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New India Assurance Company

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.

New India Assurance Stats

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.

New India Assurance - Products & Services

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.

New India Assurance Company Plans

New India Top Up Mediclaim New

Top-up mediclaim is basically a health- top up policy that offers top-up coverage on the existing health insurance plan. With this plan, you will be able to pay the expensive bills of medical treatment that are still left after paying from the basic health plan. It comes into existence when the limit of basic health insurance plan gets exhausted.

A form of health insurance policy that offers wider coverage to the entire family under a single plan. The best thing about such policies is that you don’t have to pay any extra premium as the entire family will be covered under the same. It is affordable yet effective family health insurance plan.

One more effective policy by New India Assurance that is serving people for many years. This effective health insurance plan will offer the needful coverage against hospitalization expenses of the family and Personal Accident for parents. It is an effective plan that will be there to support you financially in case of need.

One more effective health insurance plan by NIA that is available for the entire family at an affordable cost. With this helpful plan, you will be able to deal with all forms of medical emergencies easily. With the wider coverage, it will be easy for you to get quality treatment on time.

Mediclaim policy that clearly refers to the health insurance sector. It's a normal health insurance plan that comes with a wider coverage at an affordable price. You just have to put some basic details to reap the benefits of such policy.

This effective health insurance plan is designed to meet the needs of any medical emergency. It offers the needful coverage at an affordable price to the entire family that will help a lot in saving money.

An effective health insurance plan by NIA that is offering a wide range of benefits at your doorstep. It offers the desired financial assistance in case of medical emergency. You can buy this effective plan at an affordable price.

One more effective plan by NIA for the senior citizens.This plan is designed in a way that can go well with the needs of the senior citizen. It will provide the needful coverage in the older days of a person.

It is basically a health plan that is designed for groups especially. Group refers to a family group, corporate group or something on the same lines. It is an effective yet helpful policy by NIA.

Universal Health Insurance Scheme for BPL families

The policy is designed in a way that can easily provide coverage against hospitalization expenses for illness/diseases suffered or injury sustained by the Insured person. It will help in dealing with an unwanted medical emergency.

Universal Health Insurance Scheme for APL families

It is also a form of group policy that is issued by 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. It comes with a wide coverage.

Jan Arogya Bima Policy

One more effective and cheap health insurance policy especially for the people of lower income group who cannot afford quality treatment just because of lack of funds. It will be there to support them financially.

NIA offers a wide and effective range of motor insurance and bike insurance products and Rasta Apatti Kavach is one of them that offers great benefits to the insured. This effective plan comes at an affordable price and offers complete coverage to the insured.This policy offers coverage against damage, theft and different forms of mishaps.

Under this effective policy by NIA, you will get two different types of coverage which are liability and package coverage. Both carry wide coverage and several benefits. Just search for desired one today.

An effective motor insurance plan by NIA that offers numerous benefits to the insured at an affordable price. You will get wider coverage under it and that too at an affordable price. The numerous features of this plan makes it an attractive choice of buyers.

New India Assurance FAQ

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

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.

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.

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.

New India Assurance News
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

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

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

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