about

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.

About Magma HDI General Insurance Company Limited: Sanoti Properties LLP, an entity jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), holds 74.5% in the Company. With over 70 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, and 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

97%

FY 2022-23

Claim
Outstanding

2.95 %

FY 2022-23

Claim settlement
withIn 30 days

83.29%

FY 2022-23

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

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.

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

Chairman, Non-Executive Director

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

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

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.

 
 
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, 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

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. 

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
Shivendra Tripathi
Appointed Actuary
Sweta Bharucha
Company Secretary
Amit Thapliyal
Chief Technology Officer
Kishore Khanchandani
Chief Risk Officer
Anil Kumar S
Chief Human Resources Officer
Amit Raheja
Head-Legal, Secretarial & Chief Compliance 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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