ICICI Lombard's Complete Health Insurance : Review - Exclusive First Look

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Medimanage.com Exclusive: The "big boys" of the Private sector, ICICI Lombard, Bajaj Allianz, Reliance somehow never revolutionized their products in Health Insurance, since they were launched in the decade of 2000. For instance, most of these companies, didn't offer "Lifetime Renewals", and more often than not, restricted their cover to Rs. 5 Lakhs sum insured

At the same time, specialized insurance companiesm being focussed on Health Insurance,  like Apollo Munich, Max Bupa and Star Health, with their quick, innovative products and distribution were pulling attention of the cream "maximizer" class of customers. The growing "maximizer" class of customers who painfully research product options, and then sign up with a reliable product which gives them "maximum bang for their buck". These are customers who are willing to "pay more", and are conscious about planning for the long term, instead of being driven by what the neighborhood agent offers. 

ICICI Lombard seems to be the first of the big boys to finally "listen" to this new class of customers (and new class of competition), and launch a fresh new product named - "Complete Health Insurance".

Here's the first exclusive look at the product's key features. 

Key Features of ICICI Lombard Complete Health Insurance:

  • Wide Range of Sum Insured, from Rs. 1-50 Lakhs (à la Max Bupa) 
  • No Entry Age Limit (à la Max Bupa)
  • Lifetime Renewable (à la Apollo Munich, Max Bupa, Tata AIG, L&T)
  • 10% Cumulative Bonus. 
  • Unique 2 Years waiting Period for Pre-existing Diseases for more than Rs. 3 Lakhs Sum Insured. 4 years for less than Rs. 3 Lakhs Sum Insured. 
  • Unique Option to reduce the premium, by accepting sub-limits on common surgeries. 
  • A complete host of Optional Covers (practically, everything a customer asks for)  from Maternity, to OPD, to Hospital Cash, to Critical Illness. The covers here are over and above Sum Insured
  • Host of Value Added services for Floater plans, starting from Free Health Checks, to Online Chat with Doctor, to Specialist e-Consultation to Discount Coupons, depending on the plan you opt for. 

Comparison of ICICI Lombard Health Insurance, Max Bupa and Apollo Munich:

Here's a detailed comparison of the benefits: 

The product looks great. To an extent better than the current products in the market. For the premium line of more than 10 Lakhs sum insured where only Max Bupa was the option, you now have a better ICICI Lombard product (since it is without room category capping or copay at subsequent older age, like Max Bupa)

Comparison of Premium between ICICI Lombard, Apollo Munich, Max Bupa, and other leading products:

Here's a simple comparison of premium quotes for a family, Husband 30 years, Wife 29 years, Kid 2 years for a Rs. 3 Lakh Cover.

Higher Sum Insured Comparison of Premium between ICICI Lombard, Max Bupa, and Apollo Munich

Family in Mumbai - Husband 35, Wife 35, Son 7, Daughter 5

Our Take:

Most of the people we talk to today, are either uncovered or undercovered with respect to Hospitalization expenditure. The need of the hour is the highest sum insured health insurance plan affordable, instead of a plan with a low sum insured (given the budget) or a high sum insured expensive plan, with the classic bells and whistles (Free Medical Test, OPD etc.) 

For a healthy family, in the sum insured of Rs. 3 - 15 Lakhs, Apollo Optima Restore with more attractive premium, and the 50% No Claim Bonus, and Restore benefit, turns out to be a better option than ICICI Lombard. 

Another deal breaker is the "upto 200% loading" clause. 

In the 20, 30 and 50 Lakhs Sum Insured, ICICI Lombard turns out to be more economical choice than Max Bupa. What's more ICICI Lombard, does not have the 20% Copay clause after 65 years of age too. 

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