Sir Dorabji Tata (from the house of TATAs) founded the New India Assurance Co. Ltd. in 1919. After its nationalization in 1973, the general insurance came under the direct purview of the Ministry of Finance, Government of India. With branches in over 28 countries, New India Assurance Co. Ltd. offers over 200 policies across various sectors like telecom, motor, health, etc.
The company’s official tagline is ‘India’s Premier General Insurance Company.’ New India Assurance has grown to become India’s largest nationalized general insurance company in terms of gross premium collection from its operations in India and abroad.
| Company Type | New India Assurance Co. Ltd. |
| Founders | Sir Dorabji Tata |
| Founding Year | Set up in 1919 and nationalized in 1973 |
| Official Tagline | India’s Premier General Insurance Company |
| Company Type | Public Sector General Insurance Company |
| Headquarters | Mumbai, Maharashtra |
| Owner | Fully owned by the Government of India |
| Product Range | 200+ Policies offered |
| Number of Offices | 2300+ |
| Number of Employees | 16,000+ |
| Operates in | 28 countries |
Here are a few reasons why you should consider New India Assurance Policies as an excellent choice for you:
The New India Assurance offers a wide range of products across several sectors.
i). Two Wheeler Insurance Policy
This policy is for motorcycles as well as scooters. The liability-only policy covers damages caused to a third person or property. The other policy, a package policy, includes damages caused due to earthquakes, floods, fire, theft, and other natural calamities. Damages caused to your two-wheeler while in transit are also covered. However, any damage caused due to wear and tear or driving without the right documents, or driving under the influence of illegal substances, is not covered by the policy. Add-ons for the policy include legal liability to employees, as well as personal accident cover for the passenger.
ii). Private Car Insurance Policy
Since it is mandatory to have insurance for your vehicle, you can either buy the company’s liability only policy or package policy. The policy covers damage in transit, or due to fire, explosion, riots, strikes, terrorist acts, earthquakes, etc. Damage caused when driving without a license or an insurance policy, or damage due to normal wear and tear, are not covered under the policy. The policy also offers add-ons including covering damage to accessories fitted in the vehicle.
iii). Commercial Vehicle
The company offers a liability only as well as a package policy for commercial vehicles. The liability only policy covers damage to a third party (person or property). The package policy covers damages from fire, explosion, theft, strikes or riots, terrorist acts, earthquakes, floods, etc. The policy covers third party liability and also offers add-ons such as liability for employees, accident cover for passengers, and damage to accessories fitted in the vehicle.
iv). Standalone CPA Cover
The standalone compulsory personal accident policy is a type of motor insurance policy. This policy protects the owner and driver while getting in and out of the vehicle. This is geared towards those who own commercial vehicles and want added protection for their drivers.
i). Cancer Medical Expenses (group)
This policy is an annual policy that is effective once the insured becomes a member of the Indian Cancer Society.
ii). Jan Arogya Bima
The policy is focused on the less economically fortunate section of the country. The policy can be obtained for anyone between 5 to 70 years of age. The policy does not cover any diseases during the first 30 days of the policy, dental treatments, injury due to nuclear acts, or any form of treatment due to childbirth.
iii). New India Asha Kiran Policy
Only parents of a girl child are eligible for this policy. And you can get coverage for two daughters. The premium is payable at a 50% discount. The policy covers ayurvedic and homoeopathy treatment, room rent and ICU charges and also offers a personal accident cover for the insured.
iv). New India Cancer Guard Policy
Eligibility for the policy is between 3 months and 65 years of age. The insured sum can be Rs. 5 lakhs, Rs. 10 lakhs, Rs. 15 lakhs, Rs. 25 lakhs or Rs. 50 lakhs. The treatments covered include chemotherapy, radiotherapy, organ transplant and onco-surgery.
v). New India Flexi Floater Mediclaim Policy
The mediclaim policy covers organ transplant, excluding the cost of the organ. The policy also covers different illnesses and injuries. Hospital, ambulance and ICU charges are covered by the policy.
vi). New India Flexi Group Mediclaim Policy
The policy will reimburse the insured for any injury and illness and the resulting hospital stay. The plan covers operating theatre charges, surgical appliances, medication required during the hospital stay, artificial limbs as well as the cost of an organ for a transplant.
vii). New India Mediclaim Policy
The policy can be bought by anyone between 18 to 65 years of age. With this policy, you get a free health check-up if no claim is filed for three years. Ayurvedic and homoeopathy treatments are also covered. The policy also has a newborn baby cover.
viii). Senior Citizen Mediclaim
The senior citizen mediclaim policy covers a wide range of illnesses. Each procedure comes with a corresponding amount covered by the insurance policy. The policy also covers ICU expenses, hospital expenses and medical tests.
ix). Standard Group Janata Mediclaim
This policy offers cover for lab tests and other diagnostic tests. The fees for specialist doctors are also covered along with coverage for hospital expenses as well. Other inclusions include ambulance services, pre and post hospitalization charges, and ayurvedic treatments.
x). Universal Health Insurance APL
This policy covers hospital expenses for illness and injury, ICU expenses, surgical appliances, medicine required during the hospital stay. The policy provides special cover for the primary earning member of the family and disability compensation for the same family member.
i). Overseas Mediclaim (Employment And Studies)
This policy is geared towards students and employees outside of India. The policy covers medical expenses resulting from sickness or disease. For certain individuals, medical reports must be submitted along with the relevant forms to the insurance office. The first USD 100 from the claim are to be covered by the insured individual.
ii). Overseas Mediclaim (Business And Holidays)
This policy is ideal for those who travel frequently for business. The eligibility for this policy is 6 months to 70 years of age. The policy needs to be purchased before leaving India for another destination. No pre-existing conditions are covered in this policy. Any injury and illness and resulting expenses are covered by the policy.
iii). Suhana Safar Policy (domestic travel)
Designed specifically for domestic travel via own vehicle, water, road, air, and rail. It’s available for either a short period or up to 60 days. Typically coverage includes loss of baggage, personal accident, etc.
iv). Rasta Apatti Kavach (Road Safety Insurance)
Coverage is provided for injuries or accidents that you sustain while driving your motor vehicle on the road. This policy covers permanent disablement or death and personal accident cover.
i). Good Health Personal Accident
This policy offers protection against personal accidents and the resulting injury, temporary disability or permanent disability.
ii). Personal Accident (FC)
This policy is geared towards individuals who can obtain the policy for protection against injuries sustained from a third party.
iii). PM Kaushik Vikas Yojana
The policy is a personal accident policy offered to the candidates certified through the National Skill Development Corporation.
iv). PM Suraksha Bima Yojana
The government backed personal accident policy is for citizens between 18 to 70 years of age and has a nominal premium amount auto deducted each month.
v). Two year GH Personal Accident
The two year insurance policy covers personal accidents and offers compensation to the insured in terms of injury or disability.
i). Clinical Trials Liability
This policy covers any claims that occur from intentional or unintentional harm caused to a subject during clinical trials. The policy covers personal damage, material damage and data breach.
ii). Crime Insurance
A crime insurance policy covers damage to a company due to fraud, theft or forgery, among other events. Legal expenses are not covered in this policy.
iii). Cyber Insurance
This policy refers to coverage offered in case of a data breach in the company’s security or data systems.
iv). Employees Compensation
The policy is to show employees that their employer can fulfill their obligation. Under this policy, employees are compensated for any injury or disability while at work.
v). Employees Compensation 2009
This policy states the amount of compensation for employees based on their monthly wages that need to be paid by the employer.
vi). Eproduct for Doctors Indemnity
The policy is for doctors specifically. The policy covers any claims made by patients about the doctor’s negligence or any negligence from their teams.
vii). IT Errors, Omissions Liability
This is a type of professional liability. The policy covers any negligence claims made against a company by a client.
viii). Nuclear Operators Liability
This policy focuses on third party liability for nuclear operators. The operators of a nuclear plan are responsible for the damage caused while working and hence, this policy is for them.
ix). Nuclear Supplier
Most common liability policies specifically do not cover nuclear incidents. This is a policy geared specifically towards liability arising from such incidents.
x). Product Recall, Guarantee, Loss
This policy covers all costs related to product recall and the compensation resulting from the same. The costs associated with such an incident include shipping cost, warehouse cost, replacement costs etc.
xi). Prospectus Liability
This policy is specifically geared towards any breach of the securities law and the resulting claims made by the company.
xii). Public Liability (NI)
This particular policy is for companies. The policy covers claims made by the public against the company in terms of third party damage to a person or property.
xiii). Title Insurance
The title insurance policy offers protection against property ownership risks. The policy is aimed at homeowners.
Purchasing a New India Assurance Policy is easy to understand process. All the information for the policies is available online.
Alternatively, you can call the helpline on 1800-209-1415 and ask the customer support executive about the offline procedure. The other option is to choose the ‘call me’ button on the top left hand of the homepage and enter your contact details and a preferred time so they can call you.
Renewing your old policy with us is easy and hassle-free. Follow these simple steps:
Though the documentation required while filing claims differs based on the type of policy, the rest of the process is pretty straightforward. To file your insurance claims with us:
Checking the policy status with New India Assurance is straightforward and simple. You need to:
You will get the details that you need.
You can cancel your insurance with New India Assurance any time you want. To cancel your policy during the free-look period, you need to submit the original policy documents along with the surrender form at the nearest branch of New India Assurance. If you haven’t made any claims on the policy, you cancel the policy any time during the policy period.
Deciding on the amount of coverage you should take on your policy can be very crucial. To insure any asset or property, you must cover at least up to the value of the asset based on market value or reinstatement value. If you do not consider this value, you will have to pay the remaining balance amount from your side.