This ICICI Lombard insurance review covers every product they offer — health, motor, travel and home — so you can decide with complete clarity whether they are the right insurer for your situation.
If you have been researching insurance options in India — ICICI Lombard’s name has almost certainly come up.
It comes up for good reason.
ICICI Lombard General Insurance Company is one of India’s largest and most established private general insurers — backed by ICICI Bank, one of India’s most trusted financial institutions. They offer insurance across virtually every category a household needs — health, motor, travel, and home.
But being large and well-known does not automatically mean every product they offer is the right fit for your specific situation.
This review covers every major insurance product ICICI Lombard offers — honestly, without bias — so you can decide which one or ones make sense for you.
If you want to understand the fundamentals of health insurance before reading this review — I covered that in detail here: Health Insurance in India — Complete Honest Guide
And if you want to understand term insurance specifically — read: Term Insurance in India
This review focuses on ICICI Lombard’s general insurance products — health, motor, travel, and home. Let’s get into it.
ICICI Lombard Insurance Review — Who Are They?
Before diving into this ICICI Lombard insurance review — here is some background on the company itself.
ICICI Lombard General Insurance Company Limited was founded in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings of Canada.
Over two decades it has grown into one of India’s largest private general insurance companies.
Key facts:
- → Gross Written Premium: Over ₹20,000 crore annually
- → Network hospitals (health): 10,500+ across India
- → Claim settlement ratio (health): Consistently above 97%
- → Branches: 300+ across India
- → Customers served: Over 3 crore
All of the above — particularly the claim settlement ratio — can and should be verified on the IRDAI official website at irdai.gov.in before making any purchase decision.
The IL TakeCare App — Managing Everything in One Place
One thing that stands out in any ICICI Lombard insurance review is their IL TakeCare app — a genuine differentiator.
Before reviewing individual products — I want to highlight ICICI Lombard’s IL TakeCare app because it is relevant to every product they offer.
The app serves as a central hub for all your ICICI Lombard policies:
- → Store all policy documents digitally
- → Initiate and track claims across all products
- → Pay premiums and renew policies
- → Find network hospitals, garages, and service centres
- → Access teleconsultation for health queries
- → Track wellness metrics and earn health rewards
- → 24/7 customer support access
For someone managing multiple insurance products — having everything in one well-built app removes significant administrative friction. This is one of ICICI Lombard’s genuine competitive advantages over smaller insurers.
Product 1 — Health Insurance
Health insurance is the most searched category in any ICICI Lombard insurance review — and for good reason. Health insurance is ICICI Lombard’s most comprehensive product category and the one most relevant to Building Dhan readers.
Complete Health Insurance
Their flagship health plan — the most popular for individuals and families.
Key benefits:
- → Sum insured: ₹3 lakhs to ₹50 lakhs
- → Individual and family floater options
- → No room rent limits on higher variants
- → Restoration benefit — sum insured restored once exhausted for a different illness
- → No-claim bonus — 10% increase per claim-free year up to 50%
- → 10,500+ cashless network hospitals
- → Pre and post hospitalisation covered — 60 days pre, 90 days post
- → Day care procedures — 150+ procedures covered
- → AYUSH treatments included
- → Annual health check-up after first claim-free year
- → Ambulance charges covered
- → Organ donor expenses covered
Waiting periods:
- → Initial: 30 days
- → Pre-existing diseases: 2-4 years
- → Specific diseases: 1-2 years
Approximate annual premiums:
| Profile | Sum Insured | Annual Premium |
|---|---|---|
| Single age 25 | ₹10 lakhs | ₹9,000 – ₹13,000 |
| Couple age 25+27 | ₹15 lakhs | ₹15,000 – ₹22,000 |
| Family of 3 age 30+28+child | ₹20 lakhs | ₹22,000 – ₹32,000 |
Tax benefit: Premium qualifies for deduction under Section 80D — up to ₹25,000 for self and family, additional ₹25,000 for parents. Covered in detail in How to Save Tax in India.
Best for: Most Indian millennials wanting comprehensive health coverage from a trusted established insurer with wide cashless hospital access.
iHealth
A digitally-focused health plan designed for younger urban buyers.
Key benefits:
- → Sum insured: ₹2 lakhs to ₹10 lakhs
- → OPD cover included in select variants
- → Teleconsultation included
- → Fully managed through IL TakeCare app
- → Lower premium than Complete Health Insurance
- → Fast digital claims process
Best for: Young single professionals wanting entry-level digital-first health coverage — ideally alongside employer group insurance.
Limitation: Maximum ₹10 lakh sum insured — insufficient as standalone coverage for most people given current healthcare costs.
Health Advantage
Enhanced coverage for those wanting maximum protection.
Key benefits:
- → Higher sum insured options available
- → Global coverage add-on available
- → Maternity cover add-on available
- → Newborn baby coverage from day one
- → Bariatric surgery coverage
- → Enhanced restoration benefit
Best for: Married couples planning a family, frequent international travellers, or those wanting the most comprehensive domestic coverage available.
Critical Illness Insurance
Pays a lump sum on diagnosis of specified critical illnesses — regardless of treatment cost.
Conditions covered include:
- → Cancer of specified severity
- → Heart attack → Stroke
- → Kidney failure requiring dialysis
- → Major organ transplant
- → Paralysis of limbs
- → Coronary artery bypass surgery
- → And more — varies by policy variant
Key benefit: The lump sum can be used for anything — treatment costs, lost income during recovery, home modifications, family expenses. Unlike regular health insurance which reimburses hospital bills — critical illness insurance pays cash on diagnosis.
Best for: This is a supplement to — not a replacement for — regular health insurance. Particularly valuable for those with family history of critical illnesses or in high-stress professions.
Important: The waiting period for critical illness diagnosis from policy start is typically 90 days. Pre-existing critical conditions are excluded.
Product 2 — Motor Insurance
Motor insurance is the second most important category covered in this ICICI Lombard insurance review. ICICI Lombard is one of India’s leading motor insurance providers — covering both two-wheelers and four-wheelers.
Third Party Motor Insurance
Legally mandatory for all vehicles on Indian roads under the Motor Vehicles Act.
What it covers:
- → Legal liability for injury or death to a third party caused by your vehicle
- → Legal liability for damage to third party property
- → Personal accident cover for owner-driver
What it does NOT cover:
- → Damage to your own vehicle
- → Theft of your vehicle
- → Natural disasters affecting your vehicle
Cost: Regulated by IRDAI — fixed annually. You cannot choose your insurer on price for third party — all charge the same regulated premium.
Best for: Vehicles with very low market value where comprehensive insurance premium exceeds the car’s worth. Or as a legal minimum if budget is very tight.
Comprehensive Motor Insurance
Covers both third-party liability AND damage to your own vehicle.
What it covers:
- → Third party liability (mandatory component)
- → Own damage — accidents, collisions
- → Fire damage
- → Natural disasters — floods, earthquakes, storms
- → Theft — partial or total
- → Riots and strikes damage
- → Transit damage
- → Personal accident cover for owner-driver
Key features from ICICI Lombard:
- → 13,800+ network garages for cashless repairs
- → Spot claims settlement — minor damages settled on the spot via app
- → 24/7 roadside assistance
- → Overnight vehicle repair tracking via app
- → Instant policy issuance online
- → No claim bonus — up to 50% discount for claim-free years
Add-ons worth considering:
Zero depreciation cover: Standard motor insurance deducts depreciation from claim amounts. Zero depreciation cover eliminates this deduction — meaning you receive the full cost of parts replacement without depreciation reduction. Highly recommended for new or nearly-new vehicles.
Engine protection: Covers engine damage from water ingression or oil leakage — standard policies exclude this. Essential in flood-prone cities.
Return to invoice: If your vehicle is stolen or totally damaged — you receive the original invoice value rather than the depreciated current market value.
Consumables cover: Covers nuts, bolts, oil, and other consumables that standard policies exclude during repairs.
Best for: Any vehicle with meaningful market value where own-damage protection is worth the additional premium — which is almost every vehicle in India.
Two-Wheeler Insurance
Identical structure to four-wheeler insurance but specifically for motorcycles and scooters.
Key benefits:
- → Third party mandatory component included
- → Own damage protection
- → Cashless repairs at network two-wheeler garages
- → Zero depreciation add-on available
- → Roadside assistance
Best for: Every two-wheeler owner in India — comprehensive coverage is almost always worth the relatively small additional cost over third-party only.
Product 3 — Travel Insurance
Travel insurance is one category where this ICICI Lombard insurance review reveals a genuinely underrated product — valuable yet massively underutilised by Indian millennials.
International Travel Insurance
What it covers:
- → Medical emergencies abroad — hospitalisation, treatment, evacuation
- → Trip cancellation — if you cannot travel due to illness, death in family
- → Trip interruption — if you must return early
- → Baggage loss or delay
- → Passport loss
- → Flight delay compensation
- → Personal liability abroad
- → Emergency cash advance
Why this matters:
Medical treatment abroad — particularly in the USA, UK, Europe, or Australia — is extraordinarily expensive. A hospitalisation in the USA can cost ₹50-100 lakhs for a few days. No Indian emergency fund covers this. Travel insurance for international trips is not optional if you value your financial health.
Approximate cost: ₹500 to ₹2,000 for a 7-15 day international trip depending on destination and coverage amount — among the most affordable insurance products relative to the risk it covers.
Schengen visa requirement: If you are travelling to Schengen area countries — travel insurance with minimum €30,000 medical coverage is mandatory for visa approval. ICICI Lombard’s international travel plans meet this requirement.
Domestic Travel Insurance
What it covers:
- → Trip cancellation or delay
- → Baggage loss
- → Medical emergencies during travel
- → Accident cover
- → Hotel accommodation if flight delayed
Best for: Frequent domestic travellers, those booking non-refundable tickets, or anyone travelling to remote areas where evacuation costs could be significant.
Student Travel Insurance
Specifically designed for students going abroad for higher education.
What it covers:
- → Medical expenses abroad
- → Study interruption
- → Sponsor protection (if parent dies — tuition continues)
- → Bail bond
- → Legal expenses
- → Personal liability
Best for: Every Indian student going abroad for education — this is genuinely non-negotiable coverage.
Product 4 — Home Insurance
Home insurance is the final category in this ICICI Lombard insurance review — and perhaps the most underutilized insurance product in India. — and one where the potential financial impact of being uninsured is enormous.
Home Insurance
What it covers:
Structure/Building:
- → Damage from fire
- → Natural disasters — earthquakes, floods, storms
- → Riots and strikes damage
- → Aircraft damage
- → Explosion
- → Lightning
Contents:
- → Theft of household contents
- → Burglary
- → Accidental damage to contents
- → Electronic equipment damage
- → Jewellery and valuables (with declaration)
Additional benefits:
- → Temporary accommodation if home becomes uninhabitable
- → Rent loss if property rented out
- → Public liability — if someone is injured on your property
Why most Indians skip this — and why they should not:
Home insurance is extraordinarily affordable relative to the asset it protects. A ₹50 lakh home can be insured for approximately ₹2,000 to ₹5,000 per year.
Floods, fires, and earthquakes — all of which happen regularly across India — can destroy this asset entirely. Without home insurance, you bear this loss completely.
For renters — contents insurance protects your belongings without insuring the structure (which is the owner’s responsibility).
Best for: Every homeowner in India. And renters who want contents protection.
ICICI Lombard Insurance Review — Honest Overall Assessment
Having covered all products — here is the complete ICICI Lombard insurance review verdict.
✅ Genuine Strengths
- One of India’s most established private general insurers
- Claim settlement ratio 97%+ across products
- Widest cashless network in health (10,500+ hospitals) and motor (13,800+ garages)
- IL TakeCare app = best digital insurance management available
- ICICI Group backing = financial stability
- Comprehensive product range = one insurer for all needs
- Fast claims processing
- 24/7 customer support
- Strong digital buying process
❌ Honest Limitations
- Premium slightly higher than some standalone insurers
- Room rent sub-limits on lower health plan variants
- Pre-existing disease waiting period standard 2-4 years
- Customer service quality varies by channel and city
- Health plans not the cheapest for senior citizens
- Motor claim process can be slow for complex cases
Who Should Choose ICICI Lombard?
Based on this ICICI Lombard insurance review — here is exactly who this insurer suits best.
ICICI Lombard is a strong fit if:
- You want one trusted insurer for multiple products
- You value institutional backing and financial stability
- You prioritise high claim settlement ratios
- You want strong digital tools
- You travel internationally and need travel insurance alongside health coverage
- You own a vehicle AND need health insurance —bundling with one insurer simplifies everything
- Age 24-50 with regular income
- Living in metro or tier-1 city with good hospital network access
How to Buy ICICI Lombard Insurance
All ICICI Lombard products can be purchased entirely online — no agent, no branch visit.
Step 1 → Visit the ICICI Lombard website or use a trusted comparison platform to get quotes
Step 2 → Select the product you need — health, motor, travel, or home
Step 3 → Enter your details — personal information, vehicle details for motor, travel dates for travel insurance
Step 4 → Review the quote and policy features in detail
Step 5 → Fill health declaration for health insurance — disclose all pre-existing conditions accurately
Step 6 → Complete payment online
Step 7 → Policy document delivered to email immediately. Upload to IL TakeCare app.
Total time: 15-20 minutes for most products.
👉 [Explore all ICICI Lombard insurance plans and get your quote]
Your Action This Week
This ICICI Lombard insurance review covers their complete product range — the decision now comes down to your specific situation.
Assess which insurance gap is most urgent for you right now.
No health insurance → Start there. It is the most financially dangerous gap for most Indians.
No motor insurance beyond third party → Upgrade to comprehensive. The premium difference is small relative to the protection added.
Travelling internationally soon → Buy travel insurance before you leave. Non-negotiable.
Homeowner without home insurance → Fix this this week. It is the most affordable insurance relative to the asset value it protects.
👉 [Get your ICICI Lombard quote today — all products available online]
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Let’s build wealth together.
— Madhu Vijay
Disclosure: Always verify current plan features, premiums and claim settlement ratios directly with ICICI Lombard and on the IRDAI official website before purchasing. This post contains affiliate links. This is not financial or insurance advice — please consult a qualified insurance advisor for personalised guidance.