ICICI Lombard Introduces ‘Elevate’: Revolutionizing Health Insurance with AI

ICICI Lombard Introduces ‘Elevate’: Revolutionizing Health Insurance with AI

ICICI Lombard, a leading private general insurer in India, has recently launched a groundbreaking health insurance product named ‘Elevate.’ This innovative offering is designed to leverage the power of artificial intelligence (AI) to provide highly personalized insurance plans, ensuring comprehensive coverage and flexibility for policyholders. This marks a significant step forward in the integration of advanced technology in the insurance sector, reflecting ICICI Lombard's commitment to enhancing customer experience and delivering exceptional value.

Key Features of ‘Elevate’

1. Infinite Sum Insured: This feature guarantees unlimited coverage, eliminating concerns about exhausting the sum insured. Policyholders can rest assured knowing they will not run out of coverage regardless of the number of claims made.

2. Infinite Claim Amount: This add-on offers financial protection by providing an infinite claim amount for a one-time claim during the policy's lifetime, without considering the sum insured amount.

3. Power Booster Add-on: Policyholders can benefit from a 100% cumulative bonus annually, regardless of claims, for an indefinite period. This ensures continuous growth of benefits over time.

4. Reset Benefit: This feature allows for unlimited resets of coverage, ensuring ongoing protection even after multiple claims.

5. Infinite Assurance: Tailored for individuals with pre-existing conditions such as asthma, diabetes, hypertension, hyperlipidemia, and obesity, this add-on reduces the waiting period from the industry norm of three years to just 30 days.

AI-Driven Personalization

‘Elevate’ uses AI to interpret customer inputs and deliver optimal coverage recommendations. This personalized approach ensures that each policy is uniquely suited to the individual's health and financial needs. By integrating AI, ICICI Lombard aims to offer extensive protection while adapting to the dynamic lifestyle and unforeseen medical emergencies of its customers.

Additional Benefits

• Wellness Program: Encourages a healthy lifestyle by offering a 30% discount for participating in and completing fitness targets.
• Inflation Protector: Increases the sum insured annually to combat inflation, regardless of claims made.
• Claim Protector: Covers non-payable expenses in claims, such as gloves and masks, ensuring a smooth claim experience.

Impact on the Insurance Industry

Anand Singhi, Chief of Retail and Government at ICICI Lombard, emphasized that ‘Elevate’ embodies the company’s dedication to pioneering innovation and customer-centricity. The launch of ‘Elevate’ sets a new standard in health insurance, empowering customers with unparalleled peace of mind and comprehensive protection tailored to their unique needs​ (Business Standard)​​ (https://www.insurancedekho.com)​​ (FM Live)​.

Multiple Choice Questions (MCQs)

1. What is the unique feature of the ‘Infinite Sum Insured’ in ICICI Lombard’s ‘Elevate’ health insurance plan?

   • A. Limited coverage for each claim
   • B. Unlimited coverage irrespective of the number of claims
   • C. Coverage limited to specific diseases
   • D. Annual limit on coverage

   Answer: B

2. Which feature allows policyholders to benefit immediately despite pre-existing conditions in the ‘Elevate’ plan?

   • A. Infinite Claim Amount
   • B. Power Booster Add-on
   • C. Reset Benefit
   • D. Infinite Assurance

   Answer: D

3. What is the annual discount percentage offered by the Wellness Program in ‘Elevate’?

   • A. 10%
   • B. 20%
   • C. 30%
   • D. 40%

   Answer: C

4. What technological advancement does the ‘Elevate’ plan incorporate to customize insurance plans?

   • A. Blockchain
   • B. Internet of Things (IoT)
   • C. Artificial Intelligence (AI)
   • D. Big Data Analytics

   Answer: C

5. Which add-on provides a 100% cumulative bonus annually in the ‘Elevate’ plan?

   • A. Reset Benefit
   • B. Infinite Claim Amount
   • C. Power Booster Add-on
   • D. Infinite Assurance

   Answer: C

ICICI Lombard’s ‘Elevate’ plan represents a significant advancement in health insurance, setting a new benchmark for personalized and comprehensive coverage through the innovative use of AI. For more detailed information, visit the official ICICI Lombard website or consult their latest press releases on this topic​ (Business Standard)​​ (https://www.insurancedekho.com)​​ (FM Live)​.