New India Home Insurance
New India Home Insurance
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New India Home Insurance

The New India Assurance Company is a leading global insurance group, with offices and branches throughout India and various countries abroad. It has its presence in 28 countries and is headquartered at Mumbai, India.

It is a 100% Govt. owned multinational general insurance company. Founded in 1919 by Dorabji Tata, it is one of the oldest and most credible insurance companies in the market.

The Company offers many a variety of products from personal, social, industrial to commercial insurance. It has been reaffirmed by CRISIL with ‘AAA/Stable’ rating indicating that the company has the highest degree of financial strength to honour obligations towards its policyholders.

New India Home Insurance: Achievements

The company is a pioneer in non-life insurance for over 50 years. It is headed by a team of competent professionals and has set examples for the rest of the industry. For example, it was the first insurer to set up aviation insurance in India in 1945. It was also the first to set up its own training school.

In 2016-17, the company achieved Rs. 22279 Cr. Premium globally recording a PAT of Rs. 1008 Cr. Growth of 21.27%. Net Worth including fair value Rs. 34716 Cr. Investments at Market Value Rs. 53009 Cr. & Asset base Rs. 69173 Cr.

New India Home Insurance

The company offers home insurance through its ‘Householder’s policy.’ Before we go on to expand the details of the policy offered by the company, it is imperative that a prospective policy holder understands the need for home insurance, especially in this day and age.

The plan offered by New India Assurance Company is an All-in-One plan, which provides a comprehensive option to policy holders negating the need to purchase different policies for different needs while insuring their house. The policy satisfies all home insurance needs through a single plan.

What does it insure?

The plan covers ten sections under which different categories of household aspects are insured. Below are few appliances which are insured:

  • Household appliances
  • Television VSP/VCR
  • Jewellery and other valuables
  • Furniture
  • Building
  • Pedal Cycles

What is covered?

i. Fire and Allied Perils

Under Section I, the following coverage is provided:

  • Coverage for building
  • Covers contents of the dwelling belonging to the proposer and his/her family members permanently residing with him/her.

Allied Perils:

  • Fire, Lightening, Explosion of gas in domestic appliances
  • Bursting and overflowing of water tanks, apparatus or pipes
  • Damage caused by Aircraft
  • Riot, Strike, Malicious or Terrorist Act
  • Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage
  • Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone.
  • Impact damage

ii. Burglary and House Breaking including larceny and theft

This section covers the contents of a house against theft, larceny or other types of burglary and house breaking

iii. All Risks (jewellery and valuables)

This section Covers loss or damage to your jewellery and valuables by accident or misfortune whilst kept, worn or carried anywhere in India subject to the value declared in the schedule.

iv. Plate Glass

This section covers loss or damage to fixed plate glass in the insured premises by accidental breakage subject to limit of sum insured

v. Breakdown of Domestic Appliances

This section covers domestic appliances against unforeseen and sudden physical damage due to mechanical or electrical breakdown.

vi. TV Set including VCP/VCR (All Risks)

This section covers loss or damage to T.V. set including VCP/VCR by fire and allied perils, burglary, house breaking or theft, breakage due to accidental external means, mechanical or electrical breakdown. Any legal liability arising out of bodily injury or accidental death of any person other than insured's family members or employee as also damage to property not belonging to or in the custody of insured , caused by use of the T.V. Set is also covered upto a limit of Rs.25,000/-.

vii. Pedal Cycles

This section covers loss or damage to pedal cycles by:

  • Fire & allied perils
  • Burglary, housebreaking, theft
  • Accidental external means
  • Third party personal injury or Third party property damage for Rs.10,000/-

viii. Baggage Insurance

This section covers loss or damage to insured's accompanied baggage by accident or misfortune whilst the insured is traveling on tour or holiday anywhere in India.

ix. Personal Accident

This section covers death or bodily injury by accidental, violent, external and visible means to the insured person named in the schedule and subject to limits specified therein.

x. Public Liability

This section covers Insured's legal liability for bodily injury or loss of or damage to property of third party limited to amount specified in the schedule and workmen's compensation liability to domestic servants engaged in insured's premises.

Note:In order to avail this particular policy, it is compulsory to opt for at least three of the above sections of which Section 1(b) is mandatory.

New India Home Insurance Online facilities

New India Assurance Company has a very comprehensive online set-up, where you can read up about the company, the products that it offers, its outreach in terms of media and offices.

Other than providing information, it has various portals like the ICAI, ICSI, BPCL portals which allow the policyholders to login and avail their services. It also has a premium calculator and also, provides a 10% digital discount on using its customer portal for selected products.

The portals allows customers to log in with their IDs and check the status of their policy and they can also make online payment of their premiums.

They have a section for feedback, which is directed according to your profile and a separate section for FAQs dealing distinctly with each product line.

Cost-Benefit Analysis

It is a comprehensive plan, providing for cheap premium while giving you the option of insuring not just the home but also the contents inside it like jewellery, appliances and other valuables. Further, it is an easy process to take advantage of. The company also provides digital discounts on online payment of premium, which can be made in cash as well.

Therefore, it is a reasonably priced, pocket friendly policy – which can be purchased when a prospective policy holder is on the lookout for multiple plans for insuring his house. It saves effort, time and money and makes the process of insuring your house less cumbersome.

New India Insurance Plans

The New India Assurance Householder’s Policy

This paln is basically designed to fulfill the insurance needs of a home owner. It offer wde coverage that covers any damage that occur because of lightning, explosion, fire and natural calamities such as earthquake, floods, tornado, landslides, storm, hurricane etc.

Griha suvidha insurance policy

It provides basic coverage as the household policy offers. aAprt from taht it will also offers coverage for the contents of the house.

New India Home Insurance : FAQ’s

1. Is home insurance absolutely essential?

At the same time as not mandated by govt, a comprehensive home insuranceprotects your home and its contents in opposition to a wide sort of threats and contingencies.

2. Should I frequire terrorism cover? I stay in a safe a part of India

A terrorism cover insures your property (with its contents) against harm/loss caused by acts of terrorism. This is normally an non-obligatory cover. Irrespective of in which you stay in India, terrorism can locate its way on your doorsteps. Be organized for all such eventualities, with a very nominal increment in your applicable top class.

Last updated on 24-07-2020