*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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 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).
The main categories of general insurance products offered by the New India Assurance Company Ltd. are as follows:
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:
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.:
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:
The scope of coverage offered under New India Assurance Motor Insurance is mentioned below:
New India Commercial Vehicle Plan
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New India Private Car Insurance Policy
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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 |
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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 |
General insurance products form New India Assurance Insurance Co. Ltd. can be renewed online through Paisawiki.com.
The following steps need to be followed for an online renewal of existing insurance policies with the insurer:
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.
The essential documents for renewing the policy are:
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:
The above steps are common for all, but the intricate steps to follow are different to file claims for Health and Motor insurance.
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.
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.
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:
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 |
Ans: There are various factors like:
Ans: Other offline ways to make payment are:
Ans: Other important types of insurances incorporated by New India Assurance General Insurance company are:
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.
Ans: The eligible age to avail a policy under New India Assurance is
Ans: A fruitful health policy should be purchased, keeping the following offers in mind:
Ans: It is important to get general insurance because of the following reasons:
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: