What is the meaning of deductibles?
Deductible is the portion of your claim that is not insured under your policy. ICICI Lombard is responsible for the amount over your deductible (up to your policy limit. Voluntary deductible is the amount that you have to compulsarily bear during the event of a claim. For e.g., if your claim amount is Rs. 10,000 and the voluntary deductible is Rs. 3000, then you have to bear the first Rs. 3000 and the claim will be worth Rs. 7000. Discount on the premium is given for choosing higher deductible.
