General Insurance Companies In India | Buy General Insurance Policy Online - Magma Insurance
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WE ARE MAGMA
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. Truth must be told.
About Magma General Insurance Limited: Sanoti Properties LLP, an entity jointly held by Adar Poonawalla (90%) and Rising Sun Holdings Pvt Ltd (10%), holds 72.449%* 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. *As on March 31, 2025.
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CLAIM SETTLEMENT*
97%
FY 2024-25
CLAIM OUTSTANDING**
3%
FY 2024-25
CLAIM SETTLEMENT WITHIN 30 DAYS^
96%
FY 2024-25
All figures pertain to Motor OD Claims.
*CLAIM SETTLEMENT RATIO = Claims Settled (Paid+Closed+Repudiated) during the year / (Claims Outstanding at the start of the year + Claims Intimated / Booked during the year)
**CLAIM OUTSTANDING RATIO = Claims Outstanding at the end of the year / (Claims Outstanding at the start of the year + Claims Intimated / Booked during the year)
^CLAIM SETTLEMENT WITHIN 30 DAYS = Number of claims paid within thirty days during the year / Total number of claims paid during the year
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.
Mr. 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 Global SE, Germany in 2009 to set up Magma. 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.
Mr. Mayank Poddar
Non-Executive Director
Mr. Mayank Poddar is a pioneering entrepreneur and visionary leader with over 50 years of experience in finance, real estate, and diversified industries. He began his entrepreneurial journey at a remarkably young age, launching an automobile business during his teenage years. Upon attaining majority, he took over and successfully expanded his late father’s businesses in hire purchase, financing, and property development. He is the visionary who envisioned the dramatic growth of the Indian economy, some four decades ago. He is also the driving force behind the brand – “Celica” today, overseeing its expansion and strategic direction as the Chairman of Celica Developers Private Limited and he holds Directorship in various other Companies/ LLP’s/ Body Corporates.
Mr. Vinesh Kriplani
Additional Non-Executive Nominee Director
Mr. Vinesh Kriplani 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. Mr. Vinesh Kriplani has about 29 years of experience in the consulting field with firms including Arthur Andersen, RSM & Co., PricewaterhouseCoopers, Ernst and Young and KPMG.
Mr. Jens Holger Wohlthat
Non-Executive, Non-Independent Director
Mr. Jens Holger Wohlthat joined HDI-Gerling Industrie Versicherung AG, Hannover (HDI), Germany’s third largest insurance group in 1980 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. Mr. Wohlthat has superannuated from HDI on 30 September 2022, however, continued to serve as the Nominee Director representing HDI interest until his resignation upon HDI having sold it‘s shareholding in Magma (erstwhile Magma HDI) effective November 2023. Now serving as Non-Executive, Non- Independent Director of Magma General Insurance Limited.
Mr. Sanjay Sachdev
Non-Executive Independent Director
Mr. Sanjay Sachdev has an MBA from the American Graduate School of International Management (Thunderbird), Phoenix, AZ, USA and holds a degree in Law and Business from the University of Bombay. He brings over 29 years of extensive experience in global financial services, having held leadership positions at prominent organizations such as Tata Asset Management, Shinsei Bank (Japan), and Principal Financial Group. Currently, Mr. Sachdev is the Managing Director of Freedom Financial Services, a family office specializing in investments within the financial services sector and serves as a Board member of BNP BoB Asset Management. He also holds the role of senior advisor at First Trust Portfolios. Additionally, he contributes as an advisory board member to Apis Partners, a leading private equity impact fund manager, where he has served for more than a decade. Mr. Sachdev’s commitment to social impact extends to his role as a senior advisor to Brandeis University, focusing on social impact investments in India. He also has a notable history of community service, having been the founding chairperson of the United Way of Mumbai.
Mr. Sudhir Kapadia
Non-Executive Independent Director
Mr. Sudhir Kapadia is a Chartered Accountant and a Chartered Financial Analyst with over three decades of extensive experience in taxation and business regulations. He has served as the Tax & Regulatory Services Leader and a Board Member at Ernst & Young (EY) India. Prior to EY, Mr. Kapadia held a similar position at KPMG India. Mr. Kapadia has been a senior advisor to clients across manufacturing, financial services, private equity, technology, and entertainment sectors. He is the past President and a permanent invitee to the Board of Bombay Chamber of Commerce and Industry. Mr. Kapadia has completed executive leadership programs at IMD and Harvard Business School (HBS), including the Journey to Boardroom program at HBS.
Ms. Sandhya Gadkari Sharma
Non-Executive Independent Director
Ms. Sandhya Gadkari Sharma is a seasoned finance professional with over 38 years of diverse experience across reputed institutions including ICICI, ICICI Bank, and Mahindra & Mahindra Ltd. She currently serves on the Boards of Entero Healthcare Solutions Limited and ICICI Home Finance Company Limited. Her areas of expertise span project appraisals, term lending, and the resolution of complex multi-party stressed assets and non-performing assets (NPAs). During her tenure at ICICI, she represented the institution as Nominee Director on the Boards of several assisted companies. At Mahindra & Mahindra Ltd., she was associated with the Mergers & Acquisitions function, managed corporate finance and investor relations, and played a pivotal role in strengthening the company’s corporate governance framework. She also brings significant experience in handling investigations related to the Prevention of Sexual Harassment (PoSH) and Code of Conduct violations, having served in various oversight capacities.
Mr. Rajive Kumaraswami
Managing Director and CEO
Mr. Rajive Kumaraswami, a fellow member of the Institute of Chartered Accountants of India and an associate member of the Institute of Cost Accountants India, has over 30 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 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 and thereafter the Chief Representative of SCOR SE - India Liaison Office before joining Magma General Insurance in June 2016.
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.
Gaurav Parasrampuria
Chief Financial Officer
• A Fellow Chartered Accountant and a Company Secretary, Gaurav has more than 24 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.
Ramchandra Pandit
Chief Distribution & Product Officer
• Ram brings over 27 years of experience and has spent more than two decades in Life, Health and General Insurance. Ram has expertise in operating model development, distribution, partnership scale-up, product development, and JV formation for insurance enterprises. • His recent roles include serving as MD & CEO of Navi General Insurance, CEO of Bimamandi (a web insurance aggregator), and CEO-designate at India Insurance in JV with Agam Capital. • His prior assignments at Bajaj Allianz Life, ING Life, and HDFC Life included leadership roles in Bancassurance, Partnerships, Strategic Alliances, Agency, and Group Business. • He holds an MBA in Marketing Management from Symbiosis Institute of Business Management, a Bachelor’s degree in Computer Science, and has completed a Product Development Strategy course from FALIA, Japan.
Smita Mitra
Chief of Staff
• Smita Mitra brings with her over 21 years of rich experience across diverse industries, including Banking, NBFCs, Real Estate and Education. Her expertise spans strategic HR leadership, organizational transformation, and fostering inclusive, high-performance workplace cultures.
• Her most recent assignment was with Poonawalla Fincorp, and she has previously worked with Bajaj Finserv Lending, ICICI Bank, and Gera Developments Pvt. Ltd.
• Academically, Smita holds a Post Graduate Diploma in Human Resources (PGDHR) from the Institute of Management Technology. She was also recognized with the Femina Women Super Achiever Award in Human Resources (2017), organized by the World HRD Congress.
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, 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.
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.
Vikram Arora
Chief Digital Officer
• Vikram Arora brings over 27 years of leadership experience in driving digital transformation across the General Insurance and Life Insurance industries. Known for his strategic vision and execution excellence, Vikram has led large-scale enterprise modernization programs spanning core business solutions, infrastructure performance upgrades, and Agentic AI for business functions. • A passionate advocate for innovation, Vikram has championed cloud-first strategies, workflow automations, advanced mobility applications, analytics-driven decision-making solutions, enabling organizations to deliver superior customer engagement experience, parallelly driving operational efficiency. His leadership has consistently resulted in industry-leading digital solutions and future-ready platforms. • Vikram held various senior leadership positions at Generali Central India Insurance, Bajaj FinServ Direct Ltd, Bajaj Allianz Life Insurance, Reliance General Insurance, and Liberty General Insurance. He holds a Master of Computer Applications and is a Fellow of the Insurance Institute of India (FIII).
Jinesh M. Shah
Chief Investment Officer
• Mr. Shah is responsible for the investment and asset allocation functions of Magma General Insurance Limited. • He has over 12 years of experience in fixed income and debt capital markets. • Mr. Shah has completed his PGDBEM from EDII Ahmedabad.
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.
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 General Insurance he has worked in companies like Mercer, XL Catlin and RSA Group India.
Sidhi Jatkar
Company Secretary
• Company Secretary with over 14 years of experience in Corporate Secretarial and Governance.
• Experience across diverse sectors, including Automobile, Energy, Petroleum, and Pharmaceuticals.
• Prior to joining Magma, Sidhi held key roles at renowned organizations such as Mahindra & Mahindra, Reliance Industries, and Bharat Serums and Vaccines.
• She also served as part of the distinguished faculty in Management Studies at 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 .
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.
