I am interested in payout of liability only, as the aggregate cost of repair exceeds 75% of IDV.(ICICI Lombard POLICY PRODUCT CODE 3001)

I request you to honor the policy wordings and terms and conditions, as governed by IRDA.

Also the case has crossed all IRDA prescribed customer turnaround time, it’s been 108 days since filling claim.

1)As per policy wording IDV (Rs7,70,000) shall be treated as the .Market Value. throughout the policy period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL) claims.

2)IDV was mutually calculated by insurer and insured.

3)Premium paid for insurance was on IDV and not on market value.

I request you to follow your own policy wordings, and IRDA guidelines, if there are any terms and conditions over and above, mentioned points please share. Also, of all the documents required by you, please tell which are legally mandatory and which are optional as we have already shared documents such as bank statements etc, which should not be required.

Please commence for CTL on basis of IDV.

Dushyant Panchal
Director