Page 53 - The Insurance Times December 2024
P. 53
New Product Launches
ManipalCigma Sarvah Plan Health coverage of
India's 'missing middle'
ManipalCigma Sarvah Plan Health periods to 30 days even with pre-existing conditions such as
asthma, diabetes, obesity, hypertension, and dyslipidemia.
coverage of India's 'missing middle'
Sarvah Pratham provides comprehensive hospitalisation
The ManipalCigna Sarvah plan comes in three variants:
coverage of upto Rs. 3 crore for cancer, heart condition,
Sarvah Pratham, Sarvah Uttam and Sarvah Param, with stroke, and major organ/bone transplants. Customers also
three kinds of benefits Anant, Gullak and Sarathi,
have the option to start coverage from Day 31 for pre-
respectively.
existing conditions such as diabetes, hypertension,
Ashish Yadav, HeadProducts and Operations, ManipalCigna dyslipidemia, asthma, and obesity without the usual 36-
Health, compares Sarvah to a portfolio management month waiting period.
scheme (PMS) for investors offering diverse options and It caters to new and existing customers who want to
tailored coverage solutions.
enhance their coverage against major illnesses and
Even if you do not believe you need to have comprehensive accidentrelated hospitalisation(s).
coverage, there is a customisable plan Pratam and Uttam Lower premiums and tailored coverage help attract a
catering to this segment at an affordable premium, segment that has traditionally been outside the health
Yadav explains.
insurance net, say company representatives.
A recent NITI Aayog report says 30 per cent of the
And the new plan has been designed to reach out to the
population (35-40 crore individuals) are without any financial
underinsured or uninsured segments to provide them
protection for health the missing middle and are most with simple and predictable health coverage, they add.
vulnerable.
Customised Coverage Standalone Health Insurers Domi-
Through Sarvah, ManipalCigna looks to solve three needs nate Retail Health Segment
availability, accessibility and affordability.
Standalone health insurers (SAHIs) have strengthened
The products have to be affordable to the missing middle their position in the retail health insurance market, cap-
that resides in Tier 2 or 3 centres and dream of having a turing 57% of the Gross Direct Premium Income (GDPI)
health insurance, Yadav says. If affordability is an issue, then during the April-August period of FY25. This marks a sig-
some benefits can be added or reduced, while yet keeping nificant increase from 40% in FY18.
our objective intact, he says. The growth is attributed to several factors, including a
Sarvah Uttam offers personalised and comprehensive rise in individual agents, an expanding hospital network,
health insurance with an infinite coverage option (Anant). and innovative product launches. SAHIs like Star
It provides unlimited coverage for hospitalisation arising from Health, Niva Bupa, Aditya Birla Health Insurance, and
cancer, heart condition, stroke, and major organ/bone Manipal Cigna Health Insurance have driven this
marrow transplants, with a base sum insured of Rs. 10 lakh growth. Retail health GDPI grew at a compound an-
and above. nual growth rate (CAGR) of 17.7%, from Rs. 16,000
crore in FY18 to Rs. 42,200 crore in FY24. This robust
Sarvah Param offers Day 1 coverage, ensuring zero waiting
period for pre-existing conditions and specific illnesses. With growth underscores the increasing preference for
added benefits (Sarathi), customers can reduce waiting standalone health insurers among customers.
48 December 2024 The Insurance Times
