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New India Assurance General Insurance
250+ Plans 18 Insurance Companies
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New India Assurance General Insurance

The New India Assurance Co. Ltd., founded by Sir Dorabji Tata in 1919, headquartered in Mumbai, is a general insurance company. It was nationalized in 1973 and before that, it was a subsidiary of GIC - the General Insurance Corporation of India. After the authorization by IRDAI Act 1999 and GIC turned to a re-insurance company, four of its primary insurance subsidiaries Oriental Insurance, New India Assurance, United India Insurance, and National Insurance became independent.

New India Assurance General Insurance Company – Present Position

New India Assurance Insurance Company Ltd. is a renowned insurance company regulated by the Government of India and is a leading firm in General Insurance segment. The insurer today deals in 230 kinds of general insurances and provides effective and basic plans operational in urban, rural, micro, and social sectors of India and abroad.

New India Assurance Co. Ltd. has its branches all over India and even in prominent foreign countries like Japan and New Zealand. This general insurer has recently collaborated with many renowned public sector banks and Other Financial Institutions in India to enhance its network of distribution and service.

New India Assurance Co. Ltd. has around 31 regional offices, 6 corporate offices, 578 branches, 447 divisional offices, 1239 Micro Offices, 27 Direct Agent Branches, and, Elmo Auto hub, 2 centralized legal hubs totaling 2329 offices. It also operates in 28 countries.

It also has equity participation and branches in Singapore, Kenya, Saudi Arabia, London (for the past 100 years), and Japan & Mauritius (60 years old).

New India Assurance General Insurance: Products and Services

The main categories of general insurance products offered by the New India Assurance Company Ltd. are as follows:

New India Assurance Health Insurance

Health insurance policies from New India Assurance Company Ltd. come in handy in providing financial assistance in case of health and medical emergencies. The policies are comprising of individual and family (floater) health policy, senior citizen health policy, single girl child policy, and many more. These policies cover expenses like hospital cost, doctor consultation fees, medication expense, etc. occurring to the insured individual into any sort of illness, injury, surgery, etc.

The New India Assurance Health Insurance plans are:

  • New India Asha Kiran Policy
  • New India Cancer Guard Policy
  • New India Floater Mediclaim Policy
  • New India Mediclaim Policy
  • New India Premier Mediclaim Policy
  • New India Top-up Mediclaim Policy
  • New India Assurance Arogya Sanjeevani Policy
  • New India Assurance Corona Kavach Policy

New India Assurance Motor Insurance Plans

The policies under this category comprise financial assistance to be provided for the insured vehicle in case of unfortunate and unforeseen contingencies. The policy coverage can be bought for personal car, commercial vehicles, and two-wheelers. Motor Insurance plans are aimed at protecting vehicles.

There are two types of coverage provided in motor insurance by New India Assurance Co. Ltd.:

  • Liability Coverage– It covers the vehicle owner's liability towards bodily injury/ death/ damage of the property of a third party. So, if an accident happens and causes any sort of injury or death to a third party or if the vehicle of a third party gets damaged partially or entirely, it will be covered under the insured person's policy.
  • Package– It covers damage caused to the insured vehicle towards damages like accident, fire, self-ignition, burglary, thefts, riots, etc. Here the damage done is to the vehicle of the insurer.

Types of New India Assurance Motor Insurance

Motor insurance policies of New India Assurance Company Ltd. can be availed for private cars, commercial vehicles and two wheelers. The plans that are on offer include:

  • New India Assurance Private Car Insurance
  • Standalone CPA Cover
  • Standalone OD cover for Motor PC
  • Standalone OD cover for Motor TW
  • New India Assurance Two Wheeler Insurance

The scope of coverage offered under New India Assurance Motor Insurance is mentioned below:

New India Commercial Vehicle Plan

 

New India Private Car Insurance Policy

 

New India Two-wheeler Insurance Policy

Covers all kinds of commercial vehicles

Covers all Private Cars on Public Roads

Covers two-wheelers like motorcycles and scooters

Offers Package Policy and Liability Only Policy

Offers Package Policy and Liability Only Policy

Offers Package Policy and Liability Only Policy (Rs.1 lakh)

Liability Only Policy covers third party liability towards death, accident or property damage (up to Rs 7.5 lakh) and a personal accident cover for the owner

Liability Only Policy covers third party liability towards death, accident or property damage (up to Rs 7.5 lakh) and a personal accident cover for the owner

Liability Only Policy covers third party liability towards death, accident or property damage (up to Rs 7.5 lakh) and a personal accident cover for the owner

Package Policy includes terms of Liability Only Policy plus damage to vehicle insured

Package Policy includes terms of Liability Only Policy plus damage to vehicle insured

 

 

Offers additional Policy with CPA – Compulsory Accident Cover and Own damage – Standalone OD for Motor PC

Offers additional Policy with CPA – Compulsory Accident Cover and Own damage – Standalone OD for Motor TW


Renewal of New India Assurance General Insurance Policy

General insurance products form New India Assurance Insurance Co. Ltd. can be renewed online through Paisawiki.com.

Online Process:

The following steps need to be followed for an online renewal of existing insurance policies with the insurer:

  • Step 1 –Visit the official website of paisawiki.com to renew the policy.
  • Step 2 –Choose the product and select 'Online Renewal.'
  • Step 3 –Choose the Renewal Option.
  • Step 4 -Enter your details like customer ID, address, contact details, policy number, and other details to continue the online renewal process.
  • Step 5 -Proceed to the payment option to finalize your New India policy renewal online.
  • Step 6 –After the payment, a soft copy confirmation of the successful New India Policy renewal online will be sent on the registered email id.

Offline Process

The policyholder must visit one of the branch offices of New India Assurance Insurance Company Ltd. to renew the policy offline. The policyholder can visit a nearby branch office and with the help of a professional or an insurance agent, he/she can apply for the renewal. He needs to fill a renewal form, make the relevant payment and submit it with the insurance company.

Documents Required for New India Assurance General Insurance Renewal

The essential documents for renewing the policy are:

  • The policyholder needs to submit his/her policy document (soft or hard copy depending on the renewal mode- whether it is online or offline).
  • The insured should receive a confirmation from the insurance company that his/her documents have been duly received by them. These will be re-verified and then the renewal process will be initiated.
  • If there is a need of a medical screening depending on the age and policy terms and conditions the same will be percolated to the insured and documents for the same will also have to be provided to the company.
  • After verification and approval process, and when the payment and dues have been cleared from the policyholder’s side, the renewal of the policy will be actioned.

Claim Process of the New India Assurance General Insurance

It is a swift, convenient, and transparent process. The claim process could vary from product to product, but there are a few common steps. To file a claim with the New India Assurance Company Ltd., one needs to follow the below-mentioned steps:

  • Step 1 –To file a Cashless or Reimbursement Claim, one must intimate the insurance company at the earliest.
  • Step 2 –Call on the helpline number and register the claim immediately.
  • Step 3 –Verification of the policyholder takes place.
  • Step 4 –On receiving the approval, necessary details and documents need to be submitted.
  • Step 5 –After completing the processing of the claim file, approval is given for a reimbursement depending on the sum insured.

The above steps are common for all, but the intricate steps to follow are different to file claims for Health and Motor insurance.

Cashless Claims

In case of health insurance, if the insured is hospitalised in any of the network hospitals as specified by the insurance company, he/she is eligible for cashless claims. The insured would have to notify the insurance company 3 days before a planned hospitalisation (motor garage in case of motor insurance) and within 24 hours in case of an emergency hospitalisation to avail these claims. He would have to accumulate various medical documents from his doctor and the nursing home as prescribed. These need to be submitted to the insurance company directly along with all relevant bills and prescriptions, after which the cashless claim will be processed. The insured does not have to pay anything from his pocket.

In case of motor insurance, the insured can get the repair done form a net-work garage, after a thorough inspection of the vehicle by a survivor from the insurance company. The bills will be directly settled by the insurance company, once the claim is approved.

Reimbursement Claims

For these kinds of claims, the same procedure is followed except that the payment of the hospitalisation and medical expenses will have to be borne by the policyholder initially. The insured would then need to submit all relevant receipts, bills, prescriptions and reports as asked to the insurance company and if approved, he/she will be eligible for a refund by the insurer.

Same goes for motor insurance, here the insured can get the services done from any of the garages, pay the bills on own and register for a reimbursement claim. Once the claim is verified by the insurer, the settlement is done by paying the amount through NEFT.

Premium Payment Process of New India Assurance General Insurance

To retrieve insurance benefits, the policyholder needs to make a regular payment which could be in the monthly/ quarterly/ half-yearly or annual mode.

The premium payment process of New India Assurance Company Ltd. can be done as below:

  1. Online Payment Process – Quick payment methods like using a debit or a credit card or using a username password in case of net banking, mobile banking, Online payment options, NEFT and IMPS are some of the popular ways of making an online payment. Online payment also can be done through Paisawiki.com, as mentioned above.
  2. Offline Payment Process - The insured can also make offline payments through:
  • Cash/ Cheque collection centre
  • Payment collection centre
  • Drop Boxes
  • Company branch
  • Drop boxes
  • Agents appointed by the insurer
  • Insurance brokers

New India Assurance Company Ltd.: Awards and Achievements

New India Assurance Insurance Co. Ltd. has consistently won various awards and recognitions for the services provided by them. To mention a few are:

Year

Awarded by

Category of Award

2019

Dun & Bradstreet BFSI Companies Award

India’s Leading General Insurance Award 2019

2019

Business Today Financial Award

Best General Insurance Company (Public) Award

2018

Outlook Money

Gold Award

2018

SKOCH

Customer Service Award of Merit

2017

Quest Conferences

Insurance Company of the year at India Insurance Summit

2017

Golden Peacock

Golden Peacock Business Excellence Award

2017

Dun & Bradstreet BFSI Companies Award

India's Leading Insurance Company- Non-Life Public Sector Award in 2017

2016

ABP

Best General Insurance Company by ABP News

2016

FINTLETEK

The Indian Insurance Awards - General Insurance Company of the Year in 2016

2016

Dun & Bradstreet BFSI Companies Award

Non-Life Insurance Award in 2016

2015

Digital Empowerment Foundation

Insurance Company of the year at Samudra Manthan Awards

2015

Outlook Money

Best Health Insurer in 2015

2015

FINTLETEK

Claims Service Leader

FAQs

  • Q. What are the relevant factors that assess the New India Assurance GI Premium Calculation?

    Ans: There are various factors like:

    • Life Cover
    • Age
    • Gender
    • Marital status
    • Term of the policy
    • Lifestyle
    • Annual Income
  • Q. If not an online payment towards the New India Assurance Company Ltd., what are the other offline ways through which an individual can make a payment?

    Ans: Other offline ways to make payment are:

    • Payment in drop boxes
    • At the payment collection center
    • Cash/cheque payment at the collection center
    • Visit the company branch
    • Through insurance brokers or agents
  • Q. What are the other relevant categories of general insurance covered by the New India Assurance company ltd. other than Health, Motor, and Travel Insurance?

    Ans: Other important types of insurances incorporated by New India Assurance General Insurance company are:

    • New India Business and SME Insurance
    • New India Miscellaneous Insurance
    • New India Home and Contents Insurance
    • New India Rural Insurance
    • New India Marine Insurance
    • New India Aviation Liability Insurance
    • New India Burglary Insurance
    • New India Griha Suvidha Policy
    • New India Shopkeepers Insurance
    • New India Stand Alone Terrorism Insurance
  • Q. What is the difference between General Insurance and Life Insurance?

    Ans: Life Insurance covers the life of the individual i.e., in case of his/her sudden death, the beneficiary, according to the policy, is paid the insured sum. In contrast, general insurance covers non-life assets like cars, two-wheelers, travel, health, etc.

  • Q. What is the eligible age to purchase a New India Assurance general insurance policy?

    Ans: The eligible age to avail a policy under New India Assurance is

    • Children – From 3 months to 18 years
    • Adults – 18 years to 65 years
  • Q. Before buying a good health policy, what are the basic parameters one must consider?

    Ans: A fruitful health policy should be purchased, keeping the following offers in mind:

    • Understanding the needs
    • Insure only what is required
    • Picking the right coverage amount
    • The extent of illnesses covered
    • Higher sum insured
    • Higher renewal age
    • Higher claim settlement ratio
    • Network hospital/garage coverage
    • Smooth claim process
  • Q. Why is it important to purchase a General Insurance Policy?

    Ans: It is important to get general insurance because of the following reasons:

    • It is a smart way of buying protection to your valuable assets
    • Effective risk mitigation in case of unfavorable times
    • Offers a high degree of peace of mind
    • Encourages systematic savings as it’s an investment channel also
    • A General Insurance is a cooperative device that ensures payment at contingency and payment of fortuitous losses
    • It is a legal document that binds the insured and insurer into an agreement that an amount known as premium will be paid to the insurer by the insured with a guarantee that the purpose for which the policy has been taken. In case of any loss arising out of it, the claims thus made would be systematically settled as per the claim settlement procedure and in accordance with the amount of sum insured.
  • Q. What are the types of general insurance products available in the market?

    Ans: Various categories of General Insurance available in the market are Motor Insurance, Health Insurance, and Travel Insurance. These are the main heads under General Insurance; besides these, there are many other options like:

    • Property coverage - For damage or theft
    • Liability coverage - For legal responsibility that the insurer may carry towards others for injury or damage
    • Income protection - Insurance like workers' compensation, or remuneration insurance
    • Disability insurance policies - Provide financial support in case there is an inability to work because of disabling illness or injury
    • Casualty insurance - Insures against accidents
    • Crime insurance - Protects the policyholder against losses arising from the criminal acts or fraud of third parties
    • Terrorism insurance - Provides protection against any loss caused by terrorist activities, political risk insurance
Written By: Paisawiki - Updated: 19 November 2020

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