Magma HDI Health Insurance Renewal

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*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 Health Insurance Renewal

      Magma HDI Health Insurance renewal is essential to guarantee continuous coverage of a Magma HDI Health Insurance policy. Policyholders can enjoy numerous coverage benefits when they renew their policy before its expiry date. Moreover, health insurance renewal has become highly convenient with the online process.

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      Benefits of Renewing a Magma HDI Health Insurance Policy Before Expiry

      Here are some key benefits of renewing a Magma HDI Health Insurance policy before the expiry date: 

      • Non-stop Coverage - Policyholders who renew their Magma HDI Health Insurance policies before the due date can experience uninterrupted medical coverage. It ensures that they can avail the policy benefits without any disruptions. But if they fail to renew the policy on time, it may result in a break in policy, and policyholders will not be eligible to file claims with the Magma HDI General Insurance Company. 
      • Policy Continuation Without Medical Underwriting - Renewal of a Magma HDI Health Insurance policy before the due date allows policyholders to continue the policy coverage without undergoing fresh medical underwriting. Medical underwriting involves assessing their health condition before renewing the policy and, thus, may lead to a premium hike.
      • Retention of No Claim Bonus - Timely renewal of Magma HDI Health Insurance policies allows policyholders to obtain a No Claim Bonus (NCB). NCB serves as a reward from insurance providers for not filing any claims during the previous policy term. It can be availed in the form of a discount on renewal premiums. However, allowing the policy to lapse would result in the loss of the accumulated NCB. 
      • Lower Premiums - Renewing the Magma HDI Health Insurance policy before its expiry date helps policyholders to avoid paying higher premiums. This reason behind is that insurance companies often charge higher premiums to policyholders who renew their policies after the due date. Thus, timely renewal can ensure that the premium stays affordable.
      • Tax Benefits - Policyholders can also avail tax benefits under Section 80D of the Income Tax Act on the premium paid for renewing their Magma HDI Health Insurance policies. However, if the policy lapses due to non-renewal, the opportunity to save tax is lost.

      How to Renew a Magma HDI Health Insurance Policy?

      Follow the steps mentioned below to renew a Magma HDI health insurance policy online:

      Step 1: Go to Policybazaar Insurance Broker Private Limited’s website

      Step 2: Navigate to the top of the page and click on “Health Renewal” under the "Renew Your Policy" section.

      Step 3: Fill in your mobile number and the OTP sent on it.

      Step 4: Enter the requested information and pay the premium for your Magma HDI Health Insurance renewal policy.

      Step 5: New users of Policybazaar.com can go to the "Health Insurance" icon on the homepage to begin the renewal process.

      Step 6: Choose your gender, provide your name, select the individuals to be insured and fill in their ages.

      Step 7: Select the city where you live or enter its pin code and your phone number.

      Step 8: Provide the necessary information regarding your medical history by choosing a suitable option.

      Step 9: Pick the Magma HDI Health Insurance policy you wish to renew and pay the renewal premium online.

      On receiving the premium payment, Magma HDI General Insurance Company will renew your policy.

      Magma HDI Health Insurance Renewal Grace Period

      All Magma HDI Health Insurance plans come with a grace period, which provides policyholders some additional time to pay the renewal premium after the due date. By paying the renewal premium within the grace period, policyholders can prevent their policy from lapsing.

      The duration of the grace period may vary from one medical insurance plan to another. However, most Magma HDI Health Insurance plans typically offer a renewal grace period of 30 days.

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