Sarvah Param Health Insurance Plan
- What It Is: A premium health insurance plan from Manipal Cigna Health Insurance offering extensive features and coverage.
- Absolutely Zero Waiting Period: Offers instant cover on all illnesses.
- Surplus Benefit: Get double (2X) the coverage for the first claim in a policy year with an add-on.
- Guaranteed Cumulative Bonus: You get a 100% bonus every year, no matter what, up to 1000%.
- Unlimited Restorations: If you use up your coverage, the insurer restores it multiple times in the same policy year.
Drawbacks
1/ Slightly expensive because it offers immediate coverage.
2/ Room options are limited to single private AC rooms, but you can upgrade for an extra cost.
3/ Lower claim settlement ratio and a high number of claim-related complaints.
Insurer Metrics (FY 2023-24)
Claim Settlement Ratio (CSR):
[1] By number of policies: 86.50% (86.50 out of 100 claims settled).
[2] By amount settled: 56.39% (only 56.39% of the total claim amount was paid out).
Incurred Claim Ratio (ICR): 64.00% (64% of the premium collected was paid out as claims).
Volume of Complaints: 25.8 complaints per 10,000 claims registered.
Red Flags
1/ Low Claim Settlement Ratio by Amount (56.39% in FY24): This means less than 60% of the claimed amount was paid out in FY24, which could lead to out-of-pocket expenses for policyholders.
2/ High Volume of Complaints (25.8 per 10,000 claims in FY24): A significant number of customers have issues with claims, indicating potential problems with the claim handling process.
3/ Limited Room Option: Restricting to single private AC rooms might not suit everyone, and upgrading adds extra costs.
4/ Higher Cost: The plan is expensive due to its immediate coverage feature, which might not be affordable for all.
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