Magma HDI launches OneHealth

Magma HDI Deputy CEO Vikas Mittal, CTO Amit Bhandari and AVP Suryakanth Mishra launching a new product. Photo: By Arrangement

Hyderabad: Magma HDI General Insurance Co, a joint venture between Magma Fincorp and HDI Global SE, Germany, forayed into the health insurance with the launch of OneHealth.

Speaking on the occasion, Vikas Mittal, Deputy CEO, Magma HDI, said OneHealth covers medical conditions as well as lifestyle ailments like lasik, bariatric surgery, psychiatric treatments, which are covered rarely in the industry. OneHealth covers all ailments which are not yet considered medical conditions in the industry, he 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. OneHealth will also offer restoration benefit, cumulative bonus, free annual health check up, loss of income,” he said.

If offers an insurance of Rs 2 lakhs to Rs. 50 lakh. It is given for individuals or as a family floater. It also allows to pay premium in instalments or to reduce premiums. This also covers organ donors, Ayurveda, Unani, Siddha, Homeopathy treatments and maternity.

There will also be Non reducing no claims bonus, annual health check ups, value added services like doctor on phone call, e-specialist’s consultation, nutritional counselling on phone, health related offers and others.

The product will be available at its 86 branches and a network of 2000+ intermediaries.
Magma Fincorp is a leading NBFC financing rural and urban 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 crore. HDI Global SE, Germany is a part of the Hannover based Talanx Group, which is the third largest German insurance group by premium income.