ICICI Lombard Accident insurance policy suggestion

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guest_999

I am frequently getting ICICI Lombard Family Shield accident insurance offer in my emails & it does kind of look fine so planning on taking it. If anybody has any ideas/suggestion/reviews about it then post here.

Policy Brochure:
https://kgfinserv.com/MaxBupa/4.%20ICICI%20Lomb...

Policy Schedule:
https://www.irdai.gov.in/ADMINCMS/cms/Uploadedf...

@drjpatwa @caks2006407 @Manitian @Ramta_Jogi

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Lombard is considered one of the best insurance providers in terms of their customer service. Their premiums are on the higher end but they’re known to be diligent during claims processing and don’t nitpick every minor infraction. . I have a similar cover provided via my employer so I can vouch for this. You can use turtlemint to compare insurance without sharing your email/phone.

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Chudiya wrote:

Lombard is considered one of the best insurance providers in terms of their customer service. Their premiums are on the higher end but they’re known to be diligent during claims processing and don’t nitpick every minor infraction. . I have a similar cover provided via my employer so I can vouch for this. You can use turtlemint to compare insurance without sharing your email/phone.

100% correct
ICICI Lombard is the best, has a very good market cap, more than 12 years old, provides 2 yr waiting period(which is again lowest in industry)
Though the premium is a bit higher than others, make sure you read all TnC thoroughly

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Why to take Accident package policy seperately? Instead you can take good base + top-up policy with high amount coverage? Just got doubt.

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jaybro wrote:

Why to take Accident package policy seperately? Instead you can take good base + top-up policy with high amount coverage? Just got doubt.

I am getting it for around 12k with 50 lakh SI for 3 years with family protection. I am planning on taking health insurance policy separately as that requires more analysis.

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guest_999 wrote:

I am getting it for around 12k with 50 lakh SI for 3 years with family protection. I am planning on taking health insurance policy separately as that requires more analysis.

I would suggest you to check for individual health Insurance first and later comeback to this seperate policy. Some insurers offer accident policy as add-on to normal health insurance plan. Grab the more details. Check the differences what this seperate policy is offering more benefits than normal policy with high coverage.

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jaybro wrote:

I would suggest you to check for individual health Insurance first and later comeback to this seperate policy. Some insurers offer accident policy as add-on to normal health insurance plan. Grab the more details. Check the differences what this seperate policy is offering more benefits than normal policy with high coverage.

I currently don’t have any policy in my own name(family policy is taken by parent) so what’s the harm in taking this policy now at a rate of ~4k per year with 50 lakh SI compared to taking a health insurance policy of 10 lakh SI at ~15k per year & then add accident policy add-on or am I missing something here.

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guest_999 wrote:

I currently don’t have any policy in my own name(family policy is taken by parent) so what’s the harm in taking this policy now at a rate of ~4k per year with 50 lakh SI compared to taking a health insurance policy of 10 lakh SI at ~15k per year & then add accident policy add-on or am I missing something here.

Yeah, there is no harm in doing that buddy. My thoughts are, with that same 4k, you would get good super top-up(depends on age) with high coverage which indirectly covers the amount which you are going for seperate accident policy(it might have special benefits related to accidental coverages). I don’t have any objection, you just depend on your own analysis and own observations. Get thoroughness with the details. Yes, get awarness of these matters really make a difference.

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jaybro wrote:

Yeah, there is no harm in doing that buddy. My thoughts are, with that same 4k, you would get good super top-up(depends on age) with high coverage which indirectly covers the amount which you are going for seperate accident policy(it might have special benefits related to accidental coverages). I don’t have any objection, you just depend on your own analysis and own observations. Get thoroughness with the details. Yes, get awarness of these matters really make a difference.

It is my first time buying such policy so all feedback & suggestions are appreciated. When you say “with same 4k get super top-up” then are you aware of any super top-up from icici lombard which can give 35 lakh SI for loss of one entire hand/foot, 25 lakh for loss of one eye etc(see the policy schedule pdf in my first post page no.16) for around 4k per year because as I understand the super top-up for such high SI does not come for as cheap as 4k per year.

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guest_999 wrote:

It is my first time buying such policy so all feedback & suggestions are appreciated. When you say “with same 4k get super top-up” then are you aware of any super top-up from icici lombard which can give 35 lakh SI for loss of one entire hand/foot, 25 lakh for loss of one eye etc(see the policy schedule pdf in my first post page no.16) for around 4k per year because as I understand the super top-up for such high SI does not come for as cheap as 4k per year.

Yes buddy, you are correct, no policy gives you the fixed amount of money for disability, permanent loss of body parts ..etc unless it is accidental health policy. Actually you can consider this add-on while buying term insurance plan also(cheaper I think). I feel critical illness plan should be bought for safe hands. Anyway, it comes to specification and take a call by individual choice, as you are thinking of accidental loss, then you can definitely go for this policy. It is as simple it is. Yeah, with Lombard booster(with deductible 5L) premium shows around 7k, comparatively it’s expensive. I remember max bupa Recharge (with deductible 5L) offers super top up plans cheaper.

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@jaybro In your opinion which health insurance policy is overall better, ICICI Lombard or Max Bupa as I read in @drjpatwa google spreadsheet that online reviews of Max Bupa are not good even though feature wise it is the best policy.

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guest_999 wrote:

@jaybro In your opinion which health insurance policy is overall better, ICICI Lombard or Max Bupa as I read in @drjpatwa google spreadsheet that online reviews of Max Bupa are not good even though feature wise it is the best policy.

I don’t want any one to consider them, please do your own research. I found these are good and I have one rule. If you declare everything correct and have gone through every policy wordings before taking the insurance, you can’t be rejected by anyway, you can raise complaint to IRDAI if needed. Region specific and tie up with hospitals around you also make difference in some scenarios. I have many things to say but I can’t remember.
.

1. Max bupa Reassure
2. Hdfc Ergo Optima Secure
3. Star Comprehensive
4. Care Plus
5. Icici Lombard
.

Above order is not in priority, I just entered randomly.

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jaybro wrote:

I don’t want any one to consider them, please do your own research. I found these are good and I have one rule. If you declare everything correct and have gone through every policy wordings before taking the insurance, you can’t be rejected by anyway, you can raise complaint to IRDAI if needed. Region specific and tie up with hospitals around you also make difference in some scenarios. I have many things to say but I can’t remember.
.

1. Max bupa Reassure
2. Hdfc Ergo Optima Secure
3. Star Comprehensive
4. Care Plus
5. Icici Lombard
.

Above order is not in priority, I just entered randomly.

Actually my friend has Star Comprehensive but it seems like for my age it will be quite costly compared to some others though feature wise it also seems to be better. In icici lombard there is no air ambulance & also ncb is just 10% year with max ncb cap limited to 50% while for others these values are 50% & 100% respectively. Also icici lombard does not seem to have Shared accomodation/Hospital Cash Benefit(what exactly is it, I mean expenses(room + treatment) are covered anyway so what exactly does this cover).

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guest_999 wrote:

Actually my friend has Star Comprehensive but it seems like for my age it will be quite costly compared to some others though feature wise it also seems to be better. In icici lombard there is no air ambulance & also ncb is just 10% year with max ncb cap limited to 50% while for others these values are 50% & 100% respectively. Also icici lombard does not seem to have Shared accomodation/Hospital Cash Benefit(what exactly is it, I mean expenses(room + treatment) are covered anyway so what exactly does this cover).

Yes, correct, for Lombard complete health policy, you have NCB as 10%, actually it is good one for Young age people(as they don’t get hospitalized at early age), if there is no claim, it increases gradually to Max Cap and if there is claim, NCB decreases gradually instead of sudden drop like 50% or 100% as like other companies offering. I recommend NCB with lower % for people below 35 and 50%-100% is better for above 45. Also with lombard, you get less cap up to 50% on SI. I think Air Ambulance is there for Lombard, can you check the latest broucher?
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Hospital Cash Benefit, Insurer will give the certain amount for certain number of days for expenses related to outside of the hospital expenses, mostly every insurer would give 1500 per day. It can be added as separate add-on. Not sure of Shared Accommodation, if there is no room cap limit, it won’t raise any problem regarding the type of room, per day limit..etc. For young age people, no room cap option is not expensive, in case of old aged, premium would be higher. In the case where anyone doesn’t want to take no room cap, they should take better base plan amount(at least 10L) and good Super Top..

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@jaybro See this pdf policy wording of icici lombard complete health cover:
https://www.icicilombard.com/docs/default-sourc...

On p17 it mentions sub limits table which are less I think & one needs to have at least SI of 7 lakhs to avoid these sublimits.

Also there seems to be a new version of policy:
https://www.icicilombard.com/docs/default-sourc...

Both of the above currently available or the latest version only is available now?

What is 1A+1K mean in premium charts at the end of above pdf new version?

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guest_999 wrote:

@jaybro See this pdf policy wording of icici lombard complete health cover:
https://www.icicilombard.com/docs/default-sourc...

On p17 it mentions sub limits table which are less I think & one needs to have at least SI of 7 lakhs to avoid these sublimits.

Also there seems to be a new version of policy:
https://www.icicilombard.com/docs/default-sourc...

Both of the above currently available or the latest version only is available now?

What is 1A+1K mean in premium charts at the end of above pdf new version?

Still digesting that p17 part, they said A B C columns, but they didn’t mention base plan for each. Will review these PDFs in system tomorrow and let you know buddy. Not sure which one is new, I just selected some random values and got the below page. If you browse to this page, it has download brouchers at the end of the web page. Just check them once, let’s discuss.
.
http://www.icicilombard.com/health-insurance/ge...
.
A- adult and K – kid. It should be family floater policy, not an individual.

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No idea about any health/accident policy. Am surrounded by people whose claim was rejected time and again by different insurers .. Some had to fight for it for 11 years before finally managing to get their dues. I have instead put that premium amount in sip of 1k per month since a long time which has now added up to the “sum insured”. I intend continuing with that.

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Ramta_Jogi wrote:

No idea about any health/accident policy. Am surrounded by people whose claim was rejected time and again by different insurers .. Some had to fight for it for 11 years before finally managing to get their dues. I have instead put that premium amount in sip of 1k per month since a long time which has now added up to the “sum insured”. I intend continuing with that.

Depends bro, yes, there are many chances to get the claim rejection. If we are genuine and declare every piece of information, most of the cases, they won’t be any problem. Investment in sips is very good option. But being insured up is also most important for every individual. Decision is upto you.

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jaybro wrote:

Depends bro, yes, there are many chances to get the claim rejection. If we are genuine and declare every piece of information, most of the cases, they won’t be any problem. Investment in sips is very good option. But being insured up is also most important for every individual. Decision is upto you.

Matter of faith I guess. I don’t have any on health insurers.

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Ramta_Jogi wrote:

No idea about any health/accident policy. Am surrounded by people whose claim was rejected time and again by different insurers .. Some had to fight for it for 11 years before finally managing to get their dues. I have instead put that premium amount in sip of 1k per month since a long time which has now added up to the “sum insured”. I intend continuing with that.

Insurance works on the premise of ‘good faith’, if the insurer and company are open in terms of risks with each other then the claim has no reason to be rejected. The vast majority of rejected claims are due to misreported facts during policy signing or clear violation of conditions. (e.g. not disclosing past smoking, occasional liquor, accidental claims wherein the deceased has broken traffic rules, hiding major surgeries, medical treatments etc.). People would rather lie to pay lower premium than be honest and ensure a smooth claim in the event of risk.

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Chudiya wrote:

Insurance works on the premise of ‘good faith’, if the insurer and company are open in terms of risks with each other then the claim has no reason to be rejected. The vast majority of rejected claims are due to misreported facts during policy signing or clear violation of conditions. (e.g. not disclosing past smoking, occasional liquor, accidental claims wherein the deceased has broken traffic rules, hiding major surgeries, medical treatments etc.). People would rather lie to pay lower premium than be honest and ensure a smooth claim in the event of risk.

I miss erstwhile Religare global plans

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Before choosing any insurer, always the claim settlement ratio. The claim settlement ratio is lowest for private insurers.

Missing