ICICI Lombard GIC Ltd is a combined venture of ICICI Bank Limited and Fairfax Financial Holdings Limited from Canada. ICICI Bank is the second biggest bank in India and has consolidated aggregate assets worth US$ 91 billion till March 31, 2012. Fairfax Financial Holdings is worth 30 billion US dollars and operates in various areas of financial services such as the following:
- General insurance
- Insurance claims management
- Reinsurance
- Investment management
In the 2011-12 fiscal the Gross Written Premium (GWP) of ICICI Lombard has been INR 5358 crores. As of that date, the company has sold more than 76 lakh plans and settled in excess of 44 lakh claims. Till March 31, 2012 its claim disposal ratio is 99 percent.
ICICI Lombard Products and Services
The products and services of ICICI Lombard may be described as below:
Motor Insurance
- Car Insurance
- Two Wheeler Insurance
Health Insurance
- Complete Health Insurance
- Personal Protect
- Health Advantage Plus
- Health Care Plus
- Critical Care
Travel Insurance
- Single Round Trip
- Senior Citizen
- Annual Multi Trip
Student Medical Insurance
- Overseas Student Travel Insurance
Home Insurance
NRI Services
- Individual Overseas Travel Insurance
- Motor Insurance
- ICICI Lombard Complete Health Insurance
- Personal Protect
- Critical Care Insurance
- Home Insurance
Business Insurance
- Fire Insurance - Fire and Special Perils Policy (Material Damage), Industrial All Risk, and Consequential Loss (Fire) Insurance Policy
- Office Package Policy
- Marine Insurance - All Risks Insurance Policy
- Educational Institution Package Policy
- Industrial Insurance - Boiler and Pressure Plant Insurance Policy, Machinery Loss of Profits Insurance Policy, Electronic Equipment Insurance Policy, Contractors' All Risk Policy, Machinery Breakdown Insurance Policy, Contractors' Plant & Machinery, and Erection All Risks
- Hotel Corporate Cover
- Corporate Insurance - Corporate Cover, Group Mediclaim Insurance Policy, Corporate Overseas Travel, and Group Personal Accident Insurance Policy
- Group Health Insurance
- Liability Insurance - Public Liability Insurance (Industrial Risks) Policy, Workmens' Compensation Policy, Public Liability Insurance (Non-Industrial Risks) Policy, Director & Officers Liability Insurance, Product Liability, Professional Indemnity (Doctors & Medical Practitioners), and Public Liability Act Only
- Group Personal Accident Policy
- Shop Insurance
- Workmens Compensation Policy
- Wedding Insurance
- Petrol Station Package Policy
- Other Policies - Money Insurance Policy, All Risks Insurance Policy, Tea Crop Policy, Credit Insurance, Burglary Insurance Policy, and Fidelity Guarantee Insurance Policy
- Malls and Multiplex Policy
Rural Insurance
- Health Insurance
- Weather Insurance
- Home Insurance
- Shop Insurance
- Tractor Insurance
ICICI Lombard News
ICICI Lombard has recently launched a health plan named Complete Health Insurance with the aim of competing with the newer companies in the Indian insurance scenario. The policy promises a base sum insured amounting to INR 10 lakhs, which is higher than before. It also offers the following benefits:
- Outpatient department (OPD) cover
- Maternity benefit
- New born baby cover
- Personal accident cover
- Reimbursement of preventive care costs
- Reimbursement of wellness expenses
This policy does not have a maximum age for renewal - something that is pretty similar to the other new policies available in the Indian insurance market. The following add on covers are available in the program:
- Critical illness-donor expenses cover
- Hospital daily cash allowance - convalescence benefit
In the critical illness-donor expenses cover the insured is paid a stipulated lump sum for treating a critical ailment. In case of a transplant surgery the organ donor is compensated as well under this cover.
In the second cover the insured receives a previously fixed amount for each day of hospitalization and also when he or she is recovering. However, these benefits are only available in specified cover pairs.
In addition to this, the policy provides coverage for nursing costs incurred at home till a maximum limit of INR 3000 on a daily basis. It also provides an upper limit of INR 20,000 for the air travel of an immediate family member in economy class. This is provided if the insured is in the hospital for more than 5 days.
If the insured choose sub-limits they will receive discounts on their premiums. They can also renew the policy every year or on a bi-annual basis. The program provides income tax benefits as per Section 80D but only for years when the premium payment is done.
ICICI Lombard Office Network and Contact Details
The head offices of ICICI Lombard are at Mumbai and it enjoys a pan Indian presence. Its contact details may be enumerated as below:
Customer Support:
ICICI Lombard General Insurance Co. Ltd.
401-402, Interface Bldg; No.11,
Link Road, Malad (West),
Mumbai - 400064
Toll free telephone number: 1800 2666
E-mail address: customersupport@icicilombard.com
