Magma HDI, the general insurance company, started its operation in the life insurance market in Hyderabad by launching ‘One Health’, that covers new lifestyle related diseases, including treatment for obesity.
The plan covers rarely covered treatments including in vitro fertilisation, psychiatric evaluation and LASIK corrections. The insurance also offers cover for ayurveda, unani, siddha and homeopathic treatments, and maternity. The insurance company has decided to consider treatments which were till recently referred as ‘cosmetic’. “After a stage, cosmetic problems become an issue of morbidity. It is then that we step in,” said Vikas Mittal, Deputy CEO, Magma HDI said. “Our aim is to provide the best possible help for customers in these changed health conditions,” he added. The company will also cover patients who prefer to be treated at home. “We want to change the paradigm and make insurance available even for people who are not hospitalised,” Mr. Mittal told The Hindu .
In case of hospitalisation, the insurance also covers the costs of one companion who accompanies the patient, the company pledged. Magma-One Health also pledged to cover the costs incurred by organ donors. In case of incapacitation either by accident or immediate health failure including stroke, the company has also promised to pay 6 months of salary as per the last pay check for the insured.
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Chief Technical Officer of Magma FDI said, “Just 4 among 5 people in India have insurance cover. That is a huge market and we decided to venture into it with the expertise we already have in the motor insurance market”.