ManipalCigna Health Insurance, a rapidly expanding independent health insurance company in India, is proactively enhancing its footprint in Hyderabad and nationwide. It aims to cater to various healthcare financing needs and introduce its innovative health insurance solutions to new customer segments.
In the fiscal year 2022-2023, the insurer achieved a substantial gross written premium of approximately more than ₹150 crores in Andhra Pradesh and Telangana, establishing itself as the second-largest market for business growth in South India. The company is dedicated to increasing the adoption of health insurance in the Andhra Pradesh and Telangana regions, ensuring its customers have convenient and lifelong access to high-quality healthcare services.
During the fiscal year 2022-23, the health insurance specialist ManipalCigna disclosed an approximate gross written premium (GWP) of ₹500 crore, representing an impressive 37% growth across the entire southern market encompassing Telangana, Andhra Pradesh, Karnataka, Kerala, and Tamil Nadu.
As a standalone health insurer, the company has ambitious plans to double its business, targeting a GWP of more than ₹1000 crore within the next two years. This expansion strategy includes the launch of new branch offices, a significant increase in the workforce, and the recruitment of over 10,000 agents in the southern region.
Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance, commented, “Andhra Pradesh and Telangana have a high prevalence of non-communicable diseases as per various industry surveys. With this in mind, we at ManipalCigna remain committed to providing reliable health insurance solutions to safeguard our customers’ health and well-being in the region. Our ‘Lifetime Health’ and ‘Prime Senior’ product offerings have been well-received by the residents of this region, reflecting our commitment to providing comprehensive health coverage for individuals at all stages of life to meet their diverse healthcare needs.”
“Our robust multichannel distribution network and a multi-product offering help us reach uncharted territories of the southern region and help combat the healthcare financing problems faced in the region. With the Andhra Pradesh and Telangana markets emerging as the second highest in terms of business growth for the company in South India, we at ManipalCigna aim to double our business in the coming year. To support this goal, we intend to recruit an additional 10,000 agents who will be instrumental in ensuring that our fully loaded health insurance products reach even more families and individuals across the state,” added Desai.
ManipalCigna offers a diverse array of customer-centric solutions, meticulously crafted to address the distinct health insurance requirements of their clientele. Notable among these is the ManipalCigna Lifetime Health plan, an all-encompassing healthcare financing option with Sum Insured choices spanning from ₹50 lakhs to ₹3 crores, catering to both domestic and global healthcare needs. Moreover, ManipalCigna extends a specialised offering for senior citizens known as the ‘ManipalCigna Prime Senior’ plan, replete with innovative features thoughtfully tailored for the elderly.
What sets this plan apart is its exceptional flexibility, granting senior citizens hassle-free coverage for pre-existing medical conditions starting from the 91st day without necessitating any medical evaluations. This empowers senior citizens to access high-quality healthcare services during their golden years.
Furthermore, the recently introduced ManipalCigna Accident Shield Plan stands out as a highly adaptable personal accident policy, offering a variety of sum insured options reaching up to ₹25 crores for situations involving death, disabilities, and debt. This groundbreaking offering introduces a unique feature, providing claim benefits of up to 200% of the sum insured for Accidental Death and Permanent Total Disablement.
In addition to this, the ManipalCigna ProHealth Prime plan caters to individuals grappling with medical conditions like diabetes, obesity, asthma, high blood pressure, and high cholesterol. Its innovative features, including “Cashless OPD” coverage for doctor consultations, prescribed diagnostic tests, and pharmacy expenses are typically paid out of pocket. Additionally, it encompasses “Non-medical Expenses” to ensure there are no out-of-pocket costs for non-medical items during hospitalisation, along with numerous other attractive benefits.
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Updated: 27 Oct 2023, 05:22 PM IST