Insurance Companies 22356 views November 26, 2019

New India Assurance

New India Assurance Company Overview

NameNew India Assurance Company Limited
Company Tagline-
TypePublic Sector
Founded1919
Nationalized1973
OwnerGovernment of India
Serving AreaWorldwide
Credit RatingAAA
Head QuartersMumbai, Maharashtra
Insurance Products Offered230
Products and Services OfferedMotor Insurance, Medical Insurance, Travel insurance, Rural Insurance, Miscellaneous insurance

Established by Sir Dorabji Tata in 1919, New India Assurance Company Ltd is an Indian public sector general insurance company. Based on gross premium collections that are inclusive of foreign operations, New India Assurance Company Ltd is the largest general Insurance Company of India. It functions in India as well as other foreign nations like Japan, New Zealand, Hong Kong, Oman and so on. About New India Assurance rating, the company is prominently the only direct insurer in India. It has been rated A by AM Best (A indicates an excellent and positive outlook). The Credit Rating Information Services of India Limited (CRISIL) has reasserted New India Assurance’s AAA/STABLE rating. This portrays that New India Assurance Company Ltd contains the greatest degree of monetary strength. New India Assurance Company’s head office rests in Mumbai, Maharashtra. Among a total of 31 regional offices, New India Assurance has a regional office in Delhi. The New India Assurance share bonus is 1:1 ratio.

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New India Assurance Company Ltd offers incredibly effective and efficient services to its customers. It provides more than 230 insurance products that have plans to suit the needs of the customers. Other than offering basic plans, New India Assurance Company Ltd also caters to rural, micro and social sectors.

New India Assurance Subsidiaries

Although the company was founded in 1919, it was only nationalized in 1973. Currently, New India Assurance Company Ltd has its bases in 28 varied countries that consist of branch offices, associates, agencies and a lot more. Along with having a business in Japan and Mauritius, the company also has a share in different countries in Singapore, Kenya, Saudi Arabia, Jordan, etc. New India Assurance Company Ltd has subsidiary agencies as well. There is Lagos, Kano and Port Harcout in Nigeria; Port of Spain in Trinidad & Tobago; Castries in St. Lucia; Roseau in Dominica; Philipsburg in St Maarten; Guyana; Anguilla and Freetown in Sierra Leone.

Products and Services offered by New India Assurance

New India Assurance Company Ltd offers a wide variety of insurance services that cater to different needs of society. The most known plans used by customers are medical insurance and motor insurance.

  1. Motor Insurance is a plan that all vehicle owners must possess. It provides financial protection to your bike/ car in case of an emergency.
  2. Medical Insurance also is known as health insurance is a very reliable plan that helps you deal with medical health emergencies easily and calmly. Health insurance plans help you in obtaining top-quality treatment without having to pay for the same.
  3. Travel insurance plans cover flight delays, baggage claims, medical emergency during your travel abroad. The company offers the best travel plans to ensure you have a worry-free journey abroad.
  4. Rural Insurance
  5. Miscellaneous insurance

New India Assurance Health Insurance

The most effective way of dealing with health-related uncertainties of life is by investing in a health insurance plan. It takes away the financial stress that such situations create. The company has a list of good health insurance plans that are almost pocket-friendly. These plans cater to the needs of families as well as individuals.

Types of health insurance plans offered by New India Assurance are as follows –

New India Global Mediclaim Policy

New India Global Mediclaim Policy is created for individuals who have health insurance of an amount of INR 8 Lakh or more. The minimum age for entry is 18 years and the maximum age for entry is 65 years. It offers financial coverage for expenditures incurred on neurosurgery, cancer surgery, heart valve surgery, Coronary Artery Bypass Graft surgery, living donor transplant and bone marrow transplant.

New India Asha Kiran Policy

This policy is suited for parents who have a single female child. The girl child can be covered from the age of 3 months up to 25 years, and the proposer must be between 18 to 65 years. The policy provides coverage for unfortunate medical emergency hospitalization costs as well as offers an accident cover to the proposer, the spouse and their daughter. On a pro-rata basis, the inclusion of a second girl child is allowed by paying an additional premium.

Jan Arogya Bima Policy

This policy is specifically curated for providing health insurance to the poor sections of the society. The policyholder is exempted from service tax.

New India Universal Health Insurance Policy

This policy is available to groups of more than 100 families. It provides coverage for hospitalization expenses as well as room costs, boarding as provided by the hospital.

New India Standard Group Mediclaim Policy

Owing to its name, this policy offers financial coverage for groups. It is particularly beneficial for corporates, enterprises, businesses, etc. that need a policy for an entire group of their employees.

New India Mediclaim Policy

This policy is particularly created for individuals between aged between 18 and 65 years. It covers all hospitalization costs. Under this policy, you as well as your family can be covered with a separate sum assured for each insured person. It covers a maximum of 6 people.

Cancer Medical Expn- Individual

This policy covers all medical costs incurred for the treatment of cancer. This policy is also offered to the Indian Cancer Society’s members.

New India Assurance Senior Citizen Mediclaim Policy

Available to all Indian resident senior citizens aged between 60 and 80 years, this policy can be continued up to 90 years of age if you do the New India Assurance renewal without any break. In order to identify any pre-existing diseases, the policyholder has to incur the costs of pre-acceptance health checks.

New India Family Floater Mediclaim Policy

This policy covers all the members of the family under one sum insured. The entry age for all members is between 18 and 65 years. It covers the insured, his or her spouse and dependent children as well. The policy provides coverage for pre, post and in-hospitalization expenses, along with day-care and ambulance charges. Unani, homoeopathic and ayurvedic treatments are also covered up to 25% of the sum insured.

New India Janata Mediclaim Policy

Available for customers aged between18 and 60 years, this policy covers children between the age of 3 months to 18 years as well. It covers medical costs like hospitalization expenses, day-care treatment, ambulance charges, homoeopathic, ayurvedic and Unani treatments.

New India Assurance Motor Insurance

New India Assurance Motor Insurance policies cover damages caused to vehicles and third parties due to accidents. Let’s talk about these motor insurance policies.

Private Car Insurance

Two types of covers are available under the same – Liability Only Policy and Package Policy. While liability only policy covers third-party liability arising out of bodily injury, death and/or damage to property. Whereas package policy will cover the loss or damage to the insured vehicle as well as the third-party liability. The package policy covers the loss or damages caused to the vehicle due to the following –

  • Fire
  • Explosion
  • Self-ignition
  • Lighting
  • Riot
  • Strike
  • Malicious Act
  • Terrorist Act
  • Flood, hailstorm, hurricane, typhoon, inundation, cyclone and tempest
  • Accidental external means

The policy also covers damages caused in transit by inland waterway, road, elevator, air or lift, as well as by rockslide or landslide. Charges for towing the vehicle from the place of accident to the workshop up to INR 300 for motorcycles/scooters and INR 1,500 for commercial vehicles and cars. But this policy does not cover the following –

  • Wear and tear
  • Breakdowns
  • Losses while driving with invalid driving license or under the influence of alcohol
  • Losses caused due to war, civil war
  • Claims attributable to contractual liability

Standalone CPA Cover

Standalone Compulsory Personal Accident Cover is offered to driver while driving the vehicle. The policy comes with a sum insured of INR 15 lakh and a policy term of one year. Depending on the eventualities of accidents, the extent of coverage will differ.

  • Death (100% of the sum insured)
  • 100% of the sum insured in case of loss of sight of two eyes or loss of two limbs or loss of loss of one limb and sight of one eye
  • Loss of one limb or loss of sight of one eye covered up to 50% of the sum insured
  • Permanent disablement from injuries other than the ones mentioned above covered up to 100% of the sum insured

Note – All vehicles owned by the driver will get covered under Standalone CPA under the same policy.

FAQs

In what ways can I pay my New India Assurance renewal premium online?

You can renew your policy online by visiting the company’s official website. To complete the procedure, you can either pay the premium through net banking, credit card or debit card.

What is New India Assurance agent portal?

New India Assurance agent portal is available on the company’s official website. This enables customers and stakeholders to access products and various services easily without having to go and visit the branch offices.

New India Assurance customer care number

New India Assurance provides efficient customer care service. The numbers are 2222708400 and 2222708100.

Can I download the New India Assurance policy copy online?

Yes, you can download your policy online by visiting the company’s official website and entering your customer Id and password.

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