New India Assurance Reviews, Ratings, Best Plans and USPs
The New India Assurance Company
The New India Assurance Company Limited (NIACL) is a general insurance organization headquartered in Mumbai, India. This organization was previously a subsidiary of the General Insurance Corporation of India (GIC). The organization was established by Sir Dorabji Tat in 1919.
It is quite interesting to note that New India Assurance Company Limited is the only general insurance company in India that holds a sturdy market position in the country. This is an incredible feat and has also allowed this organization to extend its reach out of India too.
As of now, New India Assurance Company Limited has 31 regional offices, 447 divisional offices, 27 direct agent branches, 588 branch offices, and 1239 micro offices established all over India. Further, in terms of the gross premium value, the New India Assurance Company Limited is the leading organization in India.
According to the portfolio of the organization, it has established its operations in 28 different countries all over the world. These are some of the reasons why this organization is the largest non-life insurance company in India. They also offer over 170 different insurance products and services. One can also find several offers and plans to choose from.
In the financial year of 2016 – 2017, the global gross premium was reported as INR 22279 crore. In the financial year of 2017 – 2018, the global gross premium was also reported as INR 6132 crore. The value of profit before tax and after tax was mentioned as INR 601 crore and INR 499 crore, respectively in the same financial year.
The net worth of the company showcased in the same year was mentioned as INR 37593. The value of the investment in the market is INR 56305 crore. The asset base is INR 72576 crore. The claim ratio for the financial year 2018 – 2019 was 87.54% for motor insurances and 103.74% for health insurance policies.
About The New India Assurance Company
The New India Assurance Company has been able to gain the trust of millions of Indians due to the following reasons.
- Received a rating of AAA/Stable since 2014 by CRISIL
This organization has been rated as AAA/Stable by CRISIL since 2014. This means that the organization has the highest degree of financial strength to settle claims and showcase financial stability - High Claim Settlement Ratio
The organization has always boosted an amazing Claim Settlement Ratio (CSR). In the financial year or 2019 - 2020, the claim settlement ratio was 92.68% - Over a Century of Industry Experience
New India Assurance is an organization that has had experience of over 100 years! This has allowed the organization to gain incredible insights into the inner workings of the industry and know how to navigate any situation - Large Network of Hospitals
Currently, there are over 1,500 hospitals that fall in the cashless treatment network of the organization. This means that policyholders can avail of treatments at those hospitals without having to pay anything! - Efficient Customer Support
At New India Assurance, there is an extremely great team of customer support representative that are always trying to solve the issues of customers and lead them to better solutions - Large Sum Insured Limit
At New India Assurance, customers can find a number of insurance plans that suit their requirements. The plans can come with a sum insured value that can vary from INR 1 lakh to INR 1 crore. Plans with higher sum insured value provide better protection - Reinstatement of Sum Insured Benefit
Most New India Assurance policies come with a reinstatement of sum insured benefit. This benefit ensures that the insurer will refill the sum insured amount in cases where the amount gets exhausted during the policy term - Lifetime Renewable Benefit
Policyholders can renew their policies throughout their entire lives by the renewal premium. This would provide them with a continuation of benefits - Cumulative Benefit
New India Assurance policyholders are also entitled to a no claim bonus for every year during which they do not make a claim - Portability Feature
The organization ensures that any customer can switch to any suitable policy offered by them from their previous insurance policy if they are not satisfied with the services. This portability feature can be used at the time of policy renewal
The New India Assurance Company Limited is a general insurance company that is owned by the government. This organization provides excellent insurance services and products to its customers all across the globe.
According to the latest statistics calculated in March 2020, the revenue value of this organization is 305,903.14 M, the operating income value is 16,895.56 M, the income before tax value is 16,590.32 M, and the net income value is 14,422.46 M. The diluted EPS value is 8.75, the total value of assets is 772,519.39 M, the value of total liabilities is 488,063.69 M, the operating cash flow is 9,670.77 M, and the total equity value is 284,101.88 M. All these values are calculated in the currency of Indian rupees. Customers also leave excellent reviews for this organization. You can go through some of those reviews below.
Swift Purchase 5/5 Supratim Parkar
I have been trying to purchase health insurance for a long time. But it has been difficult for me to find the right policy after comparison. This is why the services provided by New India Assurance have been very helpful to me. I love their customer support team and how quickly they were able to help me in purchasing the perfect policy.
Best Assistance 5/5 Bidisha Gupta
I have been looking for insurance providers that have a wide network of cashless hospitals for me. The only name I kept coming across during my search was New India Assurance. Their team was also very helpful in guiding me through the purchase and renewal process of my policy.
Easy Claim Settlement 5/5 Shivam Reddy
I would give New India Assurance 10 stars if I could. During my time of need, the company came through and helped me quickly settle my claim request. I’m very thankful and will continue my policy with me for a long time to come.
New India Assurance Company provides a wide range of insurance policies to its customers. Let’s look at those policies in this section.
New India Assurance Commercial Vehicle Insurance Plan
New India Liability Only Insurance Policy
The New India Liability Only Insurance Policy is a mandatory third party liability policy according to the regulation set by the Motor Vehicles Act, 1988. The policy provides coverage from any financial liability which might arise due to the vehicle. The liability can include death, bodily injury, or damage to the property of the third party.
New India Package Policy
The New India Package Policy is a comprehensive commercial insurance policy that covers the mandatory third party financial liability along with coverage provided in case of natural calamities like floods, earthquakes, and cyclones. Man-made calamities are also covered under this policy like riots, terrorist acts, strikes, theft, and accidental external means.
New India Assurance Car Insurance Plans
There are mainly two types of insurance policies provided for private vehicles. These two types of policies are:
New India Liability Only Car Insurance Policy
The New India Liability Only Car Insurance policy is a mandatory policy set by the Motor Vehicle Act 1988. Under this policy, one gets death coverage benefit, coverage for injuries, coverage for property damage to the third party. The total sum assured value is up to INR 7.5 lakh.
New India Private Car Package Policy
The New India Private Car Package policy is a comprehensive insurance policy that is ideal for private car covers. In this policy, one gets total protection against any loss or damage that occurred to the insured vehicle and additional third party liability covers.
There are also several add-on covers provided with this policy for an additional price. These add-on covers would boost the policy cover. The add-on can include cover for natural calamities like floods, cyclones, and earthquakes, man-made calamities like riots, terrorist acts, strikes, malicious acts, and theft.
New India Assurance Two Wheeler Insurance Plans
New India Liability Only Bike Insurance Policy
According to the Motor Vehicle Act, 1988, it is necessary for all two wheeler vehicle owners to purchase this policy. The policy provides basic coverage in case of death, injury, and property damage caused to the third party. The total sum assured is up to INR 7.5 lakh. The policy also comes with death and injury benefits.
New India Bike Package Policy
The New India Bike Package Policy is a comprehensive policy that provides a holistic cover to the owner of a two wheeler vehicle in case of any damage or loss to the insured vehicle. Additional cover is also provided in case of third party liability. Other add-on covers that one can choose from include natural calamities and man-made calamities.
New India Assurance Marine Insurance Plans
The New India Charters Liability Insurance
The New India Charters Liability Insurance is a yearly policy that provides coverage in case of liabilities of the charters. The liability can occur because of the employment of the ship hired. This is mainly because of the fact that charters are responsible for the safety of the vessel or the ship. There is also a condition laid in this insurance policy and it states that the ship should be covered under the Hull and Machinery policy for this policy to be insured.
New India Assurance Duty Insurance
The New India Assurance Duty Insurance provides insurance to goods that are imported to India. It is usually given to the party that is favoring the import license insurance. It should be noted that the insurance is not permitted on ‘increased value’ or ‘duty’ after the arrival of the ship at the destination.
New India Assurance Tea Crop Insurance
This policy is issued on the basis of gardens only. However, if a factory does not have any garden, then the policy can be provided on the basis of the factory. The policy provides coverage from physical loss or damage.
New India Assurance Rural Insurance Plans
New India Assurance Cattle Insurance Plan
The New India Assurance Cattle Insurance plan provides coverage to milch cows, bullocks, buffaloes, calves, heifers, and stud bulls. The coverage is provided in case of death due to riots, surgical operations, storms, lightning, cyclone, tempest, and accidents caused due to fire. The plan comes with group discounts and the total sum insured value would depend on the market value of the animals.
The New India Assurance Hut Insurance Plan
This plan is designed to provide coverage to huts in rural areas. The coverage is provided in case of loss or damage caused due to cyclone, lightning, storm, fire, tempest, flood, aircraft, earthquake, an explosion of boiler or gas utilized for domestic purposes, and riots. Usually, this plan is financed by banks, co-op societies, and government institutions.
New India Assurance Travel Insurance Plans
New India Assurance Overseas Mediclaim (Holiday and Business)
This plan can be opted by an individual who is above 6 months and up to 70 years. The premium is paid in Indian rupees but the claim can be settled in any currency. The plan is ideally designed for corporates who are frequently traveling across the country and world. The coverage is provided for medical fees and expenses caused due to any sickness and bodily injuries.
New India Assurance Overseas Mediclaim (ES)
The New India Assurance Overseas Mediclaim can be purchased by individuals between the ages of 6 months and 70 years. The premium is paid in Indian rupees and claims can be settled in any currency. This plan is also made for international travelers who travel for work frequently. The coverage is provided for medical fees and expenses caused due to bodily injuries or sickness. In this policy, $750 is also paid per month as contingency insurance to students throughout the policy period.
New India Assurance Health Insurance Plans
New India Assurance Asha Kiran
This policy is provided to parents who have a single girl child. Under this policy, one can receive benefits like hospitalization, critical care, hospital cash benefit, and personal accident benefits. The age of the girl child should be between 3 months to 2 years and the age of the parent should be between 18 years to 25 years.
New India Assurance Cancer Medical Expn - Individual
The New India Assurance Cancer Medical policy provides coverage to the policyholder and his or her spouse. The sum insured value is provided in multiples of INR 50,000. The maximum sum insured limit is INR 2 lakh. And one is eligible for a 5% of cumulative bonus in years where he or she hasn’t made any claims. This bonus can go up to 50%. Treatment costs are covered by the insurer in this policy.
New India Assurance New Family Floater 2021
The New India Assurance New Family Floater 2021 policy can be availed by any individual who is between the ages of 18 years to 65 years. In this policy, one can get coverage for the entire family. However, it should be noted that a separate sum is insured for every member.
One is also eligible for a family discount of 10% for the total premium paid. This policy is meant to provide financial coverage to individuals and families in the case of unforeseen or unexpected hospitalization expenses.
New India Assurance Global Mediclaim Policy
The New India Assurance Global Mediclaim Policy can be opted by individuals who have a sum insured value of INR 8 lakh and above. New India Assurance policyholders can also get a 5% discount on the premium for this policy if they already have a base health insurance policy by the organization.
The minimum entry age for this policy is 18 years and the maximum entry age is 65 years. It is compulsory for all policyholders to get a pre-policy medical test done before getting this policy. The treatments covered in this insurance plan include heart valve surgery, neurosurgery, cancer surgery, and living organ donor transplant.
New India Assurance Miscellaneous Insurance Plans
New India Assurance Advance Loss of Profit Insurance
This is marine-cum-erection policy, which is also known as the contractor’s all risk policy. This is mainly because one gets coverage in case of any physical damage caused to the property. The expenses are usually covered for replacing or repairing the damaged property. There is no coverage offered in case of losses caused due to delay in inventory loss, government restrictions, or cancellation of license.
New India Assurance Baggage Insurance
This policy provides coverage against any damage caused to the baggage of the policyholder. The coverage is also provided in case of loss or damage caused due to fire, accident, or theft during the time of traveling or stoppages en-route.
You can view some other policies provided by New India Assurance by going through the table mentioned below.
|
A |
Airline Hull Deductible Insurance |
Airline Hull Spares Liability |
Airline Hull Water Excess Liability |
Aviation Hull All Risk |
Aviation Hull War Risk |
Aviation Hull Deductible |
|
Aviation Personal Accident |
Aviation for Spares All Risk |
Aviation LOL (Group Name) |
Aviation Liability Insurance |
Aviation PA (Group Name) |
|
|
B & C |
Bhagyashree Insurance |
Burglary Insurance |
Contractor All Risk Insurance |
Contractors Plant and Machinery |
Carriers Couriers Legal |
|
|
D,E & F |
Directors and Officers Liability |
Electronic Equipment Insurance |
Fidelity Guarantee Insurance |
Fire Declaration |
|
|
|
G,H & J |
Good Health MediClaim |
House Holder Insurance |
Janata PA Sukshma Bima Policy |
Jewelers Block Insurance |
|
|
|
L |
Loss of Profit Insurance (MB) |
Large Risk Project Insurance |
Liability Insurance Act Policy |
|
|
|
|
M |
Machinery Insurance |
Marine Cum Erection Insurance |
MIP2 - Cattle Suraksha Bina |
MIP5 - Pig Sukshma Bima |
MIP6 - Camel Sukshma Bima |
Money Insurance |
|
N & O |
Neon Sign Insurance |
New India Griha Suvidha Policy |
Office Protection |
Other Miscellaneous Non Liability Products |
|
|
|
P & R |
Package Liability |
Package Policy |
Pravasi Bhartiya Bima Yojana |
Plate Glass Insurance |
Personal Accident (Death and PTD) |
|
Product Liability |
Professional Indemnity |
Public Liability Industrial |
Portable Equipment Insurance |
Raasta Aapatti Kavach Policy |
|
S |
Shopkeeper Insurance |
Special Contingency Insurance |
Stand Alone Terrorism Insurance |
Stock Broker Indemnity |
Students Safety Insurance |
|
Students Safety Package |
Standard Fire and Special Perils insurance |
|
|
|
Best Policies of Brand
Now, let’s take a look at some of the best-selling policies of this company. You can find these policies in the list below.
New India Assurance Global Mediclaim Policy
This policy can only be availed by individuals who already have a policy with a total sum insured value of INR 8 lakh or more. The entry age for this policy is between 18 years to 65 years. This policy provides coverage for treatments like bone marrow transplant, heart valve surgery, cancer surgery, neurosurgery, living organ donor transplant, and Coronary Artery Bypass Graft (CABG) surgery. Policyholders can purchase and renew this policy online.
New India Assurance Senior Citizen Mediclaim Policy
The New India Assurance Senior Citizen Mediclaim Policy is provided to all senior citizens living in India. This policy provides coverage to individuals falling between the age bracket of 60 years to 80 years. One can get coverage under this plan for up to 90 years if the policy is renewed without any break. The plan provides protection against pre-existing conditions after 18 months. One can purchase and renew this policy online.
New India Assurance Asha Kiran Policy
The New India Assurance Asha Kiran Policy is one of the most popular health insurance policies in India. This policy provides coverage for all expenses that one can incur during medical treatments or hospitalization. Proper and adequate coverage is provided to the insured person and personal accident coverage is also provided. It is very easy to purchase and renew this policy online.
Other Insurance Companies
The New India Assurance Company FAQs
1. Under the New India Assurance Floater Mediclaim Policy, what is the maximum coverage amount I can get for cataract treatment?
The maximum coverage amount that one can get for cataract treatment in the New India Assurance Floater Mediclaim policy is INR 50,000.
2. Can I get cashless treatment under the New India Assurance Asha Kiran Policy?
Yes, policyholders of the Asha Kiran policy can get cashless treatments at select hospitals under the network of New India Assurance Company Limited.
3. What all is covered in the Mediclaim Policy?
Coverage for illness and diseases resulting in hospitalization and accidental injuries benefit is covered in the Mediclaim policy.
