Magma HDI General Insurance Company Limited

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6 min read

Updated on Oct 21, 2022

About Magma HDI General Insurance Company

Magma HDI General Insurance Co. Ltd. is a coalition between Magma Fincorp Ltd. and HDI Global SE. Magma Fincorp is a Kolkata based non-banking financial company, while HDI Global SE is a German Company based at Hanover. HDI Global is a part of Talanx Group, which itself is a multinational company with presence in over 150 countries.

With a strong presence in rural India, Magma HDI is serving policyholders with several pioneering products in retail and commercial general insurance.  Currently, Magma HDI has over 50 different insurance products in varied categories such as; Health, Motor, Marine, Fire and so on.

Magma HDI started its operations in 2010 and are functioning with over 135+ offices across India.

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Key Highlights of Magma HDI General Insurance Company

Claim settlement Ratio 71.60% (FY 2019-20)
Network Hospitals 4500+
Network Garages 4000
Online Policies Available

Data – FY 2019-20

Awards and Achievements of Magma HDI General Insurance Company

  • Magma HDI is the winner of Golden Peacock Award 2019 for Risk Management – For both the General & Life Insurance Industry.
  • They were recognized as one of the Best BFSI Brands 2019 by The Economic Times.
  • The company won the ‘Rising Star Company of the Year’ at India Insurance Awards 2020.
  • They are the winner of BFSI Excellence Awards 2020 for ‘Outstanding use of AI and Robotics’.

Key Features of Magma HDI General Insurance Company

  • Easy and Prompt Claim Assistance –  With Magma HDI General Insurance limited, you can ensure financial security during emergencies. Magma HDI provides prompt customer support that facilitates policyholders to contact with customer representative of the company with ease for assistance during making claims and for other things. Policyholders can make a claim by calling at the customer care support or by registering at the company website.
  • 24/7 Customer Support – Magma HDI General Insurance Company follows a customer centric approach so that they could support policy holders with the best of their service. The company understands the value of their clients’ time and so they offer 24/7 customer support so that policyholders can benefit from it and get assistance anytime of the day. Magma HDI General Insurance can be reached at toll free number 1800-266-3202 or via email at customercare@magma-hdi.co.in and for Senior Citizens at Namaskar@magma-hdi.co.in.
  • Extensive Network Coverage – Magma HDI General Insurance has a wide network of associate hospitals and garages to benefit the health and motor insurance policy holders. They have over 4,300 network hospitals enlisted in their network.
  • Wide Ranging Insurance Products – Magma HDI Company offers different types of insurance products at affordable prices. The products offered by the insurer include;
    • Health insurance
    • Motor insurance
    • Liability Insurance
    • Fire Insurance
    • Engineering Insurance
    • Marine Insurance
    • Miscellaneous Insurance

Magma HDI General Insurance Company Products 

Magma HDI Health Insurance

Magma HDI offers a variety of health insurance plans such as individual plan, family plan, personal accident cover and group health cover, among others. These insurances provide compensation against the medical expenses against illness, injuries, or death. Under health insurance plans, Magma HDI allows benefits like coverage on OPD, coverage on health check-up, etc. For financial year 2019-20, Magma HDI registered a remarkable health claim settlement of 95.17%.  Magma Health insurance policies include:

  • Individual health insurance
  • Personal accident cover
  • Loan guard insurance plan
  • Group health insurance policy
  • Group accident suraksha

Magma HDI Motor Insurance

Under Magma Car insurance plans, you get compensated for damages caused to your car because of accidents, thefts, man-made calamities, or natural disasters and so on. With the Magma HDI comprehensive motor insurance policy, you get covered for any type of injury caused to the vehicle driver or passenger along with covering for car damages. Motor insurance plans of Magma HDI cover private vehicles, bikes as well as commercial vehicles with several plans such as third party insurance plans, standalone own-damage cover plans as well as comprehensive insurance plans. Further, you can also opt for add-on cover by paying an extra premium.

Magma HDI Liability Insurance

These insurances are crafted to protect the policyholder with a financial guard against costs arising out of damages and injuries received by people or property. It also covers any legal costs that are liable on the insured person.  Some of the liability insurance plans offered by Magma General Insurance are:

  • Public Liability Industrial Insurance Policy,
  • Public Liability ( Non- Industrial ) Insurance Policy,
  • Public Liability Act,
  • Cyber Insurance Policy,
  • Product Liability Cover,
  • Commercial General Liability Insurance Policy etc.

Magma HDI Marine Insurance Policy

Magma Marine Cargo Insurance is crafted to protect goods during transit. That is, when transferring goods from one destination to another via different routes such as sea, air etc. This insurance plan protects the goods against any unforeseen situations and damages. Some such plans include;

  • Cargo Open Insurance Policy
  • Marine Cargo Specific Voyage Insurance Policy

Magma HDI Miscellaneous Insurance Policy

These insurance plans cater to different products in different fields to fit the requirements of different businesses. Some products under such plans include:

  • Burglary Insurance Policy
  • Householders Package Policy
  • All Risk Insurance Policy
  • Shopkeepers Package Policy

These plans also cover fire and engineering insurance.

How to buy Magma HDI General Insurance policy online?

Below are the steps to follow for buying a Magma HDI Health Insurance Policy:

  • Visit the official website of Magma HDI and select the tab of the insurance that you want to buy, such as Health.
  • For health insurance, you must select your Gender along with your Name and Phone Number. An OTP will reach you that you need to submit.
  • Now, click on the ‘View Quotes’ tab to proceed further.
  • Select the number of family members that you want to offer coverage.
  • Select the age of each family member and click on the ‘Continue’ tab.
  • Now, submit your Email ID and location to ‘View Quotes’ by clicking on the button. You can see different insurance policy quotes as per your selection. Choose the plan that suits your budget.
  • Select the policy term and submit the required details. Now make the Magma Online Payment to complete the purchase process.

Magma HDI General Insurance Claim Process 

Below are the steps to make a claim for Vehicle and Health insurance under Magma HDI:

Steps to make Motor Insurance Claims (Cashless claims):

  • Inform about the details like policy number, location of accident, etc to the insurer.
  • Also inform about the partner garage where you are repairing your vehicle.
  • Make sure that you do not leave the vehicle unattended at the accident spot.
  • If your car is stolen, lodge an FIR without fail.
  • Also, it is better to send the vehicle to a network garage for repairs.
  • Let the surveyor inspect your vehicle before starting with the repair process.
  • Once the inspection is done, proceed with the repairs.
  • Inform surveyor once the repairs are done. The insurer will make the payment directly to the network garage.

In case of reimbursement claims, it will be settled within 7 days of submitting the documents.

Claim Ratio of Magma HDI General Insurance

Claims Ratio for Financial Year 2018-19:

>> Motor: 65%

>> Health: 90%

Reviews of the Magma HDI General Insurance policy 

Quick Claim Settlement 

I purchased a Magma HDI Insurance for my bike with PayBima recently. I made a claim request for my bike and got it quickly settled with the assistance of PayBima executive.

Jonathan 

New Delhi

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Good services

Magma insurance plans offer protection to my entire family in terms of health through their prompt services. The PayBima executives helped me in choosing this plan for my family’s health without any hassle.

Shailja

Dehradun

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Flexible payment options

I got my vehicle insurance policy from Magma HDI car insurance through PayBima and they allowed me flexible modes of payment. I purchased the policy and made the payment online by following a few easy steps.

Ishan 

Vadodara

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Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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FAQs on Magma HDI General Insurance Company Limited

Who can buy Magma HDI General Insurance Company Plan?

Anyone within the age group of 18 to 65 years can avail this policy. In case of children who are dependent, anyone between the age group of 5 to 23 years can be included under this policy.

What types of insurance policies are offered by Magma HDI General Insurance Company?

Magma HDI Company offers different types of insurance products at affordable prices. The products offered by the insurer include; 

Health insurance
Motor insurance
Liability Insurance
Fire Insurance
Engineering Insurance
Marine Insurance
Miscellaneous Insurance

What is the Claim Settlement Ratio (CSR) of Magma HDI General Insurance Company?

The claim settlement ratio (CSR) of Magma HDI for FY 2019-20 is 95.17%. 

For FY 2018-19, the CSR for Motor insurance was 65%, and Health insurance was 90%.

Can I avail cashless facility with Magma HDI General Insurance Plan?

Yes, you can avail cashless facility with Magma HDI General Insurance at more than 4300 network hospitals of Magma HDI General Insurance Company across the country. 

How can I connect with Magma HDI General Insurance Company?

To connect with Magma HDI General Insurance Company for any insurance related queries, you may talk to the customer care department of Magma HDI General Insurance by using the following details:

Toll-Free Number: 1800 266 3202.

Telephone Number: 022-67284800.

Email ID: customercare@magma-hdi.co.in.

How do I get a copy of my magma insurance online?

Visit the website of Magma insurance. 
Select the 'self-help' option. 
Submit the required information to login.
Generate a request for a copy of the insurance policy.

Apr 25, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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