HDFC ERGO Health Insurance vs Magma Health Insurance

With the escalating cost of healthcare and rising uncertainty, it is crucial to have a health insurance plan to keep yourself and your loved safe and secure. A health insurance policy should suit all your health needs and also fit into your financial capacity. To find a plan that gives you both, you can compare the policies offered by leading health insurance providers. You can start with this HDFC Ergo Health Insurance and Magma Health Insurance comparison guide.

HDFC Ergo Health Insurance versus Magma Health Insurance – An Overview 

Parameter HDFC Ergo General Health Insurance Magma Health Insurance
Number of health insurance plans 10+ 7
E-services Policy salePolicy renewalClaim settlementOnline consultation24x7 customer service Policy salePolicy renewalClaim settlementOnline consultation24x7 customer service
Branches 100+ 130+
Claim settlement ratio 92% 91.85%
Cashless claim settlement time Within 30 minutes of intimation Within 30 days
Network Hospitals  10,000+ 4,000+

*Source: IRDAI Annual Report 2018-19

Health Insurance Policies: HDFC Ergo Health Insurance versus Magma Health Insurance

HDFC Ergo offers 10+ health insurance policies. These policies cover the needs of individuals, families, and senior citizens. They provide coverage for critical illnesses, accidents, maternity needs, and COVID-19, among other health problems. 

Magma Health Insurance offers 7 different health insurance policies. These policies cover the needs of individuals, families, senior citizens and corporate groups. They provide coverage against critical illnesses, accidents and COVID-19; among other health issues. 

At the end of this 3-plan comparison of HDFC Ergo Health Insurance and Magma Health Insurance, you will be able to make an informed purchase decision. 

Individual and Family Floater Policies:

HDFC Ergo has 7 individual and family-centric insurance policies. Listed below are the policies:

  1. Optima Restore Individual Plan
  2. Optima Restore Family Plan
  3. My: Health Suraksha Silver Smart 
  4. My: Health Suraksha Gold Smart 
  5. My: Health Suraksha Platinum Smart
  6. My: Health MediSure Super Top Up Plan
  7. Health Wallet Insurance

Here are the key benefits they offer: 

  • A sum insured (SI) amount up to Rs.75,00,000
  • Coverage for pre, post and in-patient hospitalization 
  • Coverage for 500+ daycare procedures 
  • Coverage for alternate (AYUSH)# treatment and home treatment 
  • Coverage for modern treatment and organ donor expenses
  • Recovery benefit up to Rs.25,000
  • A mental healthcare cover
  • An air ambulance and road ambulance cover 

# – AYUSH refers to Ayurveda, Yoga, Unani, Siddha and Homeopathy

Magma Health Insurance One Health Policy is individual and family-centric. It offers: 

  • 5 sub-plans with varying Sum Insured (SI) options
  • A SI amount up to Rs.1,00,000,000
  • Coverage for pre, post and in-patient hospitalization 
  • Coverage for home treatment, daycare procedures and organ donor expenses
  • 10% coverage for alternate (AYUSH) treatment and modern treatment
  • An out-patient or OPD cover, maternity cover, psychiatric treatment cover, and Loss of Income cover 

Personal Accident Policy: 

HDFC Ergo Personal Accident Policy offers: 

  • A 100% lump sum payout of Sum Insured (SI) on accidental death and permanent total disability
  • Up to 100% coverage for broken bones, 2nd / 3rd-degree burns,
  • Up to 100% coverage on permanent partial disability and temporary total disability 
  • Coverage for in-patient hospitalization 
  • A Spouse/ Dependent child compensation benefit 
  • Counseling benefit and child education benefit 
  • Emergency ambulance services and evacuation benefit 

Magma Health Insurance – Personal Accident Policy offers:

  • 3 sub-plans – Basic, Wider, and Comprehensive Cover
  • 100% payout of Sum Insured (SI) upon accidental death/ permanent total disability 
  • Up to 50% payout of SI upon permanent partial disability 
  • 1% payout of SI or Rs.5000 per week for 104 weeks on temporary total disability 
  • Coverage for ambulance and transportation charges 
  • Education fund for two dependent children 

Corona Kavach Policy: 

HDFC Ergo Corona Kavach Policy offers: 

  • A Sum Insured (SI) amount between Rs.50,000 to Rs.5,00,000
  • Coverage for pre, post and in-patient hospitalization 
  • Coverage for alternate (AYUSH) treatment and home treatment 
  • A fixed policy term for 3.5, 6.5 or 9.5 months 
  • Coverage for treatment of any COVID-19 comorbidities 

Magma Health Insurance Corona Kavach Policy offers:

  • Indemnification of pre, post and in-patient hospitalization 
  • Indemnification of AYUSH treatment and home treatment expenses 
  • Coverage for comorbidities along with treatment of COVID-19

With this HDFC Ergo Health Insurance and Magma Health Insurance comparison guide, you will be able to select an insurance policy offering you the best terms.

FAQs: HDFC Ergo vs Magma Health Insurance

What is ‘sum insured’ in a health insurance policy?

Sum insured is the predefined amount up to which a policyholder can make a claim. It is the maximum, total and cumulative liability of the insurance company for settling any claims raised by the policyholder under the particular health insurance policy.

What are comorbidities?

Co-morbidities are the presence of two or more simultaneous diseases in an individual. That means, along with the development of a new disease, the individual is already suffering from a pre-existing health condition.

Which family members of a policyholder do family floater plans cover?

Family floater plans generally cover the immediate family members of a policyholder. They include:
1. Lawful spouse
2. Legitimate Children
3. Dependent Parents
4. Dependent Parents in-Law