Manipal Cigna Lifetime Health - Too good to be true?
I have spoken to at least 10 Brokers.
Not one of them has recommended Manipal Cigna, most are not even aware that the company exists.
For a 1 Crore Policy for 3 years (Multi Individual, not floater) Manipal Cigna LTH premium for us (53&47yrs old) is Rs.1,17,255/-
The costs for a 25 Lakh Policy (FLOATER not individual) from:
HDFC Ergo Optima Secure - Rs.2,00,400/-
HDFC Ergo Oprima Restore - Rs.1,86,117/-
ICICI Lombard Health Shield - Rs.1,60,830/-
Care Advantage - Rs. 1,57,341/-
Max Bupa Re-assure - Rs. 1,69,213/-
Manipal Cigna is offering 4 times the coverage (base sum assured) at almost 40% less than other companies.
Furthermore, if one is porting from a policy of more than 10 Lakh SA, the ENTIRE new sum assured with Manipal Cigna will be covered upto Rs.3 Crore without any waiting period.
Because LTH is launched in March 2021, the claims ratio data is not available.
If Manipal Cigna Lifetime Health is so much cheaper, why are more brokers not advising it?
Is it because brokers earn more commission from other companies or is it because it is in the interest of the broker to sell a higher premium so that their amount of compensation increases?