ICICI Lombard vs New India Assurance — Health Insurance Comparison
Claim Settlement
85.8%vs81.2%
Network Hospitals
11,500vs8,700
Claims Difficulty
MediumvsHigh
Category Wins
6vs0
Oquilia Verdict: ICICI Lombard edges ahead
Winning 6 out of 6 scored categories in this comparison
Side-by-Side Comparison
| Metric | ICICI Lombard 7.1 | New India Assurance 6.5 |
|---|---|---|
| Oquilia Score | 7.1/10Winner | 6.5/10 |
| Claim Settlement Ratio | 85.8%Winner | 81.2% |
| Claims Difficulty | MediumWinner | High |
| Network Hospitals | 11,500Winner | 8,700 |
| Incurred Claim Ratio | 74.2%Winner | 103.5% |
| Top Plan Score | 7.5/10Winner | 6.7/10 |
Score Comparison
Which Should I Choose?
Select your top priority to get a tailored recommendation.
ICICI Lombard wins overall with 6 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
New India Assurance
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
New India Assurance Gotchas
Cashless facility rarely approved — expect reimbursement claims
Due to TPA and internal processing challenges, cashless claims are frequently converted to reimbursement. Be prepared to pay out-of-pocket and file for reimbursement, which can take 30-60 days.
Source: IRDAI Annual Report FY2024, Cashless vs Reimbursement Data
Incurred claim ratio over 100% signals instability
New India Assurance pays out more in claims than it collects in health premiums. While the government backstop prevents failure, this ratio historically leads to sharp premium hikes or benefit reductions at renewal.
Source: New India Assurance FY2024 Annual Report, Health Segment P&L
Our Verdict: ICICI Lombard vs New India Assurance
ICICI Lombard comes out ahead in this comparison, winning 6 out of 6 scored categories against New India Assurance. The key differentiators are a higher Oquilia Score and a wider hospital network for cashless treatment. However, New India Assurance 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 access to a wider hospital network for cashless treatment. 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 New India Assurance
Choose New India Assurance if you value their specific product features and pricing. Their general insurance scale translates to wider distribution and competitive pricing. Their top-rated plan, New India Premier Mediclaim, scores 6.7/10 on Oquilia and is available from 4,100/yr*. Government-owned — zero solvency risk, backed by sovereign guarantee.
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 New India Assurance for health insurance?+
Based on Oquilia's analysis, ICICI Lombard scores 7.1/10 while New India Assurance scores 6.5/10. ICICI Lombard has a 85.8% claim settlement ratio compared to New India Assurance's 81.2%. The better choice depends on your priorities: New India Assurance may have smoother claims handling, while ICICI Lombard has a wider hospital network (11,500 vs 8,700).
Which has a better claim settlement ratio, ICICI Lombard or New India Assurance?+
ICICI Lombard has the higher claim settlement ratio at 85.8%, compared to 81.2% for New India Assurance. 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 New India Assurance is rated High.
What are the top plans from ICICI Lombard and New India Assurance?+
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*. New India Assurance's best offering is New India Premier Mediclaim scoring 6.7/10, with coverage from 3L - 25L at 4,100/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.