Zero Depreciation add on:
- Limits customers liability towards depreciation
- Covers entire replacement/repair cost within the policy coverage limits
- Cashless repair at more than 2700 authorized garages
Consumable Items add on:
- Unique coverage of consumable like nut and bolt, screw, washer, grease, lubricant, clips, A/C gas, bearings, distilled water, engine oil, oil filter, fuel filter, brake oil and the likes which get reduced at the time of claim settlement
ICICI Lombard General Insurance Company Ltd., the country’s largest private sector General Insurance Company offers customers Zero Depreciation Add-on and Consumable items Add –on, unique add on covers for Motor Insurance.
Customers, through Zero Depreciation add on, can limit their liability towards depreciation in case of an accident claim which results in partial loss / damage to the insured vehicle. Customers benefit from this add on as they do not have to bear any cost of depreciation, which otherwise gets reduced from the claim amount at the point of claim settlement. Customers can enjoy complete cashless service at the network garages, all that they have to do is to quote their policy details and they can get their vehicle repaired.
The Consumable Items add on comes with unique coverage of consumable items like nut and bolt, screw, washer, grease, lubricant, clips, A/C gas, bearings, distilled water, engine oil, oil filter, fuel filter, brake oil and the likes which otherwise get reduced from the claim amount at the time of claim settlement.
According to Mr. Ajay Shah, Head Customer Service Motor, ICICI Lombard General Insurance Company Ltd., “Motor Insurance is the largest product category contributing almost more than 50% of ICICI Lombard’s gross retail premiums. ICICI Lombard has continued to provide best of offers to its customers in the motor Insurance space. Add on covers like Zero Depreciation and Consumable items are designed such that a customer paying full premium, gets a full claim too. In a regular scenario, in case of a claim, an insurance policy covers only part of the spare part expense and certain deductions are made by the company on the total parts cost admitted”
About ICICI Lombard General Insurance
ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with USD 75 billion in assets and Fairfax Financial Holdings Limited, a Canada based USD 27 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 37,492.1 million for the year ended March 31, 2009.
As on October 31, 2009, the company has around 4,777 employees and 357 branches. In the financial year ended March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against claims reported) as on March 31, 2009
The company has been assigned a domestic rating of iAAA by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the “Insurance Sector - Non-Life” at the 2nd Loyalty awards, 2009. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.
ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including internet banking, credit card, debit card and cash card.
For more details about the company, log on to the website www.icicilombard.com
