*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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A Magma HDI Arogya Sanjeevani policy is a standard medical insurance policy that provides medical coverage to individuals and families at affordable premiums. It covers the insured for the cost of hospitalization, ambulance services, AYUSH treatment and modern treatments. The policy also offers benefits, such as cataract treatment cover and a cumulative bonus.
|Sum Insured||Rs 50,000 to Rs 10 lakh|
|Policy Tenure||1 year|
|Incurred Claim Ratio (2020-21)||62.70%|
|Pre-existing Diseases Waiting Period||4 years|
|Initial Waiting Period||30 days|
|Specific Illness Waiting Period||2 years/ 4 years|
|Co-payment||5% on all claims|
Here are the key benefits of buying a Magma HDI Arogya Sanjeevani policy:
A cumulative bonus of 5% will be granted on each claim-free year for up to a maximum of 50% of the sum insured. This bonus increases the sum insured without increasing the premium amount.
Policyholders can avail cashless treatment facilities at more than 7200 network hospitals of the Magma HDI General Insurance Company spread across India.
Tax deductions can be availed on the premium paid for the Magma HDI Arogya Sanjeevani policy under the Income Tax Act, Section 80D.
Take a look at the eligibility criteria for buying a Magma HDI Arogya Sanjeevani policy:
|Minimum Entry Age||Adult - 18 years
Child – 90 days
|Maximum Entry Age||Adult - 65 years
Child – 25 years
|Coverage Type||Individual/ family floater|
|No. of Relationships||7 (4 adults and 3 children)|
|Relationships Covered||Self, spouse, parents, parents-in-law and dependent children|
The following coverage is included under the Magma HDI Arogya Sanjeevani policy:
The Magma HDI Arogya Sanjeevani policy excludes the following medical expenses:
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