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Magma HDI General Insurance
Magma HDI General Insurance is a JV between Magma Fincorp Ltd and HDI Global, a German insurance company. The company has a variety of insurance products and services ranging from health insurance to motor insurance, and everything in between.
Magma HDI General Insurance has a Pan-India presence across 70+ cities in India and has over 500+ full-time employees. The company also boasts of an impressive product list of over 240+ unique insurance products.
The article will aim to talk about the following important aspects of Magma HDI:
- Company details
- Insurance related facts and figures
- Company management
- Products and services
- Contact details
Company details
| Company Name | Magma Hdi General Insurance Company Ltd |
| Date of Incorporation | 2009 |
| Registration Number | 136327 |
| Authorized Capital | Rs 2,000,000,000 |
| Paid up Capital | Rs 1,547,072,510 |
| Registered Address | Development House 24 Park Street Kolkata Kolkata WB 700016 IN |
| companysecretary@magma-hdi.co.in | |
| MD & CEO | Mr. Rajive Kumaraswami |
Insurance related facts and figures
| Claim Settlement Ratio | 91.85% (FY 18-19) |
| Number of Customers | 2484143+ |
| Number of Insurance Products | 248 |
| Awards and Recognitions | Best BFSI Brands 2019 by The Economic Times |
| Golden Peacock Award for Risk Management in 2019 | |
| ‘Rising Star Company of the Year’ at India Insurance Awards in 2020 |
Company management
| Name | Designation | |
|---|---|---|
| Mr. Rajive Kumaraswami | Managing Director and CEO | https://in.linkedin.com/in/rajive-kumaraswami-955805 |
| Mr. Vikas Mittal | Deputy CEO | https://in.linkedin.com/in/vikas-mittal-7121798 |
| Mr. Gaurav Parasrampuria | Chief Financial Officer | https://in.linkedin.com/in/gaurav-parasrampuria-4945b416 |
| Mr. Anand Roop Choudhary | Chief Compliance Officer | NA |
| Mr. Jinesh M. Shah | Chief Investment Officer | https://in.linkedin.com/in/jinesh-shah-4ba1457 |
| Mr. Shivendra Tripathi | Appointed Actuary | https://in.linkedin.com/in/shivendra-tripathi-b0220510 |
Products and Services
The company has a wide variety of products and services. Let’s have a brief look at each of their offerings.
- Health insurance
- Motor insurance
- Marine insurance
- Engineering insurance
- Fire insurance
- Liability insurance
- Miscellaneous insurance
Health Insurance
Magma HDI has 5 health insurance plans. Let’s investigate each of them briefly.
OneHealth Insurance policy
This is Magma HDI’s primary comprehensive health insurance policy.
| Policy Eligibility | 18 years – 65 years |
| Sum Insured | 2 Lakh – 1 Crore |
| Policy Benefits | Maternity cover |
| Ayush cover | |
| Pre and post hospitalization cover | |
| No claim bonus | |
| OPD cover | |
| Restoration of sum insured | |
| Worldwide coverage | |
| Discount | 10% discount on 2 year prepayment, 12.5% discount on 3 year prepayment. |
| Policy Brochure | https://www.magmahdi.com/documents/20127/291040/OneHealth+Brochure_0920.pdf |
| Policy Wordings | https://www.magmahdi.com/documents/20127/291040/Policy+wordings_OneHealth.pdf |
Individual Personal Accident Policy
This policy will only provide coverage in case of accident-related hospitalizations.
| Policy Eligibility | 18 years+ |
| Sum Insured | Variable |
| Policy Benefits | Accident cover |
| Total disablement cover | |
| Partial disablement cover | |
| Temporary partial disablement cover | |
| Temporary total disablement cover | |
| Hospital allowance | |
| Policy Brochure | NA |
| Policy Wordings | https://www.magmahdi.com/documents/20127/289120/Individual+Personal+Accident+Policy+wordings.pdf |
Loan Guard Policy
This policy will provide a lump sum amount to the policyholder in case of an accident or critical sickness. The policyholder/nominee can use this amount to clear any outstanding debt that he may have. This policy is usually taken along with a comprehensive health insurance policy. Individuals who have opted for a loan can opt for this policy.
| Policy Eligibility | 18 years+ |
|---|---|
| Sum Insured | Variable |
| Policy Benefits | Accident cover |
| Critical illness cover | |
| Lump sum payment | |
| Policy Brochure | |
| Policy Wordings | https://www.magmahdi.com/documents/20127/310726/Loan+Guard_Policy+Wordings.pdf |
Group Health Policy & Group Accident Suraksha Policy
These health insurance policies are usually taken by employers for their employees. Benefits include coverage against death, accidents, partial and complete disablement, etc.
Motor Insurance
Magma HDI offers the following motor insurance plans:
- Private car insurance
- Commercial vehicle insurance
- 2-wheeler insurance
- Third-party 2-wheeler insurance
- Tractor insurance
- Motor trade policy
- Motor act only policy
- Motor trade internal risk policy
- Motor insurance riders
Private Car Insurance
This is Magma HDI’s comprehensive car insurance policy.
| Covers | Loss of vehicle |
| Theft of vehicle | |
| Damage to the vehicle | |
| Natural calamities like fire, floods, earthquakes, etc | |
| Man-made calamities like acts of terror, vandalism, riots, strikes, etc | |
| Third-Party Liability | |
| Exclusions | Regular wear and tear |
| Depreciation | |
| Damage caused due to being intoxicated | |
| Nuclear or war risk | |
| Electrical breakdown | |
| Mechanical breakdown | |
| If the driver is driving without a license | |
| Policy Brochure | NA |
| Policy Wordings | https://www.magmahdi.com/documents/20127/289120/Policy+Wordings+-+Private+Car+Package.pdf |
Commercial vehicle Insurance
The company also provides comprehensive car insurance packages for commercial vehicles like taxis, trawlers, transporters, buses, etc.
| Covers | Loss of vehicle |
| Theft of vehicle | |
| Damage to the vehicle | |
| Natural calamities like fire, floods, earthquakes, etc | |
| Man-made calamities like acts of terror, vandalism, riots, strikes, etc | |
| Third-Party Liability | |
| Exclusions | Regular wear and tear |
| Depreciation | |
| Damage caused due to being intoxicated | |
| Nuclear or war risk | |
| Electrical breakdown | |
| Mechanical breakdown | |
| If the driver is driving without a license | |
| Policy Brochure | https://www.magmahdi.com/documents/20127/327442/Prospectus+-+Commercial+Vehicle+Package.pdf |
| Policy Wordings | https://www.magmahdi.com/documents/20127/327442/Policy+Wordings+-+Commercial+Vehicle+Package.pdf |
2-Wheeler Comprehensive Insurance and Third-Party Insurance
Magma HDI also provides 2-wheeler comprehensive and Third-Party insurance for your bikes and scooters. You can either opt for a comprehensive plan or a third-party plan, based on your preference.
| Covers | Loss of vehicle |
| Theft of vehicle | |
| Damage to the vehicle | |
| Natural calamities like fire, floods, earthquakes, etc | |
| Man-made calamities like acts of terror, vandalism, riots, strikes, etc | |
| Third-Party Liability | |
| Exclusions | Regular wear and tear |
| Depreciation | |
| Damage caused due to being intoxicated | |
| Nuclear or war risk | |
| Electrical breakdown | |
| Mechanical breakdown | |
| If the driver is driving without a license | |
| Policy Brochure | https://www.magmahdi.com/documents/20127/327442/Policy+Wordings+-+Two+Wheeler+Package.pdf |
| Policy Wordings | https://www.magmahdi.com/documents/20127/327442/Prospectus+-+Two+Wheeler+Package.pdf |
Tractor insurance
A tractor is a pivotal tool in a farmer’s life. Farmers can avail this insurance policy to secure their tractors and thereby ensure continuity of farming operations.
Motor Trade Internal Risk Policy
This policy covers the individuals riding with you in your vehicle. If anything happens to them, this policy covers their legal liability.
| Covers | Accidental Death |
| Damage to the insured vehicle | |
| Property of insured | |
| Exclusions | Regular wear and tear |
| Depreciation | |
| Damage caused due to being intoxicated | |
| Nuclear or war risk | |
| Electrical breakdown | |
| Mechanical breakdown | |
| If the driver is driving without a license | |
| Defective workmanship, among others. | |
| Policy Brochure | https://www.magmahdi.com/documents/20127/327442/Prospectus+-+Motor+Trade+Internal+Risk.pdf |
| Policy Wordings | https://www.magmahdi.com/documents/20127/327442/Motor+Trade+Internal+Policy+Wordings.pdf |
Motor insurance riders
The company also includes a host of riders that can be bought along with your regular motor insurance policy. These rides enhance the coverage of the policy for a small fee. Riders include:
- Tire coverage rider
- Engine coverage rider
- Additional legal liabilities rider
- Overturning rider
- IMT 23 rider, etc
Marine Insurance
The company has 2 marine insurance policies. They are:
- Marine cargo open insurance policy
- Marine cargo specific voyage policy
Marine cargo open insurance policy
The marine cargo open insurance policy will cover the risks of the sea, transportation risks, loading, and offloading risks. Regular traders that use the maritime route can benefit from buying this policy.
Marine cargo specific voyage policy
This policy is only valid for specific pre-determined routes that the vessel traverses through. So, if you’re a trader that has a one-off shipment coming in or going out, you can avail of a specific voyage policy.
Engineering Insurance
Magma HDI also offers a wide variety of engineering policies that cover various engineering risks. Let us briefly understand some of their engineering insurance policies.
Contractors All Risk (CAR): This is a comprehensive policy that covers most risks during the construction phase, including third-party liabilities.
Erection All Risk (EAR): This is a policy that covers risks during the erection of plant and machinery.
Machinery Breakdown Insurance: This policy protects against the sudden breakdown, damage, loss of integral machinery.
Electronic Equipment Insurance (EEI): This policy protects against the sudden breakdown, loss of electronic equipment on site. Items covered could be microprocessors, super-computers, software systems, etc.
Fire insurance
The company offers 3 fire insurance policies for its clients.
Standard Fire & Special Perils (SFSP)
This is a standard fire insurance policy offered by the company.
| Covers | Fire |
| Aircraft Damage | |
| Explosions | |
| Riots and Strikes | |
| Storms, cyclones, floods, etc | |
| Missile testing operations | |
| Bush fire | |
| Malicious damage | |
| Exclusions | War |
| Nuclear damage | |
| Damage caused due to being intoxicated | |
| Damage caused due to malfunctioning electrical equipment | |
| Theft, among others. | |
| Policy Brochure | NA |
| Policy Wordings | https://www.magmahdi.com/documents/20127/289127/4.2._standard_fire_and_special_perils_-_policy_wordings.pdf |
Industrial all risk (IAR)
The IAR policy is a policy that provides a more comprehensive coverage compared to the Standard Fire & Special Perils Policy. The IAR policy covers risks such as theft, accidental damage, machine breakdown, and business instability.
Fire loss of profit (FLOP)
A Fire Loss of Profit (FLOP) policy will provide compensation towards the lack of economic activity caused due to a fire incident.
Liability insurance
A liability insurance policy is especially important to B2C businesses. These types of policies provide protection against lawsuits made by customers, and even other businesses. Liability insurance will cover the legal costs plus pay any court-ordered compensation to the affected party. Magma HDI General Insurance provides quite a few liability insurance offerings for a variety of different needs.
Directors & officers liability insurance
This policy provides coverage against any losses caused to anyone by Directors or Officers of a company. For instance, an aggrieved customer files a suit against the directors of a company due to damages caused due to a faulty product. The insurance company will provide protection against the same.
| Covers | Own legal expenses |
| Claimants legal expenses | |
| Court ordered compensation | |
| Exclusions | Contractual liabilities |
| Loss of goodwill | |
| Damage to the image of the company | |
| Punitive damages | |
| War | |
| Nuclear damage | |
| Defamation | |
| Slander, libel, shock, etc. | |
| Policy Brochure | https://www.magmahdi.com/documents/20127/781434/3.9+Directors+Loss+Policy.pdf |
Errors and omissions insurance policy
This policy will protect the company against errors of omissions and negligence that may have been caused by the senior officers of a company. The insurance company will pay liable costs and legal charges after due investigation.
| Covers | Civil liability |
| Breach of duty | |
| Acts of omission | |
| Acts of negligence | |
| Acts of error | |
| Exclusions | Wilful negligence |
| Intentional non-compliance | |
| Loss of goodwill | |
| Damage to a company’s brand value | |
| Nuclear damage | |
| Among others |
Public liability (industrial) and public liability (non-industrial)
These policies provided protection against public liabilities arising out of faults of the company’s actions.
| Covers | Accidents on company property |
| Damage caused during conducting business | |
| Legal costs | |
| Court ordered costs | |
| Exclusions | Acts of nature |
| Wilful non-compliance | |
| Punitive damages | |
| Nuclear risks | |
| Among others | |
| Policy Brochure | https://www.magmahdi.com/documents/20127/781434/3.5+Public+Liability_Industrial+Policy.pdf |
| Policy Wordings | https://www.magmahdi.com/documents/20127/289127/3.3._public_liability_non_-_industrial_-_policy_wordings.pdf |
Cyber insurance
This policy covers against damages caused due to high-tech cyberattacks like hacking, Distributed Denial of Service (DDoS) Attacks, theft, Phishing, Ransomware, etc.
Miscellaneous Insurance
The following additional insurance policies are also available:
- Burglary insurance policy
- All risk insurance policy
- Shopkeepers package policy
- Householders package policy
Other insurance related products
Here is a complete list of all insurance-related products offered by Magma HDI.
Contact details
| Registered Office | Email ID | Toll-Free Number |
|---|---|---|
| Development House,24 Park Street, Kolkata | Customer Care: customercare@magma-hdi.co.in | 1800 266 3202 |
| 700 016 | Senior Citizens Email ID: | |
| Namaskar@magma-hdi.co.in |
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