Magma HDI Health Insurance

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Highlights

4,100+ Network Hospitals

4,477 Policies Issued

90% Incurred Claim Ratio

Lifelong Renewability

91.85% Claim Settlement Ratio

100% In-House Claim Settlement

Coronavirus (COVID-19) Cover

About Magma HDI General Insurance

Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited, one of India's largest NBFCs and HDI Global SE Germany which is part of the Talanx Group, a multi-brand conglomerate that has a presence in over 150 countries. Magma HDI offers a range of innovative retail & commercial general insurance products. The insurance company offers 50 products across categories including health insurance, motor insurance, marine insurance, fire insurance, etc. The company also maintains a pan India presence with 135+ offices in different cities.

In the health insurance segment, Magma HDI has a variety of plans to offer like the individual health insurance plan, family health insurance, personal accident cover, group health cover, etc. Along with the health insurance plans, Magma HDI also offers benefits like out-patient cover (OPD cover), a facility for health check-ups, Wellness Programs, etc. Magma HDI registered an impressive health claim settlement of 96.41% in the financial year 2018-19.

How to Buy Magma HDI Health Insurance Policy at InsuranceDekho?

Policyholders can buy health insurance policies of Magma HDI Health Insurance through online and offline methods at InsuranceDekho.

Buy Magma HDI Health Insurance Plan Online at InsuranceDekho

Follow the below steps to buy a Magma HDI health insurance policy at InsuranceDekho:

Step 1: Visit the official website of InsuranceDekho, i.e., www.insurancedekho.com and select the ‘Health’ tab.

Step 2:  Select your Gender and enter your Name and Mobile Number. You will receive an OTP, please enter that. 

Step 3: Choose the time when you wish to buy the health insurance plan. Click on the ‘View Instant Quotes’ button to proceed.

Step 4: Select the members of your family whom you want to include in the health insurance plan along with you. 

Step 5: Select the age of the family members whom you have added in the policy and click on the ‘Continue’ button.

Step 6: Enter your Email ID and City and click on the ‘Submit and View Quotes’ button. Insurance policy quotes based on your selection will appear. Select an insurance plan which best suits your budget and requirements.

Step 7: Select the policy term of the selected health insurance policy. Fill the required details and make payment to complete the purchase process.

Buy Magma HDI Health Insurance Plan Offline at Insurancedekho

To buy a Magma HDI Health Insurance plan offline at InsuranceDekho, you can call us at 7551-196-989 between 9.30 AM to 6.30 PM (Monday-Sunday).

For any questions or assistance, please feel free to write to us at customersupport@insurancedekho.com.

Top Magma HDI Health Insurance Plans

Magma HDI Health Insurance offers a variety of health insurance plans. Following are the top health insurance plans offered by the insurance provider:

  1. Magma HDI One Health Insurance Policy - It is a comprehensive insurance policy that provides coverage for hospital bills, offers a no-claims bonus as well as rewards you for staying fit. This plan is available in two types namely Individual basis and Family Floater basis and comes with sum insured options ranging from Rs. 2 lakh to Rs. 1 crore. The key benefits provided under this plan include maternity cover, Ayush cover up to 10% of sum insured, OPD cover, loss of income cover, pre-hospitalisation expenses cover and post-hospitalisation expenses cover. One of the key features of the plan is worldwide emergency cover.
  2. Magma HDI Arogya Sanjeevani Policy - The Arogya Sanjeevani Policy is a standard health insurance policy available on individual as well as family floater basis. This plan provides the option to choose sum insured from Rs. 1 lakh to Rs. 5 lakh in multiples of Rs. 50,000. The minimum and maximum entry age under the policy is 18 years and 65 years, but the coverage can be extended to any limit with the lifetime renewability option. The benefits of this plan comprise in-patient treatment, pre-hospitalisation and post-hospitalisation, AYUSH treatment, daycare procedure, road ambulance cover, ICU/ICCU charges, etc.

What Is a Health Insurance Top-Up Plan and Why Should I Buy It?

A health insurance top-up plan is like a regular health insurance policy that offers compensation against the medical expenses only after the threshold limit, known as deductible, of your existing policy gets over. It is an economical way to enhance the health insurance coverage instead of buying another health insurance plan. A top-up plan can be availed only after the deductible amount gets exhausted. All claims are treated individually under a top-up plan cover and multiple claims under the same policy period do not get aggregated. 

Why Choose Magma HDI Health Insurance?

Magma HDI Health Insurance offers a range of offerings to its customers. A few of them are as follow:

  • High Claims Settlement Ratio - Magma HDI Health Insurance registered an impressive health claims settlement ratio of 96.41% in the financial year 2018-19. Claims settlement ratio refers to the percentage of claims settled by an insurer out of the total claims received by it in a financial year. Higher the CSR, the better it is.
  • 4,300+ Cashless Hospitals - The insurer has tie-ups with more than 4,300 hospitals in its network where its policyholders can easily get cashless treatment. The wide strength of the cashless hospital network ensures easy and hassle-free cashless claim settlement with Magma HDI Health Insurance.
  • 24*7 Claim Assistance - Magma HDI Health Insurance offers round the clock 24*7 service of customer support to its policyholders. Thus, you can contact the insurer for any query or issue whenever required.
  • Availability of Add-on Covers - Magma HDI Health Insurance offers add-on covers like cover for critical illness, accidents, etc to help you extend the coverage of your health insurance plans.

Benefits of Magma HDI Health Insurance Plans

Following are the key health insurance benefit offered by the Magma HDI Health Insurance Plans: 

  • Free Annual Health Check-Up - Magma HDI Health Insurance provides free annual health check-up for all adult insured persons, irrespective of claims.
  • Restoration of Sum Insured - Magma HDI Health Insurance offers the facility of Restoration of the Sum Insured of the policy. Thus, the sum insured amount of the health insurance plan gets restored after the base sum insured level gets exhausted during the policy year. This helps you to meet unforeseen medical emergencies.
  • Worldwide Emergency Cover - Under this cover, Magma HD Health Insurance will cover the Medical Expenses incurred outside India in relation to the policyholder.
  • Portability Benefits - Magma HDI Health Insurance allows policyholders to port their existing health insurance policy to them from another insurer or from an existing product issued by them.

Magma HDI General Insurance Claim Settlement Ratio

The Claim Settlement Ratio denotes a ratio of the number of health insurance claims settled out of the total health insurance claims received by an insurance provider during a financial year. Here are the figures of the health insurance Claim Settlement Ratio of Magma HDI General Insurance for the last two consecutive years:

Financial Year

Claim Settlement Ratio

FY 2018-2019

96.41%

(Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)

Network Hospitals of Magma HDI Health Insurance

The network hospitals are the clinics, hospitals or healthcare facilities associated with a health insurance provider. The policyholders of the insurers can avail cashless treatment at these network hospitals. In such cases, the insurance provider will cover the medical expenses of the insured person or policyholder by directly paying off their hospital bills to the network hospital after detailed verification. The Magma HDI Health Insurance holds a giant network of more than 4,300 network hospitals. 

Magma HDI Health Insurance Policy Terms

The following are the descriptions of the health insurance policy terms related to policy benefits and features provided by the Magma HDI Health Insurance Company. However, the conditions of these offerings may vary from plan to plan:

Minimum Age of Entry

91 days

Maximum Age of Entry

65 Years

Policy Renewal

Lifetime Renewability

Co-Payment

Options of 10%, 20% available

Initial Waiting Period

30 Days

Magma HDI Health Insurance Claim Process

The health insurance claim process is a procedure under which the policyholder raises a request for claim  against his or her medical expenses incurred from the insurance provider. A health insurance claim can be processed in two ways namely cashless claim and reimbursement claim.

Cashless Claim Process of Magma HDI Health Insurance

When an insured member avails the medical treatment at a network hospital of his or her insurance provider, the claim is processed in a cashless manner, i.e., the insurer pays off the medical expenses directly to the hospital.

Here are simple steps to raise a cashless claim with Magma HDI Health Insurance:

Step 1: Intimate the Insurer 
Inform Magma HDI Health Insurance about your hospitalisation at least 48 hours prior to your admission in the hospital, in case of planned hospitalisation, and within 24 hours of admission, in case of emergency hospitalisation at 1800 266 3202. 

Step 2: Pre-Authorisation Request
Policyholders should submit a complete report of the disease, treatment details along with necessary certification from the doctor or hospital. 

Step 3: Verification of Documents
The network hospital will share the documents with the insurer. The documents provided will be verified by the claim settlement team of the insurer. 

Step 4: Claim Approval
The claim settlement team of the insurer can ask for more information or reports during the verification process. Depending on the verification process, the claim would be accepted or rejected.

Step 5: Settlement of Claim
If the claim request gets approved, the insurer shall issue pre-authorization to the network hospital for a cashless facility and pays for the admissible claim amount. 

How to Make a Magma HDI Health Insurance Reimbursement Claim?

Whenever a policyholder gets treated at a hospital which is not a network hospital of Magma HDI Health Insurance, the policyholder will be required to settle the bills themselves. The bills will be later reimbursed by Magma HDI Health Insurance subject to the sum insured and terms of the policy.

Following are the simple steps to raise a health insurance reimbursement claim request with Magma HDI Health Insurance;

Step 1: Get the Medical Treatment 
Get medical treatment at the non-network hospital of your insurance provider and make the complete payment for hospital bills and other expenses. Gather all the bills, receipts, documents, reports, etc. 

Step 2: Submit Necessary Documents
Send all the relevant documents listed in the policy terms to the insurance provider after discharge from the hospital. 

Documents Required for Magma HDI Health Insurance Reimbursement Claim:

  • Duly completed claim form
  • Original bills, receipt and discharge certificate from the hospital
  • Original cash memos from hospital or chemists with proper prescriptions
  • Original receipt and pathological test reports with proper prescriptions
  • Surgeon’s report stating nature of operation performed with original bill and receipt
  • Attending doctor’s or specialist’s original bill and receipt with the report of diagnosis
  • Medical history or summary of the insured individual
  • Original bills & receipts for claiming ambulance charges

Step 3: Verification of Documents 
The insurance provider will carry out a verification process to ascertain the information or documents provided. They may even ask for some more information or reports or documents for the verification. 

Step 4: Claim Settlement 
On finding all the reports and medical documents accurate and valid, the insurance provider will accept the claim request of the insured person and will reimburse the complete admissible amount of claim after the relevant deductions. 

Magma HDI Health Insurance Renewal Process

The renewal process makes the policyholder to continue to avail the features and benefits of the plan of the Magma HDI Health Insurance. The process allows the insured persons to modify the health insurance plans such as change in sum insured, opt for add-ons, and so on, which helps them stay protected in a better manner. 

You can call Magma HDI Health Insurance at 1800 266 3202 to renew your health insurance plan.

Magma HDI Health Insurance Tax Benefits

The health insurance plans offered by Magma HDI Health Insurance are good for your health as well as savings. You can get the tax benefits subject to the maximum of your sum insured amount of the health insurance policy as per the section 80D of the Income Tax Act. Following are the tax benefit details which can be availed with the Magma HDI Health Insurance Plans:

Situations

Premium Paid

Deduction under Section 80D of the Income Tax Act

Self, Family, Children

Parents

When Policyholder and Parents are below 60 years

Rs. 25,000

Rs. 25,000

Rs. 50,000

When Policyholder and family members are below 60 years with parents above 60 years

Rs. 25,000

Rs. 50,000

Rs. 75,000

When Policyholder, family members and parents are above 60 years

Rs. 50,000

Rs. 50,000

Rs. 1,00,000

Members of HUF

Rs. 25,000

Rs. 25,000

Rs. 25,000

Non-resident Individuals

Rs. 25,000

Rs. 25,000

Rs. 25,000

Magma HDI Health Insurance Premium Calculator 

There are some factors that affect the amount of premium of the health insurance plans. The understanding of these elements can help you select a better health insurance policy as per your budget and requirements. Following are some of the factors that impacts the premium of Magma HDI Health Insurance Plans:

  • Sum Insured - When policyholders choose for a high sum insured amount, the insurer has to offer a higher coverage to them. Therefore, a higher premium amount is charged for a higher sum insured. 
  • Body Mass Index (BMI) - People with abnormal Body Mass Index (BMI) hold higher chances to contract a disease or illness such as diabetes, hypertension, etc. It enhances the possibility that insurers will have to meet claims for their medical expenses. Hence, policyholders with higher or lower BMIs have to pay a relatively higher premium compared to policyholders with normal BMIs.
  • Injurious Substances - Policyholders who smoke, drink, chew or consume alcohol, tobacco or any other harmful substance are more prone to diseases and thus, a higher premium is charged to them for health insurance plans.
  • Family Medical History - If someone has a family with the medical history of specific illnesses or diseases such as cancer, cardiovascular diseases, diabetes and so on, it increases his or her chances of getting suffered to such illnesses sometimes in future. In the wake of this, the insurers are likely to charge a higher premium from the person than other policyholders. 
  • Age - Most health insurance policy premiums increase with the age of the policyholders. It is due to the fact that the younger a person is, the less likely he or she is to contract any disease. Hence, the age of the policyholder influences the amount of premium of health insurance plans. 

What All Is Covered Under Magma HDI Health Insurance Policies?

Policyholders can avail the following inclusions under the health insurance policies of Magma HDI Health Insurance:

  • In-Patient Hospitalisation - It is a cover under which insurers offer coverage for medical expenses incurred due to hospitalisation for at least 24 hours for the treatment of injuries or illnesses. The coverage includes room or boarding costs, doctor’s fees, nursing expenses, cost of medicines, medical test costs, etc. 
  • Pre-Hospitalisation and Post-Hospitalisation Costs - These are the medical expenses incurred on the treatments and medications of the insured person before and after the hospitalisation for the same illness or injury for which hospitalisation is done. The plans offered by Magma HDI General Insurance provide cover for pre-hospitalisation and post-hospitalisation expenses.  
  • Daycare Procedures - Daycare treatment refers to medical treatment, and/or surgical procedure undertaken under general or local anesthesia in a hospital/daycare center in less than 24 hours because of technological advancement. Treatment normally taken on an out-patient basis is not included under daycare treatment. These treatments are covered under Magma HDI health insurance plans.
  • Domiciliary Hospitalisation - Under this option, the insurance provider pays for the medical expenses incurred for the treatment taken at home due to unavailability of bed in a hospital or as the patient is not in a condition to be moved to a hospital. 
  • AYUSH Treatment - The benefit covers medical treatment for Ayurveda, Unani, Siddha and Homeopathy in a government hospital or in any institute recognized by the Government and/or accredited by Quality Council of India or National Accreditation Board on Health. 

What All Is Not Covered Under Magma HDI Health Insurance Policies?

Policyholders can not avail the following exclusions under the health insurance plans of Magma HDI Health Insurance: 

  • Self-Inflicting Actions - Treatment costs of injuries or illnesses suffered due to the act of self-destruction or self-inflicted, attempted suicide or suicide will not be covered. 
  • War-Like Conditions - No coverage is offered for injuries or illnesses incurred during a war or any act of war, invasion, act of foreign enemy, war like operations, civil war, riots, and so on.  
  • Abuse of Drug or Alcohol -  Illness or Injury attributable to consumption, use, misuse or abuse of tobacco, intoxicating drugs and alcohol or hallucinogens are not covered. 
  • Vaccination Costs - Cost of all the preventive care vaccinations including inoculation and immunizations, other than for post-bite treatment or if used as a part of the treatment, will not get the coverage. 
  • Mental Disorders - The expenses incurred on the treatment of mental illness, stress, psychiatric or psychological disorders will not be compensated. 

The inclusions and exclusion mentioned-above may vary from plan to plan offered by Magma HDI Health Insurance.

Magma HDI Health Insurance Plan List

Name of PlanSum Insured
OneHealth Insurance PolicyMin: 91 Days; Max: 65 Years2 Lakh Get Quotes Now
Arogya Sanjeevani PolicyMin: 3 months; Max: 65 years1 Lakh - 5 Lakh Get Quotes Now
Corona Kavach PolicyMin: 1 day; Max: 65 years50,000 - 5 lakh Get Quotes Now

Claim Process at Magma HDI Health Insurance

  • Network Hospital
  • Non-Network Hospital
  • 1

    Claim Assistance

    For any assistance or query, call InsuranceDekho at the toll-free number 755 1196 989.
  • 2

    Claim Intimation

    Emergency hospitalisation needs intimation as soon as it occurs and for planned hospitalisation intimate as soon as it occurs prior to admission.
  • 3

    Claim Processing

    Fill in the pre-authorisation form and hand it over to hospital's insurance/TPA desk to initiate claim request.
  • 4

    Claim Settlement

    Once your request is approved, claim is settled. If not approved, claim for reimbursement after discharge.
  • 1

    Claim Assistance

    For any assistance or query, call InsuranceDekho at the toll-free number 755 1196 989.
  • 2

    Claim Intimation

    Emergency hospitalisation needs intimation as soon as it occurs and for planned hospitalisation intimate as soon as it occurs prior to admission.
  • 3

    Claim Processing

    Submit claim form with original documents such as doctor’s reports, hospital bills, diagnostic tests, etc.
  • 4

    Claim Settlement

    Once your request for reimbursement of expenses is approved, the claim will be settled.

Magma HDI Health Insurance User Reviews

  • Great services offered by Insurance Dekho

    As happy as I am with my Magma HDI Arogya Sanjeevani Policy, equally happy I am with the services offered by Insurance Dekho. The team helped me under...

    Read More
    S
    Sahil Wadhwa
    On: Jun 17, 2020 | Views
  • No paperwork

    I purchased Arogya Sanjeevani Policy of Magma HDI from InsuranceDekho and I must say that their team is the best. This is the first time I purchased h...

    Read More
    R
    Renu Munjal
    On: Jun 16, 2020 | Views
  • Easy digital process

    Earlier I used to rely on insurance agents for my health insurance related needs. But it was the first time that I chose an online platform InsuranceD...

    Read More
    B
    Balram Choudhary
    On: Jun 15, 2020 | Views
  • More than 4,000 network hospitals

    I purchased Magma HDI’s Arogya Sanjeevani Policy because it had a good number of network hospitals near my locality. Also, there were many benef...

    Read More
    A
    Amit Balraj
    On: Jun 14, 2020 | Views
  • Excellent services at InsuranceDekho

    I was new to the concept of buying health insurance online and didn’t know much about it until I called on the toll free number and talked to th...

    Read More
    J
    Jiya Sahu
    On: Jun 13, 2020 | Views
  • Complete coverage

    My Magma HDI One Health Insurance provides me and my family complete coverage against basic healthcare expenses. I will recommend this plan to friends...

    Read More
    T
    Tanu Raghavan
    On: Jun 04, 2020 | Views
  • Claim was very easy

    I recently made a claim under my Magma HDI OneHealth Insurance Policy. And the process was very easy. I thank the team at InsuranceDekho who helped me...

    Read More
    K
    Kajal Aggarwal
    On: Jun 02, 2020 | Views
  • Good job team...

    Magma HDI offers the best plans and so I chose to buy OneHealth Insurance Policy at low premiums. The team at InsuranceDekho helped me understand the ...

    Read More
    V
    Vishal Kaushik
    On: May 30, 2020 | Views
  • Covers Amazing Benefits

    I am using health insurance by InsuranceDekho from Magma HDI. This is an Individual policy which covers Tax benefits, Cashless Benefit, Medical Expens...

    Read More
    P
    Pallavi Kumari
    On: May 28, 2020 | Views
  • Secured payment gateway.

    It was the first time I paid online to purchase a health insurance policy. Earlier I was unsure to make payment online but now I trust InsuranceDekho ...

    Read More
    A
    Aishwarya Kapoor
    On: May 26, 2020 | Views

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Magma HDI Health Insurance Contact Details

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Magma HDI Health Insurance FAQs

  • Does Magma HDI offer insurance plans for individuals or for the families?

    Magma HDI provides the health insurance plans for individuals and families both. The same plan can be purchased on an individual or family floater basis with the change in the sum insured and premium amount.

  • Do I need to go through medical tests to buy a health plan from Magma HDI General Insurance Co. Ltd.?

    Sometimes it is necessary and sometimes not. Actually, it varies from plan to plan where customers are required to submit their medical reports to get their health condition analysed. However, in case, if the request for a health plan is accepted, the applicant can get his or her 100% check-up cost reimbursed.

  • Does Magma HDI General Insurance Company provide any coverage for an accident?

    Yes, under OneHealth policy of Magma HDI, the personal accident cover is provided as an optional benefit. Also, the insurer has one more dedicated plan offered to its customers, known as Individual Personal Accident, to cover the treatment for injury due to accidents.

  • Is there any policy available to cover the expenses of critical illness under Magma HDI?

    Yes, OneHealth Policy of Magma HDI provides cover for the critical illness treatment.

  • What is the claim settlement ratio of Magma HDI General Insurance Company?

    The Claim Settlement Ratio of Magma HDI General Insurance Company is 91.85%.

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