*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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Magma HDI General Insurance Company offers Health Insurance Portability benefits to all policyholders (even with other insurers) to help them port their ongoing health plans for better coverage options. This service enables them to enjoy better benefits without losing any advantages they gained from their previous insurer. Customers can initiate the switch approximately 45 days before the expiration date of their current policy.
To ensure a smooth transition to a Magma HDI health insurance policy, follow these steps:
Step 1: Choose the Magma HDI health insurance policy that best suits your healthcare needs and preferences.
Step 2: To initiate the portability process for your desired Magma HDI health policy, submit a portability request to Policybazaar about 45 days before your current health insurance policy's expiry date.
Step 3: Complete the online proposal and portability forms accurately, and then submit them to Policybazaar.
Step 4: Pay the premium for the selected Magma HDI health insurance plan on Policybazaar's platform.
Step 5: Policybazaar will initiate the porting process by sending your portability request to Magma HDI General Insurance Company
Step 6: Magma HDI General Insurance will contact your current insurer or access the IRDAI website to obtain essential details such as claim history and medical documents.
Step 7: Your current insurer will provide all required information to Magma HDI General Insurance within 7 working days via IRDAI's data-sharing portal. Delays in data sharing may temporarily affect the decision on your portability request.
Step 8: After reviewing the received documents, Magma HDI General Insurance will respond to your portability request within 15 days. Without a decision within this timeframe, your portability request is considered accepted.
The following documents are required for Magma HDI Health Insurance Portability:
The handling of NCB during the porting process can vary based on different scenarios. Here are some common situations:
Scenario 1: If the policyholder chooses a Magma HDI health policy with the same base sum insured as their previous policy, the waiting periods carry forward to the new policy.
For example, Priya has Rs. 10 lakh health insurance plan with Rs. 2 lakh NCB. She decides to port to a Magma HDI health insurance policy of Rs.10 lakh. In such a case, the waiting periods from his previous policy continue, allowing Priya to access coverage benefits without the need to serve any additional waiting periods.
Scenario 2: If the policyholder switches to a Magma HDI health policy with a sum insured (SI) equal to the sum insured of their previous policy plus the NCB, the waiting periods served under the previous policy continues.
For example, Priya has a health insurance policy of Rs. 10 lakh with Rs. 2 lakh NCB. She decides to port to a Magma HDI Health Insurance policy of Rs. 12 lakh sum insured. Since the total from her previous policy (Rs. 10 lakh base SI + Rs. 2 lakh NCB) matches, the new policy's base sum insured (Rs. 12 lakh); she will not need to serve any additional waiting periods for the same coverage benefits.
Scenario 3: If the policyholder selects a Magma HDI Health policy with a base coverage amount higher than the combined amount of their previous policy's base sum insured and the NCB, waiting periods will be applicable for the additional coverage amount.
For Example: Priya has Rs. 10 lakh health policy and Rs. 2 lakh NCB. She wants to port to a Magma HDI Health Insurance policy of Rs. 15 lakh. Her previous waiting periods and NCB will be sufficient for a coverage amount of Rs. 12 lakh but to claim the additional Rs. 3 lakh, standard waiting periods will apply.
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