Magma Health Insurance

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About Magma HDI Health Insurance

Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited and HDI Global SE Germany. With more than 24 Lakh customers, the company has been looking after the healthcare needs of its customers for many years.

The company offers over 30 products across different categories that include health insurance, motor insurance, marine insurance, fire insurance, etc.

With its dedication, the company also won many awards in the last few years. Have a look at the list of awards won by Magma HDI in the last 2 years:

  • Rising Star Company of the Year' at India Insurance Awards 2020
  • Winner of BFSI Excellence Awards 2020 for 'Outstanding use of AI and Robotics
  • Recognized as one of the Best BFSI Brands 2019 by The Economic Times
  • Winner of Golden Peacock Award 2019 for Risk Management - For both the General & Life Insurance Industry

Key Features of Magma HDI Health Insurance

Before investing your money in any health insurance plan, you must have an elaborated knowledge about the company. Along with exploring whether the plan fulfils your requirements, it is essential to know if the company you are choosing is reliable or not.

Now the question arises, how to estimate the truthfulness of the company when there are so many health insurance companies claiming to offer you the best.

To help you out in such a dilemma, we at PolicyX.com have created a list of all the health insurance companies and have ranked them on a few parameters such as availability of network hospitals, claim support, solvency ratio, and annual premium.

Read along to find out the status of Magma HDI Health Insurance company on these factors:

  1. Network Hospitals

    Network hospitals, one of the most crucial factors that one should keep in mind while choosing his/her health insurance company. Every Health Insurance company has a list of empanelled hospitals, known as network hospitals, where the insured can avail cashless treatment.

    It is always recommended to look for the network hospitals nearby your place so that at the time of a medical emergency, you don't have to wander here and there for financial help.

    At present, the company is equipped with more than 4300 network hospitals across India that allow customers to avail themselves of hassle-free cashless hospitalization.

    If you want to check the Network Hospital lists as per your state/region, you can visit the PolicyX.com network hospital Page.

    However, even in emergency situations where you could not get admitted to the network hospital, you can apply for reimbursement later. The company offers an easy hassle-free reimbursement process wherein you will receive the amount you have paid for the treatment.

  2. Solvency Ratio

    A solvency ratio helps an individual to measure the company's cash flow and its liabilities. To be more precise, it helps an individual to assess the company's ability to manage its short-term and long-term liabilities.

    As per the Insurance Regulatory and Development Authority of India (IRDAI), it is now mandatory for every health insurance company to maintain a solvency ratio of 1.5. Take a look at the below graph to understand where Magma HDI stands in maintaining a healthy solvency ratio:

    Solvency Ratio of Magma HDI

    Solvency Ratio of Magma HDI from 2016 to 2020

    **Data from IRDAI Annual Report

    With the above graph, it is clear that Magma HDI has been maintaining a healthy solvency ratio which is above 1.5, and this is a sign of trustworthiness.

  3. Claim Support

    Claim Support helps the potential buyer to determine how good a company is in settling the claims within the first 3 months. With this factor, one can determine how good or bad the company is when it comes to its claim settlement. After all, what is the purpose of having a health insurance policy when you or your family will not get claims settled on time?

    Talking about Magma HDI Health Insurance company, for the last four years, the company has maintained good claim support since 2016. Currently, the company's Claim support is 95.40. Take a look at the below graph to get an insight into the company's claim support from 2016 to 2020.

    Claim Support of Magma HDI

    Claim Support of Magma HDI from 2016-2020

    **Data from IRDAI Annual Report

  4. Annual Premium

    The annual premium of the company helps the individual in determining how the company is growing. This factor gives an idea of the company's growth as well as gives a sense of trust to the potential customers.

    Magma HDI has made significant growth in the last few years, and currently has an annual premium of 97.63 Crores.

    When compared to the annual premium of the last 4 years, it is clear that the company is growing and is trying to serve its customers in the best way possible.

    To help you understand better, we've created a graph below that compares the annual gross premiums from 2016 to 2020. Let's have a look.

    Annual Premium of Magma HDI Health Insurance Company

    Annual Premium of Magma HDI Health Insurance Company from 2016-2020

    **Data from IRDAI Annual Report

    For better understanding, we have summarized the key features in tabular form. Take a look at it:

    Network Hospitals 4300+
    Claim Support 95.40
    Renewability Lifelong
    24X7 Customer support Available
    Number of Customers 24 Lakhs+
    Solvency Ratio 1.67

Types of Health Plans Offered By Magma HDI

Magma HDI Health Plans Type of Plan What do These Plans do?
One Health Insurance Policy Comprehensive Health Insurance Plan A comprehensive health plan that comes with wide coverages up to Rs. 1 Cr.
Individual Personal Accident Policy Personal Accident Policy A plan that covers the family of the insured in case he/she met with an unfortunate accident.
Magma HDI Loan Guard Loan Repayment Policy The plan offers coverage in case the family struggles to repay their loan EMI's
Magma HDI Group Health Suraksha Group Health Insurance Policy These plans offer comprehensive coverage to a particular group of people and allow employers to look after their employee's healthcare needs.
Magma HDI Group Accident Suraksha

Let's explore these plans in detail:

  1. Magma HDI One Health Insurance Policy

    OneHealth Insurance policy helps you to protect yourself and your family members at the time of medical emergency. It is a comprehensive insurance policy that covers all your bills at the time of treatment. Along with the coverage, the plan also offers you several rewards for staying fit.

    The plan comes in an Individual and Family Floater option, wherein you can cover up to 4 adults and 3 children under a floater policy. The plan comes in 5 variants, namely:

    • OneHealth Support
    • OneHealth Secure
    • OneHealth Support Plus
    • OneHealth Shield
    • OneHealth Premium

    Eligibility Criteria:

    Minimum Entry Age Proposer/policyholder: 18 years
    For Individual Plan - 5 years
    For Floater Plan - 91 days
    Maximum Entry Age 65 Years
    Renewability Lifelong
    Policy Tenure 1, 2, and 3 years

    Features:

    • The plan offers the option of Restoration of the sum insured in case it gets exhausted due to the claims made.
    • One can avail additional lump sum daily cash benefit amount for each day of hospitalization.
    • For each claim-free policy year, a percentage of Sum Insured will be awarded as a Cumulative Bonus to the policyholder
    • Annual health check-up irrespective of claims in a policy year.

    What Is Covered Under OneHealth Insurance Plan?

    OneHealth Support OneHealth Secure OneHealth Support Plus OneHealth Shield OneHealth Premium
    Sum Insured Available 2L, 3L, 4L, 5L 2L, 3L, 4L, 5L, 7.5L, 10L 2L, 3L, 4L, 5L, 7.5L, 10L 5L , 7.5L , 10L , 15L , 20L , 25L , 30L , 50L 10L , 15L , 20L , 25L , 30L , 50L , 1Cr
    In-patient care Room Rent Capping Covered up to SI; Room rent capped at 1% for normal room and 2% for ICU Covered up to SI; Single private room Covered up to SI; No room rent capping Covered up to SI; No room rent capping Covered up to SI; No room rent capping
    Pre- Hospitalization Expenses Covered up to 30 Days Covered up to 30 Days Covered up to 30 Days Covered Up to 60 days Covered Up to 60 days
    Post- Hospitalization Expenses Covered Up to 60 days Covered Up to 60 days Covered Up to 60 days Covered Up to 90 days Covered Up to 90 days
    Ambulance Cover Covered, up to Rs 2000 Covered, up to Rs 2,500 Covered up to Rs. 5,000 Covered up to Rs 7,500 Covered up to 10,000
    Day Care Treatment Covered up to SI
    Organ Donor Expenses Covered up to SI
    IVF Treatment Cover Covered up to Rs. 50,000
    Bariatric Surgery Covered up to Rs. 1,00,000
    Psychiatric treatment Cover Covered up to SI (sub-limit of Rs. 50,000 applicable for few conditions)
    Lasik Surgery Covered up to Rs. 25,000
    HIV/AIDS Cover Covered up to 50,000
    Modern Treatment Procedures Covered up to SI
    Recharge of Sum Insured Not Available Recharge up to 100% of SI, max 5 times a policy year Recharge up to 100% of SI, max 5 times a policy year Recharge up to 100% of SI, max 5 times a policy year Recharge up to 100% of SI, max 5 times a policy year
    Hospital Cash Not Available Not Available Available Rs. 500 Available Rs. 1,000 Available Rs. 1,500
    Maternity Benefits Not Available Not Available Not Available Not Available Covered up to Rs. 1,00,000
    New Born Baby Cover Not Available Not Available Not Available Not Available Covered up to Rs. 50,000
    Vaccination for Newborn Not Available Not Available Not Available Not Available Covered up to Rs. 10,000
    Optional Covers
    Critical Illness Cover Equal to SI Equal to SI Equal to SI Equal to SI or 10,00,000 whichever is lower Rs. 10,00,000
    Personal Accident Cover Equal to SI Equal to SI Equal to SI Equal to SI or 10,00,000 whichever is lower Rs. 10,00,000
    Aggregate Deductible For SI 2, 3L: 1L, 2L, 3L
    For SI 4L: 1L, 2L, 3L, 4L
    For SI 5L: 1L, 2L, 3L, 4L, 5L
    For SI 2, 3L: 1L, 2L, 3L
    For SI 4L: 1L, 2L, 3L, 4L
    For SI 5L: 1L, 2L, 3L, 4L, 5L
    For SI 7.5L: 2L, 3L, 4L, 5L
    For SI 10L: 2L, 3L, 4L, 5L,10L
    For SI 2, 3L: 1L, 2L, 3L
    For SI 4L: 1L, 2L, 3L, 4L
    For SI 5L: 1L, 2L, 3L, 4L, 5L
    For SI 7.5L: 2L, 3L, 4L, 5L
    For SI 10L: 2L, 3L, 4L, 5L,10L
    For SI 5L: 1L, 2L, 3L,4L, 5L
    For SI 7.5L: 2L, 3L, 4L, 5L
    For SI 10L,15L, 20L: 2L, 3L, 4L, 5L, 10L
    For SI 25L, 30L, 50L: 3L, 4L, 5L, 10L
    For SI 10L,15L, 20L: 2L, 3L, 4L, 5L, 10L
    For SI 25L, 30L, 50L: 3L, 4L, 5L, 10L
    For SI 1Cr: 5L, 10L
    Voluntary Co-Payment 10% or 20% 10% or 20% 10% or 20% 10% or 20% 10% or 20%

    Sample Premium Illustration of OneHealth Insurance Plan

    Take a look at the below graph that shows how much premium is payable by an individual when he/she opts for a certain sum insured under all the plan variants. In this case, let's suppose an individual has opted for Rs. 5,00,000 sum insured. Take a look at the below graph that shows how the premium varies from variant to variant:

    Sample Graph Illustration of Magma HDI One Health Insurance Plan

    Sample Graph Illustration of Magma HDI One Health Insurance Plan

    In this graph, only 4 variants are shown because the sum insured chosen is not available under the OneHealth Premium variant.

  2. Magma HDI Individual Personal Accident Policy

    Accidents are unfortunate incidents of life that can happen to anyone, anytime. Therefore, it is your responsibility to be prepared in advance. With Magma HDI's Individual Personal Accident Policy, you can ensure if something unfortunate happens to you, then you have your family covered.

    The plan covers:

    • Accidental Death
    • Permanent Total Disablement
    • Permanent Partial Disablement
    • Temporary Total Disablement

    In order to offer you comprehensive coverage, the plan comes in three variants namely:

    • Basic
    • Wider
    • Comprehensive

    Not just this, the plan offers 2 additional covers, that make sure to completely cover the treatment expenses that occurred during the hospitalization. One can avail of these optional insurance covers by paying an additional premium.

    **Optional Covers available are:

    • Medical Expense Extension
    • Hospital Confinement Allowance

    **Note: These optional covers are available only under the Comprehensive Variant.

  3. Magma HDI Loan Guard

    When an individual suffers from an accident or any critical illness, he is not alone. Along with him his whole family suffers, be it emotionally or financially. In such a scenario, if you have already taken out a loan and are paying its EMI, it will be difficult for your family to cope with the financial burden.

    Magma HDI Loan Guard Insurance policy can help you to soften the blow by offering a lump sum amount in case of an accident or a critical illness. The amount paid can help you and your family to pay off your debts as well as take care of other needs like treatment costs.

    Critical Illnesses Covered Under Magma HDI Loan Guard Plan are:

    a) First Diagnosis of the below-mentioned illnesses more specifically described below:

    • Cancer
    • End-Stage Renal Failure
    • Multiple Sclerosis
    • Benign Brain Tumor
    • Parkinson's Disease
    • End-Stage Liver Disease
    • Alzheimer's Disease

    b) Undergoing for the first time the following surgical procedures, more specifically described below:

    • Major Organ Transplant
    • Heart Valve Replacement
    • Coronary Artery Bypass Graft
    • Surgery of Aorta

    c) Occurrence for the first time of the following medical events more specifically described below:

    • Stroke
    • Paralysis
    • Myocardial Infarction
    • Coma
    • Major Burns
    • Deafness
    • Loss of Speech
  4. Magma HDI Group Health Suraksha

    Group Health Suraksha by Magma HDI has been created to offer complete health care to people belonging to a particular group. The sum insured and the cover can be customized as per the needs and requirements of the group. The plan allows the employer to look after the healthcare needs of its employees.

    What is Covered Under Magma HDI Group Health Suraksha?

    • Hospitalization expenses
    • Daycare procedures
    • Pre and Post Hospitalization Expenses
    • Maternity Benefit
    • Hospital Daily Cash benefit
    • Cover for a newborn child
    • Ambulance Cover
  5. Magma HDI Group Accident Suraksha

    Just like Group Health Suraksha Plan, Magma HDI's Group Accident Suraksha offers comprehensive coverage to the people belonging to a particular plan. The plan covers the employees against accidental deaths, permanent disablement, partial disablement, and total temporary disablement.

What is Not Covered Under Magma HDI Health Insurance Plans?

Any Magma HDI Health Insurance policy does not cover any of the conditions arising out of or related to:

  • Substance abuse, such as alcohol or drugs
  • Hazardous or adventure sports
  • External congenital anomaly
  • Cosmetic treatment
  • Treatment not supported by prescription
  • War, Civil War, invasion, the act of foreign enemies, revolution

How To Buy Magma HDI Health Insurance?

Buying Magma HDI Health Insurance plans online is one of the easiest ways. Just follow the below steps, and get your healthcare needs secured in few minutes:

Step 1: Visit the official website of Magma HDI.

Step 2: On the home page, click on the 'Buy Now' option.

Step 3: Select the plan you want to buy.

Step 4: Fill up your details such as your name, contact number, age, sum insured you want to opt, etc.

Step 5: Once you have filled the form, click on the continue tab.

Step 6: The next page will show you the premium amount you need to pay.

Step 7. Pay the amount online, and your policy details will be sent to you via email.

What Is The Claim Settlement Process of Magma HDI Health Insurance Company?

The company allows its customers to avail themselves of both cashless facilities in their network hospitals, as well as reimburses the amount in case of an emergency where the patient is treated in the non-network hospital. You can avail of the cashless facility at any of the Network hospitals of the company or claim as reimbursement.

Also, you can Download the "Magma HDI" mobile app or visit the company's website "www.magmahdi.com" to avail of the following:

  • Intimate and track claims
  • Avail wellness services
  • Download forms
  • Search hospitals for cashless facilities, and more

Let's have a brief look at how both claim settlement processes work:

For Cashless Claim

  • When you get admitted to any of the network hospitals of the company, you are eligible to avail of a cashless facility.
  • Intimate the company about the hospitalization.
  • Show your health card and other identity documents to the hospital's help desk.
  • They will then give you a claim form, which you need to fill, and then return it to them.
  • The hospital will send the documents to the company, and if approved, the company will settle your bills and other treatment costs with the company.

For Reimbursement Claim

  • In case of any emergency, when you are not able to get admitted into the network hospital, you can avail reimbursement of your treatment costs.
  • Upon the happening of an accident and/or injury notify the company through call or in writing.
  • Avail of the treatment, pay all your bills and treatment expenses.
  • After getting discharged from the hospital, fill the form for reimbursement claim with all the necessary documentation.
  • After reviewing your claim form, if satisfied, the company will reimburse the claim within one month from the date of submission of all the relevant documents.

Contact Details of Magma HDI Health Insurance

Head Office: Office no. 516 and 517,

5th floor, Neelkanth Corporate Park,

Plot no. 240, 2401/1-8, Kirol Road,

Vidyavihar (West), Mumbai, Maharashtra - 400086

Toll-Free Number: 1800 266 3202 (Available 24*7)

Email Address: customercare@magma-hdi.co.in

For Senior Citizens: Namaskar@magma-hdi.co.in

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FAQs

Yes, the plan offers a discount if the policyholder has opted for a multi-year policy. Discount for 2-year tenure policy: 10%, and for 3-year tenure policy: 12.5%.

If an individual buys a policy before the age of 40 and renews it continuously, and there is no claim, then the company offers an additional benefit amount. For example:

  • Additional Rs. 2,500 in 6th Policy year, (i.e. 5 claim-free policy years)
  • Additional Rs. 5,000 in 11th Policy year (i.e. 10 claim-free policy years)

The company offers a very simple and easy renewal process.

  • Visit the official website, and click on the Renewal option.
  • Fill in your policy number and other details.
  • Pay the premium, and get the details of your renewed policy on your registered email address.

No worries. The company will promptly and effectively address your grievances. If you are still not satisfied with the solution then you may approach the Insurance Ombudsman located nearest to you.

Yes, as per the new guidelines of IRDAI, every health insurance plan will offer coverage against COVID-19 claims.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.6/5 (5 Total Rating)

June 2, 2021

Sidharth Kher

Lukhnow

I bought the health policy from Magma HDI in 2019 and since them i am fully satisfied with the comoany. The staff of the company assisted me at every sigle step patiently and even helped me out to choose an ideal coverage as per my needs and requirements

June 2, 2021

Sushant KUmar Gehlot

Bhopal

Great customer support with quick turnaround time. They offer highly dependable services. I suggest that everyone should buy the health policy from Magma HDI.

June 2, 2021

Varun Godara

Chandigarh

Commendable services. I am happy that i decided to be a part of Magma HDI. Thanks to my brother who suggested me to buy this plan.

June 2, 2021

Rhea Verma

Allahabad

I am satisfied with the plan I brought from this company. Recommed all to buy insurance policies from this company.

Last updated on June, 2021

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