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
Here's what you need to get started
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
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
Plan under CI Section
No. of CIs covered
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
90 days waiting period is applicable to CI cover.
No waiting period applicable for Personal Accident Cover.
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
- Natural Death
- Compensation under more than one of the benefits mentioned in
Table of Benefits in respect of same period of
- 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
- Committing any breach of law with criminal intent.
- War, Civil War, invasion, act of foreign enemies, revolution
- Participation in any naval, military or air force
- 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
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