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The New India Assurance

The New India Assurance

There is so much choice in Insurance. Getting the best deal is far more easier now, thanks to comparison options available online.

About The New India Assurance

The New India Assurance Co. Ltd., with a global business turnover of more than INR 18,371 crores, is a multinational general insurance company, wholly owned by the Government of India.

It operates in 28 countries throughout the world and has its headquarters at Mumbai, India. The company has been the number one non – life insurance service providers in India for the last 40 years. The CRISIL rating of the insurer is “AAA/STABLE” and the rating by AM Best is A (Excellent – Stable Outlook).

This confirms the obligations that the company feels towards its policyholders and how it maintains financial robustness to cater to the needs of all its policyholders.

The company was established in 1919 at the initiative of Sir Dorabji Tata. Both its Indian and foreign operations are robust and integrated with a high moral status. In India alone, the company has its presence in almost every town and village, with 2097 branches, which includes 1041 micro-offices.

The insurer reaches the people at the remotest corners to make them aware of their 170 plus products and to sell general insurance packages to people in every sector and every segment of the society.

The business abroad spreads over countries like Jordan, Singapore, Kenya, Mauritius, Japan, and Saudi Arabia, where it has tie – ups with the leading insurers. There is also a highly active branch at London, UK.

The New India Assurance Co. Ltd. has two subsidiary companies:

  • Agriculture Insurance Company of India
  • GIC Housing Finance Ltd.

The company currently aims at setting up a common third – party – alliance (TPA) in the field of health insurance, jointly with all other government owned insurance companies, so as to facilitate the policyholders.

The company strives to remain true to its mission of developing general insurance business in the best interest of the community and to provide complete financial security to individuals and businesses. The company also wants to upkeep its vision to be the most respected, trusted and preferred non – life insurer in all the countries where it operates.

Past Performance and Present Profile of The New India Assurance Co. Ltd.

The company was founded on 23rd July in the year 1919 and was nationalised in 1973. It is ranked as the numero uno non – life insurance services provider in India. The gross premium collected when compared over the last 3 financial years stands like:

  • INR 13,209 crores in 2014 – 2015
  • INR 15149.50 crores in 2015 – 2016

The company has assets of INR 62880 crores, as on 31st March 2016. Some of the other details are as follows:

  • Network of offices – 31
  • Regional offices – 6
  • Large corporate offices – 448
  • Divisional offices – 583
  • Branches –
    • 27 Direct Agent branches
    • 1041 micro-branches
  • It is the first general insurance company in India that has reached the target of INR 18371 crore collection of gross premium.
  • The company is also regarded as the largest non – life insurer all across the African and Asian Countries, except Japan.

Types of Products

The New India Assurance Co. Ltd. has some unique products that it markets through Easy policy. The primary fields covered are:

Commercial insurance – Here the important policies are:

  • Jewellers Block Policy
  • Bankers’ Indemnity Policy
  • Shopkeepers’ Policy
  • Aviation Insurance

Social insurance

  • Universal Health Insurance Scheme For BPL Families
  • Jan Arogya Bima Policy
  • Bhagyashree Child Welfare Policy
  • Pradhan Mantri Suraksha Bima Yojana

Liability insurance

  • Public Liability Policy
  • Products Liability Policy
  • Professional Indemnity Policy

Industrial insurance – The following are included in this category:

  • Fire Policy
  • Burglary Policy
  • Machinery Breakdown Policy
  • Contractors All Risk Policy

Personal Insurance – Some of the best sellers in this category are:

  • New India Floater Mediclaim Policy
  • New India Asha Kiran Policy
  • Mediclaim 2012 Policy
  • Family Floater Mediclaim Policy
  • Personal Accident Policy
  • Householders Policy
  • Group Insurance Policy

Product Plan Details

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