Magma HDI Developing New Industrial Risk Products

Magma HDI is likely to come up with new plans and processes as the prospect of economic restoration is expected to offer newer opportunities. The general insurance company is planning to sell health insurance policies and designing new products under the industrial risk cover space.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    Magma HDI is a joint venture of non-bank lender Magma Fincorp and Germany’s HDI Gerling Industrie Versicherung AG. Earlier, for first six quarters it used to focus majorly on motor insurance, now, the company is targeting on 50% growth in this financial year as the prospect of FDI in insurance is increasing which would push up their business estimation.

    Swaraj Krishna, Managing director and chief executive believe that the infrastructure projects will bring in good money along with economic growth and better opportunities for insurance companies.  He added that the company will be more into creation of policies which would aim to cover risk in infrastructure projects and health insurance besides motor insurance. He also informed that a low cost structure has been created by the company to capture the rural and semi-urban pockets.

    If the government allows, HDI Gerling would raise its stake from 26% to 49%, as per Krishna. Magma HDI would require Rs. 15 crore additional capital in FY16 to achieve their target of 50% growth wherein the premium income should increase from Rs 425 crore to Rs 650 crore.

    Sajjan Kumar Kedia, chief financial officer said at a media interaction that the company is planning to make operating profit from current fiscal and break even in 2016-17 after setting aside all accumulated losses.

    The company would be bringing up individual, family and group health insurance products along with plans that would introduce pre-loaded cash card for covering hospital cash requirement along with health products.

    The plan is to create a product that would cover the risk of paying penalties in case the infrastructure project gets delayed because of unforeseen situations, except, land acquisition and political blockades.

    Search
    Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

    Health insurance articles

    Recent Articles
    Popular Articles
    Does Health Insurance Cover Brain Tumour?

    17 May 2022

    The brain is one of the most important organs in your body. It is...
    Read more
    12 Tips to Avoid Common Health Problems During Summers

    12 May 2022

    India experiences a hot and dry summer season that lasts for up to...
    Read more
    Does Medical Insurance Cover Hearing Aids?

    12 May 2022

    The number of people who require hearing aids continues to grow...
    Read more
    Are Accidental Injuries Covered by Health Insurance in India?

    12 May 2022

    Accidents are unpredictable. Getting injured in an accident not...
    Read more
    6 Most Effective Ways to Prevent Viral Fever

    12 May 2022

    A change in weather can bring respite from the scorching summer...
    Read more
    PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
    Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
    Read more
    Best Health Insurance Plans in India 2022
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Read more
    Best Maternity Insurance Plans
    Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
    Read more
    Best Health Insurance Plans for Senior Citizens in 2022
    Considering the increase in medical inflation in India, buying adequate health insurance for your loved ones has...
    Read more
    10 Major Benefits of Ayushman Bharat Yojana
    Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi...
    Read more
    top
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL