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.

Magma HDI

General Insurance Company

Limited is a joint venture between Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) and HDI Global SE Germany. It uses Magma Fincorp’s (now known as Poonawalla Fincorp) in-depth understanding of Indian markets to identify the needs of its customers and amalgamates it with HDI Global’s innovative approach to serve them in the most efficient manner. Magma HDI offers a range of innovative retail & commercial line of general insurance products.

Magma Fincorp Ltd. (now known as Poonawalla Fincorp Ltd.) is one of India's largest NBFCs, driven by a single purpose: 'Investing in the smallest dream'.

It offers a range of financial products through its 304 offices spread across 22 states. The company manages assets worth approximately INR 180 billion.

Magma HDI - Buy Insurance Policy Online

HDI Global SE is part of the Talanx Group, a multi-brand conglomerate that has presence in over 150 countries. The group is the third largest German insurance group by premium income.

The company’s rich experience of a 100 years gives it a distinct edge over its competitors.



FY 2020-21



FY 2020-21

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FY 2020-21




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

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Maintaining transparency
in all our dealings

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Making promises
we can keep.

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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.

Suvalaxmi Chakraborty

Suvalaxmi Chakraborty

Non-executive Independent Director

A qualified Chartered Accountant, Ms Chakraborty has over 27 years of experience in the banking and financial sector with exposure to a diverse set of functions. She has featured in the Fortune India list of the 50 most powerful women in business. Presently she is an advisor at Fullerton India Credit Company Limited. Suvalaxmi has also worked with State Bank of Mauritius, Barclays Bank and ICICI Bank, 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.

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
Anil Agrawal
Head – Legal and Chief Compliance Officer
Gufran Siddiqui
Company Secretary
Shivendra Tripathi
Appointed Actuary
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
V. Ramesh
Head – Information Technology


Though there are multiple general insurance companies in India to choose from, our values and transparency will make sure that you are aware of your policies before you buy it. You can even compare between different general insurance plans online and buy insurance policy online.

When you buy insurance, you're buying a promise. It's a promise that if something catastrophic happens to your business, your carrier is going to assist you to make your business whole again. Sometimes, though, it's tempting to question the value of insurance because it is an intangible product.

Let's back up and take a big-picture view of why insurance matters.

  • The expenses of medical treatments are compensated by the policies of health and medical insurances.
  • In case of accidents, you may have to arrange huge amount in least possible time. It’s then you can’t stop appreciating accident insurance policies.
  • As a protection to your home, which provides you shelter, insure it..!! Home insurance policies aid you in securing your home against damages caused by natural calamities and fire accidents.
  • Secure your motor vehicles from accidents or breakdowns from motor vehicle insurance.

This is one thing which you can’t miss out to lead a happy and stress less life. At every step of life we need to have an insurance plan which safeguard us from calamities takes place.

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