copy of icici lombard

8/7/2019 Copy of icici lombard

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A

PROJECT REPORT

ON VARIOUS INSURANCE PLAN OF

ICICI Lombard General Insurance

Company Ltd.


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GENERAL INTRODUCTION ABOUT THE SECTOR

Insurance is not the sale of products, but servicing customers. It is a system, by which the losses

suffered by a few are spread over many, Exposed to similar risks. Insurance is a protection

against financial loss arising on the happening of an unexpected event. Insurance companies

collect premiums to provide for this protection. A loss is paid out of the premiums collected from

the insuring public and the Insurance Companies act as trustees to the amount collected. The

very fundamental principle of spreading of the risk is actually practiced by the insurance

companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector

to Private Companies, has made available more products and world class service to Indian

Customer.

This project has been made with an objective to give an insight into various facts of General

Insurance sector in India. An attempt has been made to explain the apex body of General

Insurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries.

Also the review of latest entrants into insurance sector viz. private players like TATA AIG

General Insurance Company, Reliance General Insurance Company limited, Bajaj Allianz

General Insurance Company, IFFCO Tokyo General Insurance Company, Royal Sundaram

General Insurance Company limited and ICICI Lombard General Insurance Company have beendescribed in brief, Due to the growth in the technological sector of the country, the insurance

companies have started utilizing these technologies to itas optimum level.


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About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, Indias second

largest bank with consolidated total assets of over USD 100 billion at March 31, 2010 and

Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial

services company engaged in general insurance, reinsurance, insurance claims management and

investment management.

ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a

Gross Written Premium (GWP) of 36,948 million for the year ended March 31, 2010. The

company issued over 44 Lakh policies and settled over 62 Lakh claims and has a claim disposal

ratio of 96% (percentage of claims settled against claims reported) as on March 31, 2010. The

company has 4,634 employees and 350 branches as on March 31, 2010.

The company has been assigned a domestic rating of iAAA by ICRA (an associate of Moodys

Investors Service) for highest claim paying ability and a fundamentally strong position, for the

fourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer

satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The

company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather

insurance and the Customer and Brand Loyalty award in the Insurance Sector - Non-Life at the

3rd Loyalty awards, 2010.

It was awarded the General Insurance Company of the Year at the 11th Asia Insurance Industry

Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was

adjudged as the most Customer Responsive Company in the Insurance category at the Economic

Times Avaya Global Connect Customer Responsiveness Award 2006. It has the Gold Shield for

Excellence in Financial Reporting by the ICAI (Institute of Chartered Accountants of India)

for the year ended March 31, 2006.
http://www.icicibank.com/http://www.fairfax.ca/http://www.icicibank.com/http://www.fairfax.ca/


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Gross Return premium of the company:

Number of claim Settlement of company:

Number of policies sold by Company:


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Various plan offered by ICICI Lombard General Insurance Company Ltd

Health Plan:

Family Floater Health Insurance

Family Floater Health Insurance from ICICI Lombard offers you the best of both worlds by

taking care of your familys health while helping you save on your taxable income.

Secure your family against financial emergencies during sudden illness, surgery and accidents as

well as against terrorist activities.

Family Floater Health Insurance plan lets you share the entire sum insured among the family

members covered under the policy, without any individual upper limits.

Example:

The Prakash Family is covered under a traditional health insurance plan with individual policies,

of which Mr. Prakash is separately covered for 2 Lakhs, his wife for 1 Lakh, their son and

daughter for 50,000 each. They have paid premium for all these four policies separately. In an


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unforeseen situation, wherein surgery and post hospitalisation bill of their son amounts to 1.30

Lakhs, the existing policy will cover only 50,000, while Mr. Prakash will have to bear the

balance 80,000 from his pocket. However, with Family Floater Health Insurance plan, each

member of the Prakash family can utilize the entire sum insured of 4 Lakhs. Thus in the above

situation, Family Floater would have covered the entire amount of 1.30 Lakhs of medical

expenses of his son.

Policy Details:

Key Benefits

Comprehensive coverage for your family with floater benefit

Cashless claims facility at over4,000+ network hospitals across India

Continue to enjoy quality service even during claim settlements with - ICICI Lombard

Health Care - our own in-house health claim processing and wellness team

No sub-limits on room rent, doctor fees, and hospital charges or for any disease*

No co-payments for any disease or any hospitalisation expenses

Now get a Free health check-up couponfor any one insured family member, valid for the

policy period

No health check-up up to the age of 45 years (age as on last birthday)

Avail tax benefitsunder Section 80D of the Indian Income Tax Act 1961**

Buy Online and pay in EMIs without any extra charges***

Options for one or two year covers (auto renewal) available

Getadditional Sum Insured for every claim free year

Keep your family secured even against expenses for hospitalisation due to terrorist

activities
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What is covered

Medical expenses incurred as an inpatient during hospitalisation for more than24 hours, including room charges, doctor/ surgeon's fee, medicines bills, etc

Medical expenses incurred 30 days prior and 60 days post hospitalisation

Day Care expenses incurred on named advanced technological surgeries and

procedures requiring less than 24 hours of hospitalisation. (Including Dialysis,

Radiotherapy and Chemotherapy)

Pre-existing diseases can be covered after four continuous years of coverage with

the Company*

This policy also covers you for hospitalisation in case of Swine Flu / H1N1

influenza**

What is not covered

Exclusions valid for the first 30 Days

Any illness contracted within 30 days of the inception date of the Policy, except those

that are incurred as a result of an accident. This clause is not applicable on the

subsequent renewals

Exclusions valid for the first 2 Years

Treatment of the following diseases/illness/ailments:

Cataract

Benign Prostatic Hypertrophy

Myomectomy, Hysterectomy unless because of malignancy

Hernia, Hydrocele

Fistula in Anus, Piles

Arthritis, Gout, Rheumatism


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Joint replacement, unless due to accident

Sinusitis and related disorders

Stone in the urinary and biliary systems

Dilatation & Curettage

Skin and all internal tumors / cysts / nodules / polyps of any kind, including breast

lumps, unless malignant / adenoids and hemorrhoids

Dialysis required for chronic renal failure

Surgery on tonsils, adenoids and sinuses

Gastric and duodenal ulcers

If the Policy is renewed with us for two consecutive years, the above diseases / illness /ailments will be covered from the third year. If these are pre-existing diseases at the

time of inception of the policy, the same will be covered after the fourth year onwards, subject to

continuous renewal of the policy with us.

Permanent exclusions

Any illness/ disease/ injury/ pre-existing disease before the inception of the policy.

However, this exclusion ceases to apply if the policy is renewed with the Company

for 4 consecutive years

Non-allopathic treatment, pregnancy and childbirth related complications, cosmetic,

aesthetic and obesity related treatment

Expenses arising from HIV or AIDS and related diseases, use or misuse of liquor,

intoxicating substances or drugs as well as intentional self injury

War, riots, strike, nuclear weapon, induced treatment


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Eligibility

The customer can buy the policy for any family member(s) children and / or

parents

The senior most person to be insured should be between 5 to 60 years of age

The Proposer needs to be aged above 18 years

To cover children aged between 91 days to 5 years, the policy must also cover at

least 1 adult under the same policy

Children under less than 91 days old cannot be covered

Individual(s) proposed for Insurance whose age is 46 years & above have to

undergo medical tests at ICICI Lombard designated diagnostic centers

The policy cover is renewable till the age of 70 year

Income Tax benefits u/s 80D can only be availed for policies bought for Self, Spouse,

Children or Parents

Floater benefit under the policy is available up to the age of 60 years. All floater

policies thereafter will be renewed under individual plan up to the age of 70 years


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Travel insurance plan:

Individual Overseas Travel Insurance

A comprehensive Travel Insurance policy that covers unexpected medical and non-medical

expenses when you are travelling abroad. Avail of benefits like Checked-in Baggage loss/

delay and unique facilities such as Cashless hospitalisation, worldwide.

Our Travel Insurance plans are the most preferred among others because we cover Pre-Existing

diseases in life-threatening emergency situations.*

Policy details :

Key Benefits

Cashless hospitalisation facility available worldwide

Avail of quality health care through our tie up with UnitedHealth International (UHI is

a leading US based health care provider)

No medical check-up required

The insurance also covers medical evacuation costs back to India

Pre-existing diseases are covered under life-threatening situations*

Coverage available up to 360 days (Original policy for 180 days and extension for

additional 180 days)

Pay Per day: Slab rate for first 7 days only, then pay on a per day basis

Extend the policy online in case you extend the trip, pay only for number of days

extended.

This policy also covers you for hospitalisation in case of Swine Flu / H1N1 influenza.


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View details of policy Coverage:


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What is not covered

Pre-existing conditions except in case of life-threatening situations

Addiction to alcohol, drugs

Mental disorder, anxiety, depression

Venereal diseases

Sexually transmitted diseases, AIDS, HIV

Radiation, nuclear weapons induced

Sporting activities

Expenses arising out of loss of valuables, money, securities and tickets

Loss of passport in public places

Travel Insurance - A must have companion for every trip, Choose Wisely

Travel insurance is something you should never forget whenever planning an overseas trip. It is

essential because it covers you against medical and other financial emergencies that may incur

during your travel. While a low cost policy does cover the basics, it usually does not cover all

matters of emergencies.Travel insurance is one area where it is not advisable to buy the cheapest

policy. Always do a little research to determine the levels of cover offered with the policy.

What you should expect

Typical services offered by travel insurance providers are, emergency repatriation and/or

evacuation, medical expenses incurred while travelling, personal accident cover, travel

cancellation and delay, theft, checked-in baggage loss and delay, loss of passport, missed

connection and personal liability coverage

.Always play safe

Remember that this could happen to anyone, no matter what your age or current health. A simple

accident or a terrible stomach upset due to foreign food can result in the need for this kind of

emergency care. Travel medical insurance coverage will either pay for your treatment at the

nearest medical facility, or allow you to choose the medical hospital or clinic where you want to

avail of the required treatment.
http://www.icicilombard.com/app/ilom-en/personalproducts/Travel/Individual_Overseas.aspxhttp://www.icicilombard.com/app/ilom-en/personalproducts/Travel/Individual_Overseas.aspxhttp://www.icicilombard.com/app/ilom-en/personalproducts/Travel/Individual_Overseas.aspx


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.Travel Worry-free

If you think travel insurance is not necessary because you plan to spend all your time just

vacationing and sight seeing, think again. If necessary, pay a little more for adequate insurance

and buy yourself not just peace of mind, but a whole lot more cover where you may need it most.

Travel Insurance is designed to protect your health, belongings, and your financial investment in

your trip, for you and your family.


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Motor insurance:

Car Insurance:

It took Mr. Manas Pandit only two minutes to know how much money he could save on his car

insurance premium. Get a free quote to know how much Money you could also Save on

yourCar Insurance Premium.

Car Insurance Premium is calculated based on the car's Model, Age and the Registration City.

Due to this Pricing Model, in some cases, the premium for similar cars could be higher as

well.

Policy Details

Key Benefits

A digitally signed policy is issued immediately through our online facility.

Access to over2700+ network garages for cashless claims servicing across India.

Optional Personal Accident cover of up to . 2 Lakhs for co-passengers.

Doorstep surveyor facility to cover your car with a gap in insurance.

Avail NCB on renewals if no claim is made during the previous policy period.

Know more

Towing charges up to 1,500 in case of accidental damage (as per the policy

terms and conditions).

Transfer all No Claim Bonus (NCB) benefits when shifting your motor insurance

policy to ICICI Lombard.

5% discount for recognised Automobile Associations Members.

2.5% discount for ARAI approved anti theft device in your vehicle.

Avail add-on covers for items such as fog lights, music system and seat covers.

Buy Online and pay in installments without any extra charges.
http://www.icicilombard.com/app/ilom-en/personalproducts/Motor/cashless-garage.aspxhttp://www.icicilombard.com/Content/ilom-en/Downloads/Motor/no_claim_bonus_schedule.htmhttp://www.icicilombard.com/app/ilom-en/personalproducts/Motor/cashless-garage.aspxhttp://www.icicilombard.com/Content/ilom-en/Downloads/Motor/no_claim_bonus_schedule.htm


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What is covered

Loss or Damage to your vehicle against Natural Calamities

Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest,

inundation, cyclone, hailstorm, frost, landslide, rockslide.

Loss or Damage to your vehicle against Man-made Calamities

Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any

damage in transit by road, rail, inland waterway, lift, elevator or air.

Personal Accident Cover

Coverage of 2 Lakhs for the individual driver of the vehicle while travelling, mounting or

dismounting from the car. Optional personal accident covers for co-passengers available.

Third Party Legal Liability

Protection against legal liability due to accidental damages resulting in the permanent injury or

death of a person, and damage caused to the surrounding property.

What is not covered

Normal wear and tear and general ageing of the vehicle.

Depreciation or any consequential loss.

Mechanical/ electrical breakdown.

Wear and tear of consumables like tyres and tubes unless the vehicle is damaged

at the same time, in which case the liability of the company shall be limited to 50%

of the cost of replacement.

Vehicles including cars being used otherwise than in accordance with limitations

as to use.

Damage to/ by a person driving any vehicles or cars without a valid license.

Damage to/ by a person driving the vehicle under the influence of drugs or liquor.

Loss/ damage due to war, mutiny or nuclear risk


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Sum Insured

All vehicles are insured at a fixed value called the Insureds Declared Value (IDV).

IDV is calculated on the basis of the manufacturers listed selling price of the vehicle

(plus the listed price of any accessories) after deducting the depreciation for every

year as per the schedule provided by the Indian Motor Tariff.

If the price of any electrical and / or electronic item installed in the vehicle is not

included in the manufacturers listed selling price, then the actual value (after

depreciation) of this item can be added to the sum insured over and above the IDV.

In case of vehicles fitted with bi-fuel system such as Petrol/ Diesel and CNG/ LPG,

permitted by the concerned RTO, the CNG/LPG kit fitted to the vehicle is to be

insured separately at an additional premium of 4% on the value of such kit. You need

to specifically declare this in the proposal form.


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