ICICI Lombard Elevate

Overview

ICICI Lombard Elevate is a decent health insurance plan which covers all the base benefits well. The base variant has limited features but the plan comes with an array of add-ons that give you the flexibility to pick what you want. You can choose unlimited coverage, add unlimited cumulative bonus, reduce waiting periods on PEDs, upgrade your room, add maternity coverage and much more. 

Since the base variant offers nothing fancy, it’s fairly priced. You can consider this plan if you are looking for decent benefits at affordable pricing. However, there is one cause of concern. ICICI Lombard’s claim settlement ratio is below the benchmark we recommend.

Get full cover on hospitalisation expenses

The plan covers hospitalisations expenses at actuals without any disease-specific sub-limits. However, the room rent cover is restricted to a single private AC room. ICU charges are covered at actuals.

Day care procedures fully covered

Many advanced surgeries or procedures done under anesthesia now require less than 24 hour hospitalisation. These are called day care treatments. Your insurer fully covers the cost of such procedures or treatments.

Get cover for pre and post hospitalisation expenses

The plan covers hospitalisation-related medical expenses 90 days before and 180 days after hospitalisation. These include consultations, diagnostic tests, medication and other related expenses.

Alternative medicine covered

Want to take alternative treatment like Ayurveda or Homeopathy? Don’t worry. Your insurer fully covers your hospitalisation and related expenses.

Get cover even if you are forced to be hospitalised at home

Are you forced to be hospitalised at home? Imagine this. No beds available in the hospital or the patient’s medical condition does not allow him to be moved to a hospital. This is called domiciliary hospitalisation. Your insurance policy covers the cost of hospitalisation if it happens for at least 3 consecutive days under the supervision of a medical practitioner.

Surrogacy and oocyte cover available

This plan provides coverage for surrogate mother and oocyte donor up to Rs. 5 Lakh. This is an inbuilt cover and does not require you to pay an extra premium.

Get cover for weight loss treatment

Want to undergo weight loss treatment? The plan covers hospitalisation expenses for weight loss treatment up to sum insured if certain conditions are met. 

Unlimited restorations of sum insured available

Even if you claim a part of your base cover, you don’t have to worry about the coverage for future claims. Your insurer restores your full sum insured for all future claims any number of times during a policy year. This feature comes handy if you make multiple claims during a policy year under the same policy.

Get world wide coverage for any illness

Take treatment anywhere in the world. Your insurer covers the hospitalisation expenses for planned treatments as well as emergencies, even outside India, after a waiting period of 2 years. This is an add-on benefit.

Get unlimited coverage for any one claim in policy lifetime

Opt for Infinite Care add-on and get unlimited coverage for any one claim in the policy lifetime. This add-on is available only at policy purchase.

Option to reduce waiting period on PEDs to 30 days

Cut the waiting period from 36 months to just 30 days with the Jumpstart rider. The add-on reduces the waiting period for illnesses such as asthma, diabetes, hypertension, hyperlipidemia, obesity or coronary artery disease. Definitely a great add-on for those living with these chronic illnesses.

Get non-medical items covered with an add-on

Non-medical items usually constitute 10% to 20% of hospitalisation expenses for each claim. The base variant of ICICI Lombard Elevate does not cover this cost. However, with Claim Protector add-on, you can make your insurer cover these costs too.

Get 100% cumulative bonus every year for infinite period

Power Booster add-on gives you 100% guaranteed cumulative bonus every year without any limit. So, your cover keeps on increasing with time, irrespective of the claims you make. This add-on is not available for the unlimited sum insured option.

Annual health checkup available with an additional premium

Opt for this add-on and get a pre-defined free health check-up every year, subject to limits. You can avail this benefit only at a network provider centre on a cashless basis. This benefit has a separate limit over and above the base coverage.

Get additional critical illness coverage for 20 listed illnesses

If you want extra coverage for life-threatening critical illnesses, opt for Critical Illness add-on. The add-on covers 20 critical illnesses and provides a lump sum benefit upon the diagnosis of a listed critical illness.

Upgrade to any room at policy purchase

The base plan covers up to a single private AC room. But, you have the option to upgrade or downgrade your room category with Room Modifier add-on. You can opt for it only at policy purchase.

Get maternity expenses covered with an additional premium

The plan covers maternity and related expenses up to Rs. 1 Lakh if you choose this option. The coverage starts after a waiting period of 2 years.

Opt for a copay to lower the premium

If you find the plan expensive, choose a small copay to lower the premium. Copay options of 10%, 20%, 30%, 40% and 50% are available. However, choose this option with caution as you pay a fixed percentage of each claim out-of-pocket.

BeFit add-on for OPD benefits

With this add-on, you get an array of OPD benefits such as doctor consultations, minor diagnostic procedures, medication and physiotherapy sessions. You can only avail of these benefits on a cashless basis via booking through the insurer’s mobile app.

Durable medical equipment cover available

This add-on provides you cover for listed durable medical equipment up to Rs. 5 Lakh. This includes wheelchair, ventilator, prosthetic device, oxygen concentrator etc.

Unlimited teleconsultation are available 

You can avail of unlimited general or specialist telephonic consultations to stay healthy. This is an optional benefit that comes with an additional premium.

Policy Conditions

About the Insurer

ICICI Lombard General Insurance was founded in 2001 and is a leading general insurance company in India. It is a joint venture between ICICI Bank, India’s second-largest private bank, and Fairfax Financial Holdings, a Canada-based financial services company. 

ICICI Lombard is a publicly listed company offering a comprehensive range of insurance products, including health, motor, travel, home, business and property insurance. The insurer has an extensive business track record and showcases a decent performance with a low volume of claim-related complaints and a healthy incurred claim ratio. However, its relatively low claim settlement ratio may be a cause of concern.

Performance Highlights (FY24)

Turnover – Rs. 24,776 Crore

Claim Settlement Ratio – 86.58%

Incurred Claim Ratio – 71%

Volume of Claim Complaints – 10.53 / 10,000 claims

Network Hospitals –  13,600+