Magma HDI General Insurance provides ‘Double Suraksha,’ a comprehensive insurance solution tailored to the demands of people with diverse financial backgrounds. Whether for individuals who cannot afford complete health policies due to high costs, or for the wealthy wanting additional coverage for unexplained expenses while hospitalised, ‘Double Suraksha’ gives a fixed daily cash reward. This gives policyholders the financial freedom to use the payout for medical or non-medical expenses associated to hospitalisation, depending on their specific needs.
Magma HDI undertook a thorough multi-city qualitative research study to better understand client needs, which led to the development of this product. The study found that hospitalisation causes higher or unanticipated medical expenses, as well as income loss owing to missed work for certain less affluent segments of society. This created a considerable demand for a low-cost solution in comparison to a comprehensive health plan that gives users the choice to use the insurance payment as needed.
Commenting on this announcement, 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.
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Even those with health insurance frequently face unexpected costs, such as consumables not covered by most health policies or travel and food fees for a partner who stays with them while hospitalised. These costs are even higher when the therapy demands travel outside of town, which frequently results in additional lodging fees for the companion. ‘Double Suraksha’ steps in to cover these additional expenditures and provide financial assistance to policyholders.
