Magma HDI General Insurance Company Ltd.



Magma HDI General Insurance Company Ltd. is a joint venture between Kolkata based financial services firm Magma Fincorp and German insurer HDI Global SE Germany. Magma Fincorp holing 74% stake while 26% stake is held by German company.

Magma Fincorp Ltd is one of India's premier and largest NBFCs, with a strong distribution and service network, along with an impressive penetration in rural India. With a aim to service the entire gamut of insurance needs of a customer and provide exemplary customer service. It has benefited greatly from the group's synergy and utilized branch network of its parent company. Its portfolio provides risk coverage to individuals and corporations, and range from motor insurance to burglary insurance, and fire insurance to engineering insurance.The company has the mission to understand insurance needs of the consumers and to serve them with affordable products. It strives to achieve values such as transparency, integrity, impartiality and trust of people.

The HDI Global SE Germany brand is a part of the Hannover based Talanx Group - a multi-brand provider within the insurance and financial services industries, and operates in around 150 countries.

Talanx was the third-largest German insurance group and the eleventh-largest European insurance group (based on gross written premium). Talanx generated premium income of approximately EUR 23.7 billion. The rating agency Standard & Poor's has given the Talanx Primary Group a financial strength rating of A+/stable and the Hannover Re Group one of AA-/stable.

HDI -Gerling came into being in 2006 through the marriage of the two long-established HDI and Gerling brands - each of which is backed by over 100 years of solid experience. Worldwide, HDI-Gerling offers its customers comprehensive insurance protection that is tailored to their needs.

Magma HDI General Insurance Product Portfolio
Motor Insurance Plans:

Motor insurance is required by a vehicle owner not just because it is mandatory but also to cover risk and damages to the individual himself and to the vehicle, in addition to getting a cover against third party liability. It covers damages due to accidents or due to unforeseen events such as natural disasters.

  • Private Car Insurance Package: The Private Car Insurance Package is designed to cover any loss or damage to the vehicle in addition to the compulsory third party liability mandated under the Motor Vehicles Act. The comprehensive package covers third party liability, loss or damage to the vehicle, injuries to the occupants, and natural and man-made calamities.
  • Motor Act Only Policy: The Motor Act Only plan has been designed specifically to cover the compulsory third party liability required under the Motor Vehicles Act. It protects the owner against any damages or liabilities that arise on account of the vehicle injuring third parties or their property.
  • Motor Trade Insurance Package: The Motor Trade Insurance Package insures against additional risks to the vehicle together with loss or damage to the vehicle itself. These include depreciation reimbursement, No Claim Bonus protection, additional personal accident covers, and much more.
  • Motor Trade Internal Risk Insurance: The plan provides adequate cover in the event of loss or damage to the vehicle and is meant exclusively for motor manufacturers and dealers. It also meets the compulsory third party liability clause laid down under the Motor Vehicles Act. Additional covers include open air car parking and cover against work done away from the premises.
  • Motor Add Ons: Magma HDI General Insurance offers motor add-on endorsements - some applicable for all class of vehicles while others are applicable to private cars only.
  • Commercial Comprehensive Insurance Package: The comprehensive policy designed to cover any loss or damage sustained by a vehicle that is being used by a business or for a commercial purpose. It protects against third party liability and also covers against loss or damage to the vehicle from both natural and man-made disasters.
  • Tractor Package: The plan is meant especially for owners of tractors whether in semi-urban or rural areas. The policy operates as a comprehensive policy and has special coverage such as cover for the mudguard, bonnet, headlamps, fender and paintwork.

Two Wheeler Insurance Plan:

Two wheeler policy provided by Magma HDI have many benefits.

  • Two Wheeler Package: The Two Wheeler Insurance Package covers against third party liabilities and any loss or damage to one's two-wheeler. Owners can also opt for additional covers such as personal accident cover.

Liability Insurance Plans:

Liability insurance protects an individual or business from legal risks due to which they may be held liable for something such as injury, malpractice or negligence. Sometimes, commercial product manufacturer buys liability insurance to cover them if the product is faulty and cause damages to purchaser and employees.

  • Public Liability Insurance Act: This liability insurance policy broadly covers one's statutory liability on no-fault principle for death or injury to any person or damage to property resulting from an accident while handling a hazardous substance.
  • Public Liability Non-Industrial Insurance: This insurance covers one's legal liability towards damages to third party due to accidental death, bodily injury or disease, and loss or damage to property because of non-industrial accidents.
  • Public Liability Industrial Insurance: The policy provides cover against one's legal liability to pay compensation including claimant's costs, fees and expenses anywhere in India in accordance with Indian Law.
  • Product Liability Insurance: The policy covers all sums for which one might become legally liable to pay damages in the event of accidental death or bodily injury or disease to third parties and/or loss of or damage to third party property due to defects in the products that were manufactured by the insured. The products must be covered under the scope of the policy and will include damages suffered after the products have left the manufacturer's premises.
  • Errors and Omissions Insurance Policy: The plan takes care of liabilities arising due to negligence while executing professional responsibilities. The protection can be taken by doctors, lawyers, engineers, insurance brokers and medical establishments, among others.
  • Directors & Officers Liability Policy: The policy covers the legal liability including the cost to defend any civil and/or criminal action against directors and/or officers holding a responsible position in an organisation. The liability may arise due to any wrongful act, or any error or omission committed by them in the course of discharging their duties of running the operations of the company. It also covers against liability arising from any other acts done for and/or on behalf of the company.
  • Clinical Trials Liability Policy: The Clinical Trial Liability Policy provides protection against legal liabilities arising out of clinical trials. The policy not only provides coverage against suits and damages awarded by courts but also covers the defence costs incurred by the insured while contesting claims.

Fire Insurance Plans:

Fire insurance is a specialized form of insurance covering risks such as cost of replacement, reconstruction and repair to the building itself, nearby structures and personal property.

  • Standard Fire and Special Perils Insurance Policy: The policy provides cover against fire, lightning, explosion and a range of eventualities. It is suitable if one owns a property or for someone who holds property in a trust or in a commission. The policy is also ideal for an individual or a financial institution with specific financial interest in the property.
  • Fire Loss of Profits Insurance Policy: The intention of a Fire Loss of Profits Insurance Policy is to cover the loss due to fire or other perils covered, during the 'Period of Interruption'.
  • Industrial All Risk Insurance Policy: The plan provides a comprehensive cover for industrial risks and has an overall sum insured of Rs. 100 crore and above for cover across one or more locations in India.

Engineering Insurance Plans:

Corporates, especially manufacturing industries, rely heavily on engineering insurance as it safeguards them against risks faced by ongoing construction projects, installation projects and machinery and equipment in the project operation.

  • Machinery Breakdown Insurance: The plan covers unforeseen and sudden physical damage to any mechanical and electrical machinery and/or equipment by any cause necessitating repairs and/or replacement.
  • Boiler and Pressure Plant Insurance: The policy covers the boiler and pressure vessel against explosion, implosion and collapse. The policy insures against physical loss or damage to all types of boilers and/or other pressure plants where steam is generated.
  • Machinery Loss of Profits Insurance Policy: It covers the consequential loss suffered as a result of accidental breakdown of any machinery that is used for business.
  • Electronic Equipment Insurance: The all-risk insurance policy is designed to cover accidental, unforeseen and sudden physical loss or damage to any electronic equipment including system software.
  • Contractor's Plant and Machinery Insurance: The plan insures against any loss or damage to the contractor's property due to any reason that may be accidental and external in nature.
  • Erection All Risk Insurance: Thepolicy covers all risks associated with commissioning, storage, assembly, erection and testing of plant and machinery.
  • Contractor's All Risks Insurance: The policy provides comprehensive coverage for all types of civil construction risks.

Marine Insurance Plans:

Marine Insurance covers insured by providing compensation for losses suffered during transit of goods.

  • Marine Cargo Open Insurance Policy: The plan covers physical loss or damage to insured goods including machinery, raw materials and finished goods, among others during transit by sea, post, parcel, rail, road or air.
  • Marine Cargo Insurance: Critical need for any cargo to arrive at the destination, safe and sound. Accordingly, our Marine Cargo Policy covers goods (machinery, raw materials, finished goods etc.) during transit under a contract of affreightment.
  • Marine Cargo Specific Voyage: The policy covers machinery, raw materials, finished goods, etc. from physical loss or damage during their transit under a contract of affreightment.

Miscellaneous Insurance Plans:

These miscellaneous insurance plans safeguard an individual against risks such as burglary and theft of valuables.

  • Burglary Insurance Policy: The policy covers loss of or damage to content and stock at insured premises due to burglary and theft.
  • All Risk Policy: The plan provides comprehensive protection and covers valuable movable equipment such as laptops, mobile phones, handycams, and jewellery, among others. These goods should not be confined to home, and exposed to natural dangers as well as theft, robbery, etc.
  • Invidual Personal Accident Policy: Individual Personal Accident Policy provides you and your family mitigation against the financial consequences of unforeseeable accidents.