Thursday, July 17, 2014

Magma HDI General PlansTo Launch Prepaid Health-Card

New entrant in the general insurance business in the country, Magma HDI General Insurance is all set to launch a prepaid health card to facilitate payments at OPD (outpatient departments) and day-care facilities of hospitals.

This electronic health card can be used like any other debit or credit card but only in hospitals, the company said.Mr. Swaraj Krishnan, Managing Director and Chief Executive Officer of Magma HDI (MHDI), said, “Pre-paid health card is a step forward from the cashless concept."

“The 'hospital cash facility' or prepaid health card will be linked to the company's upcoming health insurance products in the individual, family and group categories. The amount of cash equivalent in the card will be based on the policy value of the user", Mr. Krishnan said.

The company has applied to the Insurance Regulatory and Development Authority for necessary regulatory approval. It is expected that the product will be available for customers by September this year.

Magma HDI General Insurance is a joint venture between India's Magma Fincorp and Germany's HDI Gerling Industrie Verischerung AG. Magma Fincorp holds 74 per cent stake in the JV, while remaining 26 per cent by HDI Gerling Industrie Verischerung AG.

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