Loan Guard


When you suffer from an accident or a critical illness, you have to bear the burden of treatment costs and face a possible financial loss as you are likely to be out of action for a long period of time. If you have already taken a loan and are paying its EMIs, it can make things worse. Our Loan Guard Insurance policy can help soften the blow. It offers a lump sum amount in case of an accident or a critical illness, that helps you pay off your debts as well as take care of other needs like treatment cost, rehabilitation and so on.

Who can buy the loan guard policy?

Generally, a financial institution takes a master policy from us. If you have opted for a loan from any such financial institution, you can opt for this policy as an attachment to your loan.

minimum age
Minimum age of entry: 18 years
primary loan
Primary loan applicant and/or co-borrower can opt for this policy

A lump sum amount is paid if the insured person suffers from death or permanent total disability due to injuries caused by an accident.

A waiting period of 90 days is applicable to the critical illness cover. No waiting period is applicable to the personal accident cover.

  • The plan option under your Loan Guard policy will depend on the master policy your financial institution has opted for.
  • The loan guard policy offers mandatory as well as optional covers.
  • Please refer to your certificate of insurance to find out if the optional covers are applicable for you.
  • Your loan guard Insurance policy premium depends on the following factors:
    • Plan under the CI Section
    • No. of CIs
    • 9
    • 12
    • 15
    • 18

We shall not be liable to do any payment in case of:

  • Exclusions for the Critical illness cover
    • Claim within 48 months of first Policy Start date which has arisen out of or is related to any Pre- Existing Illness
    • Any congenital illness or condition
    • Arising within the waiting period
  • Exclusions for the Personal Accident cover
    • Natural death
    • Compensation under more than one of the benefits mentioned in the table of benefits in respect of the same period of disablement
    • Payment of compensation in respect of death or injury as a consequence of/resulting from:
      • Committing or attempting suicide, intentional self-injury. Influence of intoxicating liquor or drugs. Drug addiction or alcoholism. Any adventurous sports and/or hazardous activities. Any breach of law with criminal intent.
      • War, civil war, invasion, act of foreign enemies and revolution.
      • Participation in any naval, military or air force operations.
      • Curative treatments or interventions.


Your premium depends on the following factors:


Plan type


Sum Insured


Policy tenure



  • In case you have any queries, please write to us at
  • In case of a claim, submit all the required documents along with a duly-filled claim form at the following address:

Magma HDI General Insurance Co. Ltd.
Office No. 516 and 517, 5th Floor, Neelkanth Corporate Park,
Plot No. 240, 2401/1-8, Kirol Road,
Vidyavihar (W), Mumbai - 400086.



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