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General Insurance Companies in India

We are Magma HDI

Truth. For us, it’s not a five-letter word in a dusty old dictionary, but a way of life. As natural as breathing. And we try to live up to it through every action of ours. We maintain transparency in all our dealings. No hidden agendas, no fine print. We deliver on every promise that we have made. And what we can’t deliver, we don’t promise. We speak the truth, no matter what. Because eventually that is what will benefit you and benefit us. Now, isn’t this the only way to conduct one’s business… and one’s life? Magma HDI. Truth must be told.

An entity of Adar Poonawalla’s Rising Sun Group viz. Sanoti Properties LLP holds a majority of the Company’s shareholding. Other key shareholders are HDI Global SE, Celica Developers Private Limited and Jaguar Advisory Services Private Limited.
With over 65 products across various categories, we have solutions to secure all major risks in the general insurance sphere. From retail products like Motor (Car, Two-wheeler, Commercial Vehicles, Tractors), Health, Personal Accident, Home to commercial products like Fire, Engineering, Liability, Marine, our wide array of covers coupled with high-quality and agile service delivery have been the pillars of our foundation.

Claim
settlement

95.84%

FY 2021-22

Claim
Outstanding

4.16%

FY 2021-22

Claim settlement
withIn 30 days

84%

FY 2022-23 (H1)

Awards

 

Our Vision

 
Magma HDI General Insurance

To be the most preferred, vibrant, and responsible general insurance company, fulfilling the aspirations of all its stakeholders.

 

Our Mission

 
Magma HDI Health Insurance

The company will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.

Our Values

Openness and Transparency

Transparency is an essential part of who we are. We foster frankness and clarity in all our dealings. That unshakable foundation of honesty and openness helps us earn the trust of our customers, employees and investors.

Integrity and Credibility

Strength and stability - moral as much as fiscal - are the backbone of a successful business. We at Magma take the high road in all that we do, holding ourselves to the highest financial, intellectual and ethical standards.

Fairness and Impartiality

At Magma, all dreams are treated as equal. Whether it may be the need to buy a tractor by a farmer or the working capital needs of an SME owner, we nurture each dream with full dedication and care.

Trust and Respect for People

In all our endeavours / our actions, we aim to respect the law, the people we work with, the company and its assets, and ourselves. Values are not just qualities we believe. Our values are who we are.

Demanding Excellence

We demand excellence in all that we do, and hence growth has become a way of life for us at Magma, irrespective of the economic environment. Our treatment of customers and employees, our dealings with investors and clients and the supportive, inspiring environment we create within our company all demonstrate that.

Our CSR Policy

general insurance online

Maintaining transparency
in all our dealings

general insurance quotes

Making promises
we can keep.

general insurance company

Speaking the truth,
no matter what

Meet the eclectic mix that are changing the insurance industry. We have industry veterans on board who are new age technology specialists. Coupled with traditional insurance knowledge, they know what works and what doesn’t. They are the ones who know what matters to you when you buy insurance and make sure that you get the best.

Sanjay Chamria

Sanjay Chamria

Non Executive Chairman

Mr Chamria represents the Indian promoters, Magma Fincorp Limited, a leading NBFC in the country. A Fellow Chartered Accountant, he anchors policy formulations and strategy planning in addition to providing overall guidance and support to the board.

 
 
Jens Holger Wohlthat

Jens Holger Wohlthat

Non-executive Vice Chairman

Mr Wohlthat represents the German promoters HDI Global SE. In 1980, he joined HDI-Gerling Industrie Versicherung AG, Hannover (HDI), Germany’s third largest insurance group and has since served in various capacities in industrial liability, underwriting and international operations. In 2006, he was appointed Member of the Executive Board (Director) of HDI, responsible for international operations.

Mayank Poddar

Mayank Poddar

Non-executive Director

Mr Poddar represents the Indian promoters, Magma Fincorp Limited, a leading NBFC in the country. He contributes to policy formulation and also provides overall guidance and support to the Board.

 
 
Kailash Nath Bhandari

Kailash Nath Bhandari

Non-executive Independent Director

A law graduate by education, Mr Bhandari was the Chairman and Managing Director of New India Assurance Company Ltd and United India Assurance Company Ltd. He was a consultant to the World Bank before joining the Board of the company.

V K Viswanathan

V K Viswanathan

Non-executive Independent Director

Mr Viswanathan is a commerce graduate from Madras University and a Chartered Accountant from the Institute of Chartered Accountants of India. He is the Chairman of the Board of Directors of Bosch Limited. Prior to this role, Mr Viswanathan was the Managing Director of Bosch Limited and President, Bosch Group in India. He was the President of Indo-German Chamber of Commerce in 2012-13. He has also served as the Vice President of ACMA (Automotive Component Manufacturers' Association), and worked with Hindustan Unilever Ltd in many senior positions.

 
 
Sunil Mitra

Sunil Mitra

Non-executive Independent Director

Mr Mitra is a former IAS officer. He retired in June 2011 as the Revenue & Finance Secretary, Government of India, after an illustrious career of 36 years. During his tenure in the Ministry of Finance, he led the revenue teams in the formulation of the 2010-11 and 2011-12 Union Budgets and spearheaded several significant policy initiatives in public finance including a new disinvestment policy and taxation reforms. He has also worked for the West Bengal Government, where he led significant public policy reforms in the state-owned Public Sector Enterprises and the state's power sector.

Sandhya Sharma

Sandhya Sharma

Non-executive Independent Director

38 years of rich and varied professional experience with ICICI, ICICI Bank, and Mahindra & Mahindra Ltd. has made Sandhya Sharma an expert in different domains of finance like project appraisals, term lending, resolution of multi-partite stressed assets and NPAs, etc. She has represented ICICI as nominee Director on the Boards of several assisted companies. At M&M, she has served in Mergers & Acquisitions cell, handled corporate finance and investor relations, shaped Corporate Governance Structure, etc. She also has considerable experience in conducting investigations in PoSH and code of conduct violations in various capacities.

 
 
Rajive Kumaraswami

Rajive Kumaraswami

Managing Director and CEO

A fellow member of the Institute of Chartered Accountants of India and an associate member of the Institute of Cost Accountants India, Rajive has 26 years of experience in the banking and finance sector. He has been associated with the insurance industry since it was opened up to the private sector and has had exposure to various facets of the industry. He was the Head, Corporate Centre and Chief Risk Officer with a large private sector general insurance company and thereafter the Chief Representative of SCOR SE - India Liaison Office before joining Magma HDI General Insurance in June 2016.

conditions for independent directors
Rajive Kumaraswami
Managing Director and CEO
Vikas Mittal
Deputy CEO
Gaurav Parasrampuria
Chief Financial Officer
Amit Bhandari
Chief Technical Officer
Jinesh M. Shah
Chief Investment Officer
Amit Loya
Chief Internal Auditor
Priyalal Ghosh
Chief Human Resource Officer
Shivendra Tripathi
Appointed Actuary
Sweta Bharucha
Company Secretary
Amit Thapliyal
Chief Technology Officer
Kishore Khanchandani
Chief Risk Officer
Amit Sirsikar
Head – Accident & Health
Debasis Sanyal
Head - Retail & Agency Sales
Dinesh Pande
Head - OEM & Bancassurance
Hemant Trivedi
Head – Commercial Underwriting
Milan Rajani
Head - Reinsurance
Nitin Jain
Head - Corporate Sales & Broking
Pankaj Chaudhary
Head - Marketing
Sanjeev Punn
Head – Operations

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