The New India Assurance General Insurance Company Limited

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About The New India Assurance Company Limited 

Headquartered in Mumbai, the New India Assurance Company Limited is a 100% government run conglomerate of India in commission in 28 countries across globe in the field of Insurance.  The company was founded in the year 1919 by Sir Dorabji Tata and was nationalized in the year 1973 to encompass it as a subsidiary of GIC or General Insurance Corporation of India.

Later, the ownership of The New India Assurance was transferred to the government of India from GIC in the year 2003. Since the last 40 years, the company has pioneered in the segment of non-life or general insurance. The company has a network of over 2395 offices spread across the country.

Key Highlights of New India Assurance Company

Company Name New India Assurance Company Ltd.
Year of Establishment 1919
Operating In 28 Countries
Company Type Government Owned Multinational Company
Company Headquarter Mumbai
Products Range Over 170
Number of Offices 2097
Number of Employees 19000

Awards and Achievements of New India Assurance Company

  • Awarded Stable rating with AAA by CRISIL has conferred the monetary strength of the greatest rank of the multinational conglomerate.
  • Awarded  excellent with A by AM Best Company making New India Assurance the only Indian insurer to receive this rating.
  • They are one of the top General Insurance Companies in India in the Public sector to receive the Dun & Bradstreet BFSI Companies Awards in 2019.
  • They are also the winner of one of the top General Insurance company of the Year 2019 as awarded by Financial Award of Business Today.
  • In 1946, the New India Assurance became the first insurance company to set up a department of Aviation Insurance.
  • The company has presence in UK, New Zealand, Australia, Thailand, Mauritius, the Philippines and the UAE.

New India Assurance Company Products 

Below are the products offered by New India Assurance:

  • New India Assurance Health Insurance Policy
  • New India Assurance Car Insurance Policy
  • New India Assurance 2 Wheeler Insurance Policy
  • New India Assurance Travel Insurance Policy

Health Insurance – Offer individual health and family floater plans, plans for only girl child and senior citizen plan etc.

Motor Insurance –  Offers car insurance, bike insurance and commercial vehicle insurance.

Travel Insurance – Offers coverage for unforeseen emergencies of travelers during trips outside.

Business & SME Insurance – Offers coverage against fire, burglary, jewelry theft, etc.

Miscellaneous Insurance – Offers aviation, marine and industrial insurance, along with rural and liability insurance.

Home & Contents Insurance – Offer coverage against fire for safeguarding home and Griha Suvidha policy.

Rural Insurance – Offer insurance cover for animal-driven handcarts along with offering insurance on poultry, farmers package, Janta personal accident insurance and so on.

Marine Insurance – Consists of policies such as voyage insurance, marine risk insurance, ship breaking insurance, port package insurance, etc.

 

1. New India Health Insurance

Looking at the uncertainty of life, health insurance has become an essential part of life for everyone these days. With the help of health insurance by your side, you can easily manage the uncertainties in terms of health to make sure that you do not have to compromise on your health because of the financial crisis.

Below are some of the health plans offered by New India Health Insurance:

  • Plan name – Arogya Sanjeevani Policy
  • Type – Individual or Family
  • Policy Term – One Year
  • Sum Assured – Rupees one to five lakh

 

  • Plan name – New India Mediclaim
  • Type – Individual or Family
  • Policy Term – One Year
  • Sum Assured – Rupees one to 15 lakh

 

  • Plan name – Jan Aarogya Bima
  • Type – Individual or Family
  • Policy Term – One Year
  • Sum Assured – Rupees 5000

 

2. New India Motor Insurance

The comprehensive auto insurance policies available under the New India Assurance Co. Ltd ensure the protection of your car in the event of an accident or mishap. The Motor vehicle act of 1988 makes it compulsory for vehicle owners to at least have a third-party insurance for their vehicle so that they can pay for the liabilities of third-party person and property.

The Motor Insurance policies of New India Assurance are categorized as:

  • Commercial Vehicle
  • Private Car
  • Two Wheeler

Commercial Vehicle Insurance – It protects various types of commercial motors that ply on the road via two types of cover namely; liability only plan and package plan. The first one covers third-party liabilities on behalf of the insured along with covering personal accidents of the car driver/owner. On the other hand, under the package insurance, you can have both the third party liabilities as well as covering the insured person’s car.

Private Car Insurance – This policy covers all private cars running on the road. Here also, you can enjoy both liability only and package policy.

Two-Wheeler Insurance – This policy covers all kinds of bikes and scooters and other two-wheelers running on the road. This plan also covers both third-party liability only coverage along with package policy.

 

3. New India Assurance Travel Insurance

New India Travel Insurance Co. Ltd. protects you against things like baggage loss, any medical crisis, flight delays and so on. Travel policies of New India Assurance make sure that you enjoy your global journey without any worries.

 

4. New India Home and Contents Insurance

This insurance policy helps to protect the home and the valuables of the policyholder. Thus, this policy allow coverage from risks like theft, fire, natural calamities, appliance collapse etc. in three kinds of plans like:

  • New India Householder’s Policy
  • Griha Suvidha Policy (Tenants and Owners)
  • Fire Policy for Home (Safe Home)

How to Renew New India Assurance Policy Online?

Here are the steps to follow to renew New India Assurance plans online:

  • Visit the Official portal of the insurer
  • Go to the renewal section on the home page
  • Choose the product that you want to renew from the given list
  • Select the renewal plan
  • Enter the details, such as policy number, customer ID, etc.
  • Now, proceed for payment
  • Once you pay for your premium, you’ll get a soft copy to confirm your policy renewal
  • So, your New India assurance online renewal is done

New India Assurance Claim Process 

Depending on the claim that you want to make, the process differs. So, a motor insurance claims process might be different from a health claim. Here are some common steps involved in the claim process of New India Assurance.

  • First you need to inform the insurer at the earliest, be it any damage, home, car or health. In case of health claim, you can claim via Reimbursement process or Cashless process. The process to claim insurance under both these processes are different.
  • Call at the helpline number of the insurer to register the claim and fill the claim form.
  • Once the claim form is filled-up, you need to proceed with further procedures like verification. Once it is done and the insurer approves the claim, you must present required documents to claim your insurance.
  • Once everything is done, you will get the amount reimbursed.

FAQs on New India Assurance General Insurance Company Limited

Who is eligible to buy the New India Assurance Company Plan?

New India Assurance policies are available to people within the age group of 18 to 65 years. For children it is within the age group of 90 days to 25 years. (for financially dependent children)

What types of insurance policies are offered by New India Assurance Company?

Below are the different types of policies offered by New India Assurance:

Motor Insurance
Health Insurance
Rural Insurance
Travel Insurance
Miscellaneous Insurance
Marine Insurance
Home and Content Insurance
Other Insurance

What is the Claim Settlement Ratio (CSR) of New India Assurance Company?

Claim Settlement Ratio (CSR) of New India Assurance Company for FY 2018-19 was 92.68%.

Can I avail cashless facility with New India Assurance Plan?

Yes, anyone within the age group of 18 to 65 years can avail the New India Assurance policies. For children it is within the age group of 90 days to 25 years. (for financially dependent children).

How can I connect with New India Assurance Company?

The insurer allows an entirely independent issue-resolution tool to help insured individuals to raise and handle costomer queries and to make it easy for everyone to raise complaints, if any. You can call at 1800 209 1415 number. 

How do I get a copy of my New India Assurance online?

Go to the official portal of the insurer.
Select the download option to get your policy e-copy.
Submit your details like policy number and registered mobile number.
You will receive an OTP.
Enter the OTP for verification.
Now submit your registered email ID
You will soon receive a copy of your car insurance policy at your registered email that you can download.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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