Magma HDI General InsuranceIncurred Claim Ratio - 85*
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 stands within mandatory laws with Magma Fincorp holing 74% stake while 26% stake is held by German company.
Magma HDI General Insurance Company is the only company in India that has achieved the unique feat of becoming profitable within seven quarters of its existence. It has benefitted greatly from the group’s synergy and utilized branch network of its parent company. Its portfolio provides risk coverage to individuals and corporations, and range from motor insurance to burglary insurance, and 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 who is the 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 because it is mandatory but also to cover risk and damages to the individual himself and to the vehicle, in addition to getting a cover against third party liability. It covers damages due to accidents or due to unforeseen events such as natural disasters.
- Private Car Insurance Package: The Private Car Insurance Package is designed to cover any loss or damage to the vehicle in addition to the compulsory third party liability mandated under the Motor Vehicles Act. The comprehensive package covers third party liability, loss or damage to the vehicle, injuries to the occupants, and natural and man-made calamities.
- Motor Act Only Policy: The Motor Act Only plan has been designed specifically to cover the compulsory third party liability required under the Motor Vehicles Act. It protects the owner against any damages or liabilities that arise on account of the vehicle injuring third parties or their property.
- Motor Trade Insurance Package: The Motor Trade Insurance Package insures against additional risks to the vehicle together with loss or damage to the vehicle itself. These include depreciation reimbursement, No Claim Bonus protection, additional personal accident covers, and much more.
- Motor Trade Internal Risk Insurance: The plan provides adequate cover in the event of loss or damage to the vehicle and is meant exclusively for motor manufacturers and dealers. It also meets the compulsory third party liability clause laid down under the Motor Vehicles Act. Additional covers include open air car parking and cover against work done away from the premises.
- Motor Add Ons: Magma HDI General Insurance offers motor add-on endorsements – some applicable for all class of vehicles while others are applicable to private cars only.
- Commercial Comprehensive Insurance Package: The comprehensive policy designed to cover any loss or damage sustained by a vehicle that is being used by a business or for a commercial purpose. It protects against third party liability and also covers against loss or damage to the vehicle from both natural and man-made disasters.
- Tractor Package: The plan is meant especially for owners of tractors whether in semi-urban or rural areas. The policy operates as a comprehensive policy and has special coverage such as cover for the mudguard, bonnet, headlamps, fender and paintwork.
Two wheeler policy provided by Magma HDI have many benefits.
- Two Wheeler Package: The Two Wheeler Insurance Package covers against third party liabilities and any loss or damage to one’s two-wheeler. Owners can also opt for additional covers such as personal accident cover.
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: This liability insurance policy broadly covers one’s statutory liability on no-fault principle for death or injury to any person or damage to property resulting from an accident while handling a hazardous substance.
- Public Liability Non-Industrial Insurance: This insurance covers one’s legal liability towards damages to third party due to accidental death, bodily injury or disease, and loss or damage to property because of non-industrial accidents.
- Public Liability Industrial Insurance: The policy provides cover against one’s legal liability to pay compensation including claimant’s costs, fees and expenses anywhere in India in accordance with Indian Law.
- Product Liability Insurance: The policy covers all sums for which one might become legally liable to pay damages in the event of accidental death or bodily injury or disease to third parties and/or loss of or damage to third party property due to defects in the products that were manufactured by the insured. The products must be covered under the scope of the policy and will include damages suffered after the products have left the manufacturer’s premises.
- Errors and Omissions Insurance Policy: Theplan takes care of liabilities arising due to negligence while executing professional responsibilities. The protection can be taken by doctors, lawyers, engineers, insurance brokers and medical establishments, among others.
- Directors & Officers Liability Policy: The policy covers the legal liability including the cost to defend any civil and/or criminal action against directors and/or officers holding a responsible position in an organisation. The liability may arise due to any wrongful act, or any error or omission committed by them in the course of discharging their duties of running the operations of the company. It also covers against liability arising from any other acts done for and/or on behalf of the company.
- Clinical Trials Liability Policy: The Clinical Trial Liability Policy provides protection against legal liabilities arising out of clinical trials. The policy not only provides coverage against suits and damages awarded by courts but also covers the defence costs incurred by the insured while contesting claims.
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 Insurance Policy: The policy provides cover against fire, lightning, explosion and a range of eventualities. It is suitable if one owns a property or for someone who holds property in a trust or in a commission. The policy is also ideal for an individual or a financial institution with specific financial interest in the property.
- Fire Loss of Profits Insurance Policy: The intention of a Fire Loss of Profits Insurance Policy is to cover the loss due to fire or other perils covered, during the ‘Period of Interruption’.
- Industrial All Risk Insurance Policy: The plan provides a comprehensive cover for industrial risks and has an overall sum insured of Rs. 100 crore and above for cover across one or more locations in India.
Magma HDI Engineering Insurance Plans:
Corporates, especially 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: The plan covers unforeseen and sudden physical damage to any mechanical and electrical machinery and/or equipment by any cause necessitating repairs and/or replacement.
- Boiler and Pressure Plant Insurance: The policy covers the boiler and pressure vessel against explosion, implosion and collapse. The policy insures against physical loss or damage to all types of boilers and/or other pressure plants where steam is generated.
- Machinery Loss of Profits Insurance Policy: It covers the consequential loss suffered as a result of accidental breakdown of any machinery that is used for business.
- Electronic Equipment Insurance: The all-risk insurance policy is designed to cover accidental, unforeseen and sudden physical loss or damage to any electronic equipment including system software.
- Contractor’s Plant and Machinery Insurance: The plan insures against any loss or damage to the contractor's property due to any reason that may be accidental and external in nature.
- Erection All Risk Insurance: Thepolicy covers all risks associated with commissioning, storage, assembly, erection and testing of plant and machinery.
- Contractor’s All Risks Insurance: The policy provides comprehensive coverage for all types of civil construction risks.
Magma HDI Marine Insurance Plans:
Marine Insurance covers insured by providing compensation for losses suffered during transit of goods.
- Marine Cargo Open Insurance Policy: The plan covers physical loss or damage to insured goods including machinery, raw materials and finished goods, among others during transit by sea, post, parcel, rail, road or air.
- Marine Cargo Specific Voyage: The policy covers machinery, raw materials, finished goods, etc. from physical loss or damage during their transit under a contract of affreightment.
Magma HDI Miscellaneous Insurance Plans:
These miscellaneous insurance plans safeguard an individual against risks such as burglary and theft of valuables.
- Burglary Insurance Policy: The policy covers loss of or damage to content and stock at insured premises due to burglary and theft.
- All Risk Policy: The plan provides comprehensive protection and covers valuable movable equipment such as laptops, mobile phones, handycams, and jewellery, among others. These goods should not be confined to home, and exposed to natural dangers as well as theft, robbery, etc.
HDFC Life Insurance - Latest News
Mr. Rajive Kumaraswami joined Magma HDI General Insurance as MD and CEO of the company. Mr. Rajive is a former student of the Delhi University. Also, he is a fellow member of ICAI or Institute of Chartered Accountants of India along with being an associate of Institute of Cost and Works Accountants of India. Kumaraswami had spent the initial 17 years of the professional career being with ICICI Group.
For the first 6 years out of this period, he served ICICI Limited and was handling the role of financing in a project. After that he started to work with ICICI Lombard General Insurance Company as a founder member and managed multiple processes, such as underwriting, sales and reinsurance. He was working as the Chief Risk Officer or CRO for ICICI Lombard and was also heading Corporate Centre.
While being at this post, he was looking after the Legal & Compliance function, Finance & Accounts function, Actuarial function, Enterprise Risk Management function and Reinsurance function. He did his latest project with SCOR Re, the world’s fifth biggest reinsurer. In the project, he worked as Chief Representative for a term of four years and represented Indian sub-continent.
Magma HDI General Insurance’s Holding Company, Magma Fincorp, a leading Non-Banking Financing Company based out of Kolkata, has reported an 18.68% year on year increase in its net profit. This increase reportedly brings Magma Fincorp’s quarter three profits for the current financial year to Rs. 52.22 crore as compared to the Rs. 44 crore profits posted in the Q3 of the previous fiscal.
The company’s profit from operations including those from Magma HDI General Insurance also witnessed a marginal increase to Rs. 621.43 crores as compared to the previous Rs. 616.81 crores. Apart from this, the NBFC has continued to expand its operations in other verticals like SME, Housing and used assets financing, which has contributed to its increased profits. Magma Fincorp currently has its operations across 1900 talukas and 22 states in India through its numerous brick and mortar as well as virtual offices.
Magma Fincorp Limited, a Non-Banking Financial Company (NBFC) based in Kolkata which hold majority stakes in Magma HDI Life Insurance, will be targeting about a 20% growth in Kerala for 2015-16. Here, it will edge on loans such as auto, housing finance, and pre-owned vehicle loans (Suvidha) for achieving their set target. In the year 2015, Magma Fincorp recorded about Rs. 482 crore in disbursements in the state of Kerala.
Presently, the company has been able to establish ten branches in Kerala. Dhrubashish Bhattacharya, Vice-President, Magma Fincorp Limited, stated in a press release that they would continue to focus on auto loans since it has been their stronghold, while the company will also look to promote its Life and General Insurance through the same channels.
He also added that their renewed focus on both rural and semi-rural markets will be useful for future purposes. Magma Fincorp has been able to achieve their set targets in auto loans and housing finance in the past few months and are expecting a growth of about 20% in both. The company has about 6 lakh customers and manages a loan book of Rs 18, 812 crore. Currently, it operates in twenty-one states and has 228 branches and has a workforce of about 9, 600.
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Magma HDI General Insurance Reviews
I purchase magma hdi two wheeler insurance plan. The policy coverage is high ~90% and the policy claims are even better. Service facilitate by the executives and staff members is easy and on time. The tow facility is provided for free of any charges. Good policy, I like it.
I have my car insured with magma hdi car insurance. I just have to pay a premium of 17000 per year. They rarely take 4 to 5 days to everything done it’s a whole easy process. My car was almost damage to its half though the company had given me had the whole of the claim amount within a week.