Magma HDI Health Insurance

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Overview of Magma HDI Health Insurance

Magma HDI Health Insurance is a part of the Magma HDI General Insurance Company which offers several health policies to protect people with complete medical needs and coverage against numerous unforeseen costs related to health. Both individual and family floater plans are available under Magma HDI Health plans that serve the public with lifetime coverage against varied health needs including hospitalization costs.

Magma HDI General Insurance Company is established as a collaboration between Magma Fincorp Limited and HDI Global SE Germany. While Magma Fincorp is a renowned NBFC in India, HDI Global SE is a branch of multi-brand corporation named Talanx Group, which has presence in more than 150 countries across the globe.

The Magma HDI general insurance company offer a variety of insurance related products including commercial and retail insurance. The company has over 50 products in different categories such as:

  • motor insurance
  • health insurance
  • marine insurance
  • fire insurance,
  • householder’s insurance, and
  • burglary insurance etc.

They have presence over pan India with 135+ corporate offices across numerous Indian cities.

Magma HDI Health Insurance, the company offers:

  • Individual health insurance plan,
  • Family health insurance,
  • Personal accident cover, and
  • Group health cover

In FY 2019-20, Magma HDI health insurance registered claim settlement ratio of 95.17%.

>> Buy Family Health Insurance Online

Key Highlights of Magma HDI Health Insurance Company

Key Features Specifications
Network Hospitals Available 4300+
Waiting Period (Pre-existing Ailments) 3 or 4 years
Claims Settlement Ratio 95.17%
Policies Issued 4477
Covid-19 cover Yes
Renewability Lifelong

* Year Data 2020-21

Awards and Achievements of Magma HDI Insurance Company

  • Winner of ‘Golden Peacock Award 2019’ for Risk Management – For both the General & Life Insurance Industry.
  • Winner of ‘Rising Star Company of the Year’ award at India Insurance Awards 2020.
  • Winner of ‘BFSI Excellence Awards 2020’ for ‘Outstanding use of AI and Robotics’.
  • The company is recognized as one of the ‘Best BFSI Brands 2019’ by The Economic Times.

Benefits of Availing Magma HDI Health Insurance Plans

Below are few of the best benefits of availing Magma Health Insurance Plans.

  • The plans cover out-patient medical costs.
  • Free health check-up facility
  • They also have a range of wellness programs under their medical insurance plans
  • The plans offer medical protection against unforeseen costs due to diseases and accidental injury.
  • The health plans provide coverage for individuals and families including kids and elderly.
  • The Magma healthcare provide Sum Insured variety to allow the insured person to opt for a suitable plan as per needs and budget.
  • The health plans offer cashless hospitalization option at over 4300 hospitals in their network.
  • They offer 24×7 customer support for claim settlement.
  • 10% discounts on long-term policies are also available.
  • The policies allow tax deduction facility to policyholders.

Health Insurance Plans Offered by Magma HDI Health Insurance Company

Here are some of the top Magma Health Insurance Plans:

  • Magma HDI OneHealth Insurance Plan
  • Magma HDI Individual Personal Accident Insurance Plan
  • Magma HDI Arogya Sanjeevani Plan
  • Magma HDI Corona Kavach Plan

 

1. Magma HDI One Health Insurance Plan

This is a all-inclusive health plan available under five variants, and cover your complete family against health emergencies. The plan comes in five variants – Support, Secure, Support Plus, Shield and Premium.

Eligibility: 

  • Entry Age Min. – 18 years (adults), 5 years (child for individual plans, 91 days (for family floater plans)
  • Entry Age Max. – 65 years (adults), 26 years (children)
  • Sum Insured – Between 2 lakh – 1 crore rupees
  • Members covered – insured, spouse, dependent kids and parents, spouses’ parents , dependent siblings and grandchildren, dependent son and daughter -in-law.

Plan Variants

  • Support plans
  • Secure plans
  • Support Plus plans
  • Shield plans
  • Premium plans

Benefits:

  • Protection against hospitalization costs for pre, post-hospitalization.
  • Offer coverage for IVF, loss of income, psychiatric in-patient, HIV/AIDS and  so on.
  • Annual health check-up available.
  • Sum insured renew facility 5 times in a single year.
  • Optional protection for voluntary co-payment, critical illness, and personal accident, etc. are offered.
  • Early joining advantages are allowed for insured below 40 years of age.
  • Top-up plan can also be added to this plan.

 

2. Magma HDI Individual Personal Accident Plan

This is another comprehensive plan that cover against health emergencies coming out of accidents. Along with protection against cost of treatment, it also provides reimbursement for death/disability due to accidents. The plan is available in three variants, namely,  Basic plan, Wider plan and Comprehensive plan.

Key features:

  • Entry Age Min. – 18 years (adults), 5 years (children)
  • Entry Age Max. – 65 years (adults), 23 years (children)
  • Sum Insured – Between 1 lakh – 5 crore rupees
  • Members covered – insured, spouse, dependent kids and parents, dependent parents of spouse

Benefits:

  • Protect against accidental death as well as complete or partial disability.
  • Offer added benefits, including ambulance charges, education fund, etc.
  • The plan offers accidental coverage worldwide.
  • Also cover addition medical costs and hospital confinement costs under comprehensive plans

How to buy Magma HDI Health Insurance Policy

Below steps can be followed to purchase Magma HDI health insurance policy online:

  • Visit the portal of the insurer.
  • Click on the ‘health’ tab.
  • Select ‘Gender’
  • Submit personal details (Name, Mobile Number) after selecting Gender.
  • You will receive an OPT on your mobile.
  • Enter the OTP received on your phone.
  • ‘View Quotes’ by clicking on the appropriate button.
  • Select the number of family members to be added to the plan.
  • Select each member’s age.
  • Enter email ID and location.
  • Now click the button of ‘Submit and View Quotes’
  • You can find many health insurance quotes in front of you on the screen.
  • Shortlist the most appropriate one.
  • Now choose the policy duration of the plan.
  • Submit the required details.
  • Pay the premium online.

The process of Renew of Magma HDI Health Insurance Plans

Below are the steps to be followed for Magma HDI Health Insurance renewal:

  • Go to the website of Magma HDI Insurance.
  • Click on ‘Renew’ on the home page.
  • Submit policy details. Now, click on the tab ‘Renew’.
  • Choose the quote that suits you aptly.
  • Make the payment online.
  • Your policy is renewed

How to File a Magma HDI Health Insurance Claim?

Below are the steps to follow for filing a Magma HDI Health Insurance claim:

For Cashless Claim

  • Inform the insurer by calling at 1800 266 3202.
  • For planned hospitalization, inform insurer 48 hours prior to getting admitted in a network hospital from Magma health insurance hospital list.
  • For emergency treatment, inform insurer within 24 hours of getting admitted in a network hospital whose list is available in a Magma health insurance brochure.
  • At the hospital, ask for a pre-authorization form.
  • Fill in the form and submit.
  • The hospital will share the papers with the insurer and they will verify them.
  • Once the insurer verifies the documents, they can approve or deny the claim depending on verification process.
  • The insurer will confirm the status of the claim to the insured.
  • In case approved, the insurer settles the claim with the hospital.

 

For Reimbursement claim

  • Get treatment done in any hospital and pay the bill.
  • Later, submit all required documents, bills etc. to the insurer.
  • The papers will go through the process of verification.
  • The claim will be accepted/rejected depending on the accuracy of the documents

 

Claim Settlement Ratio of Magma HDI health insurance

The ratio of claims that are settled by an insurer during a policy year as against the complete claims that the insurer receives during the year is called Claim Settlement Ratio.

The Magma HDI claim settlement ratio for health insurance for the financial year 2020-21 was 95.17%.

Financial Year Claim Settlement Ratio
2018-2019 96.41%
2019-2020 95.17%

FAQs on Magma HDI health insurance

Why Magma HDI Health Insurance?

Magma HDI Health Insurance is a part of the Magma HDI General Insurance Company which offers several health policies to protect people with complete medical needs and coverage against numerous unforeseen costs related to health. Both individual and family floater plans are available under Magma HDI Health plans that serve public with lifetime coverage against varied health needs including hospitalization costs.

What are the benefits of buying Magma HDI health insurance plans?

Benefits include:

# The plans cover out-patient medical cost protection.
# Free health check-up facility
# They also have a range of wellness programs under their medical insurance plans
# The plans offer medical coverage against unforeseen costs due to diseases and accidental injury.
# The health plans provide coverage for individuals and families including kids and elderly.
# The Magma HDI health insurance provide option of range of Sum Insured to allow insured to opt for a suitable plan as per needs and budget.
# The plans offer cashless hospitalization option at over 4300 hospitals in their network.
# They offer 24x7 customer support for claim settlement.
# 10% discounts on long-term policies are also available.
# The policies allow tax deduction facility to policyholders.

Can I port out my current plan to any of the Magma HDI health insurance plans?

Yes, most Magma HDI health plans allow portability features within the company from one plan to another. You need to approach the company to avail this feature.

What is the process to make a claim through the Magma HDI Insurance Company?

Below are the steps for Cashless Claim:

# Inform the insurer by calling at 1800 266 3202.
# For planned hospitalization, inform insurer 48 hours prior to getting admitted.
# For emergency treatment, inform insurer within 24 hours of getting admitted.
# At the hospital, ask for a pre-authorization form.
# Fill in the form and submit.
# The hospital will share the papers with the insurer and they will verify them.
# Once the insurer verifies the documents, they can approve or deny the claim depending on verification process.
# The insurer will confirm the status of the claim to the insured.
# In case approved, the insure settles the claim with the hospital.

What kind of insurance policies are offered by the Magma HDI Insurance Company?

The company has over 50 products in different categories such as:

1. health insurance
2. motor insurance
3. marine insurance
4. Fire insurance,
5. Householder’s insurance, and
6. Burglary insurance etc.

How to make the Magma HDI Insurance online payment to renew the policy?

Below are the steps:

> Go to the website of Magma HDI Insurance.
> Click on ‘Renew’ on the home page.
> Submit policy details. Now, click on the tab ‘Renew’.
> Choose the quote that suits you aptly.
> Make the payment online.

What are the health insurance claim settlement options offered by Magma HDI?

Policyholders of Magma HDI can claim for health insurance via cashless treatment claim or via reimbursement claim option

What are the documents required for the claim settlement process at Magma HDI?

# Duly filled and signed claim form
# Doctor's prescription and original receipts
# Summary of discharge given by the hospital
# Original copy of final hospital bill, medical bill
# Report of medical investigation by attending doctor
# Other bills required to claim ambulance charges

Mar 29, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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