1. What is the merger all about? Can you tell me more about the transaction?
ICICI Lombard General Insurance and erstwhile Bharti AXA General Insurance had entered into definitive agreements wherein the general insurance business of erstwhile Bharti AXA would be demerged into ICICI Lombard. The transaction came into effect on Sept 08, 2021 after receipt of necessary approvals from The National Company Law Tribunal (NCLT) and the Insurance Regulatory and Development Authority of India (IRDAI).
2. Have all requisite approvals have been taken for this transaction?
Yes, all the requisite approvals for the transaction have been duly received from the relevant statutory and/or regulatory authority(ies).
3. How will the transaction benefit us as customers?
The proposed transaction is expected to result in value creation for all policyholders and would extend a number of benefits through an enhanced product suite and enriched customer service.
4. Will I be able to purchase insurance policies offered by erstwhile Bharti AXA General Insurance?
You can purchase the products through any available channels by visiting the following link: www.icicilombard.com. Alternatively, you can also contact us at 1800 2666.
5. Tell me about ICICI Lombard General Insurance.
ICICI Lombard General Insurance is one of the leading private sector general insurance companies in India. It offers its customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. The company has a Gross Written Premium (GWP) of Rs. 143.20 billion for the year ended March 31, 2021. The company sourced over 21.7 million policies and honoured over 1.6 million claims as on March 31, 2021. More details are available at www.icicilombard.com.
6. Tell me about erstwhile Bharti AXA General Insurance.
Erstwhile Bharti AXA General Insurance was a joint venture between erstwhile Bharti Enterprises and AXA, with 51% stake from erstwhile Bharti Enterprises and 49% stake of the AXA Group. It had a PAN India presence through 165+ branches and offers insurance solutions for motor and two-wheeler, health and critical illness, property and student, individual and family travel and crop insurance.
7. Tell me about the merged entity.
The transaction provides an opportunity for ICICI Lombard General Insurance to consolidate its market leading position in the non-life insurance sector. The combined entity shall have a market share of ~ 8.6%* on pro-forma basis. Through this proposed transaction, ICICI Lombard General Insurance shall be able to augment its distribution strength with erstwhile Bharti AXA General Insurance’s existing distribution partnerships. The combined entity shall also benefit from continued partnerships with erstwhile Bharti Enterprises, one of India’s leading business groups with diversified interests, and erstwhile Bharti AXA, a large well-reputed global insurer. The policyholders should benefit from an enhanced product suite and increased customer service points.
*Market share among non-life insurers on pro-forma basis (based on FY2021 flash report published by IRDAI)
8. I wish to cancel my policy on account of this merger. Will I be eligible for refund of pro-rata premium?
Yes. In case you cancel your policy on account of the merger, you would be eligible for refund of premium on a pro-rata basis.
9. I have already lodged a claim. Will my claim be impacted as a result of this transaction?
Your claim shall be processed according to the existing terms and conditions of your policy and there will be no impact on the claim settlement as a result of this transaction.
10. Do I again have to undergo any additional medical test on account of this transaction?
No additional medical tests need to be undergone by you as a result of this transaction.
11. What about the advisor servicing my policy? Will that change?
There will be no change in the advisor servicing your policy post the merger.
12. Will the branch hours change?
Branches will be operational from 9:15 am to 6: 15 pm on all operational days.
13. Is there a change in grievance management process? Who should I, as a customer, approach for any grievance?
For any grievance, please visit the following link: www.icicilombard.com/grievance-redressal.
14. Will the continuity benefits on my existing policy (cumulative bonus, pre-existing diseases cover, etc.) be impacted as a result of this transaction?
As the existing insurance policy and the terms and conditions remains the same, all continuity benefits including the cumulative bonus, pre-existing diseases cover, etc. shall be available to the policyholders.
15. Will my existing health card remain valid, or will a new card be issued?
The existing health card issued to you will remain valid till the expiry of your existing policy.
16. For renewing my policy, in whose favour should the cheque be issued?
You may issue the cheque in favour of the company name as mentioned in the renewal notice. In case you have not received a renewal notice, request you call us on 1800-103-2292 or write to us at customersupport@icicilombard.com.
1. What about the channel partner servicing my policy? Will that change?
There will be no change in the channel partner servicing your policy during the policy period.
2. Would there be any change in the terms and conditions of my policy?
There would be no change to the policy terms & conditions of your existing insurance coverage. You can continue to enjoy the benefits of the policy as detailed in your policy document.
3. Can I visit ICICI Lombard General Insurance branch instead of erstwhile Bharti AXA General Insurance branch?
Post the merger, all branches of erstwhile Bharti AXA General Insurance have been converted to ICICI Lombard General Insurance branches. Accordingly, all such branches will be able to service your request. Kindly visit the link below for unified list of branches https://www.icicilombard.com/branches
4. Will the existing branch(es) of erstwhile Bharti AXA General Insurance in my city be closed or continued as is?
ICICI Lombard General Insurance will maintain the geographical presence of customer touch points of erstwhile Bharti AXA General Insurance in all the cities of the country. In certain cases, there may be merger of existing branches of ICICI Lombard with that of erstwhile Bharti AXA General Insurance leading to relocation of same within same city. We request you to kindly visit https://www.icicilombard.com/branches for details.
5. Does the existing policy document under erstwhile Bharti AXA General Insurance name remain valid or will I receive a new policy document?
All active policies which are issued under erstwhile Bharti AXA General Insurance’s name shall remain valid till expiry and do not require any amendments.
6. Can I pay premium online through erstwhile Bharti AXA General Insurance?
Erstwhile Bharti AXA General Insurance customers who visit the said website would be redirected to the ICICI Lombard General Insurance website (www.icicilombard.com) post the merger. Further, the policy servicing would be continued through the redirected website.
7. Will I be able to make any changes in my policy issued by erstwhile Bharti AXA General Insurance?
For any change in the policy issued by erstwhile Bharti AXA General Insurance, please call us on 1800 2666 or write to us at customersupport@icicilombard.com.
8. I have recently made a payment to erstwhile Bharti AXA General Insurance for the purchase of an insurance policy and am awaiting the issuance of my policy. Will I be required to provide any fresh documentation?
No fresh documentation would be required in case you have made a payment to erstwhile Bharti AXA General Insurance for the purchase of an insurance policy and are awaiting issuance of your policy. No further action is required from your end on account of this transaction since the documents submitted by you shall remain valid.
9. Will I (as an existing customer of erstwhile Bharti AXA General Insurance) be able to access the hospital networks of ICICI Lombard General Insurance as well as erstwhile Bharti AXA General Insurance?
The existing customers of erstwhile Bharti AXA General Insurance will be able to access the hospital network of the Third Party Administrator (TPA) servicing their policy. To check the details of the TPA servicing the policy, please refer to the policy copy.
10. Will I (as an existing customer of erstwhile Bharti AXA General Insurance) be able to access the garage networks of ICICI Lombard General Insurance as well as erstwhile Bharti AXA General Insurance?
The garage network will be common for both customers i.e. existing customers of erstwhile Bharti AXA General Insurance & ICICI Lombard General Insurance customers. On account of the same, the existing customers of erstwhile Bharti AXA General Insurance will be able to access the garage network of ICICI Lombard General Insurance.
11. Where can I register or intimate an insurance claim?
Erstwhile Bharti AXA General Insurance customers, please call 1800 2666 or write to us at customersupport@icicilombard.com.
12. Who should I approach for any policy related queries?
Erstwhile Bharti AXA General Insurance customers, please call 1800 2666 or write to us at customersupport@icicilombard.com.
13. How should I renew my policy?
Erstwhile Bharti AXA General Insurance customers can renew their policy by contacting your channel partner/insurance advisor or by visiting our website https://www.icicilombard.com. In case of any difficulty, kindly write to us at customersupport@icicilombard.com or contact us at 1800 2666. You may also visit any of our branches.
14. Can I use ICICI Lombard’s IL Take Care app/Insure app/MyRA live chat and WhatsApp chat to service my existing erstwhile Bharti AXA General Insurance policy?
We are in the post-merger transition mode. Rest assured, we will make this transition as smooth as possible for all our customers. Currently, you will be able to avail the purchase option only on all ICICI Lombard apps. In the interim, for all your service-related requests, kindly contact us on 1800-103-2292 or write to us at customersupport@icicilombard.com.