Overview of ICICI Lombard Home Insurance

ICICI Lombard Home Insurance by ICICI Lombard is a joint venture between ICICI Bank, one of the leading private banks in India, and Fairfax Financial Holdings Limited, a reputed financial services company with several exposures to general insurance plans, insurance claims management and investment management. ICICI Lombard has been awarded with “Claim leader” Award in the general Insurance sector. The company has been given various prestigious awards for customer oriented delivery, for its claim settlement track record, etc. It provides different types of plans or products ranging from business insurance plans, rural insurance plans, motor insurance plans, projects insurance plans, personal insurance plans and a lot more.  Let’s discuss about the Home Insurance Plans provided by this company.

ICICI Lombard Home Insurance

4.4 (120 reviews)
Get insurance for Home loan or Personal security in just 5 minutes.


ICICI Lombard Home Insurance

4.4 (120 reviews)
Get insurance for Home loan or Personal security in just 5 minutes.
What’s covered?
Violent disturbance
Fire
Natural disasters
Policybazaar advantages
365 days support system
Easy claim process
Instant online policy issuance

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

Protect your house from calamities

cover starting just @ ₹9/month*

Step 1/2
Get Updates on WhatsApp
Compare & Save upto 28%**
By clicking on "" you agree to our Privacy Policy and Terms of Use

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

Overview of ICICI Lombard Home Insurance

ICICI Lombard Home Insurance by ICICI Lombard is a joint venture between ICICI Bank, one of the leading private banks in India, and Fairfax Financial Holdings Limited, a reputed financial services company with several exposures to general insurance plans, insurance claims management and investment management. ICICI Lombard has been awarded with “Claim leader” Award in the general Insurance sector. The company has been given various prestigious awards for customer oriented delivery, for its claim settlement track record, etc. It provides different types of plans or products ranging from business insurance plans, rural insurance plans, motor insurance plans, projects insurance plans, personal insurance plans and a lot more.  Let’s discuss about the Home Insurance Plans provided by this company.

As the saying goes “ Home Sweet Home” or " There is no place like home" and all these sayings are so very true as the home is one place where one cherishes and nurtures their dreams, a place where one share one life with near and dear ones. So protecting the home from all sorts of risks is necessary. ICICI Lombard insurance has Home Insurance Plans which protects the house from all kinds of risks.  It is a perfect resolution to invest in ICICI Lombard home insurance plans which offer extensive coverage for the house and the household contents. The plan provides absolute and complete financial assistance and support with timely pay-outs. An ICICI Lombard Home Insurance plan can be easily availed by homeowners at much affordable premium rates. If one wants to know the premium of his/her home insurance policy, he/she can use a home insurance calculator.

Why one should avail ICICI Lombard Home Insurance Plan?

One should avail Home Insurance Plans from ICICI Lombard Insurance Company; these can be summarized as follows:

  • There are certain specific plans which give the benefit of renting. Moreover, an alternate accommodation is also applicable.
  • The plans are absolutely cost efficient and has rebates too.
  • Tailor made plans are there to choose.
  • Coverage upto 10 years for structure and 5 years for contents and 5 years for structure and content.
  • Instant Online Policy can be purchased.
  • Upto 50% discount on insurance on structure.
  • Upto 25% discount on insurance on contents.
Home insurance

What is Covered?

The plan offers two types of covers to the property, not less than 50 years for Structure Cover and Contents Cover.

Coverage against Fire altogether with certain specific Perils i) Building and ii) Contents.

Cover for the Structure

  • Fire altogether with certain specific Perils under the plan :

The plan covers the loss or damage arising out of Fire and special perils. The structure of the house is insured as per the re-instatement value. The plan covers the losses to the construction which is caused due to natural and manmade eventualities which can be categorized as under:            

  • Fire and lightening
  • Riot, Strike and Malicious damage.
  • Aircraft Damage
  • Impact Damage
  • Explosion and Implosion.
  • Subsidence and Landslide and also rockslide.
  • Natural calamities like, cyclone, storm, typhoon, , hurricane, tornado, flood, tempest and inundation
  • Missile Testing Operation.
  • Coverage for outflow or leak from mechanical set ups.
  • Spilling over of Water Tanks, Apparatus and Pipes.
  • Earthquake.

The plan has the following optional coverages:

  • Terrorism Cover: It covers the loss or damage arises due to terrorism which is only valid for the first year.
  • Additional rent expenses incurred for alternative accommodation: If an individual has to shift into an another alternative accommodation due to the insured home being damaged or destroyed, this home insurance plan will cover the loss or damage up to maximum of Rs 1 lakh for 6 months. However, this cover will be applicable only when the house is insured for the structure.
  • The Property or the Building value is calculated on the reinstatement basis which is its reconstruction value and not the market value. The following points are to be considered for calculating the Sum Insured:
    • The built up area of the house needs to be multiplied with the current construction cost per square foot.
    • The cost of land to be excluded from the calculation of the Sum Insured.
    • The cost of construction of any compound wall is to be taken into consideration.

An example can be taken: Mr Amitava Sen has a house with built up area of 1500 sq feet and the cost of  construction rate is Rs 1000 per square feet, then the sum insured will be Rs 1500000/-.

  • If the house has been rented, the tenants also can insure the contents of the home which belongs to them. However, the plan will not cover the building against any loss as tenants are not the legal owners of the property or due to tenant’s negligence.
  • If one sells the property, then one can cancel the policy and can get back the premium amount.

Content Insurance under the plan: The contents are insured as per the market value. The plan covers the losses to the contents of the insured home due to natural and manmade calamities.

The following calamities are covered:

  • Fire and lightening
  • Aircraft Damage
  • Riot, strikes and Malacious Damage.
  • Impact Damage.
  • Implosion & Explosion
  • Natural calamities like, cyclone, storm, typhoon, , hurricane, tornado, flood, tempest and inundation
  • Subsidence and Landslide and also rockslide.
  • Coverage for outflow or leak from mechanical set ups.
  • Projectile test procedure.
  • Spilling over of Water Tanks, Apparatus and Pipes.

The contents are covered due to burglary or an attempted burglary/ housebreaking including theft. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, upto 25% of the total content sum assured or Rs 1 lakh, whichever is lower.

An optional cover includes terrorism cover and is valid for the first year only.

Home insurance

Calculation of Value of Structure and Contents

Under home insurance plan, the structure of home is insured on the reconstruction value and not on its market value which means the value is the cost or the expenses incurred to reconstruct the house or the building if the same is damaged. Here the sum insured is calculated by multiplying the built up area of the house with the rate of construction per sq feet for example if the built up area of the house is 1500 sq. feet  and construction rate is Rs 1000/ sq feet , then the sum insured is Rs 1500000/-.

The contents, on the other side are assessed on the market value of the objects. Depreciation will be taken into consideration while calculating the value as well.

Some Important Points to Note

Tenants can also continue to have insurance but only for its contents as they have legal rights only for their own contents and not certainly for the building or the structure. Hence, the comprehensive Home Insurance plan can cover their household appliances, jewellery, furniture and fixtures, personal items at home against fire and allied perils.

One can get the premium back if one decides to sell off the property during the policy tenure.

The Basic Exclusions of the Policy:

This plan does not allow any indemnity claim under the following situations:

This policy has the basic exclusions of:

  • Each claim can have a 5% exclusion upto Rs 10,000 maximum which is classified as loss due to “Act of God” or natural calamities like earthquake, lightening, etc.
  • However, the initial amount of Rs 10,000 in case of every claim due to some other peril due to which the insured individual is indemnified in this plan.
  • The plan excludes the loss and damage arising due to war declared or not, attack, warfare, foreign attacks, civil riots.
  •  Exclusion of any loss, damage and destruction caused directly or indirectly to the property which has been insured by nuclear rays or infectivity or by radioactivity from any nuclear gas or similar explosive material.
    • The plan excludes the loss as well as the damage caused to the property of the insured caused due to effluence.
    • The plan excludes the loss, damage and destruction to stock in cold storage premises which is caused due to amendment in temperature.
    • The plan excludes the  damage and destruction to the precious items of curios and work of art to the tune of  Rs 10000/- above,  stamp collection , guns, coins, plans,  securities, books of accounts, cheque book,  if not the same has been expressly mentioned in the plan.
    • The plan excludes the loss and damage caused to any electrical apparatus or fitting which arises out of overflow, more pressure, more heat, electrical short circuit.
    • Expenses incurred for Architects, Surveyors, and Consulting Engineer’s fees and debris removal by the insured following the loss in excess of 3% and 1% of the claim amount.
    • The plan excludes the loss by theft throughout or following the incident of any of the insured perils other than as mentioned like riot, strike and malicious damage.
    • The plan does exclude the loss of wages or any other major or indirect loss and damage of any type.
    • The plan excludes the loss or damage to the property insured if removed to any building or place other than in which it is  other than for machinery and equipment for the time being removed for clean-up , revamp, renovation for less than 60 days.
    • Loss or damage due to volcanic activity/ earthquake, volcanic explosion or other paroxysm of environment.

Eligibility

All owners of any property can opt for a Home Insurance Policy as they have insurable interest to insure the property as the loss of the same would affect them financially.

Methods of Payment for this Plan

Below are the some ways how one can make payment:

  • Credit Card.
  • Bill Pay.
  • Net Banking.
  • Cash Card.
  • Debit Card.

Home Insurance Claim Process

There are two ways of Home Insurance Claim process which are as follows:

  • One need to call at the customer care has to be informed in case of claims.
  • The insurance companies validate/authenticates the claim request.
  • Within 48 hours of reporting, a company appointed Surveyor visits the place.
  • The Surveyor then furnishes a full report to the insurance company within 72 hours on returning from the incident place.

The documents are processed within 7 working days. The following documents are needed for the same:

  • Duly filed claim form.
  • Other evidence of the incident, nature of incident and the extent off loss  which includes
  • FIR.
  • Fire Brigade Report
  • Estimate of the repairs.
  • Rent Agreement if applicable.
  • Transport details for the loss of baggage.
  • In case of burglary, amounts up to 75% of the claim payable as assessed by the Surveyor will be paid upon receipt of a copy of the FIR. The balance amount will be made only after the company receives the final police investigation report.
  • After the approval of the claim, a letter is sent mentioning the approved amount along with the discharge voucher.
  • Payment cheque is released by the company on receipt of the discharge voucher.

Grievance Redressal

  • One can reach at the toll free number of the company
  • If someone is not satisfied with the response, then one can email  at insuranceonline[@]icicilombard.com
  • The next level of escalation is writing directly to the manager quality service, corporate manager-service quality, national manager –operations and finally director –services and business development.
  • The last step will be the Insurance Ombudsman for further redressal.
Home insurance

ICICI Lombard Home Insurance - FAQs

1. How to pay a premium? What are the modes of payment available?

The ICICI Lombard General Insurance Company offers 2 modes of premium payment namely:

  • Cash/cheque payment at the branch
  • Online Payment

For the online payment mode, the policyholder can pay via;

  • Credit Card
  • Debit Card
  • Net banking

2. How can I check policy status for ICICI Lombard home insurance?

Use the Online Manager to check the policy status and make payments online.  The insured will have to Login to the official website of ICICI Lombard with your exiting user ID and password. The new users will have to register themselves first on the website in order to check the status of the policy.
3. What is the policy renewal process for ICICI Lombard home insurance?

You can renew the policy online on the website of the company
Step1: Enter your Policy details on the e-Portal RENEW on the website 
Step2: Select the payment option- Debit/Credit Card or Net Banking
Step3: Print/save the premium deposit receipt on successful payment

4. What is the company’s process to settle claim for ICICI Lombard home insurance?

You need to call on the toll free number of the company and register the claim. In 24 hours the customer service manager will contact you and ask you for certain documents. The payment is directly made to the preferred hospital or preferred garage whatever the case may be.

5. What is the policy cancellation process for ICICI Lombard home insurance?

You can walk into your nearest branch with your policy documents and a duly filled surrender form. The policy will be cancelled and refunds directly credited in your bank account.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 120 Reviews)
Home Insurance Articles
Buying your dream house can be one of your most significant investments in life, for which you might avail of...Read more
21 Sep 2023 by Policybazaar 3295 Views
Purchasing a home is one of the most financially sound decisions one can make. Any decision taken in a hurry might...Read more
07 Feb 2024 by Policybazaar 419 Views
Housing society insurance is a one-stop solution for all residential societies against unforeseen damage caused by...Read more
14 Feb 2024 by Policybazaar 468 Views
Owning your dream house is one of the significant milestones in a lifetime. Remember, your home is not merely a...Read more
30 Jan 2024 by Policybazaar 362 Views
In home insurance, it is essential to know the differences between two major aspects: Loss of Rent Cover and Rent...Read more
16 Apr 2024 by Policybazaar 117 Views
Loss of Rent (LOR) coverage is a significant feature of a home...Read more
09 May 2024 by Policybazaar 33 Views
A sum insured in home insurance refers to the maximum payout...Read more
18 Apr 2024 by Policybazaar 87 Views
In home insurance, it is essential to know the differences...Read more
16 Apr 2024 by Policybazaar 117 Views
Having a home of their own is a significant milestone in one's...Read more
15 Feb 2024 by Policybazaar 219 Views
Housing society insurance is a one-stop solution for all...Read more
14 Feb 2024 by Policybazaar 468 Views

Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, July 26, 2022
Coverage for natural calamity
I was looking for an insurance policy that provides me coverage for natural calamity. Since my house is located near a river and it floods my area in the rainy season. So i went on the Policybazaar website and particularly look for this coverage found the exact plan that provides this coverage.
Sunil
Bilaspur, July 26, 2022
Premium Calculation
I was looking for a home insurance policy online. I stumblled upon the Policybazaar website and it is one of the best online platforms to purchase home insurance policy. I learned about the insurance plan i wanted to purchase and after choosing the plan and add ons i could calculate the premium using their online premium calculator. Thanks Policybazaar.
Manish
Bikaner, July 26, 2022
Natural Calamity cover
I have recently purchased a flat and wanted to cover it with a home insurance policy. I was aware of the Policybazaar website so i thought i should give it a try. I went on their website and as i wanted to cover my flat with a natural calamity cover specifically i searched for it and without wasting a minute it showed me the natural calamity coverage.
Mohit
Amritsar, July 26, 2022
Enough coverage
I was looking for a home insurance plan online. I was fed up as i have to visit different websites to look for a single suitable insurance plan. However, i stumbbled upon Policybazaar website where i was able to find the right insurance plan that could provide me enough coverage.
Sahil
Bareilly, July 26, 2022
Nice customer service
I wanted to purchase a home insurance policy and a friend of mine suggested to purchase it from Policybazaar. I bought the policy and after that i had a confusion regarding exclusions so i called up Policybazaar customer care and they cleared out the confusion and i loved their customer service.
Jitendra
Ajmer, July 26, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Prashant
Delhi, July 26, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Sharad
Kolkata, July 26, 2022
Wide coverage
The home insurance plan that i purchased from policybazaar's website is a great plan that provides me coverage for not only the structure but also cover several expensive content of the home such as paintings, mobile phones, laptops, television, etc.
Ravi
Ahmedabad, July 26, 2022
Suitable insurance plan
I purchased the group health insurance policy from Policybazaar website. First of all, i did not have to wander much online while lookig for a home insurance plan that fits my requirement and i found the suitbale home insurance plan by comparing different plans on the website.
Yashashvi
Amritsar, June 09, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

top