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The joint venture that happened between ICICI Bank Ltd. (the second largest bank in India) and the Canadian financial services company Fairfax Financial Holdings Ltd. resulted in the formation of ICICI Lombard General Insurance Company Ltd. the company was founded back in the year 2001.
ICICI has a total asset value of $100 billion while Fairfax has a net worth of $37 billion. ICICI Lombard is the largest insurance company in the private sector and deals in general insurance, investment management, insurance claims management and general insurance. The company offers insurance through its 257 branches, thousands of intermediaries and its online website.
It has a presence in every state and city in India. The insurance portfolio of the company has car insurance, two wheeler insurance, weather insurance, home insurance, international travel insurance (for individuals, families and students), and health insurance. While ICICI Lombard’s 64% share lies with ICICI Bank, 35% lies with Fairfax.
Some facts about ICICI Lombard General Insurance The ICICI Lombard Ltd. financial statistics are highly exciting, impressive and favorable for the average consumer. The company:
The ICICI Lombard car insurance policy offers you peace of mind while traveling to any part of the country. It connects to thousands of garages across India, offers you roadside assistance, and is also quite affordable.
The policy is designed keeping in mind the conditions of driving in India and has provisions that will comfort both urban and rural citizens. A comprehensive ICICI Lombard card insurance review points out that the benefits of the policy are:
Any damage or loss to the vehicle caused by a range of natural calamities including explosion, fire, lighting, self-ignition, typhoon, first, landslide, inundation, cyclone, rockslide and hailstorm is covered. Hence no matter which part of the country you are traveling, the ICICI car insurance is there to help you in the most adverse of conditions.
Damage or loss to the vehicle that occurs due to the man-made causes has also been covered. These include riot, theft, burglary, malicious acts, strike, terrorist damage, and an accident caused by some kind of external means, Damages that occur to the vehicle during transit by air, elevator, inland waterway, rail, and road are also covered.
The policy offers a cover of up to Rs 2 lakhs for the vehicle’s driver individually. The cover extends to include injury or fatality caused while traveling with the vehicle or while mounting or dismounting it.
The policy also offers protection against all kinds of legal liabilities that occur because of an accident and include damage to property, injuries, and fatality.
There are also certain exclusions to the ICICI Lombard Car Insurance Policy. These include:
For death, a permanent disability (caused by an injury that occurs during an accident), and loss of 2 limbs or 2 eyesight ( or 1 limb and one eyesight), ICICI reimburses 100% of the sum insured. If the insured person loses one eye sight and one limb, the company reimburses 50% of the sum insured.
The ICICI Lombard car insurance policy also has the non-claim bonus or the “NCB” provision. NCB may vary from 20% to a maximum of 50% depending on time. For details, click the link here. The consumer can also shift all his/her NCB when he or switches to the ICICI Lombard car insurance from any other insurance company’s policy.
The IDV or the Insured Declared Value of the car, or the sum insured, is fixed at policy’s start or commencement date. The IDV or sum insured is evaluated by considering the price of the car that has been fixed by the manufacturer and by adjusting the depreciation. The depreciation amount varies with the age of the car and can be up to 50% at the end of 5 years of the car purchase.
In case you wish to claim the ICICI Lombard car insurance policy cover, you just need to SMS to 575758 the word “CLAIM”. The customer care representatives will call you back within 30 minutes. You will be subsequently provided with a claims settlement number. You will be required to produce the documents (including the policy certificate, registration certificate and other kinds of documents) when the company representative meets you in person. You can also contact the nearby ICICI Lombard office or can register your concern online.
A deductible is that monetary cost of damage to a vehicle that the insured person bears in case there is a claim. The company (that in this instance is ICICI Lombard) bears what you pay above a sum of Rs 1000. For instance, if there is a claim of Rs 1500, ICICI Lombard pays a reimbursement of Rs 500, for cars less than 1500 cc engine capacity. Deductible amount for cars above 1500 cc is Rs 2000.
While the customers can always renew the car insurance policy online itself in a matter of seconds, the company also has thousands of IRDA certified intermediaries that can do the job for you. With discounts on each successive ICICI Lombard car insurance renewal, you will find the ICICI Lombard car insurance policy much more affordable than what its competitors are offering.