Magma HDI Claim Settlement Ratio
  • Types of claim processes
  • CSR of the company
  • Claim filing process
Magma HDI Claim Settlement Ratio
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Simran Kaur Vij
Written By:
Simran

Simran Kaur Vij

Health and Term Insurance

Simran is an insurance expert with more than 4 years of experience in the industry. An expert with previous experience in BFSI, Ed-tech, and insurance, she proactively helps her readers stay on par with all the latest Insurance industry developments.

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Reviewed By:
Raj Kumar

Raj Kumar

Health Insurance

Raj Kumar has more than a decade of experience in driving product knowledge and sales in the health insurance sector. His data-focused approach towards business planning, manpower management, and strategic decision-making has elevated insurance awareness within and beyond our organisation.

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 96.84% (FY 25). 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, but 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.

Conclusion

Magma HDI Health Insurance’s reported claim settlement ratio of 96.84% for FY 2025 underscores their commitment to efficiently processing claims, providing policyholders with confidence during medical emergencies.

The company’s user-friendly app and extensive network of hospitals further streamline the claim process, offering both cashless and reimbursement options. However, policyholders must understand the specific procedures and documentation required for each claim type. By staying informed and prepared, individuals can ensure a smoother experience and leverage the full benefits of their Magma HDI Health Insurance plan.

Magma HDI has several plans that might benefit you and your family during the time of emergency. To learn more about Magma HDI Health Insurance Company, and their plans, you can reach out to us at PolicyX.com. 

 

Explore other Magma Health Insurance

To cater to the different medical needs of an individual & their family, Magma Health Insurance offers several Health Plans ranging from senior citizen plans to specialized plans for autistic children, to health insurance for cardiac patients, and many more.Take a look below to Magma Health Insurance plans explore more:

Individual and Family Health Insurance

Magma HDI One Health insurance policy is a versatile health plan with 5 different plan variants and high-sum insured options ranging between 2 Lakhs t...

Unique Features

  • SI Up To 2 Crore
  • Voluntary Co-pay
  • CI & PA Coverage

Magma HDI One Health Insurance Plan (Pros)

Magma HDI One Health Insurance Plan
  • SI upto 2 Crore
  • Voluntary co-pay
  • CI & PA coverage

Magma HDI One Health Insurance Plan (Cons)

Magma HDI One Health Insurance Plan
  • Global coverage not covered
  • No automatic restoration
  • AYUSH cover not available

Magma HDI One Health Insurance Plan (Other Benefits)

Magma HDI One Health Insurance Plan
  • Lifelong renewality option
  • Give coverage for all medical care
  • Voluntary Co-Pay

Magma HDI One Health Insurance Plan (Eligibility Criteria)

Magma HDI One Health Insurance Plan
  • Minimum: 18 Years Children: 91 Days to 26 Years

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Magma HDI Health Insurance Claim Settlement Ratio: FAQs

1. When should we inform Magma HDI Health Insurance Company about the planned hospitalization?

In case of a planned hospitalization, the customer can intimate the company 72 hours before getting admitted to the hospital.

2. What is the name of the customer app of Magma HDI Health Insurance Company?

The customer app of Magma HDI Health Insurance Company is ‘Magma HDI’.

3. What is the claim settlement ratio of Magma HDI company?

The claim settlement ratio of Magma HDI company is 94.72% as per the IRDAI report.

4. What is the claim settlement ratio of Magma HDI Health Insurance?

Magma HDI Health Insurance reports a claim settlement ratio of 96.84% for FY 2025.

5. What happens if my Magma HDI cashless claim is rejected?

If your cashless claim is rejected, you can file for a reimbursement claim after discharge.

6. When can I file a Magma HDI reimbursement claim?

You can file a reimbursement claim when you receive treatment at a non-network hospital or if your cashless claim is rejected.

7. Can I track my Magma HDI claim status online?

Yes, Magma HDI provides an app and website where you can track your claim status.

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Simran Kaur Vij

Written By: Simran Kaur Vij

Simran is an insurance expert with more than 4 years of experience in the industry. An expert with previous experience in BFSI, Ed-tech, and insurance, she proactively helps her readers stay on par with all the latest Insurance industry developments.