What is Better? ICICI Lombard or Star Health

Are you considering buying health insurance but confused about the top names in the insurance industry? Well, who wouldn’t be? With all these big names in the industry, choosing the right one is a hard task. Two such big insurers in the health insurance industry are ICICI Lombard and Star Health. Both of these offer impeccable health care support, which makes it quite complex to choose the better! 

In this comprehensive blog, we’ll compare ICICI Lombard and Star Health Insurance on various aspects to find the best one. 

Importance of Comparing Health Insurance Plans

Buying a health insurance plan is a big step. Therefore, there’s no scope for misjudgment when it comes to choosing the right one for you and your family. After all, you would not want to invest in a health insurance plan that doesn’t offer you the right things in return. That’s why it is always advised to compare all the health insurers and their policies thoroughly before choosing one. 

By comparing different health insurance plans, you can get an idea of the best premiums, coverage options, deductibles, and network providers.

All in all, the next time you want to buy a health insurance plan, make sure you: 

• Compare premiums and deductibles.
• Check the network of doctors and hospitals.
• Check coverage details.
• Check customer reviews and ratings. 

Overview of ICICI Lombard and Star Health Insurance

ICICI Lombard is one of the finest health insurance providers in India offering high coverage limits and claim settlement ratio. ICICI Lombard provides efficient financial protection with its flexible policy options and other key benefits. 

Star Health Insurance is another big name in the Indian health insurance market, known for its wide network of hospitals and tailored healthcare insurance plans for specific groups such as senior citizens, families, etc. 

In a nutshell, both ICICI Lombard and Star Health Insurance are recognized health insurance providers offering great financial support. However, both cater to slightly different preferences. 

Types of Plans Offered by ICICI Lombard and Star Health Insurance

Best Plans From ICICI Lombard and Star Health Insurance

Understanding Coverages

When it comes to a great health insurance plan, understanding the coverage is crucial. In this case, both ICICI Lombard and Star Health are widely known for providing a range of health insurance plans with solid coverage.

ICICI Lombard Health Insurance Plans offer great flexibility in terms of customizing a plan as per the needs. Moreover, ICICI Lombard plans are perfect for those who seek maximum financial protection with high-insured sum options. 

Star Health Insurance Plans are preferable if you need health coverage for specific groups such as seniors, family, etc. Along with a tailored approach, Star Health offers extra perks such as OPD coverage and maternity benefits. 

Policy Features and Benefits

Here are the key features and benefits offered by ICICI Lombard and Star Health –

ICICI Lombard Features:

• Quick Claim Intimation: WIth minimal wait time, your insurance application gets processed quickly.
• 24x7 Customer Support: ICICI Lombard offers 20x7 assistance through call and chat support.
• Complete OPD Coverage: Covers outpatient expenses, helping you manage everyday healthcare costs.
• Tax Benefits: You also save on your taxes with ICICI Lombard plans.
• Additional Sum Insured: ICICI Lombard puts a cherry on the top with an additional sum insured.
• Pre-Existing Disease Cover: Not only future setbacks, but ICICI Lombard also covers pre-existing diseases. 

Star Health Features:

• Quick Claim Support: Star Health offers claim support in just 30 minutes across 120+ cities in India.
• Relationship Manager: There’s dedicated customer support for individual needs. 
• Instant Policy Issuance: Star Health provides instant policy issuance without any prior medical checkup. 
• Flexible Plans: A range of plans allows you to choose between yearly or multi-year plans, as well as individual or family coverage.
• Cumulative Bonus: Earn bonuses for not making claims and rewarding healthy living.
• Minimal Documentation: Just a few essential documents will do the trick for claim settlement. 

Network Hospitals

ICICI Lombard facilitates their customers with a network hospital count of 9,500+. 

Talking about Star Health they have 14,000 network hospitals.  

This high number of network hospitals ensures that you get seamless and comfortable services wherever you are across the country. 

Claim Settlement Ratio

ICICI Lombard makes the whole claim settlement process a hassle-free task with a claim settlement ratio of 99.7%. (1)

On the other hand, Star Health is also quite popular in the industry for offering a claim settlement ratio of 99.06%.  

Exclusions and Waiting Periods

Let’s understand the difference between ICICI Lombard and Star Health on the basis of exclusion and waiting period –

ICICI Lombard:

• Initial Waiting Period: 30 days for all illnesses (except those from bodily injury).
• Specific Waiting Periods: Coverage for specific illnesses and treatments starts after 24 months.
• Pre-existing diseases: Covered after 24 months of continuous coverage.

Exclusions: 

• Includes unproven experimental treatments, refractive errors, alcohol or drug abuse, self-inflicted injuries, STDs, AIDS, treatments outside India, dental treatment (unless due to an accident), mental health issues, cosmetic surgery, and injuries from hazardous activities or wars.

Star Health:

• Pre-Existing Diseases (PEDs): Waiting periods vary from 12 to 48 months, depending on the policy. PEDs are covered after the waiting period.
• Specific Disease Waiting Period: Most conditions are covered after a 24-month waiting period.
• Initial Waiting Period: 30 days for all diseases except accidents.

Exclusions: 

Includes dental and ophthalmic OPD treatments, lifestyle-related diseases (like smoking or alcohol-related conditions), and cosmetic procedures.

Conclusion

Whether it is ICICI Lombard or Star Health Insurance, both health insurance companies provide their customers with exceptional health insurance coverage and benefits. Ultimately, choosing the best one out of them depends on you and your family’s needs and preferences. 

That is why, it is quite important for one to carefully compare both the insurers and understand the policy thoroughly. We certainly hope that this blog helped you get a key insight into both ICICI Lombard and Star Health Insurance policies. 

Frequently Asked Questions

Ques 1. What is the claim settlement ratio of ICICI Lombard health insurance? 

Ans. ICICI Lombard offers a claim settlement ratio of 99.7%, making it one of the leading health insurance providers in India. 

Ques 2. Is there any application to check ICICI Lombard health insurance information? 

Ans. Yes, ICICI Lombard GIC Ltd. offers the IL TakeCare Insurance app to help customers get information about their health insurance policies. 

Ques 3. What is the claim settlement ratio of Star Health Insurance? 

Ans. Star Health has a claim settlement ratio of 99.06%,  indicating a seamless and quick claim settlement process.

Ques 4. Does Star Health have a good range of network hospitals? 

Ans. Yes, Star Health provides 14,000+ network hospitals across India providing proficient services.