ICICI Lombard General Insurance Company Limited
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ICICI Lombard General Insurance Company (GIC) is a 74:26 joint venture between ICICI Bank, which is India’s second largest bank and Fairfax Financial Holdings Limited, a Canada based financial services company.
ICICI Lombard has extensive product portfolio, which includes health, motor, travel, rural and home insurance. The insurance products are specifically designed to offer complete insurance solutions to people of all ages, groups and occupations. Targeting both individual and corporate clients, ICICI Lombard has been consistently recognized for its innovative solutions and customer-centric approach. The company endeavours to provide customised insurance products to their customers.
Following are some of the awards and recognitions bagged by ICICI Lombard General Insurance Company-
- ICICI Lombard got the ‘Claim Leader’ award in Indian Insurance Award, 2014 under the general insurance segment
- Emerged as the most preferred company for health insurance in a study commissioned by Dept. of Consumer Affairs, Govt. of India
- The company received ‘E-business Leader’ award in Indian Insurance Award, 2013 under the general insurance category
- Bestowed with ‘Porter Prize’ award in the category ‘Creating Shared Value’
- Awarded the Golden Peacock Innovation Award 2011 for Rashtriya Swasthya Bima Yojana
ICICI Lombard General Insurance Product Portfolio
ICICI Lombard Health Policy:
Health insurance plans protect your family against financial emergencies caused by sudden critical illness or hospitalisation and they also aim to complement and supplement your existing coverage.
- ICICI Lombard Complete Health Insurance: ICICI Lombard Complete Health Insurance secures the insured and his/her family by providing a comprehensive cover of up to Rs. 10 lakh from un-announced and untimely health problems. It also gives the option to choose the medical plan, premium and policy according to one’s budget and requirements. There is no entry age to avail this policy and medical tests are also not required for policyholders below 46 years of age. There is no sub-limit, though one can opt for a sub-limit option.
- ICICI Lombard Health Care Plus: ICICI Lombard Health Care Plus provides individual cover for each family member. The entry age is from 5 years and anyone up to 65 years can take the policy. It offers lifetime renewability. There is no co-payment and no sub-limits on room rent, hospitalisation expenses, diagnostic tests, doctor fees, etc. It offers flexible sum insured, flexible deductibles and a free health check-up for any one insured member upon policy renewal.
Car insurance plans help you to escape from expenses on your car or any other vehicle due to any mishap.
Two-wheeler insurance policy from ICICI Lombard offers comprehensive protection in case of theft or accident involving your two-wheeler. All two-wheeler owners are strongly suggested to buy a policy, as it protects them from liabilities that arise out of such uncalled-for incident/accident.
ICICI Lombard plans give you the benefit of travelling with confidence either abroad or domestic thereby ensuring you a complete hassle free travel with peace of mind.
- International Travel Insurance: Single round trip travel insurance from ICICI Lombard ensures worry-free overseas travel. It takes care of medical and non-medical emergencies during international travel – whether on a vacation or for business meetings. No medical test is required up to 85 years of age and no sub-limit plan is available for Schengen countries. Cashless hospitalisation facility is available worldwide. This policy provides coverage for total loss of checked-in baggage including handbags.
- Overseas Student Travel Insurance: Overseas Student Travel Insurance provides a comprehensive cover for students studying abroad against medical expenses as well as non-medical expenses such as repatriation of remains, checked-in baggage loss, personal accident, personal liability, bail bond, study interruption, and sponsor protection. ICICI Lombard offers three plans in this category – Gold, Plus and Bronze. No medical check-up is required for issuance of the policy.
- Gold Multi-Trip Travel Insurance Plan: Gold Multi-Trip travel insurance plan is designed especially for frequent international travellers to secure them from medical and non-medical expenses. This policy can secure up to 30, 45 or 60 days per trip around the year. It provides cashless health services worldwide. This travel insurance plan is available for people up to the age of 70 years.
- Senior Citizen Travel Insurance Plan: This is a special travel insurance plan for senior citizens travelling abroad. It covers the insured from unexpected medical and non-medical expenses in times of need during their foreign travels. The policy offers cashless medical services around the world. The original policy cover is for 180 days, which can be extended further by another 180 days.
ICICI Lombard Plans help to safeguard your home and its contents in case of an ill-fated event such as natural calamities or man-made disasters.
As the traffic levels continue to go north, so do the number of accidents on the roads. While, taking precautions to avoid any mishap is the best approach to adopt, but one should never put all eggs in one basket. The key is to be well prepared while dealing with any emergency situation that may arise. As a part of the planning process, buying a personal accident insurance plan is essential because it takes care of your financial obligations during the course of your medical treatment and after, reducing your stress levels in a challenging situation.
- Personal Protect: The policy covers against accidental death or permanent total disablement caused by an accident. Optional additional covers include hospitalisation expenses and hospital daily allowance. The policy covers road or rail accidents as well as accidents due to natural calamities or terrorist acts
ICICI Lombard General Insurance also offers a range of other general insurance plans for business, non-resident Indians and the rural sector.
The standard plans offered by ICICI Lombard include:
- Fire Insurance
- Marine Insurance
- Industrial Insurance
- Corporate Insurance
- Liability Insurance
- Shop Insurance
- Event Insurance
- Wedding Insurance
- Money Insurance
- Tea Crop
- Burglary Insurance
- All Risks Insurance
- Credit Insurance
- Fidelity Guarantee Insurance
Customised business insurance plans include:
- Office Package Policy
- Educational Institution Package Policy
- Hotel Corporate Cover
- Group Health Insurance
- Group Personal Accident Policy
- Workmens Compensation Policy
- Petrol Station Package Policy
- Malls and Multiplex Policy
- J&K Govt. Employees GHI Policy
ICICI Lombard also offers insurance services for the agricultural sector and the rural market. The covers guard against loss from health, motor and weather.
- Family Health Insurance: Offers comprehensive Family Health Insurance plans that insure the entire family through a single policy.
- Tractor Insurance: The policy covers one of the most precious assets to farmers. The comprehensive package policy covers own damage, third party liability and personal accidents.
- Weather Insurance: The plan protects against inclement weather conditions that may cause damages to the crops or other assets
It is advisable to compare all ICICI Lombard General Insurance plans with plans from other general insurance companies in India to choose the best insurance plan that suits you the most.
ICICI Lombard Distribution Network:
ICICI bank has about 2000 branches in its network including its 1,100 micro-offices. As on June 30, 2011, ICICI Lombard General Insurance has a network of approximately 315 branches. ICICI Lombard issues instant policy and renewals through its website for retail insurance products such as Car Insurance, Two Wheeler Insurance, Travel Insurance, Health Insurance and Home Insurance. Their online products are available through their websites directly.
ICICI General Insurance - Latest News
ICICI Lombard General Insurance Company recently got its 9 percent stake sold to its JV partner Fairfax Financial Holdings by the parent company, namely ICICI Bank. With the required approvals received, the company successfully transferred the said stake in the General Insurance venture on 31st March 2016. This 9 percent stake sale by ICICI Bank has added about Rs. 1, 550 crore to the value of Fairfax, thereby significantly increasing the overall value of the company to Rs. 17, 225 crore in the JV.
The Canada-based insurance company now owns up to 35 percent stake in the private sector insurance firm, ICICI Lombard. As reported, this stake sale accompanied another sale of 2 percent stake in ICICI Prudential to Temasek, a Singapore-based investment firm. As a result of the sale, ICICI Bank and Prudential Plc now own app. 68 percent (app.) and 26 percent (app.) stake, respectively.
A mobile app development challenge has been announced by ICICI Bank on Tuesday, thereby calling programmers, technopreneurs, tech startups, and students from all over India, calling this revolution ‘ICICI Appathon’. The challenge is aimed at creating advanced mobile banking apps, based on the IBM Bluemix cloud-based platform. ‘ICICI Appathon’ will be offering a wide range of APIs from ICICI Prudential Life Insurance, ICICI Securities, and ICICI Lombard General Insurance, which operate under the ICICI Group, including ICICI Bank.
A jury will be created by combining renowned leaders from tech startups and BFSI segment while the judgment criteria will be Functionality, UX, Scalability, Business Potential, and Uniqueness. The winner of the competition will get a prize of over Rs. 20 Lakh and event partners will constantly monitor them. Registrations for participation are currently open and will remain latest by up to 1st of March while 7th April will be the date of announcement of the selected participants.
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