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Looking for a health insurance plan that offers value-packed features like maternity cover, unlimited restoration, and even surrogate mother coverage? ICICI Lombard’s Elevate Plan might just be what you need.

In this blog, we’ll break down the benefits, limitations, and insurer metrics of the ICICI Lombard Elevate Plan, helping you decide if it fits your healthcare needs and budget.

Key Features (USP) of ICICI Lombard Elevate

• Private Single AC Room Coverage: The plan covers hospitalisation expenses for a private single AC room.

• Highly Customisable Benefits: You can opt for unlimited cover, maternity benefits, and new-age inclusions.

• Surrogacy & Donor Coverage: Coverage for surrogate mother and oocyte donor up to ₹5 lakh – a rare offering in health plans.

ICICI Lombard Elevate Plan: Pros

1. Full Inpatient Hospitalisation: Covered up to the sum insured, making it suitable for major medical events.

2. Daycare Procedures: All included procedures are covered up to the sum insured, ideal for minor surgeries and treatments.

3. Unlimited Restorations: Exhausted your cover? No problem. Restoration benefits kick in without limits.

4. Infinite Care Benefit: Offers unlimited coverage for one claim – great for expensive treatments like cancer or heart surgery.

5. Power Booster: Get 100% cumulative bonus every year – your coverage doubles in just one claim-free year!

6. Jumpstart PED Benefit: Reduce your pre-existing disease (PED) waiting period to just 30 days.

7. Competitive Pricing: The plan is fairly priced considering the range of customisations and benefits.

ICICI Lombard Elevate Plan: Cons

1. Room Rent Restriction: Coverage is restricted to private single AC rooms only. No suite or deluxe options.

2. Extra Premium for Non-Medical Items: Charges like gloves, masks, and administrative items are not covered by default.

3. No Annual Health Checkup: Lacks a complimentary health checkup facility which many plans in this segment offer.

4. Below-Benchmark Claim Settlement Ratio: With a CSR of 86.58%, it’s lower than the industry benchmark of 90%, indicating slower or fewer settlements.

ICICI Lombard Health Insurance Metrics (FY 2023–24)

Let’s dive into how the insurer performed over the past year:

Claim Settlement Ratio (CSR)

• By Number of Policies Settled: 86.58%

• By Claim Amount Settled: 77.37%

These figures indicate that while most claims are processed, there might be delays or partial settlements in high-ticket cases.

Incurred Claim Ratio (ICR)

• ICR for FY 2023-24: 71%

This is a healthy ICR range, indicating financial sustainability while still servicing a good number of claims.

Volume of Complaints

• Complaint Volume: 10.53 per 10,000 policies – a manageable number, but something potential buyers should track.

Should You Buy ICICI Lombard Elevate?

Buy this plan if you:

• Want a mid-tier plan with solid customisation.

• Need maternity cover, surrogacy, or oocyte donor coverage.

• Prefer unlimited restoration benefits.

• Want the option to reduce PED waiting period to just 30 days.

Avoid this plan if you:

• Want luxury room or suite coverage.

• Don’t want to pay extra for non-medical items.

• Consider claim settlement ratio a top priority.

Final Verdict

ICICI Lombard Elevate is a feature-rich, customisable health insurance plan ideal for young families, couples planning parenthood, and individuals seeking unlimited cover flexibility. While the CSR could improve, its strong list of benefits and unique maternity/surrogacy options make it a compelling choice.

Before you decide, always compare plans on parameters like claim experience, premium vs benefits, and customer support.

Explore alternatives or get a personalised recommendation with a trusted insurance advisor like Algates Insurance to ensure you’re getting the best plan for your needs.