Magma HDI Health Insurance Claim Settlement

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

Claim Settlement of Magma HDI Health Insurance

Magma HDI is a trusted name in the insurance industry. It is praised across the market for delivering simple and efficient claim settlement process to its policyholders. Under the policies of Magma HDI General Insurance Company, the customers can receive their treatment expenses back through cashless claim procedure or reimbursement claim procedure. The cashless procedure can be availed only at the hospitals present in the network of insurance providing firm. Here, Magma HDI possesses around 4,100+ network hospitals across the nation, where claims are provided directly according to policy terms and conditions. However, when it comes to reimbursement procedure, the customers have to submit the medical bills that have the coverage under the health insurance policy, which gets approved post-analysis. 

  • Claim Process for Cashless Treatment

    To settle a cashless claim with Magma HDI, proposers are required to follow these steps: 

    • Find a hospital in the network of the insurer with proper amenities
    • Reach network hospital with health card and show it to the officials there 
    • The hospital will verify your identity and send a claim request to Magma HDI
    • The application will be processed to approve or deny the claim requested 
    • If the request for claim gets approved, Magma HDI will adjust the bill directly with the network hospital 
    • In the cases of rejection, the insured individual can request for reimbursement claim after getting discharged from the hospital
  • Reimbursement Treatment

    If a policyholder is treated in a non-network hospital, he or she can request for a reimbursement claim. Besides, the policyholder can request for this claim procedure on getting the rejection for a cashless claim. Here are some steps to successfully request for the reimbursement procedure:

    • Immediately convey Magma HDI about the hospitalisation with policy certificate number
    • Select the medical treatment, avail it and make payment for its expense   
    • Seek and gather original documents and bills of all the procedures while getting discharged from the hospital
    • Fill the claim form properly and do get it signed from the authority before submitting it to the insurer with all the relevant documents
    • Approval or denial of the claim is decided according to the terms and conditions of a specific plan and then the amount is reimbursed
  • Documents Needed

    Following are the documents required to be properly filled and submitted for making a successful claim request:

    • Invoices or medical bills, discharge certificate, health insurance policy card 
    • Cash memos, chemist bills, and lab reports and bills along with proper prescriptions
    • Detailed prescription from doctor comprising the type of the treatment/operation 
    • Doctor or physician bills with the complete certificate of diagnosis
    • In addition to these, some other documents can be submitted as well, if needed by the authorised claim settlement team
  • Incurred Claim Ratio (ICR) of Magma HDI Health Insurance

    The Incurred Claim Ratio (ICR) is a measure to gauge the potential of an insurance firm in terms of effectiveness and liquidity. Basically, it is a ratio of the total amount of claims settled by the insurance providing firm to the amount of premium gathered by the company during a particular period. It reveals the productivity of an insurer. The Incurred Claim Ratio (ICR) of Magma HDI General Insurance Company Limited is 90% for FY 2018-2019.

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