Magma HDI General Insurance Company
Magma HDI General Insurance Company Overview
Magma HDI General Insurance Company Limited was formed with a joint venture between Magma Fincorp Limited and HDI Global SE Germany. The company tries to identify the customer’s needs by using Magma Fincorp’s thorough understanding about the markets of India and combine it with HDI Global’s ingenious approach to render the best insurance solutions to policyholders in the most coherent way. The general insurance company provides a wide range of contemporary retail & commercial range of general insurance products. The company believes in delivering products and services with transparency, integrity, and credibility.
Magma HDI General Insurance Company Statistics
Magma HDI General Insurance presents 60 insurance products for multiple categories. The company has issued around 46 lakh insurance policies and more than 2 lakh claims have been settled till date. The general insurance company has established more than 135 offices across the nation and brags to serve above 50 lakh customers since its inception. Apart from these, the firm has some more splendid statistical data to its name, which are as follow:
Claim Settlement Ratio
Magma HDI General Insurance Company Financials
The Gross Direct Premium Income of the Magma HDI General Insurance Company during the financial year 2019-20 is Rs. 1,224 crore with which it managed to record an impressive CAGR of 42.9% over 3 years since the financial year 2016-17. In addition to this, the general insurance company raised an additional amount of capital of around Rs. 53 crore, which is actually a pending allotment. Out of this amount, the equity share capital amounting to Rs. 39 crore has been allotted and included in computation of available solvency margin as per IRDAI approval.
Why Should You Choose Magma HDI General Insurance?
Magma HDI General Insurance gives some special offerings which makes its plans more beneficial for policyholders. Below are a few points that makes the company a better choice for customers:
Easy to Register A Claim
Magma HDI General Insurance Company provides an online system to register a claim in just 2 simple steps. As per the process, the policyholders are required to just select the category for which they want to make the claim request and then they have to enter some details to register their claim.
Wide Range of Products
The general insurance firm provides over 60 insurance products and services for various categories which comprise health insurance, motor insurance, liability insurance, fire insurance, engineering insurance, marine insurance and so on. These many product offerings have turned the firm into one stop solution for customers.
Robust Network for Cashless Services
The company holds more than 4,000 garages and 4,500 hospitals in its network across the nation. Such a robust network facilitates policyholders to find a workshop or healthcare center nearby during an emergency situation and get the required assistance without worrying about bills due to a cashless facility.
Quick Claim Settlement
When it comes to the insurance sector, the claim settlement process is the most important for customers. Hence, the company lays emphasis on its claim settlement procedure to make their customer’s claim reimbursed as soon as possible. With this approach, the firm settled 87% of claims within 30 days in the financial year 2018-19.
Active Customer Support
A customer can require assistance for emergencies anytime and anywhere. Therefore, the company in addition to building a strong network across India, offers 24x7 customer service for its policyholders. The customers can reach the firm through toll free number 1800-266-3202 or through mailing at email@example.com.
Awards and Achievements of Magma HDI General Insurance Company Limited
The Magma HDI General Insurance has been honoured with various awards and achievements for its exceptional and consistent performance since its establishment. In addition to witnessing a huge growth in the customer base, the company has bagged some other recognitions which are listed below:
- Golden Peacock Award 2019 for Risk Management
- The Best BFSI Brands 2019 by The Economic Times
- ‘Rising Star Company of the Year’ at India Insurance Awards 2020
- BFSI Excellence Awards 2020 for ‘Outstanding use of AI and Robotics’
Magma HDI General Insurance Product Portfolio
Magma HDI Motor Insurance Policy
The motor insurance policies offer insurance coverage against vehicle expenses arising out of damage and loss which may occur due to an accident, theft, man-made calamities and natural disasters. The comprehensive motor insurance policy provided by the company provides cover for any type of injury to the driver or passenger as well. The motor insurance gives security to private cars, two-wheelers and commercial vehicles with different plans like third party insurance, standalone own-damage cover and comprehensive insurance. Besides, with an investment of little extra premium, you can include multiple add-ons in your base cover to enhance the coverage level which may include roadside assistance, zero depreciation, engine protection, tyre protection and so on.
Magma HDI Health Insurance Policy
Magma HDI Health Insurance Plans are designed to provide you compensation against the medical expenses that may occur from the treatment or medication process to cure illness, injuries or death. The health insurance cover brings financial assistance for its policyholders during the time of medical emergency. Different health insurance plans offered by the insurance company which comprise one health insurance policy, individual personal accident cover, loan guard insurance plan, group health insurance policy, and group accident suraksha, which are dedicated to insure individuals, senior citizens, and families. The company provides its health insurance policies with additional benefits like health check ups, wellness programs and out-patient insurance cover.
Magma HDI Liability Insurance Policy
Magma HDI Liability insurance covers are framed to provide the insured person with a financial shield against expenses arising out of injuries and damages incurred by the people along with the property. The liability plans are designed to cover legal costs and any type of payout for which the insured individual is responsible, if found legally liable. Different types of liability insurance plans presented by the general insurance company 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 and so on.
Magma HDI Marine Insurance Policy
Marine Cargo Insurance gives coverage for goods during their transit from one place to another via sea, air or any other mode of transport from any unforeseen circumstance can lead to partial or complete damage of goods. Under the Marine Cargo insurance section, the company offers a different insurance cover which includes Marine Cargo Open Insurance Policy and Marine Cargo Specific Voyage Insurance Policy. With the marine insurance cover, the marine firms are offered great assistance to prevent the uncertainty of recovery from carriers too.
Magma HDI Miscellaneous Insurance Policy
The general insurance company tends to provide quality insurance products which cater to diverse requirements of any business owner in addition to personal and industrial insurance products. Under the miscellaneous insurance cover, the insurance company tries to deliver a lot of products to cover a range of risks. Some of those products are Burglary Insurance Policy, Householders Package Policy, All Risk Insurance Policy, and Shopkeepers Package Policy. Apart from these insurance covers, the organisation also provides fire insurance cover and engineering insurance cover to provide protection to some other industries from some other risks.
Magma HDI General Insurance Distribution Network
The company has witnessed a remarkable growth in its distribution network since its inception and managed to acquire around 170 branches that are spread across 155 districts, with a workforce of more than 1,100 employees. The agents of the firm are present in more than 300 districts who are connected to our self-service insurance portals with which they manage transactions in real time through their own personal devices without connecting with any branch or employee. With such a humongous and advanced network, the company has served more than 46 lakh policies since inception. When it comes to health insurance, Magma HDI General Insurance has tied up with 13 TPAs and over 4,500 hospitals across the country to provide seamless claim insurance services to its policyholders.
Magma General Insurance User Reviews
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Magma HDI General Insurance FAQs
What types of insurance plans are provided by Magma HDI General Insurance Company?
The Magma HDI General Insurance offers a wide range of insurance policies for different categories like health insurance, motor insurance, liability insurance, marine insurance, fire insurance, engineering insurance and so on.
Can I purchase any insurance policy of Magma HDI General Insurance online?
Yes, Magma HDI General Insurance Company allows you to make online purchases for insurance plans like health insurance, private car insurance, two-wheeler insurance, individual personal accident cover and so on.
How many cashless facilities are provided by Magma HDI General Insurance Company?
The Magma HDI General Insurance Company attains 4,000+ garages and 4,500+ hospitals in its network policyholders can avail cashless facility.
What is the Claim Settlement Ratio (CSR) of Magma HDI General Insurance?
The Claim Settlement Ratio (CSR) of Magma HDI General Insurance Company is 71.60% for the financial year 2018-19.
How can I contact the team of Magma HDI General Insurance Company?
You can connect with the Magma HDI support team by calling at 1800-266-3202. You can also contact the customer care team through mail at firstname.lastname@example.org.