About Magma HDI General Insurance Company
Magma HDI General Insurance Company Ltd was formed as a joint venture between Magma Fincorp Ltd and HDI-Gerling Versicherung AG Germany to cater to the financial needs of the people in India. It has gained popularity over time and has been listed as one of India’s premier and leading non-banking financial companies (NBFCs). It has the mission to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.
Magma Fincorp Ltd is a Kolkata based non-banking financial company. In contrast, HDI Global SE is part of the Talanx-Group, which is the third-largest insurance group in Germany (having a presence in over 150 countries). These two companies came together to reach out to the Indian market as well as trade in the international market. It strives to understand the insurance needs of the semi-urban and rural population of India. It extends its services to the distributors and retailers as well. The range of products and services of Magma HDI General Insurance Company extends from liability, motor, accident, fire, and property insurance to marine, unique lines and engineering covers. Magma HDI General Insurance Company delivers its product at a competitive as well as affordable rates to align with its values of transparency, integrity, fairness, and impartiality, trust and respect people, and to demand excellence.
In this short time, Magma HDI General Insurance Company reached out to a wide range of customers through more than 135 offices all over India. It has settled claims of 1.24 lakhs till date and has policies valuing 24.68 lakhs issued till date. It is working with the vision to be the most preferred, vibrant, and responsible general insurance company and strive to provide quality service at affordable rates.
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Magma HDI General Insurance FAQs
I have a very basic bike, do I need to take insurance?
Insurance is a basic need for all two wheeler owners. The Indian Motor Tariff makes it mandatory for every two wheeler owner to have at least a Third Party Insurance policy for their vehicle. Also, an insurance cover allows you to commute safely and covers you against all the uncertainties that may damage your financial capabilities.
Is there any eligibility criteria to get Magma HDI Two wheeler Insurance?
Yes the customers need to fulfill certain criteria to get a policy from such as:
- The vehicle needs to be registered with the Roads & Transport Authority (RTA) in India.
- There should not be any modifications on the original features of the two wheeler.
- It should have a two wheeler fitness certificate.
What are the discounts offered on premium by Magma HDI Two wheeler Insurance?
There are various ways by which Magma HDI Insurance offers discounts on premium such as:
- No-claim bonus - The policyholders can get up to a 50% discount on own-damage premium if they have not made any claim in the previous policy period.
- ARAI approved anti-theft device - The policyholders will be eligible for a discount of up to 2.5% on own-damage premium if they have installed an ARAI-approved anti-theft device.
- Additional discounts - Policyholders can also get an additional discount by being a member of the Automobile Association in India.
Can I use my existing two wheeler policy for a new bike?
Yes, you can use your existing two wheeler policy for your new bike as well. For further details and procedures, you can contact the nearest branch office or call the toll-free number 1800-3002-3202 to get assistance for the same. You can also email your query at email@example.com and someone from the team will get back to you.
How can I get a two wheeler insurance policy from Magma HDI General Insurance Company?
There are different ways by which a customer can take a two wheeler insurance policy from Magma HDI General Insurance Company. They can either visit the nearest branch of Magma HDI General Insurance Company or contact the customer support by calling the toll-free number 1800-3002-3202. They can also visit their official website or Insurancedekho.com to purchase the plans.
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This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.