*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
October 17, 2014: ManipalCigna has launched their group product Global Health Insurance, in India. A flagship product from this Health Insurance Company, it offers INR 50 Lakhs to INR 2.5 crore as the sum insured.
With this product, the employers in India now have the liberty to purchase this insurance cover in native currency and even make claims in the same. Existing policies available from other domestic insurers constitute a mix of health and travel plans with the need of purchase in USD.
ManipalCigna CEO Sandeep Patel said that the recently launched plan is a global expat product from India. Expat plans signify products from international insurers with limited or no access to domestic markets. Compared to other expat plans currently available in India from international players, the insurers are marketing Global Health as a cheaper product.
According to Patel, this insurance product is ideal for companies with employees worldwide irrespective of the fact whether they are Indian or foreign. Employees who need to travel regularly will benefit from this newly launched plan. Based on the chosen geographies, coverage will extend to the home country of the employee, India as well as other locations across the globe.
The cover will extend to the spouse, fiancée, live-in partner, and dependents as children up to 25 years of age. Employers may choose up to 10 people in this group plan from their establishment with yearly renewals as per the policy. While various other policies cover health expenses internationally, this particular product offers a bigger scope. It covers various ailments or health checkups on foreign shores besides the regular critical illness and emergency care coverage.
Both co-payable and deductible options are available with this Cigna product. Policyholders may also claim vision and dental treatments. Here co-pay signifies out-of-pocket expenses of the insured during the treatment with the rest covered by the insurer. Deductibles constitutes fixed amount paid before one receives the policy benefits. Beyond the coverage area, Global Health offers an emergency 30-day cover.
However, Mr. Patel explains catastrophe or terrorism remains excluded from the policy, and the company will not cover it under this launched product. Whenever a crisis arises whether on Indian or foreign shores, policyholders belonging to the covered group can rely on the assistance emergency services from Cigna.
He further elaborates, whenever emergencies strike, such as, in an epidemic situation, the insured person will receive immediate medical attention along with prompt evacuation assistance. Reaching home country during an epidemic is not difficult anymore, with this Cigna product cover. Two different plans are available from this policy namely - Diamond and Ruby. Options of sum insured associated with Ruby are INR 50 Lakhs, INR 2.5 crore. On the other hand, options of insured under the diamond plan are numerous. These are of 1.5 crore, 3 crore, 6 crore, 4.5 crore, 12 crore, and 9 crore rupees respectively. Employees can make choices based on their respective requirement levels and company policies.