October 5, 2022
ICICI Lombard accidental insurance

ICICI Lombard accidental insurance

ICICI Lombard accidental insurance is a type of insurance. ICICI Lombard provides an accident policy for the family members if the insured does not have dependents and if there is no death. It is a type of life insurance with a cashless option. This article will focus on why people purchase this kind of insurance and what determines its cost.”

If you’re looking to buy accidental insurance, make sure that you decide between ICICI Lombard accidental insurance and another type of accident policy. For one thing, they both cover different things.

What is ICICI Lombard accidental insurance?

ICICI Lombard accidental insurance is a type of accidental insurance. The policyholder pays an agreed “premium” (set by the insurer) to secure coverage should he be involved in an accident. It is mainly sold as a protection against death but will “double-up” as a form of health-casualty insurance.

This type of policy was introduced in 2003 after ICICI Lombard purchased Summit India Insurance, which had pioneered this kind of contingency insurance. The idea behind accident cover is to allow families who cannot afford full coverage for their family members to buy partial cover, paying lower premiums than those paid on full coverage options.

How do I claim accidental insurance from ICICI Lombard?

If you want to claim accidental insurance from ICICI Lombard, you need to contact the customer service number or the claims department on your policy. You’ll need to be able to provide details like your name, policy number, and the date of the accident. Depending on how comprehensive your policy is, you’ll also require details of any witnesses and documentation of expenses incurred due to the accident.

ICICI Lombard accidental insurance coverage includes 6 types of death in all. These are death by accident, death by suicide, death from an assault, death from an animal attack, accidental poisoning or drug overdose, and accidental drowning.

Suppose you have an entire family health-casualty policy with ICICI Lombard. In that case, it will also cover you for costs associated with any permanent disability arising from an accident and the cost of your funeral. These might include medical treatment costs, lost earnings, and funeral expenses.

What is the procedure for claiming my ICICI Lombard accidental insurance?

When you report a claim for accident insurance from ICICI Lombard, the insurer will require you to provide an eyewitness at the time or shortly after the incident. In addition, the insurer will want to know details of the injuries sustained and their impact on your life. In some instances, the insurer might want you to fill out a form when dealing with your claim, as mandated by law.

As a general rule, ICICI Lombard will pay compensation to you only after thoroughly investigating your claim and providing you with a full report confirming that they are responsible for paying compensation. This generally takes between 10 to 45 days.

ICICI Lombard accidental insurance

Which is the accidental insurance scheme?

There are 3 main types of accident insurance schemes. These are ordinary accident policies, hybrid accident policies, and accidental track policies. This article discussed the ICICI Lombard accidental insurance.

Accident policies

Accident policies are generally sold as stand-alone and will not include any other cover. They allow you to claim in case you are injured. All insurance policies are classified into ordinary accident policies (usually provided by “Indian” insurers that the Government of India has granted a license) and those provided by foreign insurance companies.

Hybrid accident policies

A not licensed company provides hybrid accident policies to provide accident cover. This is because you will be insure by a foreign insurer. Which offers the policy without going through the rigorous approval process of Indian insurers. This type of insurance can offer you some benefits. But it will be costly (and in most cases, there won’t be any benefit at all).

Accidental track policies

Insurers do not recommend these as they generally won’t pay a claim. If there was no fault on the policyholder’s part. Although these policies were available in limited numbers from foreign insurers. Looking to tap into this market, they have been discontinue altogether.

What is ICICI Lombard insurance compare with other accidents insurance policies?

If you’re considering buying a type of accident cover. It’s probably worth looking at what other options are available before making a final decision. There is the option to buy a comprehensive family health-casualty policy from ICICI Lombard. Which will cover damages to your person incurred as a result of an accident. And costs associated with any permanent disability arising as a result of your injury or death.

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