ICICI Lombard: Trusted General Insurer with Strong Health Portfolio

ICICI Lombard General Insurance is one of India's largest private-sector general insurers, promoted by ICICI Bank and Fairfax Financial Holdings. While it covers the full spectrum of general insurance, its health portfolio has grown significantly, driven by digital-first products and strong bancassurance distribution through ICICI Bank branches.

Key Statistics

  • Claim Settlement Ratio: 97.5% (IRDAI 2023-24)
  • Network Hospitals: 9,000+
  • Founded: 2001
  • Headquarters: Mumbai

Top ICICI Lombard Health Plans

Elevate

ICICI Lombard Elevate is a comprehensive, modular health plan. You choose from multiple sum insured options (₹5 lakh to ₹3 crore) and add optional covers like OPD, maternity, personal accident, and critical illness. Key standard features include unlimited restoration, no room rent cap, zero co-payment, AYUSH cover, and mental illness hospitalisation cover.

iHealth

iHealth is ICICI Lombard's digital-first plan sold primarily online. It offers individual and family floater options with sum insured from ₹3 lakh to ₹50 lakh. The plan is competitively priced and covers hospitalisation, day-care, organ donor, domiciliary and annual health check-ups. It suits buyers comfortable purchasing insurance online.

Health Advantage Plus

A top-up plan designed to work alongside existing employer-provided group health insurance. When hospitalisation costs exceed the base deductible, Health Advantage Plus kicks in. This is a cost-effective way to enhance coverage without paying for a full second policy.

Digital Claims Experience

ICICI Lombard has invested heavily in its InstaSpect and IL TakeCare app for digital claim filing. Motor claims use video-based assessment; health claims are supported via the app with document upload. The 24×7 helpline and WhatsApp bot handle routine queries efficiently.

Strengths

  • Modular Elevate plan allows precise customisation
  • Very high CSR of 97.5%
  • Strong brand backed by ICICI Bank distribution
  • Best-in-class digital tools for policy management and claims
  • Sum insured options up to ₹3 crore on Elevate

Weaknesses

  • Hospital network (9,000+) smaller than Star Health or HDFC ERGO
  • Being a general insurer (not standalone), health focus may be diluted
  • Entry-level plans have more exclusions than competitors

PolicyStars Verdict

ICICI Lombard is a strong choice, especially for those who value digital experience and high sum insured options. Elevate's modular approach lets you pay only for what you need. The ICICI Bank integration makes it easily accessible for existing ICICI customers.

Best for: ICICI Bank customers, digitally-savvy buyers, people wanting very high sum insured coverage.