New India Assurance Company is 100% owned government organization. It’s a multinational general insurance company with its operations in around 26 countries having it’s headquarter at Mumbai in India. It’s the only direct insurer in India with A rating by AM Best. It is also awarded with AAA/STABLE rating by CRISIL. New India Assurance is number one in selling non life Insurance. They provide wide variety of products like- mediclaim Insurance, travel Insurance, accidental Insurance etc. The company deals in personal Insurance, Commercial insurance, Industrial insurance, social Insurance and liability insurance.
Life Insurance is needed to cover the risk of death, medical insurance needed to cover any ailment, same way personal accident insurance are there to provide you the cover against any disability or death as a result of an accident. These are very cost effective policies which provide you cover in case your earning capability is affected negatively due to an accident. Every individual who have started earning should opt for personal accident Insurance cover. Especially those who have taken any kind of loan should definitely go for these policies because it will provide you the monetary support to repay the loan in case of any casualty happen due to accident which in turns affected your earning capacity. Under this policy the insurer provide the compensation in case of death or disability happen due to an accident.
The New India Assurance Company limited offers personal accident insurance cover with varied features. Different plans offered by the company are:
Personal Accidental Policy:
Minimum | Maximum | |
Age at Entry | 5 years | 70 years |
Policy Term | 1 year | |
Sum Insured | 72 months income from productive employment (earning individual) 50% sum insured of earning spouse (non earning spouse) 25% of sum assured of earning parents (dependent children) |
Rs 1 lakh (non earning spouse), Rs 50000 (dependent children) |
Max Policy Renewal Age | 70 years | |
Type of Coverage | Individual / Family |
Coverage:
Any death or disability out of disease or illness is not cover under the policy. Only death or disability as a result of external, violent and visible accident is covered under this accidental insurance policy.
Cashless cover will be provided at all the empanelled hospitals for rest of the hospitals reimbursement facility is available.
This policy also covers the expenses incurred for the carriage of dead body from the place of accident to hospital up to 2 % of sum insured subject to maximum of Rs2500/-.
Ad on covers-
Accidental Medical Expenses-Also the medical expenses up to of 10 % of sum assured or up to 40% of the death/ disability compensation will be paid. Both Individual as well as individual policies can be extended to cover these medical expenses incurred during treatment of an accident.
Education Coverage for children- In the case of death or permanent disability of parents education fund will be payable with the limit of maximum two children, for their further studies.
Any Indian Civilian working in foreign countries can opt of war risk cover which can be included in current plan by paying some extra premium.
Cover provided under the policy:
Types of Cover | Table A | Table B | Table C | Table D |
Accidental Death | 100 % of sum assured | 100 % of sum assured | 100 % of sum assured | 100 % of sum assured |
Loss of two limbs or one limb and one eye or both eyes |
up to 100% of sum assured | up to 100% of sum assured | up to 100% of sum assured | |
Loss of one eye or one limb | up to 50% of sum assured | up to 50% of sum assured | up to 50% of sum assured | |
Permanent total disablement other than as mentioned above for example- paralysis | 100% of sum Assured | 100% of sum Assured | 100% of sum Assured | |
Permanent Partial Disability | Pre-specified portion of sum assured depends upon type of disability and its fraction. | Pre-specified portion of sum assured depends upon type of disability and its fraction. | ||
Temporary Total Disability | 1% of sum insured is payable on weekly basis for max of 100 weeks |
Exclusions:
Several types of personal accident policy issued by New India Assurance company are:
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How to apply:
You can download the pre printed application form for Accidental cover Insurance plan from company’s website and submit it to their nearest branch along with other required documents. Also you can directly visit their branch to complete the formalities. After the payment of the premium amount the policy will be issued directly or through the registered post.
How to Claim:
Nominee/Assignee need to contact their nearest branch to intimate them about the incident. Fill the claim form provide the necessary proof and documents and all your claim amount or expenses will be paid as applicable.
Documentation for death claim:
Documentation for injury claim:
Minimum | Maximum | |
Age at Entry | 10 years | 70 years |
Policy Term | 1 year | 5 years |
Sum Insured | Rs 25000/- p.a | Rs 100000/- p.a |
Premium Rate | Rs 15/- for SA of Rs 25000/- and charged in multiples of Rs 25000/- | |
Max Policy Renewal Age | 70 years | |
Type of Coverage | Individual / Group |
Coverage:
Exclusions:
Premium and Sum Assured:
Sum Assured |
Premium |
Rs 25000/- |
Base rate |
Rs 50000/- |
Base rate |
Rs 75000/- |
Base rate |
Rs 100000/- |
Base rate |
How to apply:
The person should have VALID Driving License to apply for this policy.
You can download the pre printed application form, from company’s website and submit it to their nearest branch along with other required documents. Also you can directly visit their branch to complete the formalities.
1. How to pay a premium? What are the modes of payment available?
The New India assurance Company offers 2 modes of premium payment namely:
For the online payment mode, the policyholder can pay via;
2. How can I check policy status for New India Assurance personal accident insurance?
You can go to the website and log in with your customer ID and password to know the policy status.
3. What is the policy renewal process for New India Assurance personal accident insurance?
For online payment
Step1: Enter your Client ID and Date of Birth to login into e-portal
Step2: Enter policy nuber and expiry to proceed
Step3: Select the payment option –Net Banking or Debit/Credit Card to pay
Step4: Upon successful payment completion print/save the premium receipt
Alteranatively, you can pay via cash/cheque at any of the nearest branch.
4. What is the company’s process to settle claim for New India Assurance personal accident insurance?
To settle the claim you can intimate the company by filling a form online. Upon successful process, the claim is settled within a few days.
5. What is the policy cancellation process for New India Assurance personal accident insurance?
You can visit the nearest branch with you policy documents and duly filled surrender form that you can get at the branch. The refund will be directly credited in ypur bank account and policy will stand cancelled.
You might be interested following insurance plans provided by New India Insurance:
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