About New India Assurance Company Limited

Key highlights of New India Assurance Company Limited

Here is a quick look at the key highlights of the insurer –

Number of offices	1900+
Number of employees	16,506 in 2022
Policies Issued	2 Crore +
Worldwide Presence	25 Countries across the Globe
Gross Underwritten Premium	INR 33,773 as of 31st March 2023
Solvency ratio	1.85x for the financial year 2022-23

Awards and accolades for New India Assurance Company Limited

Present for more than 100 years, New India has won various awards in the insurance field for its products and services. Some of its awards are highlighted below –

The company has been conferred the General Insurance Company of the Year Award for FY 2022-23 from BFSI

• The company won the General Insurance Company of the Year Award at the India Insurance Summit Awards 2018
• The Outlook Money Gold Award was also conferred on New India in 2018
• In 2017, New India won the Golden Peacock Business Excellence Award
• In Fintelekt’s Indian Insurance Awards, New India won the award for e-Business Leader- General Insurance in the year 2016
• In 2016 it also won the Dun & Bradstreet PSU Awards for General Insurance

Features of New India Assurance health insurance plans

New India Assurance offers comprehensive health insurance solutions. Some of the common coverage benefits found in most of its plans are as follows –

Features	Meaning
Inpatient-hospitalization cover	If you stay for 24 consecutive hours or longer in a hospital, you will be covered for hospitalization and treatment costs.
Pre-hospitalization cover	Your medical coverage would cover the costs incurred before hospitalization if the costs are for the same illness or injury for which you are hospitalized
Post-hospitalization cover	Following treatment and discharge you might incur medical expenses on recovery. Such expenses are covered under this head
Day-care cover	The term “day-care treatments” refers to medical treatments that are given over a single day without 24-hour hospitalization. New India health plans cover these treatments
Ambulance cover	The cost of taking you to a hospital in an ambulance is included in this category.
Organ donor cover	Your insurance policy also covers the costs associated with the donor's hospital stay and surgery.
AYUSH cover	New India Assurance offers medical insurance plans that cover Ayurveda, Unani, Homeopathy, and Siddha practices.
Domiciliary cover	If you are hospitalized at your home, it is called domiciliary hospitalization. This hospitalization is covered if there are no hospital beds or if your medical condition does not allow you to get admitted to a hospital
Free health check-ups	New India Assurance allows free health screenings regularly so that you can keep a tab on your health

Common exclusions in New India Assurance health plans

There are several diseases or conditions that New India Insurance Company Limited covers in its policy, but there are some that are excluded. Different plans have their own set of exclusions which are available in the policy wordings. However, the most common exclusions in all plans are as follows -

• If you purchase a policy, you will be denied coverage for a few years for your pre-existing conditions. This period is called the pre-existing diseases waiting period

• Some illnesses and treatments have a waiting period of two years.
• The insurance policy has a waiting period of 30 days for illnesses occurring immediately after you buy the plan
• War, nuclear threats, civil mutiny, and related perils are not covered
• Cosmetic treatments are excluded since they are medically unnecessary
• Treatments that are neither prescribed by a doctor nor scientifically justified will not be covered by insurance
• OPD expenses are usually excluded. However, some plans might allow coverage for the same
• Self-inflicted injuries, suicides, substance abuse, etc. would be excluded
• International treatments are not covered unless specifically mentioned in the policy
• Obesity and weight control treatments are not covered

Health Insurance Plans of New India Assurance

New India offers different types of health plans. Some popular plans, offered by PayBima too, include the following –

• New India Mediclaim Policy

This is a comprehensive health insurance policy that offers a range of coverage benefits at affordable rates. Some of the highlights of the plan are as follows –

• Coverage for newborn baby

The plan allows coverage for the birth of a baby. The baby is covered for any type of pre-natal or post-natal medical care needed.

• Hospital cash benefit

If you opt for a sum insured of Rs.3 lakhs and above, you get a daily benefit if you are hospitalized for 24 hours or more. This benefit is calculated at 0.1% of the sum insured and is payable for a maximum of 10 days

• Optional maternity cover

If you have a sum insured of Rs.5 lakhs and above, you can opt for maternity coverage wherein the cost of childbirth would be covered by the policy up to specific limits.

Eligibility conditions

Entry age	Adults – 18 years to 65 years Dependent children – 3 months to 25 years
Sum insured	Rs.1 lakh to Rs.15 lakhs
Term	1 year
Pre-existing waiting period	48 months
Free health check-ups	Once every 3 claim-free years

• New India Top-up Mediclaim Policy

This is a super top-up plan that pays the claim only if it exceeds the deductible limit that you have chosen. The top-up policy is an effective way to enhance the coverage at affordable rates. The highlights of the plan are as follows –

• Hospital cash benefit

0.1% of the deductible limit is paid as a daily cash benefit if you get hospitalized for 24 hours or more. This benefit helps you meet the non-medical expenses that you might incur. The benefit is paid for a maximum of 10 days

• Get well benefit

A lump sum benefit of 1% of the deductible limit is paid as a get-well benefit. This benefit is paid in addition to the claim paid under the plan

• Coverage for AYUSH expenses

The plan covers non-allopathic AYUSH treatments so that you can opt for these treatments without worrying about the associated costs.

Eligibility conditions

Entry age	Adults – 18 years to 65 years Dependent children – 3 months to 25 years
Sum insured	Rs.5 lakhs to Rs.22 lakhs
Deductible limit	Rs.5 lakhs and Rs.8 lakhs
Term	1 year
Pre-existing waiting period	48 months

How to buy New India Assurance health plans?

Here is the process of purchasing New India Assurance health insurance plans through PayBima.com:

• Visit PayBima and choose the policy

Visit www.paybima.com and choose ‘health insurance’ to go to the health insurance section of the platform.

• Provide your information

To determine your insurance premium, you will need to enter your personal and medical information into the online form. Provide details about your age, dependents to be insured, the amount assured the gender of the insured, and location. You can also opt for personal assistance when buying the policy. It is a part of the PayBima policy purchasing experience.

• Analysis of plans 

At PayBima, you get a list of plans after you enter all the required details that match your coverage and eligibility. The website also allows you to view the health plans offered by New India Assurance so that you can pick the best plan

• Fill up the proposal form

The proposal form must be filled out accurately once the insurance policy has been finalized. Please provide complete and accurate details on the proposal form so that claims can be processed smoothly.

• Payment of the premium

Several online payment methods are available for paying the premium. A secured payment gateway is offered by PayBima. Pay the premium online to buy the policy. Provided there are no negative remarks on the proposal form about your lifestyle or medical history, the insurance company will immediately issue you the policy.

• A pre-medical examination 

It may be necessary to undergo a pre-entry screening if you are older or have any illness. Based on this screening the policy is issued. You can avail of the check-up at any networked facility of the company.

Procedure for renewing New India Assurance health plans:

Health plans offered by New India Assurance can be renewed lifelong regardless of health status or previous claims with PayBima. By renewing your policy on time, you can enjoy non-stop coverage. You can renew your policy by visiting PayBima at www.paybima.com. It is possible to check the details of the plans upon renewal and make any necessary changes. Your renewal will be initiated automatically once you pay the renewal premium. You can contact us at 1800 267 67 67 if you need help to renew your health plan. Please feel free to reach out to us via email at paybima.care@mahindra.com. 

The claim procedure of New India Assurance

You can easily submit a claim for your health insurance policy through PayBima. Here’s how the process works:

• Identifying network hospitals

Besides reimbursement, New India Assurance offers General Insurance policyholders the option of having their claims processed in a cashless manner. Access to cashless claims is only available at hospitals in the organization's network, which can be located online. A list of the hospitals it is affiliated with is available on the company's website.

• Admission

It is necessary to show your ID card and health card to confirm your admission to the nearest networked hospital.

• Inform the company through a pre-authorization form

Fill out the pre-authorization form if you want the claim to be approved on a cashless basis. Online forms are available on the company’s website and physical forms can be accessed at the hospital. Please complete all the fields on the form correctly and completely. Ideally, the form should be submitted three to four days before planned hospital admission. In the case of an emergency, fill out and submit the form within 24 hours.

• Cashless approval

The company verifies the pre-authorization claim form and approves the cashless claim. After approval, you can avail of cashless treatments and the insurance company will settle your bills.

• Reimbursement Claim Facility

If you are hospitalized at a facility that isn't in the company’s network or if cashless approval is not given, your claim will be resolved via reimbursement. For reimbursement claims, the insurance company must be notified. Bear the treatment costs and collect the bills. After discharge, you need to submit all the original receipts, bills, and medical records. Upon assessing your claim and verifying the documents, you will be directly reimbursed at the provided bank account.

Customer claims are settled quickly and straightforwardly through PayBima. Contact paybima.care@mahindra.com or could call on at 1800 267 67 67 for additional assistance with your claim. Before settling an insurance claim, certain documents must be obtained. These include the following -

• The insured individual must show a valid form of identification
• You must get a prescription from your doctor before you are hospitalized
• The bank account information must be provided for the insured's account to be credited.
• You must provide the original documents that include such as original medical reports and bills
• All diagnostic reports, consultation reports, and hospital reports should be submitted
• The pre-authorization claim form must be used for cashless claims

Review of New India Assurance Company Limited

• New India has been rated B++ Stable FSR and bbb+ Stable ICR Outlook by AM BEST Company
• The company earned a Gross Written Premium of Rs.33,046.41 crores in the financial year 2020-21
• The company’s asset base is valued at Rs.90189.26 crores
• New India Assurance is the only direct insurance company in India that has an international A rating

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