Magma Health Insurance
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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 45 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.

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:

  • CX Excellence Award- 2022
  • Technology Excellence Awards- 2022
  • Winner of BFSI Excellence Awards 2021 for Outstanding use of AI and Robotics
  • Rising Star Company of the Year at India Insurance Awards 2020
  • 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

Why Choose Magma HDI Health Insurance Company?

Before investing your money in any health insurance plan, you must have elaborated knowledge about the company. Before investing in any health insurance company, you must read about a few parameters such as availability of network hospitals, claim support, solvency ratio, and annual premium.

  • Network Hospitals:
    At present, the company is equipped with more than 7200 network hospitals across India that allow customers to avail themselves of hassle-free cashless hospitalization.
  • Solvency Ratio:
    As per the Insurance Regulatory and Development Authority of India (IRDAI), it is mandatory for every health insurance company to maintain a solvency ratio of 1.5. As per the IRDAI Report 2020-21, the solvency ratio of the company stands at 1.78
  • Claim Support (Claims settled within 3 months):
    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.
    As per the Annual Report of IRDAI for the financial year 2020-21, the claim support of Magma HDI Health Insurance company is 93.63%.
  • Annual Premium:
    The annual premium of the company helps the individual in determining the company's growth. Magma HDI has an annual premium of 1,283.59 Crores.
  • PAN India Presence:
    The company ensures to be always present for you with their 24*7 customer care services, as well as is always ready to assist you in-person with their 130+ branches.
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Types of Plans offered by Magma HDI Health Insurance

Comprehensive

Magma HDI One Health Insurance Policy

It is a comprehensive insurance policy that comes in an Individual and Family Floater option, wherein you can cover up to 4 adults and 3 children under a floater policy.

Unique Features

  • Critical illness and accidents covered
  • 5 variants available
  • Loss of income cover

personal accident

Magma HDI Individual Personal Accident Policy

The policy provides coverage against unfortunate accidents & covers Accidental Death, Permanent Total Disablement, & Temporary Total Disablement.

Unique Features

  • 3 variants to choose from
  • Medical Expense Extension
  • Hospital Confinement Allowance

Loan Protect

Magma HDI Loan Guard

The policy provides coverage against unfortunate accidents & covers Accidental Death, Permanent Total Disablement, & Temporary Total Disablement.

Unique Features

  • Lump Sum payout
  • Rehabilitation cost covered
  • Covers available

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 a few minutes:

  • Visit the official website of Magma HDI
  • On the home page, click on the 'Buy Now' option.
  • Select the plan you want to buy.
  • Fill up your details such as your name, contact number, age, sum insured you want to opt, etc.
  • Once you have filled the form, click on the continue tab.
  • The next page will show you the premium amount you need to pay.
  • 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 reimbursement.

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 out 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

Office no. 516 and 517,5th floor, Neelkanth Corporate Park,Plot no. 240, 2401/1-8, Kirol Road,Vidyavihar (West), Mumbai, Maharashtra - 400086

customercare@magma-hdi.co.in

1800 266 3202 (Available 24*7)

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Magma HDI Health Insurance: FAQs

1. Does Magma HDI Health Insurance offer any discounts on their policy?

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%.

2. What are Early Joining benefits?

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)

3. How can I renew my Magma HDI Health Insurance Policy?

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.

4. What to do if I am not satisfied with the plans or services offered by the company?

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.

5. Will my Health Insurance policy cover COVID-related claims?

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

6. What are the waiting periods under Magma HDI Health Insurance plans?

The waiting periods for Magma HDI Health Insurance plans are as follows:

  • Initial Waiting Period - 30 days
  • Specific Diseases - 2 years/ 4 years
  • Pre-existing Diseases - 3 years/ 4 years
  • Waiting Period for Critical Illness - 90 days
  • Waiting Period for COVID-19 - 15 days

7. What is the maximum number of family members who can be covered under the Magma Health Insurance plans?

The Magma Health Insurance policies can cover up to four adults and three children.

8. Where I can calculate the premium of Magma HDI Health Insurance?

Magma HDI Health Insurance premium calculator is available on the official website of the company or you can also calculate the premium from the official website of PolicyX.com.

9. Are there any sub-limits on Magma HDI Health Insurance plans?

Yes, Some Magma HDI Health Insurance plans come with a sub-limit on certain covers.

10. How many network hospitals are under the Magma HDI Health Insurance?

Magma HDI health insurance hospital list has more than 4,300 network hospitals that provide cashless hospitalization to the policyholders.

11. Does Magma HDI Health Insurance company offer any mobile app for easy access?

Yes, the company has a mobile app named Magma HDI App , that you can download to avail of the following:

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

12. How do I download an insurance copy of Magma HDI?

  • Visit the official website of Magma HDI General Insurance and log in using your credentials.
  • Once you are logged in, you can generate a request for a copy of the insurance policy.

13. Does Magma HDI Health offer any special service for senior citizens?

Yes, the company has a separate customer care team to assist with the issues of senior citizens. One can send a mail to Namaskar@magma-hdi.co.in to get their queries resolved.

14. What are the documents required for the settlement of the claim?

You need to submit the below-mentioned details to file a claim:

  • Duly filled claim form
  • Certificate from the physician
  • Medicine prescriptions
  • Medical bills
  • Diagnosis reports such as x-ray scan, ECG, etc.
  • Details of the discharge
  • Final receipts from the hospital

Magma HDI Health Insurance Reviews

Read what our customers have to say about Magma HDI Health insurance company and Magma HDI Health mediclaim policy.

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Laxman Shekhawat

Hyderabad

October 4, 2021

Superb customer staff. Bahut ache se handle kiya meri queries ko. I am supr impressed. Good luck for the future.

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S Tiwari

Indore

September 27, 2021

Amazing company. Proud customer of magma health insurance. Totally in love with the way the company works.

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Gaurav Taneja

Bhopal

September 27, 2021

Wow. I am literally blessed that I have chosen Magma Health Insurance company. This company just works for its customers. Thank God for letting me chose this health insurance company.

Customer Review Image

Akshay Sharma

Chandigarh

September 21, 2021

Good company. I am simply impressed with how Magma Health Insurance works with all its ethics. Good. Keep up the good work.

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Avinash Bhatt

Pune

September 20, 2021

One of my friends sister suggested me to buy a Health Insurance from Magma Health Insurance company. I am quite satisfied with the service and customer-centric approach

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Shivay Singh

Meerut

September 8, 2021

Nice and handsome company. Plans are very best. I in love for the plans present in the market. No company can give better plans then Magma HDI Health Insurance

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Kavya Shah

Allahabad

September 6, 2021

Very nice company. Offers several product to choose from. Would give 10 on 10 to this amazing company.

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Vikrant Sherawat

Bhopal

September 6, 2021

Quick response, dependable services and customer friendly staff. Overall good experience with the company.

View All Magma HDI Health Insurance Reviews