MUMBAI, India, Oct. 17, 2024 --  Magma HDI General Insurance introduces 'Double Suraksha,' a versatile insurance solution designed to meet the needs of individuals from varied financial backgrounds. Whether for those who cannot afford comprehensive health plans due to high costs, or for the affluent seeking additional coverage for unaccounted expenses during hospitalization – 'Double Suraksha' provides a fixed daily cash benefit. This provides policyholders with financial flexibility to use the payout for medical or non-medical expenses related to hospitalization, based on their individual needs.

The genesis of this product stems from an extensive multi-city qualitative research study conducted by Magma HDI, aimed at understanding customer needs. The research revealed that hospitalization leads to increased or unexpected medical expenses, and for certain less affluent segments of society, it also results in income loss due to missed work. This brought forth a strong need for a low-cost product compared to comprehensive health plan that allows consumers flexibility to use the insurance payout according to their needs.

Commenting on this announcement, Mr. Amit Sirsikar, Head - Health & Accident, Magma HDI, said, "'Double Suraksha' is designed to address a real-life challenges consumers face. What makes 'Double Suraksha' stand out is its relevance to everyone—whether they already have comprehensive health insurance or not.

It is observed that even those with health insurance often encounter unexpected costs, like consumables not covered by most health policies, or travel and food expenses for a companion who stays with them during hospitalization. These costs escalate further when the treatment requires traveling out of town, often leading to added accommodation expenses for the companion. 'Double Suraksha' steps in to cover these additional costs, offering financial support to policyholders.

For individuals who can't afford comprehensive health plans—such as truck drivers or domestic workers—this product offers crucial support as it can cover the medical costs and also protect them against the income loss due to hospitalization. This product truly embodies its promise: Chalti Rahe Zindagi, Rukawaton Pe Ruke Nahi—ensuring life keeps moving, despite any obstacles."

The name 'Double Suraksha' represents Double Daily Cash benefit in two difficult scenarios: ICU hospitalization and hospitalization due to an accident.

'Double Suraksha' offers a range of base and optional covers, allowing policyholders to tailor their coverage according to individual needs. With customizable sum insured amounts and flexible policy durations, this plan is designed to be adaptable to various financial situations.

Key add-ons that enhance the product's comprehensiveness include:

  • Compassionate Benefit: In case of an insured person's death or permanent total disablement due to an accident, the insured person or nominee will get a lump sum amount
  • Convalescence Benefit: If hospitalized for a minimum of 5 days in a row due to illness or injury, the insured person gets an extra lump sum
  • Day Care Treatment Cash Benefit: If the insured requires and avails medically necessary treatment (like Cataract, Hemodialysis etc.) they will receive a lump sum benefit amount which is 2 times the sickness daily cash benefit

About Magma HDI General Insurance: 

Sanoti Properties LLP, an entity jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), holds 74.5% of the Company. With over 70 products across various categories, we have solutions to secure all major risks in the general insurance sphere. From retail products like Motor (Car, Two-wheeler, Commercial Vehicles, Tractors), Health, Personal Accident, and Home to commercial products like Fire, Engineering, Liability, and Marine, our wide array of covers coupled with high-quality and agile service delivery have been the pillars of our foundation.

For more information on Double Suraksha and other products by Magma HDI General Insurance, please visit www.magmahdi.com.