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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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23 Oct, 2022
Sushmita Sinha

Base Cover Manipal Cigna Lifetime Health Key Benefits


(1) Customize as per the changing life stages with optional packages such as Global+ (Global OPD & more), Women+ (specialized package for women) and Health+ (coverage enhancement)


(2) Loyalty discount on premium from 4th Policy year onwards on the applicable premium


(3) Coverage across the globe for Major illnesses including Cancer treatment






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30 Nov, 2022
MAYANK BISHWAS

My comparison also gave me similar observations, however, my broker (on Policybazaar) did recommend going with Manipal Cigna. His reason revolved around:


  1. Brand Trust
  2. Claim Ratio



Can an advisor on this forum please tell, if those two factors should be the ultimate to go with?


Thanks in advance!

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Dear Jasmer,

I have been recommending Manipal Cigna to everyone it’s one of the best in the industry in terms of giving benefits.


You have rightly mentioned this is the only plan where if you are PORTING from another insurance company to Lifetime Health plan Insurance company waives off the waiting period for the entire sum assured and company also gives loyalty discount and waiver of premium on diagnosis of Critical illness for 1 year.


I had a discussion with Chief Distribution officer of Manipal Cigna regarding this product.


This product designed uniquely by ManipalCigna as people are misguided with Base policy and Top-up for high coverage minimum coverage in this plan starts from 50 lakhs to 3 Cr if you check terms and conditions are not same and when it comes to claim having one policy is always best.


You can connect with me will be glad to help you with Manipal Cigna Health Insurance and give you proper support when it comes to claims.

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