Magma HDI was born out of a partnership between Magma Fincorp and HDI Global SE. Together, they offer a wide range of insurance products in India. The insurance company, however, caters only to the general insurance category. In the health sector, Magma HDI offers one personal accident insurance plan.
Multiple plan options - Customers have the option to choose to from three plans that offer different coverage. According to their budget and requirements, customers can choose a plan.
Optional Cover - Customers can choose from two additional covers that provide financial protection against hospitalisation expenses and provide hospital cash.
Family Package - This plan comes with the option of including a dependent spouse, children and parents. Customers can avail a 10% discount on premium for adding family members under the same plan.
Tax Benefits - All policies are eligible for tax exemptions for premium paid under Section 80D of the Income Tax Act.
Customer Support - Magma HDI provides a customer support team available via phone or email.
|Plan Name||Plan Basis||Sum Insured||Policy Term|
|Magma HDI Individual Personal Accident Policy||Individual or Family||Rs.1 lakh up to 60 times the monthly income or Rs.5 crore, whichever is lesser||Lifelong renewability (15% loading required for renewal above the age of 75 years)|
Under this plan, customers can get cover against accidental death, permanent total or partial disablement and temporary total disablement. There are also optional covers for medical expenses incurred and hospital cash.
|Entry Age||18 years|
|Plan Basis||Individual or Family|
|Sum Insured Range||Rs.1 lakh to Rs.5 crore|
|Premium||Based on age, sum insured, medical conditions, etc. Rates are mentioned in the sales wordings and website|
|No Claim Bonus||NA|
|Discounts||10% for family policies|
The incurred claim ratio indicates the number of claims settled by a company against the number of claims received in a year. This ratio is calculated by the IRDA taking into consideration the total value of premiums collected by the company and the total value paid out in claims. This ratio is made public on an annual basis. The percentage can help customers see how many claims a company rejects. This can help them make a decision on which insurance provider to choose. However, the claim ratio should not be a sole deciding factor.
|Year||Incurred Claim Ratio|
*IRDA Annual Report 2015-16
|Optional Add-ons||Medical expenses extension Hospital confinement allowance|
|Staff benefits||There is a discount of 15% if the policy is booked through a direct channel|
|Enhancement of Sum Insured||Available at the time of renewal|
|Tax Rebate||Tax benefits against premiums paid under Section 80D of Income Tax Act, 1961|
|Cancellation||The company can cancel the policy by refunding the premium on a pro-rata basis|
|Free-look period||15 days from the date of receipt of the policy|
Magma HDI Insurance provides the option of renewing your insurance policy easily online on their official website. Alternatively, you can renew your policy at an operating office, through an insurance agent or at self-service kiosks.
The policy must be renewed by the due date. A period of 30 days is granted as a grace period if a reasonable explanation is given by the insured. However, during the 30-day grace period, the cover will not be applicable.
Cashless facility allows a customer to avail treatment without paying any money. They need to file a claim with the insurer as soon as possible, and if approved, the insurer will directly settle the bill. This facility is available only if the insurer has a tie-up with the hospital.
Cashless treatment is not available under the Personal accident policy from Magma HDI. For more information, you can contact the Magma HDI customer care or an agent.
Given below is the process to be followed to submit a claim to Magma HDI:
Terms and Conditions of Magma HDI Insurance
The three options are Basic, Wider and Comprehensive
Only accidental death is covered under this plan.
You will receive cover against accidental death, permanent total or partial disablement.
Under this plan, you will be covered against accidental death, permanent total or partial disablement, along with temporary total disablement.
You can opt for Medical Expenses Extension and Hospital Confinement allowance.
This additional cover can be taken to cover medical costs arising out of an accident that causes bodily injury, disablement and death. A maximum of 40% of the personal accident sum insured can be claimed.
For every day of hospitalisation, up to Rs.500 can be availed as hospital cash for a maximum of 30 days. Hospitalisation must be due to an accident that causes disablement, bodily injury or even death.
Medical Expenses Extension - 25% of the base premium.
Hospital Confinement Allowance - Rs.300 per person.
No, only dependent children can be included in this plan up to the age of 23 years.
If you cancel your policy within 15 days from the date of inception, then you will be entitled to a refund. The company will deduct expenses incurred, stamp duty and any proportionate risk.
Enhancing the Capital Sum Insured can be done only at the time of renewal. Enhancement is also subject to review of the income of the insured.
Family is defined as the insured’s spouse, dependent children, legally adopted children, dependent parents, mother-in-law and father-in-law.