Antonio Rudiger broke the deadlock two minutes after the break when he headed home a Mason Mount corner.
Chelsea’s lead was short-lived as the hosts got the equalizer when a deflected shot from in-form Harvey Barnes kinked over Willy Caballero.
Ten minutes later Ben Chilwell capitalized on an error from Caballero to put the Foxes ahead, but another header from Rudiger on the 71st minute mark salvaged a point for Lampard’s men.
Speaking after the game, the English coach believes his side are still not one of the favourites in the race for Champions League qualification.
"We were underdogs at the start of the season,” the former Derby County coach told BBC MOTD.
“Not many people gave us the top four slot and I understand why, and it’s probably the same now.”
“We've come to Leicester, who everyone’s raving about, quite rightly, and we've got a point. We move on."
The 41-year-old insists Chelsea were the better team in the opening half, but they were not fluid enough after the break.
He added: "We were the better team in the first half, in terms of how we moved the ball, and we created some gilt-edged chances.
“In the second half we weren’t so fluid and they created some good chances themselves."
