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  • ICICI Lombard Home Insurance

    Buying or building a home is a dream to many in India. It is not just an investment but a milestone and a status symbol. People save for years to make this dream a reality. There are many man-made and natural calamities that can ruin the condition of your home, if proper care is not given. That’s exactly why your home and the stuff in it needs constant care and protection.

    Many homeowners in India spend lakhs or even millions to build their homes but think twice when it comes to buying a comprehensive home insurance plan. An all-inclusive home insurance plan with an extensive coverage protects your home and the contents thereof. ICICI Lombard home insurance plan is an ideal solution for people who are want to protect their home. Apart from offering zero home loan liability to the policyholder, this plan also provides complete financial assistance with timely playouts.

    Features and Benefits of ICICI Lombard Home Insurance:

    ICICI Lombard is one of the comprehensive home insurance plans available in India. It is not only affordable but very convenient to purchase. ICICI Lombard offers two options to homeowners looking for an all-inclusive home insurance. Customers can either choose to buy a structure cover plan or contents cover plan. These plans are applicable for homes aged up to 50 years. Individuals can opt for either of the covers or can take both for a more comprehensive coverage for up to a period of 5 years.

    Structure Cover:

    As the name suggests, structure cover plan protects the entire structure of the home. The coverage will be extended up to 10 years, during which compensation will be provided for damages to the home structure caused by the various types of disasters which will be mentioned in the policy document. This plan covers fittings, fixtures, walls, sheds, gates, fitted kitchens, built-in wardrobes, etc. Homeowners who have taken a home loan can be benefited by availing this type of cover for their new homes. The sum insured for this type of cover is calculated based on the cost that would be incurred if the insured property was to be rebuilt today. The sum insured or the reinstatement value is not a resultant of the market value of the house but the reconstruction cost.

    Contents Cover:

    The content coverage part of an ICICI Lombard home insurance plan offers protection to household contents like furniture, home appliances, electronic gadgets, jewellery and other personal belongings against burglary, fire, flood and accidental damages for up to 5 years. This cover can be taken by tenants and students residing in a rented property and individuals owning a lot of valuable items. The contents cover can also be extended at extra costs on personal belongings carried while travelling. Here, the sum insured or the market value for household contents is determined by deducting the depreciation value from the market value of the items.

    Both structure cover and contents cover pays for expenses incurred due to many natural calamities like:

    • Fire
    • Impact damage
    • Lightning
    • Aircraft damage
    • Explosion or implosion
    • Storm
    • Cyclone
    • Damages caused due to missile testing
    • Earthquake
    • Bush fire
    • Riots/strikes/terrorism damage
    • Bursting or overflowing of water tanks/dams/pipes
    • Hurricane/flood
    • Landslide

    Optional Covers offered by ICICI Lombard:

    With a structure or content home insurance plan, customers can choose to buy optional covers to add extra protection to their home. Some of the optional covers offered by ICICI Lombard are as follows:

    Alternative accommodation: This is an optional cover homeowners can buy at their own interest. If a homeowner opts for alternative accommodation cover, compensation will be provided if they are staying out while their home is being refurbished. The coverage amount can be extended up to Rs 1, 00,000 for up to 6 months. Please note that this add-on cover is available for customers who buy the structure cover home insurance plan.

    Terrorism cover: This cover reimburses the cost of damages done due to acts of terrorism. People who live in places where terrorism exists can choose this cover to be on the safer side.

    Exclusions:

    Though ICICI Lombard home insurance plan is comprehensive and offers great protection to one’s home, it has some exclusions. Listed below are some of the exclusions under the plan:

    • Damages done deliberately to the property
    • Theft
    • Losses or damages caused by wars and other perils.
    • Losses or damages caused by general wear and tear.
    • Losses sustained when the property has not been occupied for more than 30 days, without any intimation to ICICI Lombard.
    • Cash /Paintings / Works of Art / Antiques / Bullion / Mobile Phones / Laptops
    • Losses caused due to electrical disturbances.
    • Seepage
    • Electrical or Mechanical Breakdowns
    • Any loss or damage caused by the insured’s domestic staff or in an attempted burglary
    • Any loss or damage to any property that is illegally acquired

    How do I Submit a Claim?

    Customers can initiate claims by registering at the 24/7 toll free helpline and provide all the required information. Details regarding the policy and the accident need to be reported while making a claim. After the claim is authenticated by ICICI Lombard, it is sent for further processing to the claims department. This department verifies and registers the claim request and a surveyor is appointed within 48 hours. After the required documents have been submitted to the surveyor, the Final Survey Report is given within 7 days. ICICI Lombard processes claims within a period of 7 days after receiving all the documents.

    Documents Required for making a Claim:

    • Filled-in claim form
    • Copy of ICICI Lombard home insurance policy
    • FIR Copy
    • Final Report from the police
    • Copy of Invoices / Price Lists / Repair Estimates

    Frequently Asked Questions (FAQs):

    1. How do I renew my ICICI Lombard home insurance policy?

      Customers have the option of renewing their existing home insurance policies by visiting the nearest branch office. They can also do renewals online on ICICI Lombard’s website.

    2. How is my property and its contents evaluated while availing home insurance?

      Your home structure is evaluated according to the home area multiplied by the rate of construction per sq.ft on the date the policy was taken. Home contents are evaluated based on their market value.

    3. What happens when an insured property is sold?

      When an insured property is sold, the policyholder can cancel the home insurance policy and get back the premium that has been paid.

    4. Do I require home insurance if I am living on rent?

      Yes, you can take home insurance for the household contents in your rented property.

    5. What are the documents required to be submitted while buying home insurance from ICICI Lombard?

      Customers need to submit only the filled-in proposal form while buying the policy.

    6. How is the sum insured calculated for my home insurance?

      The sum insured will be calculated by multiplying the built-in area of your home with the construction rate per sq.ft.

    Related Home Insurance Articles

    News About ICICI Lombard Home Insurance

    • A survey shows that 93% participants do not have a home insurance policy

      As per a recent survey conducted by ICICI Lombard, about 93 percent of participants responded saying that they do not own a home insurance policy. The surprising part is that that 62 percent of those who participated in the survey are aware of the advantages of a home insurance policy.

      It has also been stated that most home owners do not feel that getting a home insurance is even required and 59 percent admitted that if the premium amount was lower and claims process, then they would have bought a home insurance policy.

      10th March 2016

    ICICI Lombard Home Insurance Reviews

  • Page 1 of 2 1 2
    • ICICI Lombard Home Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The Home insurance is given by PNB housing finance and I got it with ICICI Lombard. I recently got home insrunace policy with ICICI Lombard. The customer is above average with this policy. I paid Rs,70,000 for the insurance purpose which is one time payment. It has the tenure of 10years. I have to renew the policy after 10years.
      Was this review helpful? 0
      , greater noida
      Reviewed on Oct 15, 2017
    • ICICI Lombard Home Insurance
      "Quick and easy"
      0.5 4.0/5 "Great!"
      ICICI Lombard home insurance is very good. It was basically offered against the security of the loan. The premium amount what I pay is on the higher side. The total premium amount is 70k to 80k and I had to pay rs 200 approximately every month.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 08, 2017
    • ICICI Lombard Home Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      My home insurance is with ICICI Lombard, I have recently taken this policy which came along with the home loan. They have offered good benefits in the policy, but the policy costed me around a lakh and more and since I requested reduce the charges. They have charged me 71K. I am not sure how they could reduce such a difference. If they did what would my benefits be currently. I have yet to receive my documents for the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 13, 2017
    • ICICI Lombard Home Insurance
      "Good in communication"
      0.5 5.0/5 "Blown Away!"
      Actually ICICI is changing themselves when I took insurance 2008 they are very much advanced in technology and the return of investment in my insurance and the sector and policies are very good. They are very good at personal communication
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 10, 2016
    • ICICI Lombard Home Insurance
      "It is good"
      0.5 4.0/5 "Great!"
      This insurance ( ICICI Lombard) was actually taken care by my employer. I have no clue about the list of hospital where I can get the claim neither I was updated about that. I have the contact number of the person whom I am supposed to contact. This policy is one year old and the employer would take care of the policy renewal.
      Was this review helpful? 8
      , secunderabad
      Reviewed on Sep 09, 2016
    • ICICI Lombard Home Insurance
      "Home Insurance"
      0.5 5.0/5 "Blown Away!"
      I have recently purchased an apartment and taken loan with ICICI bank then I got to know about the Home insurance of ICICI. The information which is provided is very useful to me and I am very much happy to use ICICI loan cum insurance services.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Aug 03, 2016
    • ICICI Lombard Home Insurance
      "Fabulous"
      0.5 4.0/5 "Great!"
      I do have the home loan insurance policy with the ICICI lombard general insurance company. The premium is around 21500 Rupees for five years of time, its the single shot premium. Response is good with them and the total insured value is around 16 lakh Rupees.
      Was this review helpful? 4
      , pune
      Reviewed on Mar 15, 2016
    • ICICI Lombard Home Insurance
      "Good...."
      0.5 2.0/5 "Expected more"
      Accidental benefit is there and the ICICI Lombard told that incase our home is damaged by natural calamities then we can claim for the same. Home insurance is for 20 years and premium is around 2k per month. As I took it along with the home loan and took it for safety purpose.
      Was this review helpful? 8
      , chennai
      Reviewed on Feb 23, 2016
    • ICICI Lombard Home Insurance
      "Good but tenure can be long "
      0.5 3.0/5 "Satisfactory"
      I have taken the Insurance with ICICI Lombard.Its basically a insurance which was provided for the home.Its for tenure of 5years and the premium amount is on the higher side.The process was completed with the home loan itself.The plan benefits in the home Insurance was very good.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 01, 2016
    • ICICI Lombard Home Insurance
      "Nice insurance company for property "
      0.5 4.0/5 "Great!"
      I have talent home insurance from icici Lombard. The tenure is for 30 years till the home loan gets completed . In case of any natural calamity occurred the property will be safe. The insurance company will pay.Policy coverage is given for the entire loan amount. There is only on time premium which was also less.
      Was this review helpful? 10
      , pune
      Reviewed on Jan 29, 2016
    • ICICI Lombard Home Insurance
      "Worst Customer Care "
      0.5 0.5/5 "Unacceptable"
      Due to chennai flood my house products got damaged and when i try reach them for help, customer care persons not picking the call, no mail id for communication. They will help you while enrolling the insurance but during the risky time,...they will show you the real face and please dont waste money on ICICI Lombard..rather my suggestion is to go with Reliance where they contacted each customers and got their status
      Was this review helpful? 6
      , chennai
      Reviewed on Dec 06, 2015
    • ICICI Lombard Home Insurance
      "Good enough!!!"
      0.5 3.0/5 "Satisfactory"
      I have not claimed with Icici Lombard. The customer service is good, they used to update me about the due date on prior. Almost many hospitals they cover. The coverage is depends upon the deceases. The tenure period is for 2 years, I feel Icici should improve increasing the tenure period at least for 5 years.
      Was this review helpful? 6
      , mumbai
      Reviewed on Nov 14, 2015
    • ICICI Lombard Home Insurance
      "Very Good!!!"
      0.5 4.0/5 "Great!"
      Home insurance in case of any fire, damages etc it covers.. The policy coverage is 16 lakh for 10 years. Never interacted with the customer care. Premium is good one, I also compared it to other private sectors. Icici Lombard has a flexible in choosing the tenure period for the policy.
      Was this review helpful? 7
      , pune
      Reviewed on Nov 12, 2015
    • ICICI Lombard Home Insurance
      "One time interaction"
      0.5 4.0/5 "Great!"
      I had only a one time interaction with ICICI Lombard fro the home insurance. In case of any unforeseen happenings they will pay off the loan . I had made a one time payment of 96 k for the insurance. Acutely, I had taken a personal insurance and home insurance as well. It was offered along with the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 02, 2015
    • ICICI Lombard Home Insurance
      "Good to my home "
      0.5 4.0/5 "Great!"
      When I am taking my home loan also got an Home insurance from ICICI LOMBARD GENERAL INSURANCE. I did not started paying any premiums so far but I will making it through online. Even I have not received any kind of documents for this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 27, 2015
    • ICICI Lombard Home Insurance
      "Useful to people..."
      0.5 5.0/5 "Blown Away!"
      Home insurance is for five years and this offered to be along with the home loan. ICICI Lombard is giving life coverage as well and incase I am jobless three months emi will be paid to the bank. In critical illness ICICI is going to cover all the loan amount. This is only for five years and after that I have to renew. Any damages in home and natural calamities will be covered for 20 years.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 25, 2015
    • ICICI Lombard Home Insurance
      "Amazing job.."
      0.5 3.0/5 "Satisfactory"
      Home insurance with ICICI Lombard is like one time payment and I made 1.37lakhs. Actually the tenure is of 5 years. Incase the customer is no more then the company would pay the entire amount of loan to the bank. Premium is very high definitely. My residence is in Vishakapatnam so there was a cyclone so for that ICICI contacted me voluntarily to inquire.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 20, 2015
    • ICICI Lombard Home Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the housing insurance with the ICICI Lombard.Its the single shot premium of 69000 Rupees.While I got the home loan with PNB its the mandatory to get this insurance.I am not aware of this much.I said okay for this insurance because of the situation demand.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jul 11, 2015
    • ICICI Lombard Home Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the housing insurance with the ICICI Lombard.Its the single shot premium of 69000 Rupees.While I got the home loan with PNB its the mandatory to get this insurance.I am not aware of this much.I said okay for this insurance because of the situation demand.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jul 11, 2015
    • ICICI Lombard Home Insurance
      "not good at all"
      0.5 1.0/5 "Really Bad"
      The home insurance is mandatory with ICICI Lombard while took the ICICI bank.I am not yet have any claim experience.I dint see any of the good coverages with them.Its the single shot premium with 1 lakh rupees and that can be converted as emi.I need to renew it for every five years and thats very bad.
      Was this review helpful? 2
      , thane
      Reviewed on Jun 09, 2015
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