Loan Guard

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 pek5uriod of time. If you have already taken a loan and are paying its EMIs, it can make things worse. Our Loan Guard 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 this 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. Here are details of mandatory covers.
  • Please refer to your certificate of insurance to find out if the optional covers are applicable for you.
  • Your premium depends on the following factors:
    • Plan under the CI Section
    • No. of CIs
    • 9
    • 12
    • 15
    • 18
  • Personal accident cover:
  • Waiting period

We will not be liable to make any payment for a critical illness condition arising out of or related to:

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
Block-3B, B201-202, Ecospace Business Park
Ambuja Realty Campus, Action Area II
New Town, Kolkata 700156, West Bengal