ICICI Lombard vs Bajaj Allianz — Health Insurance Comparison
Claim Settlement
85.8%vs83.4%
Network Hospitals
11,500vs12,300
Claims Difficulty
MediumvsHigh
Category Wins
5vs1
Oquilia Verdict: ICICI Lombard edges ahead
Winning 5 out of 6 scored categories in this comparison
Side-by-Side Comparison
| Metric | ICICI Lombard 7.1 | Bajaj Allianz 6.8 |
|---|---|---|
| Oquilia Score | 7.1/10Winner | 6.8/10 |
| Claim Settlement Ratio | 85.8%Winner | 83.4% |
| Claims Difficulty | MediumWinner | High |
| Network Hospitals | 11,500 | 12,300Winner |
| Incurred Claim Ratio | 74.2%Winner | 76.9% |
| Top Plan Score | 7.5/10Winner | 7/10 |
Score Comparison
Which Should I Choose?
Select your top priority to get a tailored recommendation.
ICICI Lombard wins overall with 5 category wins. It is the stronger choice across the board.
This is an editorial assessment. Always read the policy wording and consult a licensed advisor before purchasing.
Claims Experience Comparison
ICICI Lombard
Some documentation requirements, occasional follow-ups
Bajaj Allianz
Expect extensive documentation and slower processing
Gotcha Alerts
Fine-print items from both insurers that can catch you off guard at claim time. Compare the gotchas side by side to understand the risks.
ICICI Lombard Gotchas
Disease-wise sub-limits on certain ailments
Cataract surgery is capped at 40,000 per eye regardless of actual cost. Knee replacement and similar procedures have fixed caps. These are not proportionate to sum insured — they remain fixed even for high SI policies.
Source: Health Shield, Annexure B — Disease-wise Sub-limits
Daycare procedures list is not exhaustive
Only daycare procedures explicitly listed in the policy document are covered. If a new daycare procedure is not on their approved list, cashless claims can be rejected even if medically necessary.
Source: ICICI Lombard Health, Section 2.5 — Daycare Procedures
Bajaj Allianz Gotchas
Aggressive TPA-driven claims scrutiny
Bajaj Allianz uses multiple TPAs for claims processing. The claims scrutiny process is notably thorough — expect requests for additional documentation, pre-authorisation follow-ups, and potential partial claim settlements on ambiguous cases.
Source: IRDAI Grievance Data FY2024, Bajaj Allianz Health Segment
Room rent capped at 1% of SI across most plans
Most Bajaj Allianz health plans cap room rent at 1% of sum insured per day. A 5L policy means a 5,000/day room limit — and proportionate deductions apply to all other bill components if exceeded.
Source: Health Guard, Section 4.1 — Room Rent Eligibility
Our Verdict: ICICI Lombard vs Bajaj Allianz
ICICI Lombard comes out ahead in this comparison, winning 5 out of 6 scored categories against Bajaj Allianz. The key differentiators are a higher Oquilia Score and competitive financial health indicators. However, Bajaj Allianz still holds ground in areas where it outperforms, so your choice should ultimately depend on your specific coverage needs, preferred hospital network, and budget.
When to Choose ICICI Lombard
Choose ICICI Lombard if you prioritise competitive pricing and strong brand backing. Despite being a general insurer with multiple lines, their health portfolio is substantial. Their IL Health Booster offers coverage starting at 7,800/yr* with sum insured options up to 5L - 50L. Strong institutional brand backed by ICICI group.
When to Choose Bajaj Allianz
Choose Bajaj Allianz if hospital network breadth matters most to you. Their general insurance scale translates to wider distribution and competitive pricing. Their top-rated plan, Health Guard, scores 7/10 on Oquilia and is available from 5,600/yr*. 12,300+ network hospitals — one of the largest networks.
Ultimately, the right insurer depends on your individual health profile, family size, city of residence, and risk tolerance. A policy that works brilliantly for a young professional in Mumbai may not suit a senior citizen in a tier-2 city. We recommend checking both insurers' network hospitals in your area, reading the actual policy wording for your chosen plan, and paying close attention to the gotcha alerts flagged above. For a personalised recommendation, use Oquilia's Oquilia Advisor.
This is an editorial assessment based on publicly available IRDAI data and company disclosures. Oquilia is not a licensed insurance advisor. Always consult a qualified professional before purchasing insurance.
Frequently Asked Questions
Is ICICI Lombard better than Bajaj Allianz for health insurance?+
Based on Oquilia's analysis, ICICI Lombard scores 7.1/10 while Bajaj Allianz scores 6.8/10. ICICI Lombard has a 85.8% claim settlement ratio compared to Bajaj Allianz's 83.4%. The better choice depends on your priorities: Bajaj Allianz may have smoother claims handling, while Bajaj Allianz has more network hospitals (12,300 vs 11,500).
Which has a better claim settlement ratio, ICICI Lombard or Bajaj Allianz?+
ICICI Lombard has the higher claim settlement ratio at 85.8%, compared to 83.4% for Bajaj Allianz. The industry average is approximately 85%, so performance varies relative to the benchmark. Beyond the ratio, consider claims difficulty: ICICI Lombard is rated Medium while Bajaj Allianz is rated High.
What are the top plans from ICICI Lombard and Bajaj Allianz?+
ICICI Lombard's top-rated plan is IL Health Booster with an Oquilia Score of 7.5/10, offering sum insured from 5L - 50L starting at 7,800/yr*. Bajaj Allianz's best offering is Health Guard scoring 7/10, with coverage from 3L - 50L at 5,600/yr*. Always compare the specific plan features, sub-limits, and waiting periods before deciding.
Explore both insurers in detail
Read full profiles with complete plan breakdowns, claims data, and gotcha alerts.