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New India Assurance

New India Insurance Co. Ltd. was incorporated on 23rd July 1919; established by the House of Tata founder member- Sir Dorab Tata. The organization nationalized in 1973 with the merger of Indian companies. NIA is the largest general insurance company in India on the basis of the gross premium collection inclusive of overseas operations. It is the first Indian non-life company to reach Rs14304 Crore gross premium. The Company has operations in foreign countries like Japan, U.K, Middle East, Fiji and Australia. Earlier it was a subsidiary of the General Insurance Corporation of India (GIC).

Motor insurance is a compulsory document that vehicle owner should carry while driving. It is essential in India to have motor insurance as per the Indian law. Anyone who drives without an insurance policy has to pay heavy penalties. It provides financial protection to the vehicle against any emergency.

Importance of Having A New India Motor Insurance

Your motor vehicle is your second most precious and expensive asset after your home and considering the present work conditions and travel time required to reach the office, the vehicle proves to be your second home since you spend so much time traveling in it. When a vehicle proves to be such an important part of your daily life, don’t you think that getting it insured should be the best thing that you can provide your vehicle in return? It is anyways mandatory in India to have a motor insurance policy under the Motor Vehicle Act. There are a lot of risks involved with vehicular travel which can occur anytime, without any prior warning and prove quite costly for you. A motor insurance protects your finances and provides the coverage in the event of such accidents. A comprehensive motor insurance plan helps you in protecting your vehicle from financial liabilities or loss.

Getting your vehical insured and renewing the existing one on time is very essential. When it comes to renewing an existing motor insurance policy, it is important that you remember the last date before it lapses because if you don’t, then you will let go of important benefits that you might have availed of after renewing. If you want to drive your vehicle without any hassle then renewing the existing one is very vital. For getting the best deal at the time of renewal, you can do a motor insurance policy comparison that helps you in choosing the cheapest motor insurance online.

Don't forget that the validation of your motor insurance policy is for a certain time period. It depends on the date of which you bought your motor insurance policy. Once this period is over, you will be required to renew your motor insurance policy before it expires.

When you are renewing your existing motor insurance policy you should look for a great deal for the same. Sometimes, the cost of the renewal goes higher if your motor is unable to meet the basic requirements of the motor insurance policy at the time of renewal. This makes it very important to remember the date of motor insurance renewal. You can check the same online and offline as well. By comparing the available motor insurance policies, you can easily get the cheapest motor insurance policy online.

Once your policy lapses due to non-renewal, then you may be required to purchase a new motor insurance policy in order to comply with the law. You may even be required to pay a fine depending on the days for which the motor was not insured.

Driving without a motor insurance policy can be a risky thing as you may end up paying all the penalties and the cost of damages that may occur because of an accident apart of getting penalized by the traffic authorities for non-compliance of the law.

Therefore, it is really important to renew your existing motor insurance policy on time for avoiding troubles that you can face in the future. Also, try to make sure that you are getting the sufficient coverage and the best deal for the same.

Types of Motor Insurance Plans: New India Assurance

New India Assurance is offering a wide range of effective and helpful motor insurance products that will cover all of your basic needs. It includes all those features that a Motor insurance plan should have.

Rasta Apatti Kavach (Road Safety Insurance)

: This plan has been designed to cater to the specific need of an individual who meets with an accident on road and sustains injuries which require treatment.
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Motor Policy

Under this plan you will get two types of coverage – Liability and package coverage. Both will assist you in their ways.
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Contact Address

The New India Assurance Company Limited
New India Assurance Bldg. 87, M.G. Road, Fort, Mumbai 400 001.
Tel: 022-22674617 - 22, Fax: 022-22652811

New India Insurance News

CCEA nod to list 5 general insurance companies in stock market

Today, India’s cabinet approved a policy to publicly list government general insurance companies. The same has been reported by news agency NewsRise, citing an unnamed government official. The companies are well-known government sector entities namely New India Assurance, United India Insurance, Oriental Insurance and National Insurance & General Insurance. Shareholding of these Cos to be divested from 100 % to 75 %. The same had also been announced by FM Jaitley in last year’s budget for the sake of improving transparency and accountability in public sector companies.

Wednesday January 18, 2017

Merger of 4 General Insurance Companies For Rapid Growth

The All India Insurance Employees Association (AIIEA) which refers to be the major union in the public sector general insurance companies is now asking for a merger of four companies for the rapid growth.

Sanjay Jha, Secretary Standing committee (General Insurance, AIIEA), said, “The central government is planning to merge three non-life insurance companies — United India Insurance, Oriental Insurance and National Insurance — barring New India Assurance.

Mr. Jha further added that the union is happy with the concept of the merger but the New India Assurance company should also be added in the same.“The merger of all the four companies would prevent unhealthy competition amongst them, reduce marketing expenses. That apart, the risk retention capacity will increase for the merged entity thereby saving foreign exchange in terms of reinsurance premium outgo,”

As per the business figures that are released by the insurance regulatory authority, all these four public sector general insurance companies had earned around Rs 59,357.92 crore of premium in the last fiscal.

On asking about the post-merger and its effects, Mr. Jha said that the number of branches may go down and the staff may be deployed. But it is for a short time only, after the merger, the business will grow and will be able to open new branches and adding staff members every year just like LIC (Life Corporation Of India).

Wednesday May 17, 2017

Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA

On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.

 “The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.

In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.

In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.

Right now, there are 24 life insurers and 33 general insurance companies operating in the country.

Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.

Monday November 13, 2017

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Customer Reviews

"Fast Process"
- "Good"

In few minutes I renewed my car insurance on online portal of New India Car insurance. super fast service. Read More.. In few minutes I renewed my car insurance on online portal of New India Car insurance. super fast service.

Nikhil, Jalandhar
Reviewed On 09-04-2018
"Good Policy"
- "Good"

The policy comes with accidental coverage and third-party coverage. I have to renew the policy every year. Read More.. The policy comes with accidental coverage and third-party coverage. I have to renew the policy every year.

Neha, Jaipur
Reviewed On 17-04-2018
"Car Insurance with New India"
- "Great"

I am paying a premium of 10000 rs. I never faced any issues with the policy and their services. good work. Read More.. I am paying a premium of 10000 rs. I never faced any issues with the policy and their services. good work.

Neeraj, Indore
Reviewed On 16-05-2018
1

Aggregate Rating for The New India Assurance Company Limited Insurance    [ 3  ]

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