Their range of products includes a comprehensive suite of health insurance plans catering to individuals, families, and groups, covering hospitalization, critical illnesses, personal accidents, and international healthcare needs, along with riders to enhance coverage. Key features of their plans often include cashless hospitalization at a wide network of hospitals, coverage for pre and post-hospitalization expenses, daycare procedures, domiciliary treatment, AYUSH treatment, and some plans even offer international coverage and wellness programs. ManipalCigna emphasizes customer service and aims to provide accessible and quality healthcare solutions through a dedicated customer service team and online platforms for policy management and claims. The company reports a high claim settlement ratio, indicating their efficiency in processing claims, and they offer 24/7 claim assistance. With a significant network of hospitals across India, policyholders can conveniently access cashless treatment. ManipalCigna also often incorporates wellness programs and rewards to encourage healthy lifestyles among their customers
Latest News on ManipalCigna Health Insurance
The Manipal Health Enterprises Limited is set to acquire a 40-49% stake in ManipalCigna Health Insurance Company, valuing the company at approximately ₹3,500 crore.
Life Insurance Corporation of India (LIC) is on the verge of finalizing a deal to acquire a significant minority stake in ManipalCigna Health Insurance, a rapidly growing standalone health insurance company. This move marks LIC’s entry into the domestic health insurance market, which accounts for 37% of the country’s Rs 3 lakh crore general insurance market. The deal will see LIC acquire a 40-49% stake in ManipalCigna, valuing the company at Rs 3,500-3,750 crore. The transaction will also involve a smaller secondary share sale by the current shareholders.
This partnership is expected to be a three-way partnership among LIC, Manipal Education & Medical Group, and Cigna Corporation of the US, with the latter two currently holding a 51:49 shareholding in the company. LIC will infuse fresh capital into the company, diluting the existing shareholdings of the two partners. The deal is expected to be a board-run company, with representation proportionate to their shareholdings.
The partnership is significant as it marks LIC’s entry into the health insurance market, which is growing at a rate of 20% annually. The sector is expected to accelerate growth with LIC’s massive distribution network and balance sheet, disrupting the market. The deal is expected to be finalized by March-end, with LIC’s managing director and chief executive, Siddhartha Mohanty, stating that the company is looking to enter the health insurance space.
The health insurance sector is expected to intensify competition, with listed health insurers trading at a price-to-gross-written-premium (GW) ratio of 1.5-2.5 times. ManipalCigna, with a GW of Rs 1,691 crore in FY24, is expected to be valued at Rs 3,500 crore, making it an attractive acquisition target for LIC. The deal is expected to be a win-win for all parties involved, with ManipalCigna leveraging LIC’s vast distribution network and resources to grow its business.
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