Magma HDI Health Insurance Claim Settlement Ratio

An insurance claim settlement ratio is the ratio between the number of claims settled to the number of claims made in a financial year by an insurance company. This ratio is calculated every year by gathering all the claims data. The claim settlement ratio exhibits the eagerness of an insurer to iron out all the claims requests.

Claim Settlement Ratio of Magma HDI Health Insurance

Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited and HDI Global SE Germany. Magma HDI covers a wide range of retail, general, and health insurance products. With more than 7200 network hospitals across India, the company asserts to have a claim settlement ratio of 92.34% (FY 2021-22). Claim Settlement Ratio data of Magma HDI Health Insurance company shows their willingness to settle the claims as much as possible, so be rest assured that your loved ones don’t have to go through a tough time getting the sum assured.

Types of Claims by Magma HDI Health Insurance Company

The company offers two types of claims according to customers’ needs. Now, let’s get into the details of the Magma HDI Claim Settlement.

• Cashless Claim
• Reimbursement Claim

Magma HDI Health Insurance Company Cashless Claims

Magma HDI has a hassle-free, app-based claim. The company has an official website and their customer app Magma -HDI’ allows you can contact the company directly for a claim, submit your documents and check your claim status easily on a device. Here is how the Magma HDI Health Insurance cashless claims are made.

Step 1: To avail the cashless claim facility visit the hospital in the network of Magma HDI Insurance Company with proper amenities.

Step 2: The customer needs to carry their health card and show it at the hospital’s main desk.

Step 3: On the verification of your identity by the hospital, a claim request will be sent to Magma HDI hospital.

Step 4: After a while, the application will be processed for approval or denial of the claim requested. This process may take a few hours or even days.

Step 5: If the request for a claim gets approved, Magma HDI will transfer the bill directly to the network hospital. In case of rejection, the customer can request for reimbursement after getting discharged from the hospital.

Magma HDI Health Insurance Reimbursement Claims

The policyholder can get treated in a non-network hospital, only he or she can request a reimbursement claim. Here are some steps to successfully request the reimbursement procedure:

Step 1: After getting admitted to a network or non-network hospital, immediately convey to Magma HDI Health Insurance about the hospitalization along with the policy certificate number.

Step 2: Upon the completion of the medical treatment, the customers have to make payments for their expenses.

Step 3: The customer has to gather original documents and bills of all the medical procedures while getting discharged from the hospital.

Step 4: Fill out the claim form properly with all the relevant documents and submit it to the insurer.

Step 5: Approval or denial of the claim is decided according to the terms and conditions of a specific plan and then the amount is reimbursed.