Magma OneHealth Insurance Plan
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Magma OneHealth Insurance Plan
Magma OneHealth Insurance is a comprehensive medical insurance plan that covers individuals and families against diseases and accidents. It covers the cost of in-patient hospitalization, OPD treatment, home treatment, ambulance charges along with maternity expenses. The plan also offers benefits like LASIK surgery cover, IVF treatment cover, psychiatric treatment cover, loss of income benefit, worldwide emergency hospitalization and HIV/AIDS cover.
Magma OneHealth Insurance Plan: Key Highlights
| Categories | Specifications |
| Sum Insured | Rs 2 lakh to Rs 1 crore |
| Policy Tenure | 1 year, 2 years, 3 years |
| Network Hospitals | 7200+ |
| Incurred Claim Ratio (2020-21) | 62.70% |
| Pre-existing Diseases Waiting Period | 2 year/ 3 years/ 4 years |
| Discount | Up to 12.5% multi-year policy discount 5% cross-sell discount 10% direct sourcing discount |
| Co-payment | 20% for people above 60 years Up to 35% if the insured is hospitalized in a higher zone |
Benefits of Magma OneHealth Insurance Plan
The Magma OneHealth Insurance plan comes with the following attractive benefits:
1. Recharge of Sum Insured
If the sum insured is insufficient for a claim, the amount will be recharged by 100% up to five times in a policy year with this benefit.
2. Annual Health Check-up
Every year, all adult insured members will be eligible for a health check-up facility irrespective of the claims history.
3. Cumulative Bonus
In case no claims have been raised in the previous policy year, the sum insured will be increased without any hike in the premium with the cumulative bonus benefit.
4. Early Joining Benefits
If a person buys this policy before the age of 40 years, the Magma General Insurance Company will provide a one-time amount of Rs 2500 after five claim-free years and Rs 5000 after ten claim-free years as early joining benefits.
5. Loss of Income Benefit
Under this policy, a lump sum amount will be paid by the insurance company in case the insured suffers from permanent total disablement due to an accident or injury that occurred while working professionally.
6. Cashless Hospitalization
Magma General Insurance Company offers cashless hospitalization facilities at over 7200 network hospitals across India.
7. Green Channel Benefit
If the insured gets hospitalized at a PPN hospital of the insurance company for cashless treatment, a one-time amount will be provided for each such hospitalization as the green channel benefit. This amount can be used to pay non-medical expenses incurred during the hospitalization.
8. Fitness Rewards and Wellness Services
Policyholders can undertake fitness activities and earn rewards to get a discount on the renewal premium. They can also get access to wellness services, including nutritionist e-counselling, doctor-on-call, etc. under this policy.
9. Tax Benefits
The premium paid for buying a Magma OneHealth Insurance policy can be claimed for tax benefits under Sec 80D of the Income Tax Act.
Magma OneHealth Insurance Plan Eligibility Criteria
Check out the eligibility criteria to buy a Magma OneHealth Insurance plan:
| Parameters | Eligibility Criteria |
| Minimum Entry Age | Adult – 18 years Child – 5 years, 91 days (family floater) |
| Maximum Entry Age | Adult - No upper limit Child – 26 years |
| Coverage Type | Individual/ family floater |
| No. of Relationships | 7 (4 adults and 3 children) |
| Relationships Covered | Self, spouse, dependent children, dependent parents, dependent parents-in-law, son-in-law, daughter-in-law, dependent grandchildren and siblings |
| Renewability | Lifelong |
Types of Magma OneHealth Insurance Plan
Take a look at the five types of Magma OneHealth Insurance plan below:
- Support – This plan offers basic coverage with a sum insured of Rs 2 lakh to Rs 5 lakh.
- Secure – This plan is available with a sum insured of Rs 2 lakh to Rs 10 lakh.
- Support Plus – This plan provides wider coverage and comes with a sum insured ranging from Rs 2 lakh to Rs 10 lakh.
- Shield – This plan offers a sum insured ranging from Rs 5 lakh to Rs 50 lakh.
- Premium - This plan offers comprehensive coverage with a sum insured option ranging from Rs 10 lakh to Rs 1 crore.
Inclusions of Magma OneHealth Insurance Plan
The following coverage is included under a Magma OneHealth Insurance plan:
- In-patient Treatment
- Pre-hospitalization Expenses
- Post-hospitalization Expenses
- Day Care Treatment
- Ambulance Cover
- Organ Donor Expenses
- Domiciliary Hospitalization
- IVF Treatment Cover
- AYUSH Treatment
- Bariatric Surgery Cover
- Psychiatric Treatment Cover
- LASIK Surgery Cover
- HIV/AIDS Cover
- Modern Treatment Procedures
- E-Opinion for Critical Illness
- Hospital Cash
- Compassionate Visit in case of Critical Illness
- Loss of Income Benefit
- Enhanced Daily Cash Benefit
- Home Treatment Additional Daily Cash
- Companion Benefit
- Maternity Benefits
- Outpatient Cover
- Convalescence Benefit
- Worldwide Emergency Hospitalization Cover
- Air Ambulance Cover
Optional Covers:
- Critical Illness Cover
- Personal Accident Cover
- Aggregate Deductible
- Voluntary Co-payment
- Hospital Cash (Under Support and Secure plans)
- Bonus Booster (Under Support, Secure and Support Plus plans)
- Maternity Benefit (Under Support, Secure, Support Plus and Shield plans)
- Home Treatment Additional Daily Cash (Under Support, Secure and Support Plus plans)
- Enhanced Pre & Post Hospitalization Cover (Under Support, Secure and Support Plus plans)
- Worldwide Emergency Hospitalization Cover (Under Support, Secure, Support Plus and Shield plans)
- OPD & Home Care for COVID-19
- Non-payable Expense Cover
- Recharge Benefit for Same Illnesses (Under Secure, Support Plus, Shield and Premium plans)
- Zone Wise Co-pay Waiver
- Waiver of Deductible (Under Support, Secure, Support Plus and Shield plans)
Exclusions of Magma OneHealth Insurance Plan
The Magma OneHealth Insurance plan does not cover the following medical expenses:
- Treatment for alcohol or drug abuse
- Cosmetic treatment
- External congenital anomaly
- Hazardous or adventure sports
- Artificial life maintenance
- Unproven treatments
- Self-inflicted injuries
- Sterility
- Cost of dietary supplements and substances
Magma OneHealth Insurance Plan Waiting Periods
Here is the list of waiting periods applicable to the Magma OneHealth Insurance policy:
| Category | Waiting Period |
| Initial Waiting Period | 30 days |
| Specific Illness Waiting Period | 2 years |
| Pre-existing Diseases Waiting Period | 2 year/ 3 years/ 4 years |
| Critical Illness Cover Waiting Period | 90 days 30 days (Survival period) |
| Bariatric Surgery Cover | 3 years |
| Mental Illnesses | 3 years |
| LASIK Surgery Cover | 3 years |
| Maternity Benefits | 4 years |
| OPD & Home Care for COVID-19 | 15 days |
FAQs
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Q1. Is a pre-policy medical check-up required to buy a Magma OneHealth Insurance policy?
Ans: You may be required to undergo a pre-policy medical check-up to buy the Magma OneHealth Insurance policy depending on your age, sum insured and medical history. -
Q2. Do sub-limits apply to the Magma OneHealth Insurance policy?
Ans: Yes. Sub-limits apply to the in-patient hospitalization and psychiatric treatment covers available under the Magma OneHealth Insurance policy. -
Q3. Can I raise a claim for an OPD consultation after 1 week of buying a Magma OneHealth Insurance policy?
Ans: No. You can raise a claim for OPD treatments only after 30 days of buying a Magma OneHealth Insurance policy. -
Q4. Where can I check the premium of the Magma OneHealth Insurance policy?
Ans: You can look at the Magma Health Insurance premium chart to know the premium of your OneHealth Insurance policy. -
Q5. Can I pay the Magma OneHealth Insurance policy premium in instalments?
Ans: Yes, you can pay the premium of your Magma OneHealth Insurance policy in monthly, quarterly and half-yearly instalments. -
Q6. Where can I get the cashless hospital list under the Magma OneHealth Insurance policy?
Ans: You can get the Magma General Insurance hospital list for cashless treatment on the website of the insurance company.
Policybazaar exclusive benefits
- 30 minutes claim support*(In 120+ cities)
- Relationship manager For every customer
- 24*7 claims assistance In 30 mins. guaranteed*
- Instant policy issuance No medical tests*
Health insurance companies
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ
##On ground claim assistance is available in 114 cities
Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
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