Magma HDI Health Insurance Renewal Process in India
Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited, one of India’s largest NBFCs, and HDI Global SE Germany which is part of the Talanx Group, a multi-brand conglomerate that has a presence in over 150 countries. Magma HDI offers a range of innovative retail & commercial general insurance products. They offer over 50 products across categories including health insurance, motor insurance, marine insurance, fire insurance, etc.
The health insurance plans offered by Magma HDI health insurance are as follows:
- Individual Personal Accident
- Group Health Insurance
- Group Accident Suraksha
- Loan Guard
A health insurance policy has become compulsory during the current situation, especially at a time when the cost of hospitalization and treatments is increasing every day. The health insurance plan can ensure you get quick financial aid when you require it most to cover unexpected medical costs such as domiciliary hospitalization or daycare as well as post and pre-hospitalization costs, etc. However, since the majority of insurance plans have a validity of just one year, it’s important to renew your policy before the date of expiration.
Why Renew your Magma HDI Health Insurance Policy?
If you’re an existing policyholder of Magma health insurance company and you do not want to renew it, it could be a bad idea since it can lead to various financial problems. If you are in a grace period for the policy, there’s no reason to worry because it’s a time during which you can choose to extend your coverage if you’ve missed the deadline when your policy expires. Once the Magma HDI health insurance renewal is completed, all the benefits associated with the policy are reinstated, such as reduced waiting times, no-claim bonuses, complementary health check-ups, etc. These are the benefits that you would not need to miss if the plan was never renewed within the grace period.
Similar to purchasing health insurance online, you are eligible to pay the Magma HDI insurance renewal payment online from your home. This is one of the reasons it is important to remember when renewal dates are due.
Magma HDI Health Insurance Renewal Online Process:
The process of doing the Magma Health Insurance renewal payments is a simple procedure, thanks to the internet facilities that are available that allow you to pay for these expenses from the convenience of your home and the ease of use which one can argue to be the most efficient. Follow the steps below to renew your insurance policy, in the order listed below:
A vast majority of insurance companies today permit you to pay your premium online, offering the choice of many payment options. They also provide a simple renewal process for health insurance policy renewals, which are explained below:
- Step 1: You can click on the play button embedded in the email from the insurance company to remind you to pay premiums or go to the official site of Magma HDI, magmahdi.com
- Step 2: Click on the link “Renewal” on the homepage and fill in your basic personal information like your policy number, expiry dates, and the amount of your premium.
- Step 3: Select your desired payment option, i.e., credit/debit card, net banking, UPI, etc.
- Step 4: If you have successfully paid the renewal amount, you will receive an acknowledgment of payment and the latest policy information on your email ID that is registered with the insurer.
Magma HDI Health Insurance Renewal Offline Process:
Although you can complete the renewal for health insurance on the website, it’s possible to make the payment in offline mode as well. You can make the premium amount via cheque, demand draft, or visiting the closest location of the insurance firm. However, remember that online renewals can help you save time, energy, and the most important thing is that they can provide you with significant discounts when cash deposits made in offline methods don’t offer such rebates.
Things to Consider before Renewal of Health Insurance:
Magma HDI insurance company will mail you a renewal reminder via mail or email which will include a declaration that contains details, including the number of claims filed during the period of policy and the nature of the claim (if there was one) along with the amount of insurance and the no-claim bonus (if there is one). The policyholder must read the document to make sure there aren’t any factual errors in the process before the renewal process is completed.
Changing your Health Insurance Policies:
According to the IRDA guidelines, an insurance policyholder can transfer to a different insurer without having to forfeit the benefits that were accrued from the prior insurance policy. If you’d like to transfer into the Magma HDI policy from a different insurance company and wish to enjoy all the benefits that come with the new policy, the “insurance portability” is a benefit that can be utilized before renewing the insurance policy. The policy portability option, if chosen before renewal, will assure that you keep enjoying all the benefits that accrued under the previous insurer, but with the new insurer that includes the elimination of the ‘waiting-period ‘ condition that applies to pre-existing illnesses as well as the other advantages like a no-claim bonus, wellness points, complimentary health check-ups, etc.,
What happens if you fail to renew your current health insurance plan?
If you do not renew your current health insurance on time which you should, you’ll be unable to receive benefits or security. It is highly recommended to be sure that you pay your renewal fee in advance to avoid this scenario. Most insurance providers, like Magma HDI Health Insurance Company, send reminder emails, as well as texts to your contact info on file so that you will not get behind on renewals.
In these changing times, an ongoing review of your insurance policy is very much required. It is important to know whether your plan can pay your medical expenses shortly. This is why actions must be taken before the expiration date on your insurance plan to determine whether you have to keep your current provider or switch to a different insurance plan to have greater coverage.