6 min read
Updated on Oct 21, 2022
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.
|Claim settlement Ratio||71.60% (FY 2019-20)|
Data – FY 2019-20
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:
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.
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:
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;
These insurance plans cater to different products in different fields to fit the requirements of different businesses. Some products under such plans include:
These plans also cover fire and engineering insurance.
Below are the steps to follow for buying a Magma HDI Health Insurance Policy:
Below are the steps to make a claim for Vehicle and Health insurance under Magma HDI:
Steps to make Motor Insurance Claims (Cashless claims):
In case of reimbursement claims, it will be settled within 7 days of submitting the documents.
Claims Ratio for Financial Year 2018-19:
>> Motor: 65%
>> Health: 90%
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.
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.
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.
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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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.
Magma HDI Company offers different types of insurance products at affordable prices. The products offered by the insurer include;
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%.
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.
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: firstname.lastname@example.org.
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.
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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