Magma Health Insurance vs Tata AIG Health Insurance

A health crisis strikes without warning. Hence, it is important to prepare yourself in such a way that physical, mental and financial well-being does not take a toll on you. Here is where a health insurance plan comes to your aid. It covers you against the financial consequences of any illness or accident and reduces the burden of medical expenses. However, to get all-round protection, you should buy a health insurance plan from a trusted insurance company. Check out the policies offered by Magma Health Insurance and Tata AIG Health Insurance to understand the benefits of each.

Magma Health Insurance versus Tata AIG Health Insurance – Overview 

Parameter	Magma Health Insurance	Tata AIG Health Insurance
Number of health insurance plans	7	11
E-services	Policy sale Policy renewal Claim settlement  Branch locator Online consultation 24×7 customer help	Policy sale Policy renewal Claim settlement  Branch locator Online consultation 24×7 customer help
Branches	135+	90+
Claim settlement ratio	91.85%	78.93%
Incurred claim ratio	90%
Hospital network	4,100+	5, 200+

Source: IRDAI Annual Report, 2018-19 

Health Insurance Policies: Magma Health Insurance versus Tata AIG Health Insurance

Magma Health Insurance offers 7 health insurance policies for individual, family, senior-citizen and corporate group (employee) needs. These plans cover for critical illnesses, accidents and COVID-19; among other health needs. 

Tata AIG Health Insurance provides 11 health insurance policies for individual, family, senior-citizen, and corporate group (employee) needs. These plans offer insurance against critical illnesses, accidents, maternity, and COVID-19, among other medical conditions. 

Here’s a 3-plan comparison of Magma Health Insurance and Tata AIG Health Insurance. Once you understand the advantages of each plan you can select the one offering the best terms. 

Arogya Sanjeevani Policy: 

Magma Health Insurance Arogya Sanjeevani Policy offers:

• Indemnification for pre, post and in-patient hospitalization expenses
• Reimbursement of 25% of sum insured (SI) for cataract treatment 
• Payout for expenses incurred for alternate (AYUSH) treatment 
• 50% of SI for day-care treatment 
• Coverage for dental treatment/ plastic surgery owing to a disease/ injury
• Payments for road ambulance expenses 

Tata AIG Arogya Sanjeevani Policy offers:

• Indemnification of pre, post and in-patient hospitalization expenses
• Payout of 25% of sum insured (SI) for cataract treatment 
• Reimbursement for alternate (AYUSH) treatment expenses
• Up to 50% of SI for day care treatment 
• Coverage for dental treatment/ plastic surgery owing to a disease/ injury
• Settlement of road ambulance expenses (up to Rs.2000 per hospitalization) 

Personal Accident Policy: 

Magma Health Insurance’s Personal Accident Policy offers: 

• 3 sub-covers – Basic, Wider, and Comprehensive Cover
• 100% SI payout on accidental death/ permanent total disability 
• Up to 50% of SI upon permanent partial disability 
• 1% of SI or Rs.5000 per week for 104 weeks in case of temporary total disability 
• Coverage for ambulance and transportation charges 
• Education fund for 2 dependent children in case of accidental death/ permanent total disability of the policyholder

TATA AIG Personal Accident Policy has 7 sub-plans. Its Accident Guard Policy offers: 

• SI amounts up to Rs.1 crore
• 100% payout of SI upon accidental death and permanent total disability
• 5%-75% of SI upon permanent partial disability 
• Payment of weekly cash benefit for 104 weeks in case of temporary total disability 
• Reimbursement of 10% of SI in case of in-patient hospitalization owing to an accident
• 10% SI in case of coma 
• Child tuition benefit up to 10% of SI for four years 
• Coverage for the cost of artificial limbs, cost of crutches/ wheelchair (up to 10% of SI)

Corona Kavach Policy: 

Both Magma Health Insurance and Tata AIG Health Insurance offer Corona Kavach Policies. Both offer:

• Indemnification of pre, post and in-patient hospitalization 
• Reimbursement of charges incurred for AYUSH treatment and home treatment
• Coverage for comorbidities along with treatment of COVID-19

The purpose of this Magma Health Insurance versus Tata AIG Health Insurance comparison is to make your purchasing decision easy. Before buying an insurance policy, read the fine print with care.