Magma HDI forays into health insurance with OneHealth policy

New Delhi: Non-banking finance company Magma Fincorp has forayed into health insurance business through its joint-venture Magma HDI General Insurance Co (Magma HDI).

Magma HDI, a joint-venture between Magma Fincorp and Germany's HDI Global SE, announced the launch of 'OneHealth' health policy.

"There is an increasing prevalence of lifestyle diseases in India where one out of four Indians at risk of dying from non-communicable diseases...keeping in mind modern lifestyle and increase in lifestyle diseases we designed this policy to meet the need of customer and his entire family," said Rajive Kumaraswami, MD and CEO, Magma HDI.

OneHealth covers various significant medical conditions and lifestyle diseases.

Citing a report, Magma HDI said lifestyle diseases like tuberculosis or diarrhea kill more people in India than communicable diseases.

"Very few of the existing health insurance policies cover lifestyle ailments like lasik, bariatric surgery, psychiatric treatments. OneHealth...covers all such ailments which are not yet considered medical conditions in the industry," the company said in a statement.

Alongside covering all major lifestyle diseases, OneHealth also offers additional advantages like restoration benefits, cumulative bonus, free annual health check-up, among others, Kumaraswami said.

Magma Fincorp caters to financial needs of the underserved in urban India and has more than 300 branches across India. The company's asset under management (AUM) stands over Rs 15,200 crore.

HDI Global SE is owned by Hannover-based Talanx Group, which is the third largest German insurance group by premium income.