With our comprehensive & affordable Home Insurance plans, add a silver lining to every adversity, natural or man-made.
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Easy Claims Process
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*For 50 lakhs Structure Value
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.
One should avail Home Insurance Plans from ICICI Lombard Insurance Company; these can be summarized as follows:
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.
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:
The plan has the following optional coverages:
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/-.
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:
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.
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.
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.
This plan does not allow any indemnity claim under the following situations:
This policy has the basic exclusions of:
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.
Below are the some ways how one can make payment:
There are two ways of Home Insurance Claim process which are as follows:
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:
For the online payment mode, the policyholder can pay via;
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.