Magma Health Insurance (Overview)
With multiple health insurers in India, it’s hard to know which one you can rely on in a medical emergency. Magma Health Insurance is one of the private players that has started gaining visibility in recent years.
The key question is: how reliable is Magma as a health insurer?
To help you decide, we've reviewed its health plans, policy wordings, public disclosures, and key metrics to give you a clear view of its strengths, gaps, and overall reliability.
About Magma Health Insurance
Magma General Insurance Company Limited (formerly Magma HDI) is a private-sector general insurer in India, incorporated in 2009 and operational since 2012. In March 2025, Patanjali Ayurveda and the DS Group acquired a majority stake (around ₹4,500 crore), replacing the earlier majority shareholder, Sanoti Properties LLP (jointly held by Adar Poonawalla and Rising Sun Holdings Pvt. Ltd.).
Magma offers retail and group health plans for individuals, families, and corporates through agents, brokers, bancassurance partners, and digital channels, serving over 4.4 million customers. It also has a solvency ratio of about 2.02, comfortably above the IRDAI requirement and indicating a healthy buffer to pay future claims.
Key Metrics for Magma Health Insurance
CSR: Slightly below the industry average; decent claim settlement, but room to improve.
ICR: Within the ideal 55–85% range; suggests balanced payouts and stability.
Complaint Volume: Lower than the industry average, indicating smoother servicing.
Network Hospitals: Decent-sized network; check if your preferred hospitals are covered.
Business Volume: Much smaller than big insurers like HDFC ERGO and Care, but growing.
Top Plans Offered by Magma Health Insurance
1. OneHealth OneHealth is Magma’s flagship plan, designed as a one-stop solution with five variants: Support, Secure, Support Plus, Shield, and Premium. It is available in both individual and floater options, with a sum insured ranging from ₹2 lakh to ₹3 crore to cater to different budgets and coverage needs.Key
Benefits:
- Across all variants, OneHealth includes new-age treatments such as IVF (up to ₹50,000), bariatric surgery (up to ₹1 lakh), and psychiatric treatment with sub-limits.
- You can also add covers like air ambulance (up to ₹2 lakh), Durable Equipment Cover, and surrogacy/oocyte donor cover (except in Support).
- Support Plus, Shield, and Premium have no room rent limit, while all variants except Premium include maternity up to ₹1 lakh, newborn up to ₹50,000 after a 4-year waiting period.
- Higher variants also offer a loss of income benefit and add-ons like critical illness and personal accident cover.
Drawbacks:
- OneHealth has disease-wise sub-limits (for example, on cataract).
- There is a mandatory 20% co-pay if you purchase the policy at age 61 or above, and zone-wise co-pays when you take treatment outside your zone (except emergencies).
- The Support variant is basic with room rent caps, fewer sum insured options, and limited add-ons. Even the higher variants have capped bonuses with no restoration for the same person and illness.
- Most of the benefits are available with the top variants or as paid add-ons, which makes the plan more complex and can push premiums higher when you add multiple features.
Premiums:
Note: Premiums for a profile seeking ₹15 lakh sum insured and residing in Delhi - 110010
As you can see, as the benefits and features increase, the premium rises.
2. OneHealth Senior OneHealth Senior is Magma’s dedicated health insurance plan for people aged 56 and above. It is available in two variants (Gold and Platinum) with lifelong renewal and sum insured options from ₹3 lakh to ₹25 lakh.Key Benefits:
- OneHealth Senior is a simple senior citizen plan with a short 1-year waiting period for pre-existing diseases.
- The Platinum variant offers longer pre- and post-hospitalisation cover, higher limits for AYUSH and modern treatments, a better sub-limit structure, higher shared-room daily cash, and air ambulance up to ₹3 lakh.
- Optional benefits let you add OPD cover, hospital cash, nursing at home, recharge of sum insured, bonus, consumables cover, and even change the co-payment.
Drawbacks:
- There is a mandatory 30% co-pay on all non-accident claims, which falls to 20%if you pay extra.
- Sub-limits for cataract, hernia, hysterectomy, prostate, and major surgeries can restrict payouts, especially in Gold.
There is no inbuilt bonus or restoration benefit, only optional.
OneHealth Extra is a straightforward super top-up health plan, designed for people who already have a base health policy and want to extend their overall protection at an affordable cost.
Key Benefits:
- OneHealth Extra offers sum insured options up to ₹1 crore with aggregate deductibles from ₹4 lakh to ₹20 lakh.
- It provides 60 days pre and 90 days post hospitalisation cover, coverage for modern treatments, psychiatric and HIV or AIDS treatment, and organ donor expenses.
- There is no room rent capping or zone-wise pricing.
- The plan also has an inbuilt recharge that can restore up to 100% of the sum insured up to five times in a year.
- Optional covers let you add worldwide emergency hospitalisation, personal accident cover, a consumables cover, and reduce the pre-existing disease waiting period from 3 years to 2 years.
Drawbacks:
There are no major red flags here. For a super top-up, the overall coverage is strong compared to many alternatives in the market.
How to Buy a Magma Health Insurance Policy?
Step 1: Select your health plan
Go to Products → Health Insurance, pick the plan you want
Step 2: Click ‘Buy Online’
Step 3: Enter your details and get a quoteIf you decide to proceed with the purchase, you will be asked to complete a proposal form declaring all relevant personal and medical history details, complete KYC, and pay the premiums. After that, they will underwrite and decide whether to issue the policy.
You can also buy your policy through Magma’s branches, customer care, or authorised intermediaries /aggregators.
How to Renew Your Magma Health Insurance Policy?
Option 1: Renew online
Option 2: Renew via customer care/offlineCall the toll-free number 1800 266 3202, visit a branch, or contact your insurance advisor/intermediary.
How to File a Claim with Magma Health Insurance?
Step 1: Intimate the claim
Step 2: Enter policy details.
For cashless claims, you can get treated at a network hospital. Later, the hospital sends a cashless request to Magma. Once approved, the insurer settles the admissible amount directly with the hospital, and you pay only non-payable items.
For reimbursement claims, if you visit a non-network hospital, you pay the bill yourself and then submit original documents (discharge summary, bills, reports, ID/KYC, cancelled cheque, claim form, etc.) to Magma. Reimbursement claims are usually processed within about 15 days of receipt of all required documents, though timelines can stretch if documents are incomplete or clarifications are needed.
Contact Details for Magma Health Insurance
You can find the nearest Magma branch using their branch locator.
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Ditto’s Take on Magma Health Insurance
Magma Health Insurance looks like a small, up-and-coming insurer with low complaint volume and some valuable features, but based on the data we have today, we wouldn't treat it as a first-choice health insurer for most people.
Its Claim Settlement Ratio is below the industry average, and its hospital network and business scale are much smaller than those of insurers like HDFC ERGO, Niva Bupa, and Care. As mentioned earlier, you can avail of the attractive benefits only with higher variants or add-ons.
So even if key hospitals in your city are in Magma's network, our default view would be to prioritize larger, more established insurers with a longer, more consistent claim-paying track record, more customizable products, and wider networks.
Magma is something you might keep as a secondary option for particular needs, not a go-to pick for most buyers.
Magma is a non-partner insurer for Ditto, and this review is for educational and informational purposes only. All the data used in the article is taken from their publicly available data (disclosures, annual report, brochures, and policy application journey).
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