Care (Religare) Health Insurance vs Magma Health Insurance

Everyone needs health care protection. Health insurance plans are designed to cover you and your loved ones against any medical emergency. All you have to do is start looking for the right plan for your needs. Here is a Care Health Insurance versus Magma Health Insurance comparison to simplify your purchasing decision and make it more informed. 

Care Health Insurance and Magma Health Insurance – Overview 

Parameter Care Health Insurance Magma Health Insurance
Number of health insurance plans 13 5
E-services Policy sale
Policy renewal
Claim settlement
Branch locator
Online consultation
24×7 customer support
Policy sale
Policy renewal
Claim settlement
Branch locator
Online consultation
24×7 customer service
Branches 146+ 135+
Claim settlement ratio 93% 91.85%
Incurred claim ratio 92.3% 90%
Hospital network 7,800+ 4,100+

Source: Insurance Regulatory and Development Authority of India (IRDAI) Annual Report 2018-19 

Health Insurance Plans: Care Health Insurance versus Magma Health Insurance

Care Health Insurance offers 13 comprehensive health insurance plans that cater to individual, family, and senior citizen needs. Their health plans cover critical illnesses, personal accidents and COVID-19, among other medical conditions. 

Magma Health Insurance offers 5 health insurance plans that cover individual, family, senior citizen and employer-employee needs. They provide financial protection against critical illnesses, personal accidents and COVID-19, among other health issues.

Care Health Insurance and Magma Health Insurance can be regarded as reliable insurance providers. Here’s a comparison of three of their bestselling health care policies: 

Individual and Family Health Insurance Plan: 

Care Health Insurance offers an individual and family health insurance plan that has premium benefits: 

  • Provides cover for pre, post and in-patient hospitalisation expenses 
  • Offers sum assured up to Rs.6 crore 
  • Covers day care procedures, OPD care and alternative treatment charges 
  • Conducts annual health check-ups
  • Gives coverage for maternity needs
  • Waiver of upper age limit restriction 

 

Magma Health Insurance provides the ‘One Health’ Insurance policy that gives all-round coverage to policyholders: 

  • Covers expenses for pre, post and in-hospitalization services 
  • Includes advance treatments like IVF, robotics surgery and psychiatric procedures
  • Takes care of charges for maternity needs, day-care procedures and AYUSH treatment 
  • Reimburses for Lasik and bariatric surgery also

 

Critical Illness Health Insurance Plan: 

Care Health Insurance provides extensive cover against 32 critical illnesses like cancer, lung disease, stroke, permanent paralysis, etc. in its critical insurance plan. Key offerings include: 

  • Cover for in-hospitalization, pre and post-hospitalization, and OPD expenses 
  • Inclusion of day care treatment, alternate treatment and recovery counselling 
  • Provision for emergency air and road ambulance services
  • No claim bonus and option for annual health check-ups
  • Global coverage and international second opinion

 

Magma Health Insurance offers a Loan Guard policy that provides a lump-sum amount to policyholders upon the diagnosis of a critical illness. The plan offers: 

  • Cover for major critical illnesses like cancer, liver / lung disease, etc. 
  • Reimbursement for pre, post and in-patient hospitalization charges 
  • Cashless treatment 
  • Quick in-house claim settlement and lifelong renewability

 

Arogya Sanjeevani Health Insurance Plan: 

Affordable health coverage is a right of every Indian citizen. That’s why the Insurance Regulatory and Development Authority of India (IRDAI) have mandated all insurance companies to provide Arogya Sanjeevani policies. The aim is to provide standard health care plans at affordable premium rates. Both Care Health Insurance and Magma Health Insurance offer Arogya Sanjeevani policies. After comparing the two, some common features come to light. Main offerings include: 

  • Cover for pre, post and in-hospitalization charges 
  • Inclusion of daycare procedures and AYUSH treatment 
  • Reimbursement for cataract treatment if caused due to disease/injury 
  • Cumulative bonus and diagnostic tests 

 

You should assess your healthcare needs before buying a health insurance policy to make the right selection. Also, remember to read the policy wordings carefully to understand the extent of the coverage provided. You can reach out to a professional insurance expert for more clarity on buying health insurance

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