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Manipal Cigna Lifetime Health - Too good to be true?

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03 Sep, 2021 by  jasmer singh

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.


Question:

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?




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03 Sep, 2021
harivansh agrawal

see NO policy is too good to be true all have some fault within it


for eg. you are talking about Manipal Cigna lifetime health policy, it does no offer NO claim bonus it does not have unlimited restoration or refill whatever you say like for related illness also they have unlimited restoration for unrelated illnesses like Max Bupa reassure but you are tempted to be asked does related/unrelated matter given such high sum insured I think No


Both Max Bupa reassure (unlimited restoration) and HDFC ergo secure offer same illness restoration with 50% NCB each year Maximum up to 100% so your 25 lac becomes 50 lac but be careful as this will be reduced as the same proportion as they increase in case of a claim

All the policy's you mentioned as expensive do offer some additional benefit like air ambulance in case of an emergency which Manipal Cigna offer as an option (i.e paying extra premium)


Both max bupa reassure and Hdfc ergo secure offer claim for not payable items Hdfc has this feature built In where as you pay extra about 10% in case of Max bupa

I think manipalcigna also have this feature as option(you have to pay extra)


Broader health check-up than ManipalCigna lifetime health plus as ManipalCigna has a list of yearly checkup but HDFC ergo secure give you the amount I think no list so you can do any type of test yearly within that amount


There is no room rent capping via section as you can pick any room including a suite in case of Max Bupa and Care Advantage but in the case of Manipalcigna you can pick only a Single room (for Upto 200lac sum insured ) if you choose above that category of room you will have to pay proportionally


Be careful this premium will increase as according you your age as yearly or as a 5-year bracket

and also insurers have a right to increase the premium of same age next year after 3 years every year

I will clarify to you what I just said


suppose you say you fall in age bracket of 50-55y and your premium for 1Cr sum insured will be suppose 40000

so you assuem that you age is 51 your premium will remain constant in this case 40000 but this is not the case after 1 year if your insurer will face losses your insure will approach the IRDAI to increase the premium they will increase the premium

so see the premium will not remain Static the 1CR sum insured Premium is low because your insurer knows getting a claim of 1CR is too low so if the possibility is too low premium will also be lowered


See I am not saying Manipalcigna lifetime health is a bad plan


But you can't deem a product Good just because the Premium is Low

All the plans you mentioned are equal deemed worthy as other's


Regarding the broker thing since manipalCigna lifetime is relatively new Product very few health insurance broker heard of it


I think compare the product by its features since this is the only thing that is remain static for a while ( insurer can change it but they rarely do) relative to Premium




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05 Sep, 2021
jasmer singh
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06 Sep, 2021
harivansh agrawal
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13 Sep, 2021
brij goenka
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18 Sep, 2021
jasmer singh
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18 Sep, 2021
brij goenka
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