Medical costs rise, ICICI Lombar

ICICI Lombard General Insurance has urged its customers and agents to opt for higher sum assured for adequate protection amid rising healthcare costs.

“Given the rising cost of healthcare and the inflationary nature of treatment costs, we have urged customers and our channel partners to opt for a higher sum insured to provide adequate protection and health insurance coverage to our customers,” the insurer said in response to Business Standard’s query.

“Although we urge and advise customers and agents to choose a higher coverage amount, the decision on the final sum insured entirely depends on the customers,” ICICI Lombard said.

The insurer said it has not issued any statement or communication centrally regarding agent commission or payment. “The communication highlighted in the screenshots of the LinkedIn post and message is incomplete, factually incorrect and quoted out of context.”

According to an internal communication, a company official wrote that no renewal payment will be applicable on health insurance renewal policies with sum assured less than Rs 10 lakh.

The insurer emphasized that its commission structures are in line and compliant with the guidelines set by the regulator and compensates agents for their efforts through commission structures that ensure fairness, transparency, compliance and efficiency in the distribution process.

“We compensate their efforts through commission structures that ensure fairness, transparency, compliance and efficiency in the distribution process,” the company said.