Benefits of Magma HDI Health Insurance
Incorporated in 2006, Magma HDI General Insurance Company is a renowned name for small private sector general insurers. The insurer is a joint venture between India’s Magma Fincorp Ltd. and HDI Global SE, Germany. The company provides different types of insurance options for various industries such as health insurance, fire insurance, liability insurance, marine insurance, engineering insurance, motor insurance, and some other miscellaneous insurances.
The insurer has managed to capture a good amount of insurance market by providing affordable and valuable health insurance plans for individuals, families, accidental cases, critical illness patients, etc. The organisation provides several effective products for families as well as individuals, which can easily be purchased as well as renewed online.
Magma HDI General Insurance Company owns various plans which are designed to offer a wide range of coverage to customers. The components among its offering may include IVF treatment cover, AYUSH coverage, Lasik surgery cover, pre-and post-hospitalisation cover, ambulance charges, pre-existing disease coverage, etc. Besides these, the policyholders can attain some additional covers like customer support, lifelong renewability, the option of portability, and so on.
Additional Benefit of Free Health Check upMagma HDI provides free annual health check-up to all the adult insured members, which may vary from plan to plan. This benefit is included in the majority of plans offered by the insurer.
Additional Protection over Employer CoverageThe insurance policy provided by the employer may not include the coverage for several illnesses. Therefore, with Magma HDI General Insurance company you can enhance your plan and find additional insurance features.
Cashless BenefitHealth insurance plans provided by Magma HDI are designed to help policyholders prevent facing the stress related to monetary crunches, which may occur during medical contingencies. With more than 4,100 network hospitals, the insurer makes it easier for insured members to avail cashless treatment across the nation.
Claim Settement RatioGetting the proper claim easily and swiftly is the ultimate objective of every policyholder. Hence, to ensure the performance of any insurer checking the claim settlement ratio is very crucial. The claim settlement ratio (CSR) of Magma HDI is 91.85%*, which is a sign of an efficient insurer. *ICR changes from time to time.
Coverage against Medical ExpensesMagma HDI offers affordable coverage against the soaring medical costs by providing insurance policies with diverse components. The plans under Magma HDI generally cover the costs of pre and post-hospitalisation, daycare treatments, ambulance charges, domiciliary hospitalisation fee and so on.
Incurred Claim RatioThe Incurred Claim Ratio is one of the easiest methods to gauge the performance and productivity of the insurer. It is the rate of net claims settled by the insurance providing firm to the net premium collected. The Incurred Claim Ratio (ICR) of Magma HDI for year 2018-19 is 90%*. *It keeps on changing with time.
Tax BenefitThe policyholders can avail the tax benefits on the premium amount paid according to Section 80D of IT Act 1961. In short, the plans of Magma HDI don’t just provide medical coverage but also help in saving money.
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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%.