International Health Insurance: A new health insurance plan is promising to provide global health insurance up to Rs 17.87 crore (USD 2.5 million) to Indians. The health cover would be available worldwide and it is especially targetting the high net-worth individuals (HNIs) in India. The product has been launched jointly by ManipalCigna Health Insurance Company Limited IIFL Wealth Finance Ltd. ManipalCigna is a joint venture between U.S-based global health service company Cigna Corporation (NYSE:CI), India’s TTK Group and Manipal Group. IIFL Wealth Finance Ltd is a wholly-owned subsidiary of IIFL Wealth Management Limited.
ManipalCigna Global Health Group Policy is offering a wide range of sum insured up to USD 2.5 Million (Rs 17.87 Crores approx./exchange rate: 71.51) per individual. In a statement, the insurer said that the new product offers the following
- ‘Cashless’ access to healthcare facilities and hospitals across the world to IIFL Wealth customers
- ‘Best possible’ international emergency evacuation and medical repatriation services.
- Cover for outpatient care including consultations, prescribed drugs, diagnostics and wellness.
- Cover for AIDS/ HIV, dental & vision, travel vaccination, health appliances with multiple deductible options.
A representative of the insurance provider told FE Online that the average premium for the sum insured (SI) up to USD 2.5 million worldwide cover, including the US, is Rs 6 lakh (or Rs 50,000/month). For the same SI, excluding the US, the average premium would be Rs 5 lakh, he said, while adding that the average premium person may vary with age.
Commenting on the product, Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance Company Limited said, “We are confident that our global health insurance solutions will meet the unique health needs of IIFL Wealth’s high net worth customers – giving them access to the best medical care, anywhere around the world.”