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ICICI Lombard Health AdvantEdge logo

ICICI Lombard Health AdvantEdge

beshak-icon star
4.8/ 5
Claims Experience:
4.4
4.4/5
Customer Service:
5.0
5/5
Product Benefits:
5.0
5/5

Introduction to ICICI Lombard Health AdvantEdge

ICICI Lombard Health AdvantEdge is a health insurance policy offered by ICICI Lombard Health Insurance Company Limited. A health insurance plan promises to pay for hospitalization-related expenses. It acts as a protective shield for savings and healthcare, so you and your family can live a happy, fulfilling life. ICICI Lombard's Health AdvantEdge Plan is a robust, comprehensive, and affordable health insurance plan that provides highly flexible coverage and a variety of features, benefits, and add-ons to meet your and your family’s unique medical needs. 

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INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: ICICI Lombard Health AdvantEdge

This plan is a good option for those seeking cost-effective yet comprehensive health insurance coverage. It combines affordability with an array of features and benefits, making it an ideal choice. Not only is it cost-effective compared to other similar products in the market, but it also offers coverage for numerous expenses such as consumables, bariatric surgery, maternity expenses, OPD expenses along with hospitalization-related expenses. The fact that you cannot choose to pay the premiums on a monthly basis is one of the drawbacks of the product. Further, our research suggests that the insurer has received fewer claim settlement complaints but a higher number of policy purchase complaints.

Pros & Cons: ICICI Lombard Health AdvantEdge

  • arrow Fairly priced in comparison to other products in the market
  • arrow No restrictions on the type of hospital room you choose
  • arrow Covers expenses associated with pregnancy
  • arrow Covers outpatient department costs, such as medications, tests, consultations, etc.
  • arrow Covers non-medical expenses or the cost of consumables such as gloves, oxygen masks, nebulization kits, etc.
  • arrow Covers Bariatric surgery for weight loss
  • arrow Option to automatically increase the cover amount based on previous year's inflation
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Monthly premium payment mode not available
  • arrow Received higher number of complaints during policy purchase compared to other insurers
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

Specific Exclusions: ICICI Lombard Health AdvantEdge

01 Injury or disease due to war, invasion, act of foreign enemy, and warlike operations
02 Injury or illness due to nuclear, chemical or biological attack or weapons

Special Conditions: ICICI Lombard Health AdvantEdge

01 Under Domiciliary Treatment Cover, the costs of qualified nurses hired on the attending medical practitioner's recommendation are covered
02 Under Organ Donor Cover, expenses for treating complications in a donor's surgery are covered
03 Under Organ Donor Cover, screening expenses of the organ donor are covered

About ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited logo

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. This private general insurance company offers a well-diversified range of insurance products such as motor insurance, health insurance, personal accident insurance, crop insurance, fire insurance, marine insurance, etc. It was founded in 2001 and is headquartered in Mumbai, Maharashtra. Mr. Bhargav Dasgupta is the company's CEO and MD.

Founded in
2001
JV Partners
ICICI Bank Ltd and Fairfax Financial Holdings Ltd
Turnover (GWP)
1955.59 Crores
Number of Policies
74,52,718
Number of Claims
6,69,593

Detailed Product Specs: ICICI Lombard Health AdvantEdge

Claims Experience 4.4/5 star green
Customer Service 5/5 star green
Product Benefits (10L Sum Insured) 5/5 star green
Limits and Exclusions advisor
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.74%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.13%
Claims Incurred Ratio
78.73%
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
61.21%
No. of Cashless Hospitals
7,500+

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Notes
  1. The health insurance data was last updated in June 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), IRDAI annual report (2021-22), insurer websites, and the IRDAI website. 
  2. For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.
  3. We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service. 
  4. Affordability assessment of plans: 
    • The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 31st June 2023.
    • The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 31st June 2023.
  5. The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans. 
  6. Only those hidden and special conditions that apply to the benefits and features we have considered are included in the product pages. 
  7. The product pages only include the most significant specific exclusions under each plan.
  8. The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).
  9. If the policy wording, brochure, or prospectus state that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.
  10. The response time on Twitter (Beta) was calculated using a sample set of tweets from April, May, and June 2022 (analyzed in August, September, and October 2022). 
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