Magma Health Insurance Renewal

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      Magma Health Insurance Renewal

      Magma Health Insurance renewal is essential to guarantee continuous coverage of a Magma Health Insurance policy. Policyholders can enjoy numerous coverage benefits when they renew their policy before its expiry date. Moreover, health insurance renewal has become highly convenient with the online process.

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      Benefits of Renewing a Magma Health Insurance Policy Before Expiry

      Here are some key benefits of renewing a Magma Health Insurance policy before the expiry date: 

      • Non-stop Coverage - Policyholders who renew their Magma Health Insurance policies before the due date can experience uninterrupted medical coverage. It ensures that they can avail the policy benefits without any disruptions. But if they fail to renew the policy on time, it may result in a break in policy, and policyholders will not be eligible to file claims with the Magma General Insurance Company. 
      • Policy Continuation Without Medical Underwriting - Renewal of a Magma Health Insurance policy before the due date allows policyholders to continue the policy coverage without undergoing fresh medical underwriting. Medical underwriting involves assessing their health condition before renewing the policy and, thus, may lead to a premium hike.
      • Retention of No Claim Bonus - Timely renewal of Magma Health Insurance policies allows policyholders to obtain a No Claim Bonus (NCB). NCB serves as a reward from insurance providers for not filing any claims during the previous policy term. It can be availed in the form of a discount on renewal premiums. However, allowing the policy to lapse would result in the loss of the accumulated NCB. 
      • Lower Premiums - Renewing the Magma Health Insurance policy before its expiry date helps policyholders to avoid paying higher premiums. This reason behind is that insurance companies often charge higher premiums to policyholders who renew their policies after the due date. Thus, timely renewal can ensure that the premium stays affordable.
      • Tax Benefits - Policyholders can also avail tax benefits under Section 80D of the Income Tax Act on the premium paid for renewing their Magma Health Insurance policies. However, if the policy lapses due to non-renewal, the opportunity to save tax is lost.

      How to Renew a Magma Health Insurance Policy?

      Follow the steps mentioned below to renew a Magma health insurance policy online:

      Step 1: Go to Policybazaar Insurance Broker Private Limited’s website

      Step 2: Navigate to the top of the page and click on “Health Renewal” under the "Renew Your Policy" section.

      Step 3: Fill in your mobile number and the OTP sent on it.

      Step 4: Enter the requested information and pay the premium for your Magma Health Insurance renewal policy.

      Step 5: New users of Policybazaar.com can go to the "Health Insurance" icon on the homepage to begin the renewal process.

      Step 6: Choose your gender, provide your name, select the individuals to be insured and fill in their ages.

      Step 7: Select the city where you live or enter its pin code and your phone number.

      Step 8: Provide the necessary information regarding your medical history by choosing a suitable option.

      Step 9: Pick the Magma Health Insurance policy you wish to renew and pay the renewal premium online.

      On receiving the premium payment, Magma General Insurance Company will renew your policy.

      Magma Health Insurance Renewal Grace Period

      All Magma Health Insurance plans come with a grace period, which provides policyholders some additional time to pay the renewal premium after the due date. By paying the renewal premium within the grace period, policyholders can prevent their policy from lapsing.

      The duration of the grace period may vary from one medical insurance plan to another. However, most Magma Health Insurance plans typically offer a renewal grace period of 30 days.

      FAQs

      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*
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      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.

      Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

      Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies

      © Copyright 2008-2024 policybazaar.com. All Rights Reserved.

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