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Advantages of Buying Health Insurance from ManipalCigna

Published On Jan 13, 2021 5:30 AM By Sakshi Aggarwal

Manipal Cigna has been known for its products and services. The company offers an extensive array of options in terms of health benefits. These comprise Individual Health Insurance Policy, health insurance plans for senior citizens, family floater health insurance plans, health insurance plans for critical illness, among others. These policies provide unmatched advantages to its policyholders.

Advantages of Buying Health Insurance from ManipalCigna

Advantages of Buying Health Insurance from Manipal Cigna

ManipalCigna offers some exceptional advantages to policyholders, making it one of the most favored health insurance companies. Some of the advantages of buying from ManipalCigna are:

1. Manipal Cigna Health Insurance plans offer the benefit of free health check-ups to its policyholders. This benefit can be used by policyholders either once a year or once over 2-4 policy years. ManipalCigna has joined with health providers to offer its policyholders free healthcare services access

2. Usually, employers have group health insurance benefits for their employees. These group plans, however, do not have the appropriate scope of coverage or the necessary coverage advantages. Therefore, Manipal Cigna provides employees with independent health insurance to supplement the coverage of their employer at a reasonable premium.

3. To provide policyholders with cashless claim benefits, Manipal Cigna has tie-up with top hospitals (4500+ network hospitals) across India. With cashless claims, policyholders need not have to trouble themselves with paying their medical bills directly to the hospital since the insurance provider covers the expenses directly.

4. Manipal Cigna has a successful Claim Settlement Ratio (CSR) and this shows that the insurer strives within the agreed time to resolve the claims seamlessly. The company has a committed in-house claim management team that allows the insured to settle their claims within the quickest time possible.

5. Manipal Cigna's health care policies boast of broad coverage benefits. The benefits cover the insured for inpatient hospitalisation costs, daycare operations, treatment of organ donors, domiciliary treatment, emergency services, etc. Besides, some plans also cover global emergency coverage for the insured, rendering them international in their scope of coverage. The group health insurance program of ManipalCigna was the first initiative to provide global health insurance coverage to a company's employees who often travel abroad for business purposes.

6. For the financial year 2018-19, Manipal Cigna's incurred claim ratio (ICR) was 54 percent. In health insurance, the ICR is determined by dividing the number of claims paid from the total amount of premiums collected in the financial year. High ICR implies low profits, while low ratios imply high profits, and because the ICR of Manipal Cigna was just 54 percent, this shows that the company earned good profits that helped boost its finances.

7. Under Section 80D of the Income Tax Act, 1961, policyholders can avail themselves of tax advantages on the premium paid for ManipalCigna Health Insurance Policy. Under this section, policyholders can claim a maximum deduction of INR 55,000 (INR 25,000 for individuals and INR 30,000 for senior citizens).

Also Read

Advantages of Buying Health Insurance from ManipalCigna

A Beginner Guide to Buying and Renewing ManipalCigna Health Insurance Policies Online

Take Away

ManipalCigna Health Insurance has received the distinction of being among the few independent health insurance companies. Although the company is relatively new, with its increasing customer base, it has tremendous standing power. The company’s insurance policies cater to a wide segment of the health insurance market and also policyholders requirements and needs. The coverages of the different types of policies offered are specific and custom fit.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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