Health Insurance

Health Insurance plans

Magma HDI One Health (Shield)

Name: Magma HDI One Health (Shield)
Brand: Magma HDI General Insurance Company Limited

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Introduction Verdict Pro’s & Cons Specific Exclusions About Insurer Detailed Ratings

Introduction to Magma HDI One Health (Shield)

Magma HDI One Health (Shield) is a health insurance policy offered by Magma HDI General Insurance Company Limited. A health insurance policy acts as a protective shield for savings and healthcare, so you and your family can live a happy, fulfilling life. One Health (Shield) Plan is designed to protect you and your loved ones from the financial burden of unexpected healthcare costs and ensure access to quality medical care when needed. It offers a range of coverage options and allows you to tailor your coverage to meet your specific healthcare needs and budget.

Verdict: Magma HDI One Health (Shield)

In addition to covering hospitalization and related expenses, this plan also provides coverage for treatments such as bariatric surgery and infertility. However, it's important to note that the plan imposes sub-limits on common treatments like cataracts, potentially resulting in substantial out-of-pocket expenses. Another aspect to consider is that this plan does not offer a monthly premium payment option, which could be a drawback for some individuals. Further, as per our research, the insurer has received a higher number of complaints related to policy purchases, which might impact your overall buying experience. On the bright side, there are fewer complaints concerning claim settlements, indicating that the insurer has a strong track record in terms of claims service.

Pros & Cons: Magma HDI One Health (Shield)

Fairly priced in comparison to other products in the market
No restrictions on the type of hospital room you choose
Covers Bariatric surgery for weight loss
Coverage for treatment of mental health
Covers expenses related to infertility treatment
Multiple options available for getting premium discounts
Received fewer complaints on claim settlement compared to other insurers

Monthly premium payment mode not available
Sub-limits on common treatments like cataract
Received higher number of complaints during policy purchase compared to other insurers

Specific Exclusions: Magma HDI One Health (Shield)

01 Expenses related to non-allopathic or alternative treatment, except for AYUSH treatment

02 Use of ventilator for a patient in vegetative state (brain dead) without any chances of recovery

03 Circumcision unless necessary for treating a disease or injury

04 Injury or illness directly or indirectly due to terrorism, war, riot, nuclear or chemical contamination

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About Magma HDI General Insurance Company Limited

Magma HDI General Insurance Company is a subsidiary of Adar Poonawalla's Rising Sun Group, with Sanoti Properties LLP holding a majority of the company’s shareholding. Other key shareholders are HDI Global SE, Celica Developers Private Limited, and Jaguar Advisory Services Private Limited. The company provides a variety of insurance products ranging from Motor, Health, Personal Accident, and Home Insurance in the retail space to Fire, Engineering, Liability, and Marine Insurance in the commercial space. It was founded in 2009 and is headquartered in Mumbai, Maharashtra. Mr. Rajive Kumaraswami is the company's CEO and MD.

Founded in

2009

JV Partners

Turnover (GWP)

146.49 Crores

Number of Policies

4,18,403

Number of Claims

67,858

Detailed Product Specs: Magma HDI One Health (Shield)

Claims Experience advisor

Customer Service advisor

Product Benefits (10L Sum Insured) advisor

Limits and Exclusions advisor

% of claims settled in less than 30 days

Reflects on the speed of settling valid claims

100.00%

% of Complaints received on overall claims

% customers unhappy with claims experience

0.12%

Claims Incurred Ratio

87.20%

Claim Settlement Ratio (No. of claims)

What % of the claims received were paid?

60.10%

No. of Cashless Hospitals

4,300+

Notes

1- The health insurance data was last updated in September 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), insurer websites, and the IRDAI website.

2- The Claims Settlement Ratio data is taken from NL-37, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the number of claims settled by the sum of claims outstanding at the beginning of the year and claims reported during the year.

3- The data related to claim complaints and policy purchase complaints is taken from NL-45, insurer public disclosures (Q1, FY 2023-2024).

4- The Solvency Ratio data is taken from NL-26, insurer public disclosures (Q1, FY 2023-2024).

5- The data related to claims settled within 30 days is taken from NL-39, insurer public disclosures (Q1, FY 2023-2024).

6- The Claims Incurred Ratio data is taken from NL-4 and NL-5, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the Net Claims Incurred by the Net Earned Premium.

7- For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.

8- We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service.

9- Affordability assessment of plans:

・The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 30th September 2023.

・The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 30th September 2023.

10- The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans.

11- Only those hidden and special conditions that apply to the benefits and features we have considered are included on the product pages.

12- The product pages only include the most significant specific exclusions under each plan.

13- The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).

14- If the policy wording, brochure, or prospectus states that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.

15- The response time on Twitter (Beta) was calculated using a sample set of tweets from February 2023 to August 2023 (analyzed in September 2023).

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