Understanding the ICICI Lombard Health Insurance Policy Upgrade

The New Features of ICICI Lombard Health Insurance

We have upgraded our health insurance policy to make it more comprehensive and inclusive. With this new version, you can avail a host of new benefits:

• Zone-based pricing - premium advantage in line with the treatment costs in your zone
• Pneumococcal Vaccine discount
• Guaranteed No-Claim Bonus of 20% of sum insured for every claim-free year (with a maximum of 100% bonus)
• Unlimited reset up to 100% of sum insured for unrelated illness and once for same illness
• Medical procedure expenses for organ donor up to the sum insured
• Home care cover up to 5% of sum insured (max up to `25,000)
• Limit for Cataract cover up to 10% of sum insured (maximum up to `1 Lakh per eye)

The company has also introduced a variety of complimentary services on the IL TakeCare app to help its customer stay healthy, safe and informed about their health

Click here to download IL Take Care App

Zone-based pricing

With our new zone-based pricing, you can get premium advantage in line with the treatment cost prevailing in a particular zone.

Zone definition

Based on your pincode, if you fall in zone A, you will continue to have the freedom to get treatment across India without zone based co-pay (Co-pay is a share of claim amount that you’d have to bear). For other zones, you will need to share a part of the claim amount for treatments at a hospital in higher zone.

Things to note at the time of policy renewal

The existing features and continuity benefits of the policy holder will remain intact

The policy holder has the option to choose from multiple add-on covers

Covid-19 Pandemic & The Aftermath

In India, medical inflation is around 14%, meaning that a medical procedure that costs Rs.3 lakh today, could cost around Rs.6 lakh, in just 5 years down the line.

With the increase in general inflation, including medical inflation, the operational costs of Insurance companies, especially since the pandemic have increased significantly.

It is estimated that in the year 2019-2020, health insurance had seen premiums of Rs. 51,636.34 crores; and 10.5% resulted from the novel coronavirus. With most people turning to private hospitals and expensive quality treatment, the insurance companies are paying out claims in higher numbers.

Over the years, we have tried our best to maintain the price by absorbing the cost of medical inflation and Covid-induced increase in cost. Despite our best efforts, it’s now time to revise the premium rates. We hope that you’d appreciate the upgraded features that come with it and continue to

Over the years, we have tried our best to maintain the price by absorbing the cost of medical inflation and Covid-induced increase in cost. Despite our best efforts, it’s now time to revise the premium rates. We hope that you’d appreciate the upgraded features that come with it and continue to put your trust in our product and services.