Magma-HDI plans comprehensive non-life cover to expand India biz
Although the company flagged off its operations with just motor insurance, Krishnan said, “We have requested the Insurance Regulatory and Development Authority (Irda) to grant approval for tariff products — fire, industrial liability, clinical trial, director and officers liability. We have also filed for the standard mediclaim product.”
He added: “We are also planning to bring in a comprehensive cover for home, health and motor own damage. We hope to launch it in six months subject to Irda's nod.” Though the comprehensive policy may come slightly expensive than stand-alone products, Krishnan said “you can have peace of mind and ease of use”.
HDI-Gerling, which is part of the Talanx Group operating in 130 countries with premium income of 23.7 billion euro as in 2011, has been offering comprehensive risk management designed to prevent losses and damages. It wants to piggy-back on Magma's 200 odd branches to tap India's largely uncovered semi-urban and rural areas.
“We will target owners of vehicles, which are 3-7 years old. Most of the older vehicles, which are sold off in metros, move
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