Magma HDI Health Insurance 
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 general insurance company was started as a joint venture between Kolkata based financial services firm Magma Fincorp and German insurer HDI-Gerling Insdutrie Versicherung. Adar poonawala’s Rising sun group viz. Sanoti properties LLP holds a majority of the company’s shareholding. Other key shareholders in the company are HDI Global SE, Celica Developers Private Limited and Jaguar Advisory Services Private Limited.
MAGMA HDI health insurance is offered in three plans which are discussed below
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:-
The maternity cover can be availed if both self and spouse are covered under the policy. A waiting period of 48 months shall be applicable from the policy inception date and would be applicable under this benefit. The maternity expenses incurred for and including the child birth or for lawful medically necessary termination of pregnancy including abortion and miscarriage required or arising due to accidental injuries. A maximum of up to 2 deliveries or termination of pregnancy can be availed during the lifetime of the insured.
The following are the key features under Magma HDI health insurance policy:-
The following are the tax benefits available from MAGMA HDI health insurance policies.
Magma HDI general insurance claim form should be duly filled and signed before sending it to the TPA or the insurance company for cashless claim processing.
Any person on an individual or a family basis can take the policy. Family includes Self, Spouse, dependent children , parents and parents-in-law, son-in-law, daughter-in-law, dependent grandchildren, dependent sister and dependent brother.
