ICICI Lombard General Insurance Company LimitedIncurred Claim Ratio - 83*
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 arise out of an accidental/sickness hospitalization. Health insurance offers a financial shield by mitigating those unplanned financial burden on the insured. The various health insurance plans offered by ICICI Lombard include:
ICICI Lombard Complete Health Insurance: ICICI Lombard Complete Health Insurance secures the insured and his/her family financially against un-announced and untimely health problems by providing a comprehensive cover of up to Rs. 10 lakh. It also gives the option to choose the medical plan, premium and policy according to one’s budget and requirements. There is no minimum 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.
ICICI Lombard car insurance protects the policyholder financially against unexpected expenses arising out of the damage or loss to the insured vehicle. The coverage offered by car insurance include:
- Loss or damage to insured vehicle
- Third party liability cover
- Personal accident cover
- Add-on covers
- Coverage for man-made calamities/natural disasters
Two-wheeler insurance policy from ICICI Lombard offers comprehensive protection in case of theft or accidental damages to the vehicle It also covers third party liability arising out of property damage, injury or death to a third-party.
ICICI Lombard Travel Insurance Policy:
ICICI Lombard plans give you the benefit of travelling with confidence whether it is an abroad or domestic trip. It also ensures a hassle travel claim in case of an emergency. The plans are:
- 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.
- 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.
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. Mostly, the calamities covered are:
Fire, lightning, Aircraft Damage, Explosion, Impact damage, Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation, Riots, strike, malicious and terrorism damage, Missile testing operations, Bush fire, Earthquake. Landslide, rockslide, Leakage from automatic sprinkler installations etc.
The number of accidents on road is increasing at a rapid pace. 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.
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
- Liability Insurance
- Group Health
- Group Personal Accident
- Workmen Compensation
Customised business insurance plans include:
- Office Package Policy
- Electronic Equipment Insurance
- Shopkeepers Insurance
- Event Insurance
- Project Insurance-Erection All Risk Policy
- Contractors All Risk Policy
- Burglary Insurance
Crop Insurance- Pradhan Mantri Fasal Bima Yojna:
Launched in the year 2016, PMFBY scheme has offered coverage under localized risks, post-harvest losses etc. and aims at advanced technology for the purpose of yield estimation.
Coverage of Risks and Exclusions:
Following stages of the crop and risks leading to crop loss are covered under the scheme.
- Prevented Sowing/ Planting Risk
- Standing Crop (Sowing to Harvesting)
- Comprehensive risk insurance is provided to cover yield losses due to non- preventable risks, viz. Drought, Dry spells, Post-Harvest Losses
- Localized Calamities
Under NRI insurance, ICICI Lombard offers policies like
- NRI Travel Insurance
- NRI Health Insurance
- NRI Motor Insurance
- INRI Home Insurance
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
IRDA asks Fairfax to sell 25% stake in ICICI Lombard to get Approval for its New Venture in General Insurance Sector in India
The Insurance Regulatory and Development Authority (IRDA) of India, has recently asked Fairfax Financial Holdings - Canada-based promoter of Oben General Insurance – to comply with its regulations in order to take license for its new venture in the General Insurance sector of India.
The company will, now, have to sell its 25% stake in the General Insurance body, i.e. ICICI Lombard - a joint venture between Indian private sector bank - ICICI Bank and Fairfax Financial Holdings, based out of Canada within the duration of 2 Months to be officially able to apply for opening another General Insurance Company in India.
Earlier in March, IRDA nodded in favor of the company while it also asked for a look at the company’s model, including the compliance of its investors. In the final stage, IRDA expects the company formation.
Three private sector insurance companies are looking forward to acquiring 35% stake in ICICI Lombard. Fairfax, earlier in 2015, purchased an additional 9% stake in ICICI Lombard, which led its stake to 35%. This Canada-based financial company as of now is willing to retain only 10% of its stake, whereas ICICI Bank is looking forward to selling 10% of its stake, aiming at monetizing part of the sale.
ICICI Prudential and ICICI Lombard Together Buy 12% Stake in Fino Paytech
ICICI Prudential Life Insurance and General Insurance have together done a deal of buying a 12% stake in Fino Paytech, which is an emergent payments bank. Altogether, they have paid Rs. 150 crores, calculating the company at Rs. 1200 Crore.
A source who refused to be identified also added that the company will have the dual benefit of moving one step ahead towards fulfilling the regulatory orders on foreign holdings in the company. This will aid both the insurers to reach the customers with their insurance products in the village market.
A banker who advised people on fund raising stated that both ICICI Pru Life and ICICI Lombard have invested 149 crores in Fino Paytech and the rest amount has been paid by two small investors who have selected the minor stakes in the company.
Despite the approval from RBI to start the payments banks business, they are still allocating adequate capital for themselves. These banks also utilise capital increasing opportunities to tie-up with well-focused players that could take their business to the next level.
ICICI Lombard reported 5% drop in Hepatitis claims in the FY 2015-16
As revealed by ICICI Lombard General Insurance Company in a report, the claims against Hepatitis dropped by 5 per cent in the financial year 2015-16 through the previous 2 fiscal years. The non-life player of the private insurance sector received 29.71 per cent claims regarding Hepatitis in the last year as against a considerably big percentage of 34.81 a year before.
The insurer witnessed 35.48 per cent claims against this disease in the fiscal year 2014-15, as mentioned in a company statement. As per the report, a comparatively bigger number of claims were received from the senior age group in the previous financial year, while, fiscal year 2015 witnessed innumerous hepatitis claims from various age groups.
Claims received 75-above age groups at 38.46 per cent were high in the financial year 2015-16, than 15.38 per cent in the financial year 2015. Gujarat-based city, Surat, received maximum number of claims against hepatitis (i.e. 51 per cent) in the FY 2015-16, next followed by a 45% rate in Bhopal, 39% in Vadodara and 35% in Mumbai. A higher percentage of claims (i.e. 48 per cent) were received from the top 10 cities in comparison with other cities; which was a trend opposite from that in the last financial year.
BMW India and ICICI Lombard General Insurance Partners
BMW India and ICICI Lombard General Insurance recently announced a tie-up in New Delhi, which is to offer car insurance to BMW customers. This tie-up between both the companies is aimed at ensuring that almost all parts of the car are insured by one of India’s leading general insurance players.
On this occasion, Stefan David Schilpf, CEO and Managing Director, BMW India stated that their company has partnered with ICICI Lombard and the same is to offer the highly beneficial comprehensive car insurance solutions to their customers. Motor insurance assures the peace of mind when complements car purchases and the same is the key aspect that protects the car owners from unforeseen events in life.
Complementing to that, CEO and Managing Director, ICICI Lombard General Insurance, Bhargav Dasgupta stated that they will be striving hard to meet their customers’ insurance-related needs, which has been their incessant endeavor. As BMW is one amongst the luxurious indeed cars being sold in India, the insurance company promises to assist the high-end customers of BMW India. BMW India now offers car insurance solutions to its customers in conjunction with Bajaj Allianz and ICICI Lombard General Insurance as its current insurance partners.
ICICI Lombard 9 percent Stake Sale for Rs. 1550 Crore
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.
‘ICICI Appathon’ Challenge Invites Participation for a Prize of over 20 Lakh
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.
- Aditya Birla General Insurance
- Apollo Munich General Insurance
- Bajaj Allianz General Insurance
- Bharti AXA General Insurance
- Cholamandalam MS General Insurance
- DHFL General Insurance
- Digit General Insurance
- Edelweiss General Insurance
- Future Generali General Insurance
- HDFC ERGO General Insurance
- IFFCO Tokio General Insurance
- Kotak Mahindra General Insurance
- Liberty General Insurance
- ManipalCigna General Insurance
- Max Bupa General Insurance
- National General Insurance
- New India Assurance General Insurance
- Oriental General Insurance
- Raheja QBE General Insurance
- Reliance General Insurance
- Royal Sundaram General Insurance
- SBI General Insurance
- Shriram General Insurance
- Star Health and Allied General Insurance
- Tata AIG General Insurance
- United India General Insurance
- Universal Sompo General Insurance