Magma HDI General Insurance

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      Magma HDI General Insurance

      Magma HDI 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 HDI 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 HDI 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 HDI General Insurance- Product Portfolio

      Magma HDI 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

      Magma HDI Two Wheeler Insurance Plan:

      Two wheeler policy provided by Magma HDI 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.

      Magma HDI 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

      Magma HDI 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

      Magma HDI 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

      Magma HDI Marine Insurance plans

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

      • Marine Cargo Open
      • Marine Cargo Specific Voyage

      Magma HDI Miscellaneous Insurance plans

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

      • Burglary Insurance
      • All Risk Policy
      Policybazaar exclusive benefits
      • 30 minutes claim support*(In 120+ cities)
      • Relationship manager For every customer
      • 24*7 claims assistance In 30 mins. guaranteed*
      • Instant policy issuance No medical tests*
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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

      ~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

      ##On ground claim assistance is available in 114 cities

      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

      Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

      Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies

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