Magma HDI Health Insurance

Key Features

Claim Settlement Ratio 95.84%

Claim Settlement Facility 100%

Network Hospitals 4,300

Renewability 100%

COVID-19 Cover Yes

Incurred Claim Ratio 90%

MAGMA HDI Health Insurance Plans

MAGMA HDI health insurance is offered in three plans which are discussed below:

One health insurance policy:

One health insurance policy is a comprehensive policy offered in 5 variants namely Support, Secure, Support Plus, Shield and Premium with various coverage options such as no claim bonus, rewards for staying fit, discounted premiums. One health insurance policy also comes with an option to pay health insurance policy premium in installments. There are various sum insured options available under the one health insurance policy and the maximum sum insured under the plan is Rs. 1 Crore. The sum insured options for the different variants of one health insurance policy are mentioned below:-

  • Support - Minimum sum insured Rs.2 Lakhs & Maximum sum insured Rs.5 Lakhs.
  • Secure- Minimum sum insured Rs.2 Lakhs & Maximum sum insured Rs.10 Lakhs.
  • Support Plus- Minimum sum insured Rs.2 Lakhs & Maximum sum insured Rs.10 Lakhs.
  • Shield- Minimum sum insured Rs.5 Lakhs & Maximum sum insured Rs.50 Lakhs.
  • Premium- Minimum sum insured Rs.10 Lakhs & Maximum sum insured Rs.1 Crore.

Additional Options under One Health Plan:

  • Critical Illness cover: The company will pay the specified sum insured under the policy in case of diagnosis with critical illness during the policy period. The claim would be payable if the insured person diagnosed with any of the mentioned critical illness survives for at least 30 days following such diagnosis. There is a waiting period of 90 days during which the claim would not be payable even if the insured is diagnosed with any of the critical illnesses mentioned under the policy. Critical illness arising out of any pre existing disease would be covered only after a waiting period of 48 months from first policy start date. Any mandatory co-payment , voluntary co-payment, aggregate deductible or Zone based co-payment shall not be applicable for claim payment under this benefit.
  • Personal Accident cover: If at any time during the policy period the insured person sustains an injury resulting solely and directly due to an accident anywhere in the World, and causes death or disability then the company would pay the compensation to the insured or the nominee of the insured. Accidental death arising out of an injury within twelve calendar months from the date of the accident is covered under the policy. Permanent total disability resulting from an injury is also covered under the policy.

Loan guard

The loan guard policy offers compensation to the nominee of the insured or the insured in case of an accident or critical illness leading to death or disability of the policyholder during the policy period. The policy is available from the financial institutions from which the insured takes any kind of loan. The policy is usually given to protect the interest of the customers taking loan from any of the financial institutions of the group. The minimum age of entry for this policy is 18 years and primary loan applicants and/or co-borrower can opt for this policy. The features of the policy are as follows:

  • A lump sum amount would be paid if the insured person suffers from death or permanent total disability due to injuries caused by an accident.
  • A waiting period of 90 days is applicable to the critical illness cover whereas no waiting period is applicable to the personal accident cover.
  • Any claim arising within 48 months of the first policy start date is not covered if it is a pre-existing disease.
  • Natural death is not covered under the policy.