Magma General Insurance

Magma General Insurance

Magma General Insurance Company Ltd is a joint venture between Kolkata based financial services firm Magma Fincorp and German insurer HDI-Gerling Industrie Versicherung. The current holding pattern stand within mandatory laws with Magma Fincorp holing 74% stake while 26% stake is held by German company.

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Magma General Insurance Company is the only company in India that has achieved a unique feat of becoming profitable within seven quarters of its existence. It has benefitted greatly from group's synergy and utilized branch network of its parent company. It has portfolio providing risk coverage to individuals and corporates ranging from motor insurance to burglary insurance, fire insurance to engineering insurance.

Magma General Insurance is led by Mr. Swaraj Krishnan, MD and CEO, while its sales operations are headed by Mr. Vikas Mittal designated Chief Sales Officer.

The Company has the mission to understand insurance needs of the consumers and to serve them with affordable products. It strives to achieve values such as transparency, integrity, impartiality and trust of people.

Magma General Insurance- Product Portfolio

1. Magma Health Insurance Plans:

   Health insurance provides a vital safety net against the unpredictable costs of medical emergencies, covering hospitalization expenses, surgeries, and critical illnesses. It ensures peace of mind and access to quality healthcare when needed most, allowing you to focus on recovery without the added stress of financial burdens.

   ✅Comprehensive Plan: Covers hospitalization, surgeries, maternity, critical illness, and more. Add-ons for broader coverage.

   ✅Family Floater Plan: Protects the entire family under a single policy. Includes options for parents, children, and maternity enhancements.

   ✅Senior Citizen Plan: Specifically designed for seniors with high sum insured, coverage for age-related ailments, and pre-existing conditions.

   ✅Critical Illness Plan: Provides a lump-sum payout upon diagnosis of critical illnesses. Available as standalone or rider.

   ✅Personal Accident Plan: Offers financial assistance for accidental death or disability. Can be standalone or a rider.

2. Magma Motor Insurance Plans:

   Motor insurance is required by a vehicle owner not just it being mandatory but it also covers risk and damages to the individual itself and to vehicle as well including third party damages. It covers damages due to an accident or due to unforeseen events such as natural disasters.

   ✅Private Car Package

   ✅Two Wheeler Package

   ✅Commercial Comprehensive Package

   ✅Motor Act Only

   ✅Motor Trade Package

   ✅Motor Trade Internal Risk

   ✅Motor Add Ons

3. Magma Two Wheeler Insurance Plans:

   Two wheeler insurance policy provided by Magma have many benefits.

   Here is a lists of coverage given under your bike insurance policy:

   ✅Third-party liability cover: Bike insurance company offers compensation in case of injuries or death of a third party person or damage to the property due to the insured two-wheeler.

   ✅Fire disasters: Damages or loss caused due to fire, explosions, self-ignition, etc., to the two-wheeler.

   ✅Accidental damages: Compensates for the accidental damages caused to the insured bike.

   ✅Natural calamities: Damages or losses to your bike caused by cyclones, earthquakes, floods, typhoons, etc.

   ✅Man-made disasters: Damages or losses caused to the insured bike due to riots, vandalism, protests, etc.

4. Magma Liability Insurance Plans:

   Liability Insurance protects an individual or business from legal risks due to which they may be held liable for something such as injury, malpractice or negligence. Sometimes, commercial product manufacturer buys liability insurance to cover them if the product is faulty and cause damages to purchaser and employees.

   ✅Public Liability Insurance Act

   ✅Public Liability Non-Industrial

   ✅Public Liability Industrial

   ✅Product Liability

   ✅Errors and Omissions

   ✅Directors and Officers

   ✅Clinical Trials Liability

5. Magma Fire Insurance Plans:

   Fire insurance is a specialized form of insurance covering risks such as cost of replacement, reconstruction and repair to the building itself, nearby structures and personal property.

   ✅Standard Fire and Special Perils

   ✅Fire Loss of Profits

   ✅Industrial All Risk Insurance

6. Magma Engineering Insurance Plans:

   Corporates specially manufacturing industries rely heavily on engineering insurance as it safeguards them against risks faced by ongoing construction projects, installation projects and machinery and equipment in the project operation.

   ✅Machinery Breakdown Insurance

   ✅Boiler and Pressure Plant Insurance

   ✅Machinery Loss of Profits Insurance Policy

   ✅Electronic Equipment Insurance

   ✅Contractor's Plant and Machinery Insurance

   ✅Erection All Risk

   ✅Contractor's All Risks

7. Magma Marine Insurance Plans:

   Marine Insurance covers insured by providing compensation for losses suffered during transit of goods.

   ✅Marine Cargo Open

   ✅Marine Cargo Specific Voyage

8. Magma Miscellaneous Insurance Plans:

   These miscellaneous insurance plans safeguard an individual against risks such as burglary and theft of valuables.

   ✅Burglary Insurance

   ✅All Risk Policy