New India Assurance
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New India Assurance Company Overview
Headquartered in Mumbai, New India Assurance Co. Ltd. is the wholly government owned multinational general insurance company operating in 22 nations throughout the world. Established by Sir Dorabji Tata in 1919, New India Assurance has been a pioneer in the non-life segment for over 50 years. It is one of the leading global insurance groups in the international market and has offices and branches in overseas markets.
Headed by the team of competent professionals who have helped the company to stay distinctively ahead of competitors, New India has gained a significant momentum owing to below achievements:
- First insurer to setup an aviation insurance department in 1946
- First insurer to handle all requirements of the Indian Shipping Fleet
- First insurer to set up its own training school
- Largest number of offices in India and abroad
- Global presence in countries like the UK, Australia, Mauritius, Thailand, New Zealand, the UAE and Philippines.
At present, the company is offering a wide array of products, which can be broadly categorised under below heads:
- Personal Insurance: It covers policies like individual health policy, family floater, senior citizen health policy, motor policy, money insurance, etc.
- Commercial Insurance: It includes insurance like marine cargo policy, jewellers block policy, aviation insurance, etc.
- Industrial Insurance: It covers fire insurance, machinery breakdown policy, etc.
- Liability Insurance: It includes policies like public liability policy, professional indemnity policy, employer’s liability policy, etc.
- Social Insurance: It is offering insurance plans like rural insurance, student safety insurance, etc.
New India Assurance Product Portfolio
New India Assurance Health Insurance:
Life is uncertain! One day you are healthy and enjoying a party, and the next morning you find yourself in a hospital. Scary thought, isn’t it? The best way to manage such uncertainties is to have a health plan that will ensure that there is no financial distress. It will also guarantee that you don’t compromise on your treatment just because of financial issues.
The Family Floater Mediclaim Policy has been designed to cover all the family members with one sum insured. It can be issued to persons between the ages of 18 and 60 years, and cover the insured, his or her spouse and up to 2 dependent children. The policy covers pre-, post- and in-hospitalisation expenses. It also covers day-care treatment and ambulance charges. Ayurvedic, homoeopathic and Unani system of medicine are covered to the extent of 25% of sum insured provided the treatment is taken in registered hospitals.
Janata Mediclaim Policy is available to persons between the ages of 18 and 60 years. Children between the age of 3 months and 18 years can be covered provided the parents are covered simultaneously. Persons beyond the age of 60 years can continue their insurance provided they are insured under the New India Assurance mediclaim policy.
The Senior Citizen Mediclaim Policy is available to all senior citizen residents in India, aged between 60 and 80 years. If the New Inndia Assurance policy renewal is done without a break, then the New India Assurance cover can continue up to the age of 90 years. Proposers must undergo prescribed pre-acceptance health checks at own cost to identify pre-existing diseases. The health check is waived off if the proposer is already has mediclaim insurance in continuity with New India Assurance Company.
New India Assurance Top Up Mediclaim:
This New India Assurance policy covers in-patient hospitalisation expenses that are incurred within India. Individuals between the ages of 18 to 65 years can get themselves insured as the proposer under the policy while other members can be between 3 months and 65 years.
New India Asha Kiran Policy:
This New India Assurance policy is meant for parents who only have girls as children. The proposer has to be between the ages of 18 years to 65 years and the girl child can be covered from 3 months up to 25 years. It covers against unforeseen hospitalisation expenses and also provides an accident cover to the proposer and his or her spouse.
New India Group Mediclaim Policy:
As the name suggests, this New India Assurance policy offers mediclaim services for the entire group and are targeted at corporations, businesses, enterprises, etc. that need to buy a policy for their entire group of employees or selected individuals
New India Assurance plans provide you with a comprehensive motor policy that lets you take care of yourself and your car in case of an accident.
The motor policy from New India Assurance offers two types of plans – a comprehensive cover that includes third party liability as well as damages to the vehicle and the occupants, and a liability only policy that only insures against third party liability. The plan can be used to cover cars, two wheelers, vehicles in showrooms and garages as well as all types commercial vehicles
Whether it is a flight delay, baggage loss or a medical emergency when you are travelling abroad, New India Assurance travel plan takes care of everything.
The Overseas Mediclaim Policy is available for frequent corporate travellers for international travel. Medical expenses incurred by the insured persons outside India as a direct result of bodily injury, sickness or disease contracted are covered under this policy. The premium is payable in Indian Rupees and New India Assurance claims are settled abroad in foreign currency. The policy has to be taken prior to departure from India.
The Suhana Safar Policy is aimed at the domestic travel market. Domestic travellers can avail insurance for short travel durations of up to 60 days within India. The policy covers all modes of transport – rail, road, air and water and cover travel in one’s own vehicle. The policy insures the family consisting of the insured, spouse and dependent children from the risk of personal accident, and loss or damage to baggage, among others. The cover starts from the declared place of departure and terminates on the scheduled date of return or the actual date of return, whichever occurs earlier.
New India Assurance Policies help to safeguard your home and give you comprehensive coverage against many perils.
The Householder’s Policy is specially designed to meet the insurance requirements of a householder. It is a package policy and combines a number of standard policies taken by householders in a single policy. The cover comprises of 10 sections. Discount in premium is offered depending on the number of sections of the policy opted by the proposer.
Griha Suvidha Policy:
The plan is an abridged version of the Householder’s Policy and offers four specific cover options with each option having five sections. The idea is to insure the policyholder on a first loss basis.
Road accidents are always on the surge owing to bad roads and pathetic driving skills of people around. Having a personal accident plan is a necessity as it covers such emergency situation and takes care of financial distress.
The Rasta Apatti Kavach (Road Safety Insurance) policy designed to cater to the specific needs of an individual to cover motor vehicle accidents on road that lead to hospitalisation for treatment. The policy also has a provision for compensation for death and permanent disability. The policy is issued on an annual basis and sum insured available is Rs. 25000/50000/75000/100000.
New India Assurance Other Personal Insurance Policies
In addition to the above policies, the company also offers various types of additional specific covers for the individual.
- Money Insurance
- TV/VCR/VCP Insurance
- Mobile/Cellular Phone Insurance
New India Assurance Commercial Insurance
New India Assurance Company offers a range of custom policies for commercial enterprises.
- Jewellers Block Policy
- Bankers Indemnity Policy
- Shopkeeper's Policy
- Marine Cargo Policy
- Plate Glass Insurance
- Special Contingency Policy
- Neon Sign Insurance
- Multi Peril Policy for L.P.G. Dealers
- Fidelity Guarantee Insurance Policy
- Marine Hull Policy
- Aviation Insurance
New India Assurance Industrial Insurance
New India Assurance Company offers various insurance policies for industrial units.
- Fire Policy
- Burglary Policy
- Machinery Breakdown Policy
- Electronics Equipment Policy
- Consequential Loss Policy
- Contractors All Risk Policy
- Marine cum Erection / Storage cum Erection Policy
- Advanced Loss of Profit / Delay in Startup Policy
- Contractor Plant and Machinery Policy
- Mega Package Policies
New India Assurance Liability Insurance
New India Assurance Company also offers liability insurance to insure against specific liabilities that may arise in the course of business.
- Public Liability Policy
- Products Liability Policy
- Professional Indemnity Policy
- Directors and Officers Liability Policy
- Lift (Third Party) Insurance
- Employers' Liability Policy
- Carrier's Liability Insurance
- Liability Insurance Act Policy
- Golfers Indemnity Insurance
New India Assurance Social Insurance
The social insurance policies from New India Assurance are meant to provide adequate insurance cover for the economically weaker sections of the society and for specific social causes.
- Universal Health Insurance Scheme for APL families
- Jan Arogya Bima Policy
- Janata Personal Accident Insurance
- Student Safety Insurance
- Ashrya Bima Yojana
- Rural Insurance
- Pradhan Mantri Suraksha Bima Yojna
It is advisable to compare all New India Assurance General insurance plans with plans from other general insurance companies in India to choose the best insurance plan that suits you the most.
New India Assurance Distribution Network:
New India Assurance is present in more than 20 countries and has a large distribution network of 1000+ branches even in India. It has a huge network of 1068 offices that comprise 26 regional offices, 393 divisional offices and 648 branches.
New India Assurance - Latest News
Subsequent to this year’s Budget Speech, the government has proposed divestment of its stake in New India Assurance, a leading non-life insurer in India. Currently, New India Assurance operates as a fully government owned general insurance provider in India. As part of the divestment strategy proposed by the government, shares of New India Assurance are expected to be available to private individuals on the National Stock Exchange. This move is seen by many as further attempts by the current government to de-regularize the insurance space subsequent to allowing up to 49% foreign company stake in private insurance players operating in India. New India Assurance is one of India’s oldest general insurers and was founded by Sir Dorabji Tata in 1919. The company is considered as a pioneer in India’s non-life insurance segment and is based out of Mumbai, India. Company has a vast distribution network and boasts over 1000 branches across the Indian subcontinent.
New India Assurance, the largest general insurer reports a net profit of Rs 747 crore for nine months, ended December 31st 2015. The total profit before tax was amounting to Rs 885 crore. The New India Assurance company recorded a growth of 16.5 percent with global premium amounting to Rs 13219 crore while the foreign operation of the company recorded a growth of 16.5 percent. It is to be noted that total asset base of New India assurance was about Rs 60,674 crore.
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