Universal Sompo Health Insurance vs Magma Health Insurance

Universal Sompo Health Insurance and Magma Health Insurance – Overview 

Parameter Universal Sompo Health Insurance Magma Health Insurance
Number of health insurance plans 20+ 7
E-services Policy salePolicy renewalClaim settlementOnline consultation24x7 customer support Policy salePolicy renewalClaim settlementOnline consultation24x7 customer help
Branches 86 135
Claim settlement ratio 90% 91.85%
Claim settlement time Claim approval within 72 hours of intimation Claim approval within  7 days of intimation
Hospital network 4000+ 4,100+

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

Health Insurance Plans: Universal Sompo Health Insurance vs. Magma Health Insurance

Universal Sompo Health Insurance gives current and prospective policyholders over 20+ health insurance policies to choose from. Their policies cover individual, family, senior citizens and group (employer-employee) healthcare needs. 

Magma Health Insurance has seven health insurance plans that current and prospective policyholders can pick from. All their health plans cover individual, family, senior citizen and group (employer-employee) needs. 

Based on your needs and budget, you can choose between Universal Sompo Health Insurance and Magma Health Insurance and their health plans. 

Family Health Insurance Plan: 

Universal Sompo offers Complete and Super HealthCare – two separate insurance policies that provide coverage for individual and family needs. Moreover, most of their other plans also cover family needs. The plans offer: 

  • A sum assured amount between Rs.1 lakh and Rs.1 crore
  • Coverage for pre, post and in-hospitalization charges 
  • A waiver of pre-policy medical check-up for individuals aged below 65 years 
  • Provision of domiciliary hospitalization and AYUSH treatment 
  • Coverage for an organ transplant, maternity needs, and weight-loss surgery  

Magma Health Insurance offers all its health plans on an individual and family floater basis. On a separate basis, its OneHealth Insurance Plan provides comprehensive coverage for family needs. It offers: 

  • 5 sub-plans with sum assured options ranging from Rs.2 lakhs to Rs.1 crore 
  • Coverage for pre, post and in-hospitalization charges and domiciliary hospitalization 
  • Coverage for modern treatment, day care procedures and AYUSH treatment 
  • Coverage for organ donor transplantation, IVF treatment, Lasik surgery, and bariatric surgery 

Critical Illness Insurance Plan: 

Universal Sompo’s Critical Illness Insurance Plan provides coverage against 11 major critical illnesses like cancer, stroke, coma, kidney failure, etc. The plan offers: 

  • A full payout of sum assured (ranging between Rs.2 lakhs and Rs.20 lakhs) upon diagnosis
  • 50% expense coverage for pre-policy medical tests 
  • 10%-15% discount on long-term policies  
  • Policy issuance on an individual and family floater basis

Magma Health Insurance provides coverage for critical illnesses in two of its health insurance plans. Its OneHealth Insurance Plan provides coverage against 11 critical illnesses as an optional add-on cover. And on a separate basis, it offers a Loan Guard policy with four sub-plans that provide coverage for up to 18 critical illnesses. The plans provide:  

  • Coverage against critical illnesses including cancer, first heart attack and stroke, among others
  • Coverage for pre, post and in-hospitalization expenses or a lump sum payout of sum assured 

Accident Insurance Plan: 

Universal Sompo offers Accident Insurance Plans for Individuals and Groups. They provide: 

  • Coverage up to a specific percentage of sum assured for death, permanent total/ partial disablement and temporary total disablement 
  • Compensation towards education and a loss of employment due to accident 
  • Coverage for transportation and funeral expenses 

Magma Health Insurance offers a personal accident cover in its OneHealth and Loan Guard Health Plans. It also has a separate Group Accident Suraksha Plan for employer-employee needs. The plans offer: 

  • Coverage up to a specific percentage of sum assured for death, permanent total/ partial disablement and temporary total disablement 
  • A child education benefit between Rs.15 thousand and Rs.1 lakh
  • Coverage for ambulance and funeral expenses 

This comparison of Universal Sompo Health Insurance vs. Magma Health Insurance will aid your purchasing decision. For further help, consult a professional before buying health insurance plans.

FAQs: Universal Sompo Health Insurance vs Magma Health Insurance

Is my corporate health insurance plan enough to cover me?

No, a corporate health insurance plan is not enough to cover you. Since the coverage provided expires upon quitting/retirement. Moreover, you do not get to pick the sum assured amount under the policy.

What is the waiting period for maternity insurance plans?

The waiting period for maternity insurance plans ranges from 9 months to up to 6 years. Thus, it is advisable to buy maternity insurance well before time.

Is my insurance policy valid across India?

This depends on the insurance provider. Although, most health insurance companies provide country-wide coverage in their health plans.