| Cover |
|
| Free Look Period | Within 15 days from the date you have received the policy. |
Corona Kavach Policy
A Covid specific policy that provides cover during the global pandemic is the Corona Kavach policy. Under the policy, hospitalisation expenses are provided for Covid-19 treatment.
| Age Limit | Individuals between the ages of 18 years and 65 years can opt for the policy. |
| Sum Insured | Rs.50,000 to Rs.5 lakh |
| Renewability | Not Applicable |
| Inclusions |
|
| Exclusions |
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Avail Tax Benefits with ICICI Lombard Health Insurance Policies:
policyholders are liable to save tax under Section 80D of the Income Tax Act, 1961. Listed below are the tax deductions benefits of all ICICI Lombard health insurance plans.
| Tax Deductions under Section 80D of the Income Tax Act, 1961. |
|
7 Reasons for Buying ICICI Lombard Health Insurance Plans:
Here is a list of reasons why ICICI Lombard Health Insurance is suitable for you and your family:
- Lifelong renewability: Stay protected with ICICI Lombard Health Insurance policies that come with a lifelong renewability option so that you can get health cover when you need it the most.
- Speedy claims process: Cashless claims shall be settled within 4 hours of registering the claim request and for reimbursement claims, within 14 days.
- AYUSH treatment cover: Get reimbursement for alternative treatments such as Ayurveda, Unani, Siddha and Homeopathy (AYUSH) treatment at a government hospital or institute recognised by the government or accredited by Quality Council of India.
- Add-on cover: For enhanced coverage, add-on covers such as Maternity and Newborn Baby Cover, Wellness and Preventive Healthcare cover, and Outpatient Treatment Cover can be attached to the base health insurance policy.
- Reset sum insured up to 100%: Once in a policy year, the sum insured will be restored up to 100%, provided the claim has been made in the same policy year. The reset sum insured will be for illness or injury that is unrelated to the claim that has already been paid.
- Value-added services: Get free health-checkup, online chat with a doctor, consultation with specialist to stay fit and healthy.
- Tax benefit: Get tax deduction on premium paid towards a health insurance policy under Section 80D of the Income Tax Act, 1961.
Value-Added Benefits Under ICICI Lombard Health Insurance Plans:
Free value-added services offered by ICICI Lombard Health Insurance are:
- Free health check-up which includes medical examination, fasting blood sugar, urine routine, blood grouping and Rh, CBC, ECG, Hb%, PPBS – Post Prandial, and Total Cholesterol.
- Online chat with ICICI Lombard-appointed doctor.
- To help customers stay fit and healthy, benefit from the insurer’s value-added service - dietician and nutritionist consultation.
- Specialist consultation with one follow-up session.
- The in-house wellness and claim processing platform, ICICI Lombard Health Care, delivers multiple wellness initiatives and easy claim processing services.
- The Health Advisor facility is an online platform that enables customers to share their experiences about medical facilities and record reviews.
ICICI Lombard Health Insurance Customer Care:
ICICI Prudential Life Insurance Company Ltd. is one of India’s largest,and most trusted insurance provider which was established in 2001 after a partnership between Prudential Corporation Holdings Limited, and ICICI Bank Ltd. Since its inception, the company has grown by leaps and bounds, and is now counted among the very best, in terms of its product offerings and quality of service, in the Indian general insurance space. Under its health insurance arm, ICICI offers a number of policies which are designed to meet varying customer needs.
In addition to offering stellar products, ICICI also lays emphasis on providing its customers with friendly and dedicated round-the-clock support for resolution of queries, complaints and grievances. Customers can get in touch with the support representative not only via phone but also via email. They can call on the insurer’s toll-free helpline number which is accessible round the clock. Customers can also email their queries and grievances to the customer support team at the provided email address to receive a response shortly. Customers can also get in touch with the support staff by reaching out on their fax line numbers, or by mailing them at their registered office address as well.
Know More About: ICICI Lombard Health Insurance Customer Care Number
How to File a Health Insurance Claim with ICICI Lombard Insurance?
There are 2 types of claims a policyholder can make with ICICI Lombard Health Insurance:
- Cashless Claim: Visit a network hospital of ICICI Lombard Health Insurance and show the health card at the desk. The hospital will submit a pre-authorisation request form to the insurer. After verification, the insurer will approve or reject the request. Upon approval, the network hospital will proceed with the cashless treatment for the insured member and the insurer will settle the bills directly with the hospital. Upon rejection, the insured member can seek treatment and pay for the bills out of his or her pocket, then file a reimbursement claim after discharge.
- Reimbursement Claim: At the time of discharge, collect all the original medical documents from the hospital and submit it along with a duly-filled claim form to the insurer for a reimbursement claim of your medical expenses. The insurer shall settle the claim amount with the insured member within 15 days of receipt of all the relevant documents. The claim shall be approved or rejected as per the policy terms and conditions.
Incurred Claims Ratio of ICICI Lombard Health Insurance for the Year 2017-18
| Net Earned Premium (in Crore) | Net Claims Paid (in Crore) | Incurred Claims Ratio (in %) |
| Rs.1349.32 crore | Rs.921.00 crore | 68.26% |
Also Read: Best Health Insurance Plans
ICICI Lombard Health Insurance FAQs
- What is optional coverage? Does ICICI Lombard provide it?
Optional coverage means the add-on benefits in the insurance plan. Yes, ICICI customers can include several add-ons in their policy.
- What is mandatory coverage?
Mandatory coverage is the original cover that comes with the policy. You cannot remove it from the policy.
- Whom should I contact to make a claim?
In order to make a claim, you can either approach ICICI Lombard claim management team or the customer service department.
- What are the expenses included under the sub limit amount at ICICI Lombard?
The expenses spent in pre-hospitalization, room rent, and other expenses related to the treatment process are covered in amount stated in the sub limit bracket.
- How does a higher health insurance coverage with ICICI Lombard help me?
A higher health insurance coverage with ICICI Lombard helps you to get advanced and high quality treatment at its network hospitals.
- What is the process to cancel the ICICI Lombard Complete Health Insurance policy?
You will have to give a written notice to ICICI Lombard with a notice period of 15 days. The insurer will offer a premium refund for the unexpired policy period as long as there are no pending claims under the policy. The refund is offered at the rates mentioned below:
Policy period Within 1 month From 1 to 3 months From 3 to 6 months Within 6 months to 9 months Within 9 months to 1 year During 2nd year 1st year 80% 60% 40% 20% 0% NA 2nd year 80% 70% 60% 50% 40% Between 12 months and 18 months - 30% Between 18 months and 21 months - 20% Between 21 months and 24 months - 10% - What is the ICICI Lombard Health Insurance free-look cancellation procedure?
ICICI Lombard Health Insurance policy can be cancelled during the free-look period which is usually 15 to 30 days from the time of purchasing the policy. The free-look cancellation form can be downloaded from the insurer's website. Free-look cancellation is not allowed for renewal. Reason for free-look cancellation can be:
- Objection to the terms and conditions of the policy.
- Want to opt for a different policy.
- Policy features are different from what was communicated.
After cancellation, the premium paid will be refunded subject to certain deductions like medical examination and stamp duty charges. Premium refund will be done through NEFT.
- What is ICICI Lombard Health Insurance No-Claim Bonus?
At the time of policy renewal, the insurer will provide an additional 10-50% sum insured for every claim-free year; this is called the No-Claim Bonus.
- What is ICICI Lombard Health Insurance contact number?
For any policy-related queries, call toll free number 1800 2666 or alternate number 09223622666.
Examples of Network Hospitals in Major Cities:
CITY NAME OF HOSPITAL Kolkata Columbia Asia Hospital DELHI National Heart Institute BANGALORE Manipal Hospital CHENNAI Fortis Malar Hospital Mumbai Hinduja Hospital
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News About ICICI Lombard Health Insurance
Artificial Intelligence Streamlines Health Insurance Claims Procedure in ICICI Lombard
The technology of artificial intelligence has always been a distant dream that India along with the rest of the world have been trying to wrap their heads around and make use of. So when ICICI Lombard recently launched the very technology, the world had to stand up and salute their innovation.
In order to render the process of claim settlement easy and fairly less time-consuming, ICICI Lombard has launched the AI software, which will supposedly reduce the time spent on settling claims substantially. Where a simple claim settlement could take as long as 24 hours, with the establishment of the AI technology, the same can be achieved in a matter of just a couple of minutes. Because machine intelligence is way more intuitive and innate than human intelligence, policyholders will henceforth be able to receive their claim payouts instantly, without having to wait for an entire day.
Artificial intelligence by ICICI Lombard has currently been launched for a handful of diseases only which include cataract, maternity, hysterectomy, haemodialysis, and appendicitis. The organisation is hoping to extend the technology to multiple other sectors in the coming months.
The technology of artificial intelligence will most likely solve complex issues of fraudulent activities and will significantly lessen the burden on doctors, leaving them room to focus on more complex matters.
2 September 2018
India's first AI launched by ICICI Lombard to facilitate automatic health insurance claims
India's first Artificial Intelligence (AI) based technology for automating instant health insurance claims approval has been launched by ICICI Lombard. Due to the introduction of this ground-breaking technology, the long traditional process of approving cashless claim request has been reduced to a matter of a minute now. While the processing of a health insurance claim request used to take 60 minutes on an average, with the help of AI now it gets done instantly. Currently, the AI technology is deployed in multiple medical procedures such as Appendicitis, Hysterectomy, Hemodialysis, Maternity, and Cataract. However, this is not a comprehensive list as ICICI Lombard is looking forward to extend the usage of AI in future.
23 August 2018
Can health insurance cover all OPD expenses?
The recently launched health insurance app ‘IL TakeCare’ claims to take care of all outpatient (OPD) related expenditure. The app, introduced by ICICI Lombard and developed by Practo, intends to address primary healthcare concerns of its patients. But the question is, does health insurance schemes cover all OPD related expenses like medical tests, medicine costs, doctor consultations, treatments taken at home, and physiotherapy sessions? Some private insurers like Apollo Munich do deliver insurance products that provide coverage for eye-checkups, cost of spectacles, dental treatments, and diagnosis tests.
A lot of people these days buy insurance due to fear of their finances getting disrupted in case of any medical exigency. They however, fail to realise that outpatient expenses, most of the times are not included under the umbrella of a basic health plan. This consequently is leading to an increase in the number of insurance related grievances. To tackle this, customers need to go through the policy documents thoroughly before purchasing and the insurers also need to ensure that the offer is explained exhaustively.
13 February 2018
ICICI Displays Healthy Profit Growth
ICICI Lombard General Insurance (ICICI Lombard) was established following a joint venture between ICICI Bank and Fairfax Financial Holdings and is currently ranked as the largest private sector non-life insurance provider in India in terms of the gross direct premium income (GDPI) for As of 30 June 2017, the insurer had an extensive distribution reach with 51 corporate agents, which includes ICICI Bank. ICICI Lombard consists of a varied mix of insurance products wherein a large chunk of the contribution comes from 3 categories - health insurance (18.2%), crop insurance (21.8%), and motor insurance (36.5% of Q1FY18 GDPI).
3 January 2018
ICICI Lombard sees lows and highs on the first day at National Stock Exchange
ICICI Lombard is India's first non-life insurer to list on exchange. On the first day of trading, the shares of ICICI Lombard General Insurance Company oscillated between profit and loss in relation to their issue price. The company had sold shares at Rs.651 to Rs.661 per share in its public issue. On the National Stock Exchange, the shares touched a low of Rs.638 and a high of Rs.664. The insurer failed to raise capital through IPO as it was an offer for sale by promoters, Fairfax Financial Holdings and ICICI Bank to sell their stake.
ICICI Lombard's Rs.5,700 crore IPO was subscribed almost 3 times the shares on offer with a high demand from institutional buyers while the demand from high net-worth individuals remained low. ICICI Lombard is the largest private insurance company in terms of direct premium income. Health insurance, in addition to motor insurance contributes to majority of its business. About 17.7 million policies have been sold as of March, 2017, out of which 10% of it is through online sales. The company has invested 15% of its funds in equities.
10 October 2017
ICICI Lombard General Insurance launches its IPO on September, 2017
ICICI Lombard General Insurance, India's largest private sector non-life insurance company launched Rs.5,700 crore Initial Public Offer (IPO) on September. The IPO issue will give the company a valuation of Rs.30,000 crore. The IPO is priced between Rs.651 to Rs.661. The company promoters will dilute their holdings by 19%. As a part of the IPO, ICICI Bank and Canadian Fairfax Financial Holdings will sell over 8.6 crore equity shares. ICICI Lombard offers motor, personal accident, health, corporate, fire, weather, engineering, and marine insurance products. ICICI Securities, IIFL, and Bank of America Merrill Lynch are the bankers to the IPO.
28 September 2017
ICICI PruLife Increases Presence in Health Space, Launches New Cancer and Heart Plans
ICICI Prudential is looking at expanding its presence in the health insurance sphere and has launched the ICIC Pru Heart/Cancer Protect plan, which will pay policyholders a part of the insurance cover amount upon the diagnosis of cancer or a heart ailment.
The company is looking to capitalise on the recent spurt in inflation in the sector and would be increasing their stake over a period of time. The company is targeting an increase in protection business over their existing savings business and hopes to achieve this through the launch of new specific plans.
The heart and cancer plan would provide coverage for minor conditions as well, in a bid to attract customers. ICICI has also removed the mandatory medical test, though the plan has a 6-month waiting period before a claim can be made.
4 July 2017
Fairfax sells 12.18% stake in ICICI Lombard
Fairfax has sold its stake of 12.18% in ICICI Lombard General Insurance. The company is valued at a staggering amount of Rs.20,300 crore. It is a joint venture between Fairfax Financial Holdings Limited and ICICI Bank Limited. After this transaction is completed, the share ownership of Fairfax and ICICI Bank will be 22.13% and 63.31% respectively. Non-convertible Debentures have been issued and are listed on The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
30 May 2017
Health insurance plans have not been availed by most smokers: ICICI Lombard Report
Reports from a survey done by ICICI Lombard General Insurance Co. Ltd showed that 57% of the survey participants do not carry health insurance policies, despite being smokers. A total 1011 individuals responded to the survey via Facebook. The age of the respondents was between 22 years and 45 years. Out of this figure, 54% of the respondents were regular smokers. The types of policies held by the respondents owning health plans varied from regular health insurance policies, policies for critical illnesses and policies with high deductibles. Around 20% of the respondents were unsure whether they actually held any policy.
1 June 2016
Health Advisor Platform launched by ICICI Lombard
Keeping in mind customer satisfaction, ICICI Lombard has launched a health advisor platform which will help policyholders make informed decisions about the choice of hospitals. This platform will have customer reviews and ratings for hospital feedback.
Through this platform consumers can get actual experience stories and more from other customers who have been through a similar course. The idea is to help policyholders plan their medical processes more effectively through exchange of information and reviews. The portal currently has over 750 hospital listing from around 10 cities in the country and covering over 30 medical procedure reviews.
30 March 2016
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.
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