General Insurance Companies In India | Buy General Insurance Policy Online - Magma HDI
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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.
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CLAIM SETTLEMENT
97%
FY 2022-23
CLAIM OUTSTANDING
2.95 %
FY 2022-23
CLAIM SETTLEMENT WITHIN 30 DAYS
83.29%
FY 2022-23
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General Insurance for your every need
Health Insurance
Motor Insurance
Marine Insurance
Fire Insurance
Engineering Insurance
Liability Insurance
Burglary Insurance
Householder’s Package
Shopkeeper’s Package
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We are there for you
(24*7 Toll-Free)
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Our Vision
To be the most preferred, vibrant, and responsible general insurance company, fulfilling the aspirations of all its stakeholders.
Our Mission
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
Our Values
INTEGRITY
We are honest & transparent in our actions, speak our mind and always stay true to our word.
FAIRNESS
We are fair, impartial and respectful in our dealings and decisions.
EMPATHY
We strive to acknowledge the feelings of all stakeholders, and are human and caring in our approach and interactions.
EXCELLENCE
We insist on excellence in all our actions and hold ourselves to the highest standards possible.
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CSR Policy
Maintaining transparency
in all our dealings
Making promises
we can keep.
Speaking the truth,
no matter what
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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
Chairman, Non Executive Chairman
Mr. Sanjay Chamria, the founder Chairman of the board is a first-generation entrepreneur who co-founded Magma Fincorp Limited in 1988 and later forged JV partnership with HDI Global SE, Germany in 2009 to set up MHDI. Magma having started with 3 employees in Kolkata grew to become one of India’s large retail NBFC’s having nearly 10,000 employees, across 300+ branches, in 20+ states, and AUM peaking at INR 19,500cr. Mr. Chamria, after ceding ownership and management control to the Poonawalla group, has set up a family office, Magma Ventures to invest in listed and unlisted growth enterprises and support first generation entrepreneurs across equities, structured credit and other financial instruments.
Mr. Chamria has been a well-recognized leader in India’s finance industry, having made representations to the RBI, IRDAI, finance ministry and other government bodies on issues facing the BFSI sector while being on the board of Finance Industry Development Council (FIDC), FICCI & CII sub-committees.
Mayank Poddar
Non-executive Director
Mr. Mayank Poddar, is the man behind what brand “Celica” stands for today. He is the visionary who envisioned the dramatic growth of the Indian economy, some four decades ago. Mr. Poddar is the whole time Director of Celica Developers Private Limited and holds Directorship in various other Companies/LLP’s/Body Corporates. He has also promoted several other companies and businesses from time to time like HDPE Bags manufacturing, Oxygen Gas production unit, hospitality, consumer goods distribution and property development & ownership of lands & buildings, automobile dealerships of ‘KIA’, ‘CITROEN’ & “JEEP’ and General Insurance business company in partnership with HDI Gerling Group of Germany. He was also the Founder Chairman & later Chairman Emeritus of Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited).
He has experience of over 45 years in this field and he actively contributes to the policy formulation, provides overall guidance and support to other Directors as well as the management team in achieving corporate objectives. He also spearheads all the CSR objectives of the group.
Vinesh Kriplani
Additional Non-Executive Nominee Director
Vinesh is a chartered accountant specializing in Indian corporate and international taxes. He is currently associated with the Cyrus Poonawalla Group. He has been associated with several mergers and acquisitions and corporate restructuring projects. He is well-versed in the subjects of transfer pricing, tax dispute resolutions, valuations, and foreign exchange management.
Vinesh has about 29 years of experience in the consulting field with firms including Arthur Andersen, RSM & Co., PricewaterhouseCoopers, Ernst and Young and KPMG.
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
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
Non-executive Independent Director
38 years of rich and varied professional experience with ICICI, ICICI Bank, Mahindra & Mahindra Ltd and having Directorship in Entero Healthcare Solutions Limited and ICICI Home Finance Company Limited 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
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 29 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.
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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.
Vikas Mittal
Deputy CEO
• Vikas, a seasoned Chartered Accountant and Cost & Works Accountant, brings over three decades of dynamic experience in banking and finance. His expertise spans equity brokerage, private banking, retail banking, wealth management, lending, and general insurance. He has worked in renowned organizations like ICICI Bank, ABN AMRO Bank, and Citigroup Wealth Advisors, holding leadership positions including Managing Director and Country Business Manager. He has been with the Magma Group since more than 12 years.
• Additionally, Vikas has been a certified Executive and Personal Coach accredited by the International Coaching Federation, USA, as an Associate Certified Coach (ACC) and is currently pursuing PhD in Strategic Thinking from Indian Institute of Management, Kozhikode.
Gaurav Parasrampuria
Chief Financial Officer
• A Fellow Chartered Accountant and a Company Secretary, Gaurav has more than 17 years of experience in finance in functions like corporate and management accounts, management information systems, corporate taxation, compliance and ERP implementations.
• Gaurav has led the accounts, MIS and taxation functions of the Magma Asset Based Finance Business.
• Before he joined Magma, he had worked with SREI Infrastructure Finance And Tata Steel.
Amit Bhandari
Chief Technical Officer
• Amit has done his BE (Chemical) from IIT, Roorkee ,and Masters in Business Administration from FMS, Delhi.
• He has 16 years of experience in the insurance sector, 13 of which have been with ICICI Lombard. At ICICI Lombard, he has worked in areas like claims management, retail and micro-health insurance, corporate sales, reinsurance and agriculture insurance.
• Prior to ICICI Lombard, he worked at E-valueserve Pvt Ltd and Reliance Industries.
Jinesh M. Shah
Chief Investment Officer
• Mr. Shah is responsible for the investment and asset allocation functions of Magma HDI General Insurance Company Limited.
• He has over 12 years of experience in fixed income and debt capital markets.
• Mr. Shah has completed his PGDBEM from EDII Ahmedabad.
Amit Loya
Chief Internal Auditor
• A member of the Institute of Chartered Accountants of India, Amit is responsible for the 'Third Line of Defence' by providing assurance on internal controls through periodic review of their design and operative effectiveness.
• He has over 14 years of experience in internal audit in the insurance sector.
• Before he joined Magma HDI, he led the internal audit team in Bharti AXA. He has also worked with Tata AIG General Insurance Company Ltd and Bajaj Allianz General Insurance Company Limited.
Shivendra Tripathi
Appointed Actuary
• Shivendra has graduated from IIT Delhi and completed his masters from Cass Business School, London. He is a Fellow from Institute and Faculty of Actuaries, UK and Institute of Actuaries, India.
• He has an overall experience of 9+ years in actuarial function including Reserving and Capital modelling.
• Prior to Magma HDI General Insurance he has worked in companies like Mercer, XL Catlin and RSA Group India.
Amit Thapliyal
Chief Technology Officer
• Amit has graduated from University of Mumbai and completed his Postgraduate from Purdue University, USA.
• Over 20 years of experience across the breadth of the Technology Value Chain including Applications, Infrastructure, Information Security, Cloud and Data Lake, having held leadership positions across Insurance (Life and Health), Mutual Fund and Banking industries.
• Amit has been a part of the founding members for ManipalCigna Health Insurance, Bank Of India AXA Mutual Funds and Bharti AXA Life Insurance Company Limited.
Kishore Khanchandani
Chief Risk Officer
• A qualified Chartered Accountant who is also a fellow from the Insurance Institute of India.
• He brings close to two decades of experience, mainly in Insurance Risk Management and has been associated with ICICI Lombard General Insurance, Aditya Birla Sunlife Life Insurance, and Ernst and Young.
• He is an expert in creating a robust risk governance structure which lays down the foundation for effective Risk Management. Being in the “Second Line of Defence”, he ensures that current and future material risk exposures are identified, assessed, quantified, appropriately mitigated, and managed.
Anil Kumar S
Chief Human Resources Officer
• A postgraduate in management with over 23 years of work experience in Human Resources.
• He has gained exposure across various industry sectors, including consulting, BPO, BFSI, and infrastructure.
• Instrumental in leading the Human Resource function with a focus on strategy, cost optimization, robust people practices, processes, and policies.
• Before joining Magma HDI, Anil had significant roles in well-known organizations such as JP Morgan, Hewitt, and a notable tenure of over 16 years with the Reliance ADAG group as CHRO, where he served in leadership HR roles for Reliance Life, General, Commercial, and Infrastructure.
Amit Raheja
Head-Legal, Secretarial & Chief Compliance Officer
• A Fellow Company Secretary and a Law Graduate, Amit has more than 22 years of experience in Legal, Compliance and Corporate Governance across various sectors including Insurance, Mutual Fund, Credit Bureau, Telecom and Automobile.
• His past stints include well-known organizations such as CRIF High Mark, Bharti Group (Bharti Airtel, Bharti AXA General Insurance), Pramerica Life Insurance, Principal Group and Exide Life Insurance.
• He also holds Diploma in Business Management from ICFAI University
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Amit Sirsikar
Head – Accident & Health
- B.Com & MMS (Full Time) from Jamnalal Bajaj Institute of Management Studies
- Rich experience of 20+ years out of which 12+ years is in general insurance industry.
- He has worked with leading organizations such as HJ Heinz, Bausch & Lomb, ICICI Bank, Tata AIG General and Manipal Cigna Health Insurance prior to joining Magma HDI.
Debasis Sanyal
Head - Retail & Agency Sales
- A Management Graduate in Marketing & a Fellow from Insurance Institute of India, is associated with Magma HDI General Insurance as the Senior Vice President & National Head - Retail & Agency Sales
- He has total 26 years of experience spanning across Automobile Industry, Asset Funding and General Insurance, of which more than 15 years is with the Magma Group.
Dinesh Pande
Head - OEM & Bancassurance
- Commerce graduate from Gujarat University, Diploma in Marketing Management course from IIM Bangalore.
- More than 12 Years experience in General Insurance Industry
- Has worked with Cholamandalam MS General Insurance Company Ltd as Zonal Head for Retail & Bancassurance and National Head OEM relationships
Hemant Trivedi
Head – Commercial Underwriting
- Engineer with Post Graduation in Business administration.
- Experience exceeds 13 years with expertise in underwriting, risk surveys, system development, process management and claims management
- Has worked with Tata AIG GI and ICICI Lombard
Milan Rajani
Head - Reinsurance
- Chartered Accountant and fellow from Insurance Institute of India
- Experience of over 14 years managing Reinsurance
- Has worked with Industry leaders like ICICI Lombard, Marsh India, UIB Insurance Brokers and Lockton in Dubai
Nitin Jain
Head - Corporate Sales & Broking
- Commerce graduate (Shri Ram College of Commerce – University of Delhi) and an MBA (XLRI – Jamshedpur)
- Experience exceeding 19 years in sales and marketing across Auto, Telcom, Media, Life & General Insurance
- Has worked with Maruti Suzuki,Max New York Life,Bharti AXA GI.
Pankaj Chaudhary
Head - Marketing
- BSc & MBA (Full Time) from Symbiosis Institute of Business Management Rich experience of 18+ Years out of which 11+ years is in Brand & Marketing.
- He has worked with leading consumer brands such JETAIR, Blue Dart Express, Tata AIG General Insurance and SBI General Insurance prior to joining Magma HDI.
Sanjeev Punn
Head – Operations
- M.Com , PG , IR&PM
- Experience exceeds 25 years in Finance , Insurance operations and BPO
- Has worked with American Express , Max Life, Aviva Life , EXL Service & Future Generali
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