Magma HDI Health Insurance
About the Magma HDI Health Insurance
The Magma HDI General Insurance Company Limited is a joint venture that offers a range of attractive retail and commercial general insurance products. This joint venture is between Magma Fincorp Limited and HDI Global SE Germany.
For readers who are not familiar with the organizations, Magma Fincorp Limited is one of the largest NBFCs in India. Further, the HDI Global SE Germany is part of Talanx Group, which is a multi-brand conglomerate that is present in over 150 countries across the globe.
Magma HDI further provides products in several categories, including health insurance, motor insurance, fire insurance, and marine insurance. The company also has a pan India presence with over 135 offices in India!
According to filings with the IRDAI, the Magma HDI claim settlement ratio has been reported at 95.17% in the financial year of 2019 – 2020. The company provides cover for COVID-19 treatments and an in-house claim settlement of 100%.
The company has a network of over 4,300 hospitals. Insurance policies also come with lifelong renewability. If you want to get a car insurance policy, then you can also go through the Magma HDI car insurance review to make a more informed choice.
Magma HDI provides a couple of health insurance plans. You can go through an overview of these plans by referring to the table given below.
|
Magma HDI Health Plan |
Type of Health Insurance Plan |
Unique Selling Point of the Plan |
|
One Health Insurance Policy |
Comprehensive Health Insurance |
It is a Plan A comprehensive health insurance policy that provides wide coverage of up to Rs.1 crore |
|
Magma HDI Individual Personal Accident Policy |
Personal Accident Policy |
The plan provides coverage to the entire family of the insured if he or she meets with an unfortunate accident |
|
Magma HDI Loan Guard Loan |
Repayment Policy |
The plan provides coverage if the family is struggling to repay EMI on their loans |
|
Magma HDI Group Accident Suraksha |
Group Health Insurance Policy |
The plan provides comprehensive coverage to a particular group of people. This plan also allows employers to look after the needs of their employees |
|
Magma HDI Group Health Suraksha |
Group Health Insurance Policy |
This comprehensive plan provides coverage to a group of people. It can also be used by an employer to protect his or her employees |
1. Magma HDI One Health Insurance PolicyThe Magma HDI One Health Insurance plan protects the entire family and the policyholder in case of a medical emergency. This comprehensive policy basically covers all the medical bills at the time of treatment.
Beyond the coverage, the plan also offers several benefits and rewards to the insured if he or she stays fit. The plan comes in individual and family floater options. A maximum of a few adults and 3 children can be covered in the floater policy. There are also 5 variants of this policy. These variants are as under:
- Magma HDI One Health Support
- Magma HDI One Health Secure
- Magma HDI One Health Support Plus
- Magma HDI One Health Shield
- Magma HDI One Health Premium
The Magma HDI One Health Insurance plan is explained in more depth below.
|
Parameter |
Minimum |
Maximum |
|
Entry Age |
For the policyholder, 18 years For individual plan, 5 years For the floater plan, 91 days |
For the policyholder, individual plan, and floater plan, 65 years |
|
Lifelong Renewability |
Provided |
- |
|
Total Policy Tenure |
1 year or 2 year |
3 years |
This plan comes with an option of restoration of the sum insured. This benefit is provided if the sum insured value is exhausted due to claims made. One can also get an additional lump sum daily cash benefit for every day of hospitalization.
A percentage of the sum insured is also awarded to the policyholder as a cumulative bonus. This cumulative bonus is provided in case of claim-free policy years. One can also get free annual health check-ups irrespective of the number of claims made in a year.
As mentioned above, there are five variants of this policy. In the table given below, you can go through the details of these plans.
|
Parameter |
Magma HDI One Health Support |
Magma HDI One Health Secure |
Magma HDI One Health Support Plus |
Magma HDI One Health Shield |
Magma HDI One Health Premium |
|
Total Sum Insured |
Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, and Rs.5 lakh |
Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, Rs.5 lakh, Rs.7.5 lakh, and Rs.10 lakh |
Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, Rs.5 lakh, Rs.7.5 lakh, and Rs.10 lakh |
Rs.5 lakh, Rs.7.5 lakh, Rs.10 lakh, Rs.15 lakh, Rs.20 lakh, Rs.25 lakh, Rs.30 lakh, and Rs.50 lakh |
Rs.10 lakh, Rs.15 lakh, Rs.20 lakh, Rs.25 lakh, Rs.30 lakh, Rs.50 lakh, and Rs.1 crore |
|
In-Patient Care Benefit |
Covered up to the sum insured |
Covered up to the sum insured |
Covered up to the sum insured value |
Covered up to the sum insured |
Covered up to the total sum insured |
|
Room Rent Capping |
Provided up to 1% of sum insured for normal room and 2% of sum insured for ICU |
Single private room |
No room rent capping available |
No room rent capping |
No room rent capping |
|
Pre-Hospitalization Charges Cover |
Covered up to 30 days before hospitalization |
Covered up to 30 days before hospitalization |
Covered up to 30 days before hospitalization |
Covered up to 60 days before hospitalization |
Covered up to 60 days before hospitalization |
|
Post-Hospitalization Charges Cover |
Provided up to 60 days after hospitalization |
Provided up to 60 days after hospitalization |
Provided up to 60 days after hospitalization |
Provided up to 90 days after hospitalization |
Provided up to 90 after hospitalization |
|
Ambulance Charges Cover |
Covered up to Rs.2,000 |
Covered up to Rs.2,500 |
Covered up to Rs.5,000 |
Covered up to Rs.7,500 |
Covered up to Rs.10,000 |
|
Day Care Treatment Cover |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured value |
Covered up to sum insured |
|
Organ Donor Expense Cover |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
|
IVF Treatment Cover |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
|
Bariatric Surgery Cover |
Provided up to Rs.1 lakh |
Provided up to Rs.1 lakh |
Provided up to Rs.1 lakh |
Provided up to Rs.1 lakh |
Provided up to Rs.1 lakh |
|
Psychiatric Treatment Cover |
Covered up to sum insured (A sub-limit of Rs.50,000 is applicable in some cases) |
Covered up to sum insured with a sub-limit of Rs.50,000 in some cases |
Provided up to sum insured with a sub-limit of Rs.50,000 in some cases |
Provided up to sum insured with a sub-limit of Rs.50,000 in some cases |
Covered up to sum insured with a sub-limit of Rs.50,000 in some cases |
|
LASIK Surgery Cover |
Covered up to Rs.25,000 |
Covered up to Rs.25,000 |
Covered up to Rs.25,000 |
Covered up to Rs.25,000 |
Covered up to Rs.25,000 |
|
HIV/ AIDS Treatment Cover |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
Covered up to Rs.50,000 |
|
Modern Treatment Procedures |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
Covered up to sum insured |
|
Recharge of Sum Insured Benefit |
Not Available |
Recharge of up to 100% of sum insured. It is provided for a maximum of 5 times in a year |
Recharge of up to 100% of the sum insured. It is provided for a maximum of 5 times a policy year |
Recharge of up to 100% of the sum insured up to a maximum of 5 times in a policy year |
Recharge of up to 100% of sum insured up to a maximum of 5 times in a policy year |
|
Hospital Cash Allowance |
Not Available |
Not Available |
Provided up to Rs.500 |
Provided up to Rs.1,000 |
Provided up to Rs.1,500 |
|
Maternity Benefit |
Not Available |
Not Available |
Not Available |
Not Available |
Covered up to Rs.1 lakh |
|
New Born Baby Cover |
Not Available |
Not Available |
Not Available |
Not Available |
Covered up to Rs.50,000 |
|
Vaccination for Newborn Cover |
Not Available |
Not Available |
Not Available |
Not Available |
Covered up to Rs.10,000 |
|
Critical Illness Cover |
Equal to sum insured |
Equal to sum insured |
Equal to sum insured |
Sum insured or Rs.1 lakh, whichever is lower |
Rs.1 lakh |
|
Personal Accident Cover |
Equal to sum insured |
Equal to sum insured |
Equal to sum insured |
Sum insured or Rs.1 lakh, whichever is lower |
Rs.1 lakh |
|
Voluntary Co-Payment Feature |
10% or 20% |
10% or 20% |
10% or 20% |
10% or 20% |
10% or 20% |
|
Aggregate Deductible |
For sum insured of Rs.2 lakh and Rs.3 lakh, Rs.1 lakh, Rs.2 lakh, or Rs.3 lakh For sum insured of Rs.4 lakh, Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, or Rs.4 lakh For sum insured of Rs.5 lakh, Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, or Rs.5 lakh |
For sum insured of Rs.2 lakh and Rs.3 lakh, Rs.1 lakh, Rs.2 lakh, or Rs.3 lakh For sum insured of Rs.4 lakh, Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, or Rs.4 lakh For sum insured of Rs.5 lakh, Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, or Rs.5 lakh |
For sum insured of Rs.7.5 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, or Rs.5 lakh For sum insured of Rs.10 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, Rs.5 lakh, or Rs.10 lakh |
For sum insured of Rs.2 lakh and Rs.2 lakh, Rs.1 lakh, Rs.2 lakh, or Rs.3 lakh For sum insured of Rs.4 lakh, Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, or Rs.4 lakh For sum insured of Rs.5 lakh, Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, or Rs.5 lakh For sum insured of Rs.7.5 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, or Rs.5 lakh For sum insured of Rs.10 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, Rs.5 lakh, or Rs.10 lakh |
For sum insured of Rs.10 lakh, Rs.15 lakh, Rs.20 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, Rs.5 lakh, or Rs.10 lakh For sum insured of Rs.25 lakh, Rs.30 lakh, Rs.50 lakh, Rs.2 lakh, Rs.4 lakh, Rs.5 lakh, or Rs.10 lakh For sum insured of Rs.1 crore, Rs.10 lakh |
2. Magma HDI Individual Personal Accident Policy
The Magma HDI Individual Personal Accident policy provides the policyholder with the necessary protection that he or she needs to prepare for any unfortunate accident. The plan is available on an individual and family floater basis. The plan also provides coverage for:
- Accidental death
- Permanent total disablement
- Permanent partial disablement
- Temporary total disablement
The plan also comes in three variants, including:
- Basic
- Wider
- Comprehensive
Two additional covers are also provided in the comprehensive variant of this plan. These two additional covers are:
- Medical expense extension
- Hospital confinement allowance
3. Magma HDI Loan Guard
The Magma HDI Loan Guard is a unique policy that helps the policyholder pay off debt or loan EMIs that one might have taken for medical purposes. This policy provides emotional and financial coverage to the individual and his or her entire family.
In this policy, a lump sum amount is provided to the policyholder to soften the blow of a loan EMI taken due to an accident or critical illness. This amount can be paid by the policyholder or his or her family during tough times. The policy also provides coverage for treatment costs.
Some critical illnesses that are covered in this policy are:
- The first diagnosis of cancer
- The first diagnosis of end-stage renal failure
- The first diagnosis of multiple sclerosis
- The first diagnosis of benign brain tumor
- The first diagnosis of Parkinson's disease
- The first diagnosis of end-stage liver disease
- The first diagnosis of Alzheimer’s disease
- Surgical procedure for first major organ transplant
- Surgical procedure for first heart valve replacement
- Surgical procedure for first coronary artery bypass graft
- First surgical procedure for aorta
- Treatment for the first occurrence of stroke
- Treatment for the first occurrence of paralysis
- The first treatment for myocardial infarction
- Treatments for first major burns
- Treatment for coma
- Treatment for deafness
- Treatment for loss of speech
4. Magma HDI Group Health Suraksha
As the name indicates, the Magma HDI Group Health Suraksha plan has been created to provide complete health coverage to a group of people. Flexibility is provided in this plan in terms of customizable cover and sum insured value depending on the needs of the group. The benefits provided under this plan are:
- Hospitalization cover
- Day-care procedures cover
- Maternity benefit
- Pre-hospitalization charges benefit
- Post-hospitalization expense benefit
- Hospital daily cash allowance
- Cover for a newborn child
- Ambulance cover
5. Magma HDI Group Accident Suraksha
This comprehensive plan provides protection to an entire group in difficult times. The plan is specifically made for employees working in an organization. Some benefits provided in this plan are partial disablement, permanent disablement, accidental deaths, and total temporary disablement.
Some key inclusions of these plans are:
- Every plan comes with a base cover that provides protection for medical expenses up to the maximum sum insured limit
- There are additional covers provided in these plans
- Modern treatments like oral chemotherapy and robotics surgery are covered
- In-patient hospitalization charges like doctor’s fees, operation theatre cost, anesthetist’s charges, nurse’s charges, and surgery cost are covered
- Daycare treatment coverage is provided
- Pre-hospitalization and post-hospitalization cover is provided
- Ambulance cover in cases of medical emergencies are covered
- Organ donor expenses are covered
- Domiciliary hospitalization coverage is provided
- AYUSH cover for non-allopathic treatments like Ayurveda is included
- Free annual health check-up for insured adults is provided
Till now we have talked about everything that one can get in these health insurance policies. Let’s now look at some factors that are not included in these plans.
- An initial waiting period of 30 days is applicable for all treatments except accidental injuries
- In the case of critical illness cover, the initial waiting period is 90 days
- Treatments for alcohol abuse, addictive conditions, or substance abuse is not included
- Medical costs incurred due to nuclear contamination, chemical contamination, riot, and war are not included
- Drugs or treatments that are not prescribed
It can be said without a doubt that Magma HDI health insurance policies are comprehensive and provide coverage for basically every medical need. There are five main policies provided by the organization that one can choose from depending on his or her requirements. Every policy comes with various benefits and add-on features.
The appeal of purchasing a Magma HDI health insurance policy is further enhanced if you look at some of the glowing reviews left by policyholders. If you wish to read some of these reviews, then go through the list given below.
- Convenient Purchasing and Renewal, says Anita Mishra (5 stars / 5 stars): I purchased a health insurance policy from Magma HDI and I’m very happy with my purchase. For me, the entire process of purchasing and renewing the policy has been very smooth and easy. I faced no issues as I did everything online. The premium of my policy is also quite affordable.
- Amazing Digital Presence, says Shravansh Verma (5 stars / 5 stars): I was recommended by one of my family friends to buy Magma HDI health insurance. I bought the policy on suggestion and was floored by the benefits that I have received in this policy. The best feature I like about this company is that everything can be done online. I’m always busy at the office with work and the online option has made it very easy for me to handle everything.
- Enhanced Features, says a delighted customer: I placed a reimbursement claim request for my Magma HDI One Health Insurance policy a month or two back. And I have already received the reimbursement! The services of this company are very quick and the benefits provided in the insurance products are amazing. I’m 100% happy with the policy and would recommend it to everyone.
Magma HDI Health Insurance FAQs
Can I buy a Magma HDI health insurance policy for my family?
Yes, Magma HDI health insurance plans can be purchased for both individuals and families. The premium amount in both of these cases can differ.
Do I have to get a pre-insurance medical test done before purchasing a Magma HDI General Insurance Company Limited?
Customers might have to get a pre-insurance medical check-up before purchasing a Magma HDI insurance policy. The actual answer to this question varies from one policy to another. It is best if you directly contact the Magma HDI customer support team for the same to see if you would have to get a pre-insurance medical check-up done or not.
Can I get accidental coverage in my Magma HDI General Insurance company health policy?
Yes, customers can get accidental coverage in their Magma HDI health insurance policies. This benefit is provided under the Magma HDI One Health policy and the Individual Personal Accident policy.
Can I get coverage for critical illness charges under my Magma HDI health insurance policy?
Yes, critical illness charges are covered under the Magma HDI One Health policy.
