Magma HDI General Insurance

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 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. 

The company offers: 

   A.  Magma HDI Car Insurance Plans
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

   B.  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. 

   C.  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

   D.  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

  1. 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.
  2. 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.

  1. 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.
  2. 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. 

  1. 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.
  2. 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: 

  1. 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.
  2. 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

Official Websitewww.magmahdi.com
Email ID

customercare@magma-hdi.co.in

Namaskar@magma-hdi.co.in (For Senior Citizens)

Toll-Free Number1800-266-3202
Head Office Address 

Office no. 516 and 517,

5th floor, Neelkanth Corporate Park,

Plot no. 240, 2401/1-8, Kirol Road,

Vidyavihar (West), Mumbai, Maharashtra - 400086

Magma HDI General Insurance Company Limited - FAQs
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