Worried about rising health costs? An Rs 18 crore cover could be your right fit

If you are a globe-trotter and are worried about the rising cost of healthcare, there is an Rs 18 crore health insurance cover that could be your right fit.

Standalone health insurer ManipalCigna Health Insurance has partnered with IIFL Wealth Finance to provide a comprehensive global health insurance coverage designed for its high net-worth customers.

This cover will have a maximum sum assured of up to $2.5 million (approximately Rs 17.87 crore) per individual.

Here, the average premium is Rs 6 lakh for sum insured up to $2.5 million worldwide cover including the US. If the cover excludes the US, the average premium is Rs 5 lakh for up to $2.5 million.

At present, a typical overseas medical cover has a sum assured of Rs 50 lakh to Rs 3 crore.

The product by ManipalCigna Health offers ‘cashless’ access to healthcare facilities and hospitals across the world to IIFL Wealth customers. This includes possible international emergency evacuation and medical repatriation services. The plan also provides cover for outpatient care including consultations, prescribed drugs, diagnostics and wellness. The policy offers cover for AIDS/ HIV, dental & vision, travel vaccination, health appliances with multiple deductible options.

In regular policies, expenses related to dental, vision as well as HIV are excluded.

While this is being initially rolled out to IIFL Wealth customers, this would be extended to others in the future.

Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance Company Limited said that their cover will IIFL Wealth’s high net worth customers access to the best medical care, anywhere around the world.

Countries like the US have a high cost of medical treatments. In fact, emergency surgery could set one back by Rs 30 lakh-40 lakh. The cost of medicines and hospital care would be extra.

Karan Bhagat, Founder, MD & CEO, IIFL Wealth Management said the global health insurance cover offered by ManipalCigna to our clients fits well into their bouquet of wealth management services.

Overseas medical covers are ideal for people who travel frequently for business trips to other countries. Indian health insurance policies do not cover expenses incurred for treatments globally.