New India Assurance

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History: New India Assurance

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The New India Assurance Company is basically a multinational insurance company of the general insurance industry. It is a state-owned insurance company which is entirely owned by the Indian government. The company is based out of Mumbai and running its business in 28 different countries all over the world. The New India Assurance is a leading firm of general insurance industry.

The company was founded on 23rd July, 1919 by Sir Dorabji Tata. After 5 years of successful operations, it got nationalized. New India Assurance is popular for its extensive operations in the insurance industry in India. It owns around 2097 offices out of which 1041 are micro branches. Currently, there are around 50000 insurance agents out of which 19000 are employed by the insurance company. The company is providing a great level of service to its consumers. The New India assurance caters into almost every aspect of the general insurance industry and it provides around 170 insurance products. It provides effective plans so that it can meet the consumers’ need easily. Apart from the basic plans the company also caters into micro, rural and social sector among others. As it is a government insurance company, you can easily apply for government-linked policies.


Useful Stats About New India Assurance Co Ltd

The company has started its venture in 1919. At present, the company has its presence in 28 different countries that includes branches, agency, offices, associates and much more. It also has share in many different companies which are located in Singapore, Jordan, Kenya, and Saudi Arabia among others. The company is limited for past 95 years. It also has its business in Japan and Mauritius.

The New India Assurance also has subsidiary agencies. One of them is in Lagos, Nigeria, which is known as Prestige Assurance Plc and the opposite subsidiary is positioned in Trinidad & Tobago. New India is also a stakeholder in a Saudi Arabia-based insurance enterprise known as WAFA Insurance. A number of the other insurance corporations where New India Assurance enterprise holds share includes, Kenindia Assurance Co Ltd positioned in Nairobi, India International Insurance Pte. Ltd situated in Singapore and Asian Reinsurance Enterprise.

In 2014-15, the company did a business of Rs. 15149.50 crores in India whereas its global business touched Rs. 18371 cr. General asset of the brand New India Assurance enterprise becomes Rs.61720 Cr. As on 31st March 2014. It is the only general insurar in india that rated A by AM-Best and AAA/Stable rating by CRISIL in view of the stable performance shown by the company over the years.

The New India Assurance Company has widespread insurance network in the entire Afro-Asia region except for Japan.

Products & Services – New India Assurance

Products & Services - National Insurance

NIA Co. Ltd offers a host ofmplans catering to different segments of the society and varied needs. Some of the most popular plans that the company offers are mentioned below:

Medical Insurance: Health insurance is a very effective plan that enables you to easily deal with medical emergencies that are very tough to deal with without any economic help. Health insurance policies provide complete safety to the insured and family. You can buy the health plan in keeping your needs and price in mind . It's going to assist you in getting best quality treatment without spending from your wallet.

Motor Insurance: It is a compulsory policy that vehicle oweners ought to carry whilst riding. It's important in India to have motor insurance in accordance with the Indian regulation. Anyone who drives without insurance coverage has to pay heavy penalties. It offers monetary safety to the car/bike in opposition to any emergency.


Insurance Plans From New India Assurance Company

Health Insurance: : New India Assurance  

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New India Top Up Mediclaim New: It is basically a top up plan that provides extra coverage to you at a low premium. It will assist you over the threshold limit.

New India Floater Mediclaim Policy: A type of family health plan. This plan is affordable and effective as it covers the whole family under a single insurance plan.

New India Asha Kiran Policy: It covers hospitalisation expenses of the family and personal accident as well.

Mediclaim 2012 Policy: Another type of health plan that offers coverage to you and your family at low price.

Mediclaim 2007 Policy: The policy covers hospitalisation expenses against illness/injury.

Family Floater Mediclaim Policy: Provides coverage on hospitalisation if it is for more than 24 hours.

Janata Mediclaim Policy: It provides financial protection and helps you in fighting against any disease easily.

Senior Citizen Mediclaim Policy: Designed to provide coverage, especilly to senior citizens.

Group Mediclaim Policy: It will provide coverage to the groups, whether it is about family or employees. Employers can buy it for attracting skillful employees.

Universal Health Insurance Scheme for BPL families: The policy covers reimbursement of hospitalization expenses for illness / diseases suffered or injury sustained by the insured person.

Universal Health Insurance Scheme for BPL families: The Group Policy will be issued in the name of the Group/Association/Institution (called insured) with a schedule of names of the members, including his/her eligible family members (called Insured persons) forming part of the plan.

Jan Arogya Bima Policy: It offers a cheap medical insurance cover to poorer sections of the society

Motor Insurance Plans: New India Assurance  

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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 due to a motor vehicle on road and sustains injuries which require treatment.

Motor coverage: Underneath this plan you may get different forms of insurance – legal responsibility and package coverage. Both will assist you in its own way.

Travel Insurance: New India Assurance  

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Overseas Mediclaim policy: This plan provides health coverage at some stage in the journey. In case you meet with any clinical emergency, it will be there to help you.

Suhana Safar policy: The policy covers the hazards of personal accident, loss or damage to the accompanied baggage of a family consisting of insured, partner and kids.


FAQ: New India Assurance

Q1. Why to fill form for purchasing insurance?

- Insurance is a settlement between the insured and the insurer. The documentation is the basis of agreement and it incorporates all the required data for the proper disbursal of the coverage that is mentioned in the agreement

Q2. What is deductible?

- The amount, which the insured has to bear in all instances and this amount is first deducted from the full assessed payable claims amount before determining the coverage liability of the insured.

Q3. What's Reinsurance?

- It's an arrangement by which insurance agencies spread their risk by purchasing insurane policies from other insurers to limit the losses to the original insurer in times of disasters and high claims. The premium paid by the insured is usually shared by all the companies involved in reinsurance.

Q4. What is the right age for buying Mediclaim coverage?

- The insurance is available to people between age of 5 and 80 years. A child of three years will also be able to get the coverage. You should asses your requirements and liabilities before making a purchase decision.

Latest New India Assurance 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

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Wednesday January 18, 2017

New India Assurance Gets Rs 1,430 Crore Relief From IRDA

The Insurance Regulatory and   Development Authority of India has providded relief to the New India Assurance from a big insurance claim of Rs 1,430 crore from Nectar life Sciences. The pharma corporation had bought a marine shipment transit cover from New India Assurance, under Open Marine cargo for Rs 1,430 crores for the period of

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Friday October 28, 2016

Pune: Insurer To pay Rs 21 lakh Compensation

The Motor Accident Claims Tribunal (MACT) has ordered an insurance company to pay Rs 21 lakh compensation to the family members of a victim ruling that the firm “cannot escape liability by seeking benefit of its own wrong”. In Pimpri, the court, presided over by D M Deshmukh, has directed the New India Assurance Company

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Friday November 06, 2015