ICICI Lombard Health Insurance Review 2025
Backed by ICICI Bank, ICICI Lombard Health Insurance is one of India’s largest and most trusted private health insurers. While the insurer remains financially strong, with consistent growth and strong solvency, its average Claim Settlement Ratio of 85% (FY 2022–25) lags behind leading peers, and customer feedback continues to point to occasional issues in claim handling and service responsiveness.
ICICI Lombard Health Insurance Review: Introduction
With countless health insurers in India, choosing one that truly delivers when it matters most can be challenging. Among the established names, ICICI Lombard Health Insurance continues to stand out in 2025 as one of the country’s leading private sector insurers.
But the key question remains— is ICICI Lombard reliable as a health insurer?
We’ve analyzed its plans, performance metrics, public disclosures, policy wordings, and customer feedback to present a clear view of its strengths, gaps, and overall reliability. This will help you determine if it’s the right insurer to safeguard your health and well-being.
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About ICICI Lombard Health Insurance
ICICI Lombard Health Insurance, incorporated in 2000 and operational since 2001, is one of India’s leading general insurers offering health, motor, travel, and home insurance.
Initially a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings, it became a publicly listed company in 2017. Majority-owned by ICICI Bank (51.55% as of March 2025), it operates 328 branches and 992 virtual offices nationwide. It issued 3.76 crore policies in FY2025, and maintains a strong solvency ratio of 2.62x.
ICICI Lombard Health Insurance Review: Performance Metrics
ICICI Lombard Health Insurance Review: ICR
The company’s Incurred Claim Ratio (ICR) of 83% (FY 2021–24) is almost on par with the industry average of 83.90%. This suggests a balanced claims payout pattern: ICICI Lombard is maintaining financial stability while also ensuring that legitimate claims are honored.
ICICI Lombard Health Insurance Review: Complaint Volume
With 11 complaints per 10,000 claims (FY 2022–25), ICICI Lombard performs significantly better than the industry average. This low complaint ratio highlights the company’s strong service quality and effective grievance redressal process.
ICICI Lombard Health Insurance Review: Network Hospitals
ICICI Lombard’s wide network of over 10,200+ hospitals ensures policyholders have access to a large number of cashless treatment facilities across India.
ICICI Lombard Health Insurance Review: Business Volume
An average annual business of ₹6,794 Crore (FY 2022–25) reflects that ICICI Lombard has a strong customer base, market reach, and reputation as one of India’s leading health insurers.
ICICI Lombard Health Insurance: Overview
Pros
Cons
Target Audience
Overall Performance
Popular Plans From ICICI Lombard Health Insurance
ICICI Lombard's portfolio includes diverse plans catering to different needs, from standard indemnity plans to modern plans with wellness and reset benefits.
ICICI Lombard Health Insurance: Premium Comparison
Here is a premium comparison of ICICI Lombard’s flagship products:
ICICI Lombard Elevate Plan Vs Health AdvantEdge
Note: These are base premiums for a healthy individual living in Delhi with a ₹15L sum insured. Pre-existing conditions (PEDs) haven’t been factored into these prices. Actual prices may vary depending on your age, city, health history, and the add-ons you choose.
Key Insight: The Elevate plan is consistently more affordable across all age groups, with the price gap widening notably for senior citizens.
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Conclusion
ICICI Lombard Health Insurance offers innovative features and wide coverage options. However, despite its healthy financial metrics and low complaint volume, its Claim Settlement Ratio has consistently trailed top peers.
We look forward to improvements in claim processing and customer trust and will monitor its performance in future reviews. For now, while it remains one of our partner insurers, we do not actively recommend it.
FAQs
Can I reduce waiting periods under the ICICI Lombard Health Insurance?
Yes, ICICI Lombard offers the option to reduce the waiting periods for specific illnesses or pre-existing diseases (PED) through optional riders or add-ons. This feature, sometimes called "Waiting Period Reduction" or "Jumpstart Benefit," allows you to access coverage for PEDs or specific illnesses sooner than the standard period.
Are day care procedures covered under ICICI Lombard Health Insurance?
ICICI Lombard covers a wide range of day care procedures as per IRDAI’s defination—treatments or surgeries requiring less than 24 hours of hospitalisation due to technological advancements.
Does ICICI Lombard offer a "No-Claim Bonus" (NCB)?
Yes, ICICI Lombard offers a No-Claim Bonus (NCB) that increases your Sum Insured for every claim-free year. For instance, the MaxProtect plan offers a guaranteed yearly NCB of 20% of the Sum Insured, which can accumulate up to 100%.
Is there a sub-limit on hospital room rent in all ICICI Lombard plans?
Not all. While some plans like Elevate might have limits (removable with an add-on), premium plans like Health AdvantEdge offer the option of No Room Rent Capping (or choice of a private room) as a key feature, which can be crucial for avoiding significant out-of-pocket expenses during hospitalisation. Always verify the room rent restriction mentioned in your policy schedule.
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