Loan Guard

  •  Why “Loan Guard” Insurance 
  •  Who can take this Policy 
  •  Features 
  •  Contact Us 
  •  Claims Made Easy 
  •  Quick links 

Loan Guard policy protects you and your family and helps you pay off your loan liability in case of unfortunate event of any accident or Critical illness. If such claim eventuality happens, we pay you lump sum amount that helps you pay off your debts as well as to take care of other needs like treatment cost, rehabilitation etc.

Here's what you need to get started


Who can take this Policy

A financial institute can take a master policy from Magma HDI. If you have opted for a loan from such financial institution, you can opt for this policy as an attachment to your loan.

  • Minimum entry age 18 years
  • Primary and/or co-borrower can opt this policy


Sum Insured: Equal to your loan Amount


Plan option under your Loan Guard policy will be in line with the offering in Master policy as opted by your financial institution.

Following are mandatory sections in the Loan Guard Policy.

Section 1: Critical Illness cover:Lump sum amount equal to Sum Insured is paid if insured person suffers from one of the defined critical illnesses (CI).

No. of CI covered will be as per plan option under CI section.

Plan under CI Section

No. of CIs covered

1 Star


2 Star


3 Star


4 Star



Section 2: Personal Accident Cover:Lump sum amount is paid if insured person suffers from death or permanent total disability due to Accidental injuries.

There are few optional sections in the policy. Please refer to your certificate of insurance to know if these are applicable for you.

Waiting period:

90 days waiting period is applicable to CI cover.

No waiting period applicable for Personal Accident Cover.

Permanent exclusions:

Exclusions for Critical illness cover:

We will not be liable to do any payment for Critical illness condition arising out of or related to: -

-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 waiting period

Exclusions for Personal Accident cover:

The Company shall not be liable for claim arising out of or related to:

- Natural Death 

- Compensation under more than one of the benefits mentioned in Table of Benefits in respect of 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.
  • Whilst under influence of intoxicating liquor or drugs.
  • Drug addiction or alcoholism.
  • Whilst engaged in any adventurous sports and/or hazardous activities.
  • Committing any breach of law with criminal intent. 
  • War, Civil War, invasion, act of foreign enemies, revolution etc.

- Participation in any naval, military or air force operations.

- Curative treatments or interventions

For complete list of exclusion and other details, please refer to policy wordings.


Your premium depends on following factors:

- Plan type

- Sum Insured

- Policy tenure

- Age


Contact Us

Write to us at


Claims Made Easy

In case of claim, submit all the claim documents along with duly filled claim form to us on 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

24, Park Street, Kolkata, Pincode - 700016


Quick links

Policy Wordings

  • Helpline 1800 266 3202


    Customer Support: 1800 266 3202

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