Magma HDI General Insurance plans pre-paid electronic health card

KOLKATA: New non-life insurance company, Magma HDI General Insurance today said that it was planning to introduce pre-paid electronic health card to pay medical bill.

Magma HDI MD & CEO Swaraj Krishnan said here today that the pre-paid health card was a step forward from the cashless concept.

"We are trying to bring some innovation in the health insurance. We are planning to provide electronic pre-paid health card with our policy that will enable consumers to pay their health insurance charges instantly to the service provider, up to a certain limit," he said.

He said it was aimed at offering instant cash without going into the hassles of claims for hospital cash benefit and to meet OPD or diagnostic charges.

Asked what could be the pre-paid amount the company plans to offer, Krishnan said the health insurance product is not yet approved from the regulators, but it could be around Rs 10,000 per lakh of sum insured.

The company, however, agrees that they may face challenges in introducing such products in the market.

The company was leveraging expertise of its Germany-based JV partner HDI in introducing such innovation in the Indian mediclaim market.

The pre-paid card concept will eventually help the Magma HDI to offer its customers service of any health provider and will eliminate concept of tie-up for cashless hospitalisation.