A joint venture between Magma Fincorp Limited and HDI Global SE Germany, Magma HDI General Insurance Company Limited, aspires to be one of the most dynamic and preferred general insurance companies. The company has tied up with 14 TPAs with a network of more than 4,500 hospitals to offer services to its customers. While focusing on health insurance, Magma HDI is also looking to expand its group health business primarily catering to SME customers.
Buying the right car insurance policy is probably as important as buying the right car for yourself. You need to have a cover that you think would best protect you from any financial damage. Let us take a look at the options available with Magma HDI car insurance.
Magma HDI Act Only Car Insurance This is also known as Third-party insurance, it protects you from all types of third-party liabilities that arise due to damage or physical injury that is caused by your car to a third-party. This kind of insurance is mandated by the Motor Vehicle Act, 1988. The policy would cover:
Bodily injuries or death of a person
Damages caused to a third party property
Magma HDI Private Car Insurance Package Policy The package policy is a package deal as it covers third-party damages and injuries along with own-damage. All possible damages that your car can suffer, will be covered by this insurance policy. Damages due to collision, natural disasters-lightning, flood, earthquake, landslide etc and man-made disasters such as-theft, terrorist activity, strikes, riots etc are covered. You can further increase the cover of this policy by including add-ons.
Magma HDI Standalone Own-Damage Car Insurance Policy This policy can be opted for when you have a third-party policy already. This way along with the mandated third-party liability, you can also cover the damages to your own vehicle.
Available Discounts
No Claim bonus
Installing Anti-Theft Devices
Personal Accident Cover PAC provides an INR 15 lakhs cover for driver-owners while driving. It would cover him for death and permanent disability.
Additional Legal Liabilities
With this add-on you can cover:
Paid driver in operation of the vehicle
Employee travelling in the vehicle
Non-fare passengers
Magma HDI Two-Wheeler Insurance Plans
For most Indians, their bike/scooter/scooty is their lifeline. And that is why covering your two-wheeler with the right kind of insurance is imperative. Other than annual renewal you can cover your two-wheeler for a long-term policy tenure of 2 or 3 years as well.
Magma HDI Third-Party Two-Wheeler Insurance Your third-party insurance protects you from all types of third-party liabilities that arise due to damage or physical injury that is caused by your vehicle to a third-party. This kind of insurance is mandated by the Motor Vehicles Act, 1988. The policy would cover:
Bodily injuries or death of a third-party person
Damages caused to a third party property
Magma HDI Two-Wheeler Insurance Package Policy Two-Wheeler package policy covers third-party damages along with own-damage. Almost all kinds of damages that your bike suffers will be covered by this insurance policy such as damages due to a collision, natural disasters-lightning, flood, earthquake, landslide etc and man-made disasters such as-theft, terrorist activity, strikes, riots etc. You can increase the cover of this policy by including add-ons.
Magma HDI Standalone Own-Damage Two-Wheeler Insurance Policy This policy can be opted for when you have a third-party policy already. This way along with the mandated third-party liability you can also cover the damages to your own vehicle.
Personal Accident Cover PAC provides an INR 1 lakh compulsory cover for an individual rider-owner while driving. Higher limits can also be opted for.
Other Motor Insurances offered by Magma HDI General Insurance Company Limited
Under Motor Insurance, the company also offers:
Commercial Vehicle Insurance
Motor Tractor package
Motor Act Only Policy
Motor Trade Policy
Motor Trade Internal Risk Policy
Magma HDI Health Insurance Plans
Over the past few years, the world saw a surge in various life-style, but it was the onset of COVID-19 that has shaken everyone to the core. Having health insurance is more prudent today than ever before. With Magma HDI, you get a lot of options to safeguard yourself and your family against the financial burden of treatments. You have the option to pay the premium in instalments for all the indemnity-based health insurance products.
Type of Insurance
Main Features of the Insurance Plan
Magma HDI OneHealth Plan
4 Variants:
Support
Secure
Support Plus
Shield
Premium
Available as Individual and Family Floater
5 plan options to choose from
Sum Insured ranges from INR 2 lakhs to INR 1 crore
Maximum age of entry 65 years
Voluntary co-payment of 10% or 20%
Policy Tenure- 1, 2 or 3 years
Policy duration discounts
10% on 2 years
12.5% in 3 years
Critical illness and Personal accident cover (optional)
Magma HDI Individual Personal Accident Policy
3 Variants:
Basic
Wider
Comprehensive
The policy covers:
Accidental death
Permanent Total Disablement
Permanent Partial Disablement
Temporary Total Disablement
Additional Covers include:
Hospital Confinement Allowance
Medical Expense Extensions
Different age categories for different variants
10% Family discount when 2 or more members are covered
Magma HDI Loan Guard Insurance Policy
4 variants:
One Star Plan
Two Star Plan
Three Star Plan
Four Star Plan
Offers a lump sum amount that helps you clear your debts
The policy will offer cover in case of death/ permanent disability of policyholder or in case of a critical illness
Minimum entry age is 18 years
Primary loan applicant or/and the co-borrower are eligible for this policy
Educational benefit for dependent child/children calculated on the basis of sum insured
Covers involuntary loss of job
Magma HDI Group Health Insurance Plans
Group Health
Designed to offer comprehensive health cover to groups, often an employee-employer relationship
Group Accident Suraksha
Magma HDI Insurance Company Premium Payment Process
Online Paying your premium online is an easy and simple procedure. You just need to visit the website, select the plan, enter the required details and pay the premium through any electronic mode.
Offline However, if you want to pay the premium at the branch, you can do that too. To locate a nearby branch, click https://www.magmahdi.com/branches. You can also pay the premium through any trusted insurance agent.
Magma HDI Insurance Company Policy Renewal Process
Ensure that you never delay the payment of your premium. A slight carelessness can prove to be very burdensome for you if you face an emergency without the protection of your insurance cover.
Online Method To renew an insurance policy, you can visit the website and select the policy you wish to renew. Once you make the selection, you would have to enter your policy details. You can make the payment through an electronic medium and renew the policy.
Offline Method For making an offline payment, you will have to visit the nearest branch office. There, with the help of an executive, you can fill in the Renewal form and make the payment through a cheque or demand draft or a credit/debit card. To locate a nearby branch click ttps://www.magmahdi.com/branches.
Magma HDI Insurance Company Renewal of Expired Policy
As discussed earlier, the renewal of an insurance policy must not be delayed. But if because of some compulsions you couldn’t renew your policy, and it has now expired, you can still renew it.
Car and Two-Wheeler Insurance Speak to the customer care or notify them via email. You will have to request for a company surveyor who would assess your vehicle. Once the inspection is done, you can renew the policy through the details given by the surveyor. You will have to pay the entire unpaid premium amount along with interest and a fine.
Health Insurance Plans To renew your expired policy you will have to speak to the customer care or notify them via email. Depending on your age, plan selected and the delay period, you may or may not have to undergo a medical screening. You will have to pay the entire unpaid premium amount along with interest and a fine.
Magma HDI Insurance Company Claim Process
Registration of a claim becomes very easy with Magma HDI. As soon as possible inform the company about the accident, preferably within the first few hours itself. Visit the official website or just click https://www.magmahdi.com/claims. You first need to choose your policy and then enter your details. Post-registration there are 2 ways of settling a claim:
Car and Two-Wheeler Insurance
Cashless Claims At a network garage, after the inspection from the company surveyor, your vehicle will undergo the repair. The claims will be settled with the garage directly.
Reimbursement In case of a non-network garage, after the inspection, you can get your vehicle repaired and clear the bill yourself. Then you can get in touch with the customer care to claim reimbursement. You will have to submit all the bills, post submission and verification the reimbursement will be done within a few days.
Health Insurance
The company offers various options to intimate the claim at the earliest convenience. A planned hospitalisation must be intimated 48 hours prior to the admission while an emergency hospitalisation may be intimated within 72 hours of admission. You can either call the toll-free number 1800 266 3202 or call +91 7097397073. You can also write an email to- customercare@magma-hdi.co.in. You can register the claim online through the official website or click https://www.magmahdi.com/claims. Keep the following documents handy as they will have to be produced:
Duly filled and signed Claim Form
All reports and treatment bills
Police Report/ Post Mortem Report
Any other treatment-related document
Cashless Claim At a network hospital, present your health card and fill in the Pre-Authorisation/Claim Form. Once verified, the claim settlement will be done by the company directly. Keep in mind that you would have to pay the deductible expenses.
Reimbursement Post-notifying the company about your hospitalisation, you need to fill in the Claim Form and get the treatment done. You would have to submit all the treatment-related documents and bills with the company. Once verified, the claim reimbursement will be done by the company in a few days.
Magma HDI Insurance Company Profile
As against INR 1,026 crore in FY-19, the company had posted 26% growth in its gross written premium at INR 1,294 crore for the year ended March 31, 2020. The company also recorded an Incurred Claim Ratio of 71% which shows that in the short duration of its foundation, it is making its presence felt in the Indian market of insurance.
Magma HDI Insurance Company Limited - Customer Care Details
What are the different insurance products offered by Magma HDI General insurance company?
The company offers:
Magma HDI Car Insurance
Magma HDI Two-Wheeler Insurance
Magma HDI Health Insurance
Magma HDI Fire Insurance
Magma HDI Marine Insurance
Magma HDI Engineering Insurance
Magma HDI Liability Insurance
Magma HDI Miscellaneous Insurance
Is there any special support team to offer help to senior citizens?
Yes, for addressing grievances of senior citizens the company has a dedicated team. Policyholders who are above the age of 60 years can drop an email at this address: Namaskar@magma-hdi.co.in