InsuranceLiya.com

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 NameMagma Hdi General Insurance Company Ltd
Date of Incorporation2009
Registration Number136327
Authorized CapitalRs 2,000,000,000
Paid up CapitalRs 1,547,072,510
Registered AddressDevelopment House 24 Park Street Kolkata Kolkata WB 700016 IN
Emailcompanysecretary@magma-hdi.co.in
MD & CEOMr. Rajive Kumaraswami

Insurance related facts and figures

Claim Settlement Ratio91.85% (FY 18-19)
Number of Customers2484143+
Number of Insurance Products248
Awards and RecognitionsBest 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

NameDesignationLinkedin
Mr. Rajive KumaraswamiManaging Director and CEOhttps://in.linkedin.com/in/rajive-kumaraswami-955805
Mr. Vikas MittalDeputy CEOhttps://in.linkedin.com/in/vikas-mittal-7121798
Mr. Gaurav ParasrampuriaChief Financial Officerhttps://in.linkedin.com/in/gaurav-parasrampuria-4945b416
Mr. Anand Roop ChoudharyChief Compliance OfficerNA
Mr. Jinesh M. ShahChief Investment Officerhttps://in.linkedin.com/in/jinesh-shah-4ba1457
Mr. Shivendra TripathiAppointed Actuaryhttps://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 Eligibility18 years – 65 years
Sum Insured2 Lakh – 1 Crore
Policy BenefitsMaternity cover
Ayush cover
Pre and post hospitalization cover
No claim bonus
OPD cover
Restoration of sum insured
Worldwide coverage
Discount10% discount on 2 year prepayment, 12.5% discount on 3 year prepayment.
Policy Brochurehttps://www.magmahdi.com/documents/20127/291040/OneHealth+Brochure_0920.pdf
Policy Wordingshttps://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 Eligibility18 years+
Sum InsuredVariable
Policy BenefitsAccident cover
Total disablement cover
Partial disablement cover
Temporary partial disablement cover
Temporary total disablement cover
Hospital allowance
Policy BrochureNA
Policy Wordingshttps://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 Eligibility18 years+
Sum InsuredVariable
Policy BenefitsAccident cover
Critical illness cover
Lump sum payment
Policy Brochure
Policy Wordingshttps://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.

CoversLoss 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
ExclusionsRegular 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 BrochureNA
Policy Wordingshttps://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.

CoversLoss 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
ExclusionsRegular 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 Brochurehttps://www.magmahdi.com/documents/20127/327442/Prospectus+-+Commercial+Vehicle+Package.pdf
Policy Wordingshttps://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.

CoversLoss 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
ExclusionsRegular 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 Brochurehttps://www.magmahdi.com/documents/20127/327442/Policy+Wordings+-+Two+Wheeler+Package.pdf
Policy Wordingshttps://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.

CoversAccidental Death
Damage to the insured vehicle
Property of insured
ExclusionsRegular 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 Brochurehttps://www.magmahdi.com/documents/20127/327442/Prospectus+-+Motor+Trade+Internal+Risk.pdf
Policy Wordingshttps://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:

  1. Marine cargo open insurance policy
  2. 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.

CoversFire
Aircraft Damage
Explosions
Riots and Strikes
Storms, cyclones, floods, etc
Missile testing operations
Bush fire
Malicious damage
ExclusionsWar
Nuclear damage
Damage caused due to being intoxicated
Damage caused due to malfunctioning electrical equipment
Theft, among others.
Policy BrochureNA
Policy Wordingshttps://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.

CoversOwn legal expenses
Claimants legal expenses
Court ordered compensation
ExclusionsContractual liabilities
Loss of goodwill
Damage to the image of the company
Punitive damages
War
Nuclear damage
Defamation
Slander, libel, shock, etc.
Policy Brochurehttps://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.

CoversCivil liability
Breach of duty
Acts of omission
Acts of negligence
Acts of error
ExclusionsWilful 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.

CoversAccidents on company property
Damage caused during conducting business
Legal costs
Court ordered costs
ExclusionsActs of nature
Wilful non-compliance
Punitive damages
Nuclear risks
Among others
Policy Brochurehttps://www.magmahdi.com/documents/20127/781434/3.5+Public+Liability_Industrial+Policy.pdf
Policy Wordingshttps://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 OfficeEmail IDToll-Free Number
Development House,24 Park Street, KolkataCustomer Care: customercare@magma-hdi.co.in1800 266 3202
700 016Senior Citizens Email ID:
Namaskar@magma-hdi.co.in

Are you looking to purchase a new insurance policy or are wanting to renew your existing policy? Reach out to us and let us assist you.

Enter your details