Magma Insurance partners with Suryoday Bank to offer health insurance


Magma HDI General Insurance Company and Suryoday Small Finance Bank have partnered under a Corporate Agency Agreement to provide health insurance to Suryoday Bank’s Commercial Vehicle Loan customers. This strategic alliance aims to enhance access to health insurance by utilizing Suryoday Bank’s widespread presence in both urban and rural areas.

Also Read: From premiums to claims process: Decoding key terms in insurance policies | 8 points

Partnership to further health insurance 

The Memorandum of Understanding (MoU) was signed in Mumbai, with Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance, Baskar Babu Ramachandran, MD & CEO of Suryoday Small Finance Bank, and other prominent figures from both organizations in attendance.

Speaking on the occasion, Rajive Kumaraswami stated, “Our partnership with Suryoday Small Finance Bank marks a significant milestone in the company’s journey, strengthening our reach and distribution through the corporate agency. This strategic alliance reflects our commitment to expanding insurance penetration to a broader customer base. Leveraging our decade-long experience in general insurance, coupled with Suryoday Bank’s extensive reach, we aim to forge synergies that benefit the customers and contribute to the growth of both organizations.”

Also Read: The Top Benefits of Senior Citizens’ Health Insurance

Speaking on the occasion, Baskar Babu Ramachandran said, “Our strategic partnership with Magma HDI integrates health insurance seamlessly into our existing financial offerings. With this partnership, we are poised to address the diverse financial needs of our commercial vehicle customers. This collaboration not only boosts our mission of social inclusiveness but also is a testament to our unwavering focus on prioritizing best-in-class financial customer-centric products and solutions.”

Also Read: Your Questions Answered: As a married couple, should we get separate health insurance or share a single one?

The essence of buying health insurance 

In the current era, possessing a health insurance policy is essential. With the consistent rise in medical expenses, it’s challenging to manage even fundamental treatments without insurance coverage. Health insurance assists in bearing these expenses, safeguarding you from financial strain in the event of unforeseen illness or injury.

Through this partnership, customers of Suryoday Bank’s Commercial Vehicle Loan will have access to tailored health insurance solutions, reflecting the bank’s dedication to social inclusivity.

Having health insurance can offer peace of mind, enabling you to concentrate on recovery rather than being concerned about medical expenses. This is particularly crucial during challenging medical circumstances.

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Published: 03 Apr 2024, 04:05 PM IST


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