Magma HDI Health Insurance

Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited and HDI Global SE Germany. It has a customer base of more than 24 Lakh customers.

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:

• 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. Before investing in any health insurance company, you must read about few parameters such as availability of network hospitals, claim support, solvency ratio, and annual premium.

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.

   Network Hospitals of Magma HDI and other top Health Insurance Companies

   

   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 mandatory for every health insurance company to maintain a solvency ratio of 1.5. As per the IRDAI Report 2019- 2020, the solvency ratio of the company stands at 1.67.

   Take a look at the graph to understand the Solvency Ratio of Magma HDI over the years

   Solvency Ratio of Magma HDI

   

   **Data from IRDAI Annual Report

3. Claim Support of Magma HDI from 2016- 2020

   Claim Support helps you to analyse the claim settling ability of the company.

   As per the latest report of IRDAI, the company's Claim Support Ratio 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

   

   **Data from IRDAI Annual Report

4. Annual Premium

   The annual premium of the company helps the individual in determining the company's growth.

   Magma HDI has an annual premium of 97.63 Crores.

   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

   

   **Data from IRDAI Annual Report

   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

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 (30 years old) 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

   

   **Note 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. Magma HDI's Individual Personal Accident policy provides coverage against unfortunate accidents.

   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

   The plan also offers 2 additional cover that covers the treatment expenses that occurr 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 offers 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:

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