Star Health Insurance vs Universal Magma Insurance

A health insurance plan might entail dedicated monthly commitments on your part but it costs you less in the long run. It is both a protection tool and a cost-efficient approach towards managing healthcare. However, you must find an insurance company offering a health plan matching your financial capacity and health requirements. The companies Star Health Insurance and Universal Magma Insurance aim to provide both these advantages. Here’s a comparative study to help you understand the respective offerings of Star Health and Universal Magma.

Star Health Insurance and Universal Magma Insurance – Overview 

ParameterStar Health InsuranceUniversal Magma Insurance
Number of health insurance plans215
E-servicesPolicy 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
Claim settlement ratio78.52%91.85%
Incurred claim ratio61.76%90%
Hospital network9,900+4,100+

*Source: Annual Report of IRDAI (2018-19)

Comparison: Star Health Insurance and Universal Magma Insurance

Star Health Insurance offers 21 health insurance policies for individuals, families, and senior citizens. The plans cover critical illnesses like cancer, diabetes and heart ailments, accidents, COVID-19, rural family needs and more. 

Universal Magma Insurance has 5 health insurance policies for individual, family, senior citizen and group (employer-employee) needs. The plans cover critical illnesses, personal accidents and COVID-19, etc. 

Listed below are the key offerings from three of Star Health Insurance and Universal Magma Insurance plans.

Critical Illness Health Insurance: 

Star Health Insurance offers Star Criticare – a critical illness insurance policy that offers:

  • Cover for 9 critical illnesses like cancer, kidney disease, organ transplant etc. 
  • A Lump-sum payout upon of sum insured
  • Indemnification for pre, post and in-patient hospitalization costs 
  • Reimbursement for non-allopathic (AYUSH based) and modern treatments

Universal Magma Insurance offers a Loan Guard policy that comes in 4 variants – One-star, Two-star, and Three-star and Four-star based on the number of critical illnesses covered.  The maximum number of critical illnesses included under the plans is 18. Each policy offers: 

  • Cover for ailments like cancer, stroke, paralysis, coma etc. 
  • A lump-sum payout of sum insured
  • Reimbursement for pre, post and in-patient hospitalization costs
  • Cashless hospitalization 

Personal Accident Health Insurance: 

Star Health Insurance provides coverage against accidents to individuals, family, students, and groups (employer-employee) in four separate plans. The benefits include: 

  • 100%-150% payout of sum assured as compensation for accidental death and permanent total disablement
  • Weekly monetary compensation for temporary total disablement
  • Educational grant for dependent children in case of demise/ permanent total disablement of the insured person 
  • Optional add-on cover for ambulance expenses and home convalescence 

Universal Magma Insurance offers an accident cover in its Loan Guard policy. It also has separate policies for individuals, family, and groups (employer-employee). The plans offer: 

  • Specific percentages of the sum assured for each health consequence from an accident
  • Cover for death, permanent and temporary total/ partial disablement 
  • Child education benefits between Rs.15,000 – Rs.1 lakh
  • Emergency road ambulance cover and funeral compensation
  • Daily cash allowances of Rs.500 during hospitalization 

COVID-19 Health Insurance:

The onset of COVID-19 has had harsh financial effects and highlighted the need quality and affordable health care. Hence, the Insurance Regulatory Development Authority of India has directed all insurance companies to offer coverage against Coronavirus for tenures of 3.5, 6.5 and 9.5 months. 

Star Health Insurance offers 3 COVID-19 policies – Corona Kavach, Corona Rakshak and Star Novel Coronavirus. Universal Magma Insurance offers Corona Kavach. It also provides COVID-19 coverage in its One Health and Arogya Sanjeevani Insurance policies.

Both Star Health Insurance and Universal Magma Insurance companies offer similar benefits against COVID-19. Shared offerings include: 

  • A Lump sum payout on positive diagnoses
  • Cover for pre, post and in-hospitalization expenses,  home treatment, and AYUSH treatment
  • Issuance of policy on individual and family floater basis 

Before buying a health insurance policy, consider your needs and budget and select a plan accordingly. You can also take the help of professional insurance experts to choose a suitable insurance policy.