Magma HDI forays into health insurance business

Magma HDI General Insurance Co Ltd (Magma HDI), a joint venture between Magma Fincorp Ltd and HDI Global SE, Germany, forayed into the health insurance business with the launch of OneHealth, the next generation health insurance policy.  Mr. Vikas Mittal, Deputy CEO, Magma HDI and Mr. Amit Bhandari, Chief Technical Officer, Magma HDI addressed the media at a press meet held in Hyderabad today to launch the new product.

OneHealth is the generation-next health insurance which covers various significant medical conditions as well as lifestyle diseases which are covered rarely in the industry. The India State-Level Disease Burden Initiative’s Report released recently states that lifestyle diseases now kill more people than communicable ones like tuberculosis or diarrhoea in every state in India. Very few of the existing health insurance policies cover lifestyle ailments like lasik, bariatric surgery, psychiatric treatments etc. OneHealth is a first of its kind health insurance policy that covers all such ailments which are not yet considered medical conditions in the industry.

Speaking to the media on the occasion Mr. Vikas Mittal, Deputy CEO, Magma HDI, said, “There is an increasing prevalence of lifestyle diseases in India where one out of four Indians is at risk of dying from non-communicable diseases. But hardly are these lifestyle diseases covered under any insurance policy. Therefore, keeping in mind the modern lifestyle and the increase in lifestyle diseases we designed this policy to meet the need of the customer and his entire family. OneHealth, along with covering all major lifestyle diseases will also offer additional benefits like restoration benefit, cumulative bonus, free annual health check up, loss of income etc.”

Some of the Simple & flexible features which One Health offers are: 

Comprehensive design

  • Range of sum insured: Rs. 2 lakhs to Rs. 50 lakhs, across only 4 variants
  • Individual or floater
  • Cover upto 3 years
  • Zone wise premium calculation, with an option to get treatment from a different zone
  • Pay premium in instalments
  • Options to reduce premiums (fitness reward points, aggregate deductible, voluntary co pay)

 

Differentiated coverages

  • New age covers (IVF, Bariatric, Psychiatric, Lasik surgery, loss of income)
  • Organ donor
  • Domiciliary coverage upto full sum insured
  • Ayurveda, Unani, Siddha, Homeopathy
  • Maternity

Additional covers

  • PA with Permanent Total Disability
  • 11 critical illnesses (with built in Compassionate visit)

 

 

Added benefits with no additional costs:

–      Non reducing no claims bonus

–      Annual health check ups

–      Value added services (Doctor on phone call, e-Specialist’s consultation, Nutritional counseling on phone, Health related offers)

–      Early joining benefits (plus no mandatory co pay)

–      Green channel benefit
100% restoration

–      Hospi cash and Enhanced Daily Cash benefit

–     Loss of income benefit

–     Home treatment

–     Companion benefit

–     OPD cover

–     Convalescence benefit

–     Worldwide emergency cover

–     Air Ambulance cover

More information about OneHealth can be obtained at official website of Magma HDI General Insurance i.e. www.magma-hdi.co.in or at toll free 1800-3002-3202. Customers can buy the product from any of the 86 branches or through a vast network of 2000+ intermediaries, located across the country.

About Magma HDI General Insurance Company Limited

Magma HDI General Insurance Co Ltd. is a joint venture between Magma Fincorp Ltd and HDI Global SE, Germany. The joint venture, leverages on the strengths of the two companies to offer general insurance products through the existing strong distribution and service network of Magma with deep penetration in Rurban India. The partner company- HDI Global SE is part of the Talanx Group, which is the third largest insurance group in Germany.

 

About Magma Fincorp

Magma Fincorp is a leading NBFC financing Rurban under-served customers with more than 300 branches covering Pan India & offering vehicle finance, mortgage & SME Loans. It has served more than 10 Lacs customers & currently has AUM of over Rs. 15200 Crores.

 

About HDI Global SE

HDI Global SE, Germany is a part of the Hannover based Talanx Group, which is the third largest German insurance group by premium income. It has over 100 years of experience in Insurance & is active in 150 countries. Talanx Primary group enjoys a rating of A+ by Standard & Poor’s.

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