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:
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.
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:
The company has assets of INR 62880 crores, as on 31st March 2016. Some of the other details are as follows:
Among all the insurance companies in India, The New India Assurance can boast of having the largest number of offices, all manned by highly trained and expert staff. The offices across the world are automated. The company has been rated as “A” (Excellent) by A.M. Best & Co. of Europe, thus becoming the first Indian company to possess rating given by an international agency. The factors that have played important roles in giving them the position are:
The company has been a pioneer on certain counts like:
The New India Assurance Co. Ltd. has some unique products that it markets through Easy policy. The primary fields covered are:
New India Floater Mediclaim Policy
This floater policy is available to individuals within the age of 18 years and 60 years, and their family members (spouse and a maximum of two minor children). The minimum sum insured under the scheme is INR 2 lacs, while the maximum is INR 5 lacs. The policy covers hospitalization exceeding 24 hours, for treatment of injury or illnesses. Other facilities include pre and post – hospitalization expenses coverage, day – care treatment, ambulance charges etc.
This is a good packaged policy that meets all the insurance requirements of small to medium shopkeepers. The plan covers damage or loss caused by burglary and house-breaking, loss of money in transit or contained in a locked safe, damage to any part of the shopkeeper’s establishment due to natural calamities or riot, vandalism etc. It also covers personal accident of the shopkeepers.
This plan, called the Standard Fire and Special Perils Policy, covers properties on land, both movable and immovable against damage and loss caused by fire and other related dangers. The building, plants and machinery, and stocks of goods are all covered under this policy.
Public Liability Policy
This is an insurance policy to cover any third party damage or loss, caused by any chance by yourself. It covers legal expenses, death or accidental injury caused to others and damage of properties.
The New India Assurance Co. Ltd. is committed to act in a courteous manner with the customers. It vows to deliver clear understanding about policies and costs involved to the customers as they venture into the world of insurance. It also aims at dealing with all grievances of the customers with understanding, and settle claims at the fastest possible opportunity.