Mar 18 2021

ManipalCigna launches health plan with a sum insured of up to ₹3 crore

The pandemic has driven awareness around the significance of protective investments, especially when it comes to the aspects of health and life security, says Prasun Sikdar, managing director and chief executive officer, ManipalCigna.

The plan, which comes in two variants offers no capping on room rent and provides coverage for treatment of up to 27 major illnesses under the global cover.

ManipalCigna Health Insurance Co. Ltd on Tuesday launched Lifetime Health plan that offers a sum insured in the range of Rs50 lakh to ₹3 crore for coverages in India as well as abroad. The plan, which comes in two variants—Lifetime Health India Plan and Lifetime Health Global Plan—offers no capping on room rent and provides coverage for treatment of up to 27 major illnesses under the global cover. According to reports, medical expenses have been rising at a double-digit rate in India, and the trend is likely to persist. Experts say that a health insurance family floater policy of ₹5 lakh, which was a common cover before covid-19, may not be adequate anymore.

Among the features of the policy, the Rs3 crore sum insured under the Lifetime Health India Plan will cover any room category, including a suite, while there will be no room rent capping for hospitalization outside India under the global cover. Both the variants under the policy will cover pre-hospitalization for up to 60 days and post hospitalization for a maximum up to 180 days. The policy also offers the restoration of sum insured facility, wherein the insurer will provide for a 100% restoration of the sum insured for any number of times in a policy year for unrelated illness or injury. “For customers with an existing base sum insured (excluding bonuses) of ₹10 lakh and above and are looking for value-based coverage can port their existing coverage to ManipalCigna Lifetime Health Plan and avail continuity on the entire sum insured opted, " said Sikdar.

The policy comes with premium payment modes of monthly, quarterly, half-yearly and yearly options, while a discount of up to 10% can be availed of by choosing a policy term of up to three years. While a higher sum insured is essential amid rising healthcare costs, policyholders must choose a health plan with an optimum coverage level based on their needs.