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New India Assurance

The New India Assurance Company was introduced by Sir Dorab Tata from the house of TATAs. This company was established on 23rd July, 1919. Nationalization of the New India Assurance Company took place in 1973 along with the collaboration of other Indian companies.

New India Assurance’s Indian business touched Rs 10,000 crores (Rs 100 billion) in 2012-13.

The New India Assurance has been conferred an AAA/Stable rating by CRISIL, which is a reflection of the company’s financial stability and solubility, which in turn talk about the strong ability of the company to fulfill the claims of their customers. Moreover, New India Assurance is the only direct insurer in India rated A - (Excellent - Stable outlook) by AM Best.

The New India Assurance Company Limited

Company Name	The New India Assurance Company Limited
Company type	Public sector (Nationalization in 1973)
Establish Date	23rd July 1919
Headquarter	Mumbai, Maharashtra, India
Industry	Insurance, Financial services
Products	Insurance
Operates in	All over India and 28 other Countries
Website Address	www.newindia.co.in

Health Insurance Plans in November 2024

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Reliance General Insurer

Amount Covered: ₹ 1 Lakh

Deal Price: ₹ 2,094 / Year

Waiting period: 4 yrs

Present position of New India Assurance Company

The below pointers indicates the present position of the New India Assurance Company:

Global Gross Premium for FY 2016-17 was Rs.22279 crores
Global Gross Premium for FY 2017-2018, ended 30th June 2017 is Rs.6132 crores.
As on 30th June 2017, the Profit before Tax and after tax is Rs.601 crores and Rs.499 crores respectively.
The Net worth of the company as on 30th June 2017 is at Rs.37593 crores
The investments at Market value is Rs.56305 crores
The asset base is Rs.72576 crores.
Claims Ratio for Financial Year 2018-19:
- Motor: 87.54%
- Health: 103.74%

New India Assurance Company Vision Mission

The New India Assurance Company wishes to be the most preferred and trusted amongst the other non-life insurance companies in the overall domestic as well as international markets where it operates
This Company aims to grow its general insurance business globally
This Company aims to offer financial security to the various groups such as trade, commerce, individuals and others. This can be possible by making available various insurance products and services of excellent quality at a reasonable rate.

New India Assurance Products and Services

Miscellaneous Insurance

Some of the Miscellaneous Insurance plans offered by the New India Assurance Company are mentioned below.

Advance Loss of Profit Insurance: This is Marine-cum-Erection or Contractor's all Risk policy that offers coverage only for any physical damage caused to the property. These expenses incurred are mainly covered for repairing or replacing the damaged property. This plan doesn't offer coverage due to a delay caused by inventory loss, cancellation of licence, Govt. restrictions etc.
Baggage Insurance: This policy is designed to offer coverage against any damage caused to the insured's baggage or his family's personal accompanied baggage. It also offers coverage for loss or damage caused because of fire, theft or accident at the time of the travelling including stoppages en-route, anywhere in India.
Bankers Indemnity: This is a package policy introduced majorly to cover the risks in the banking sector. It is a single policy that covers all branches in India of the particular bank. For any banks that have less than 500 branches in total, a discount in premium is offered. This plan comprises of total 8 sections including forgery or alteration, appraisers, janata agents, dishonesty, hypothecated goods, in transit and on premises sections.

Mentioned below are some other miscellaneous plans offered by New India Assurance. To know in detail about these plans, kindly visit the official website.

Some Other Miscellaneous Plans Offered by New India Assurance
Airline Hull Deductible Ins	Airline Hull Spares Liability	Airline Hull War Excess Liab	Aviation - Hull All Risk	Aviation - Hull Deductible
Aviation - Hull War Risk	Aviation - Personal Accident	Aviation for Spares All Risk	Aviation Liability Insurance	Aviation LOL (Group Named)
Aviation PA (Group Named)	Bhagyashree Insurance	Burglary Insurance	Carriers Couriers legal	Contractor All Risk Insurance
Contractors Plant & Machinery	Directors & Officers liability	Electronic Equipment Insurance	Fidelity Guarantee Insurance	Fire Declaration
Good Health Mediclaim	House Holder	Householders Insurance	Janata PA Sukshma Bima Policy	Jewellers Block Insurance
Large Risk Project Insurance	Liability Insurance Act Policy	Loss of Profit Insurance (MB)	Machinery Insurance	Marine Cum Erection Insurance
MIP2- Cattle Suraksha Bima	MIP5- Pig Sukshma Bima	MIP6 – Camel Sukshma Bima	Money Insurance	Neon Sign Insurance
New India Griha Suvidha Policy	Office Protection	Office Protection	Other Misc Non Liab Products	Package Liability
Package Policy	Package Policy	Personal Accident (Death & PTD)	Plate Glass Insurance	Portable Equipment Insurance
Pravasi Bhartiya Bima Yojana	Product Liability	Professional Indemnity	Public Liability - Industrial	Raasta Aapatti Kavach Policy
Shop Keeper	Shopkeepers Insurance	Special Contingency Insurance	Stand Alone Terrorism	Standard Fire and Special Perils
Stock Broker Indemnity	Students Safety	Students Safety Package

Health Insurance

Any kind of illness can turn things upside down in your life. With medical expenses going over the roof top, health insurance can help you to maintain financial stability. Having a health insurance plan is the best way you can ensure there are enough funds to take care of all the medical costs in case of any uncertainties that life may throw upon you or any of your family members. Know more about Health Insurance provided by New India Assurance.

Some of the Health Insurance products offered by New India Assurance are mentioned below:

New India Asha Kiran: Do you have a daughter child? This policy is meant for parents with Girl Child Only. All the expenses of hospitalization, hospital cash benefit, critical care benefit and personal accident benefits are covered. The age of a girl child can be in between 3 months to 2 years, while the age of the parent can in between 18 years up to 25 years.
Cancer Medical Expn- Individual: This policy offers coverage to the insured as well as his/her spouse. The sum insured for this plan available is in multiples of Rs.50,000/-. The maximum sum insured limit is Rs.2 lakh. In case of each claim free year, you get eligible for 5% cumulative bonus. This bonus can go as high as 50%. In case your spouse or the insured contracts cancer during the policy term, then surgery, biopsy, radiotherapy, rehabilitation expenses are paid to the insured up to the sum assured by New India Assurance.
Family Floater Mediclaim: (No fresh policies issuance only renewal) This plan covers the whole family i.e. you, your spouse, dependent children (maximum 2) with a single sum insured of minimum 2 Lakhs to a maximum of 5 Lakhs. It is available to people of age between 18 years to 60 years.
Jan Arogya Bima: This policy is mainly introduced for the lower class of the society. It offers a lower sum insured of Rs.5,000 per person. Any individual or a family may opt for this type of health insurance policy. Here benefits such as cumulative bonus as well as medical check-up benefits are not offered. Section 80D of the Income Tax Act offers a tax benefit for premium paid up to Rs.10,000. Service tax is not applicable to this policy.
Janata Mediclaim: This policy covers the hospitalization cost of individuals between age 18yrs up to 60yrs and children between ages of 3months to 18yrs. The expenses incurred are covered up to the Sum Insured value.
New Family Floater 2012: This type of health insurance policy can be opted by anyone between the age of 18 to 65 years. Under this one policy you can cover your entire family, however the policy makes it a mandate to take a separate sum insured for each member. Besides, you also get eligible for a family discount of 10% for the total premium paid. Basically, this policy is introduced to offer you coverage in case of unforeseen hospitalization expenses.
New India Global Mediclaim Policy: You can opt for this health insurance plan in case you have a sum insured of Rs.8 lakh and above. New India offers a discount of 5% on the premium if you have a base health insurance policy with them. This type of health insurance policy can be opted by anyone between the ages of 18 to 65 years. This policy makes its every proposal mandatory to undergo a 100% pre-policy medical test. Treatments covered under this plan are Neurosurgery, Cancer Surgery, Heart Valve Surgery, Living Organ Donor Transplant, etc.
New India Mediclaim Policy: This type of health insurance policy can be opted by anyone between the age of 18 to 65 years. Under this policy you can cover your entire family, however the policy makes it a mandate to take a separate sum insured for each member. This plan allows to cover minimum one and maximum six family members.
New India Top up Mediclaim: This plan covers In-Patient hospitalization expenses, if the expenses exceeds the "Threshold". It covers each and every hospitalization cost after the previous hospitalization exhausted the sum insured or the "Threshold".
Senior Citizen Mediclaim: All senior citizens need a health insurance plan. This plan is designed keeping senior citizen in mind, having age of 60 years up to 80 years. It covers pre-existing disease but have a waiting period of 18 months.
Universal Health Insurance: This health insurance policy offered by New India Assurance Company is made available only for a group that has more than 100 families. This policy covers all the eligible members under one group as that of the insured. It offers hospitalization benefits such as room expenses up to 0.5% of the total sum insured per day and up to 1% of the sum insured if admitted in an ICU. This plan also covers specialist's fees, surgeon, anaesthetist, nursing fees, etc. up to 15% of the sum insured per illness.
Universal Health Insurance BPL: This health insurance policy offered by New India Assurance Company can be opted by both individuals as well as groups. In case of an individual health insurance policy, the policy issuance is done under the name of the earning head of the family mentioning the details of the other insured members. In case of a group policy, the policy issuance is done under the name of the group/ institution or association mentioning the details of the eligible family members. It offers hospitalization benefits such as room expenses up to 0.5% of the total sum insured per day and up to 1% of the sum insured if admitted in an ICU. This plan also covers specialist's fees, surgeon, anaesthetist, nursing fees, etc. up to 15% of the sum insured per illness. This plan also offers maternity benefit of one child only by offering Rs.2, 500 in case of a normal delivery and Rs.5,000 in case of a C-section.

Travel Insurance

Whether you are planning a family vacation or a single business trip, the New India Assurance travel insurance offers different policy to meet your needs. New India Assurance's Travel Insurance covers on-travel risks from medical emergencies to lost baggage or stolen passport.

New India Overseas Mediclaim (Business and Holiday): Any person above 6 months and up to 70 years can opt for this plan. If you buy this plan, the premiums should be payable in Indian rupees and claims, if any, should be settled only in foreign currency in foreign countries. This plan is mainly designed for corporates who are frequent travellers. The insurer will compensate you for medical fees and expenses caused as a direct result of any bodily injuries or sickness outside India.

New India Overseas Mediclaim (ES): Any person above 6 months and up to 70 years can opt for this plan. If you buy this plan, the premiums should be payable in Indian rupees and claims, if any, should be settled only in foreign currency in foreign countries. This plan is mainly designed for corporates who are frequent travellers. The insurer will compensate you for medical fees and expenses caused as a direct result of any bodily injuries or sickness outside India. $750 per month is offered as a contingency insurance to students during the policy period.
New India Overseas Mediclaim (PZ): Any person above 6 months and up to 70 years can opt for this plan. $750 per month is offered as a contingency insurance to students during the policy period. It is a mandate to buy this travel insurance plan before flying abroad. This plan is offered only if the trip is over 60 days provided the insured visiting USA/Canada is above 60 years and visiting countries excluding USA/Canada is above 70 years.

Rural Insurance

Some of the Rural Insurance plans offered by the New India Assurance Company are mentioned below:

Cattle: This plan covers stud bulls, bullocks, calves/ heifers, milch cows and buffaloes etc. It offers coverage in case of death due to surgical operations, riots, strikes, accidents caused due to fire, storm, lightning, cyclone, tempest, etc. This plan also offers group discount. Here, the market value of the animal would be the amount of sum insured.
Hut Insurance: This plan is designed to offer coverage to the dwelling huts in rural areas. It covers any loss or damage caused due to storm, lightning, cyclone, tempest, fire, flood, earthquake, aircraft, explosion of boiler or gas utilized for domestic purposes, riots etc. The Banks/ Govt. institutions/ co-op societies usually finance for this plan.
Poultry Insurance: This plan offers indemnity in case of death of birds because of accidents due to fire, storm, earthquake, cyclone, act of terrorism, or any diseases contracted. This plan is applicable only to broiler birds, layer birds, hatchery etc.

Mentioned below are some other rural plans offered by New India Assurance. To know in detail about these plans, kindly visit the official website:

Silkworm insurance
Sheep and goat insurance
Dog insurance
Duck insurance
Elephant insurance

Marine Insurance

Some of the Rural Insurance plans offered by the New India Assurance Company are mentioned below:

Charters Liability Insurance: This is a yearly policy that covers the liabilities of the Charters. The liability may occur due to employment of the ship hired. This is mainly because the charters are responsible for the safety of the ship or the vessel. The only condition laid here is that the ship or the vessel should be covered under the Hull and Machinery Policy to issue a Charterers Liability Policy.
Duty Insurance: This plan is offered only on goods imported to India and is usually given to the party favouring the import license issuance. Insurance is not permitted on “Increased Value” or “Duty” after arrival of carrying the ship to the destination port.
Tea Crop Insurance: These policies are to be issued garden-wise only. However, if the factories do not have any gardens, policies may be issued factory-wise. Basically, the tea crop insurance is offered to cover the tea crop from any physical loss or damage.

Mentioned below are some other marine insurance plans offered by New India Assurance. To know in detail about these plans, kindly visit the official website:

Open Cover Agreement
Open Policy
Ship Breaking Insurance
Port Package Policy
Annual Turn Over Policy

Two Wheeler Insurance

New India Assurance offers two different types of two-wheeler insurance policies which gives the owner of the insured vehicle a complete peace of mind. This policy covers all the eligible members under one group as that of the insured.

New India Liability Only Bike Insurance Policy: This policy is mandatory by the Motor Vehicle Act 1988. It covers death, any injuries or property damages to the third party. Liability is covered for an unlimited amount in respect of death or injury and damage to the third party property for Rs.7.5 lakhs.
New India Bike Package Policy: This comprehensive package policy for your two-wheeler covers any loss or damage incurred to the insured vehicle; and additionally covers third party liability. New India Assurance also provides few add-on covers to boost up the core policy. It covers natural calamities such as earthquake, flood, cyclone, etc., man-made calamities such as riots, strike, terrorist act, malicious act, etc., theft, accidental external means etc.

Car Insurance

New India Assurance offers 2 types of insurance policies for private vehicle. This gives the owner of the insured vehicle a complete peace of mind. Below are the 2 types of car insurance offered:

New India Liability Only Car Insurance Policy: This policy is mandatory by the Motor Vehicle Act 1988. It covers death, any injuries or property damage to the third party. Liability is covered for an unlimited amount in respect of death or injury and damage to the third party property for Rs.7.5 lakhs.
New India Private Car Package Policy: This comprehensive package policy for private car covers any loss or damage incurred to the insured vehicle; and additionally covers third party liability. New India Assurance also provides few add-on covers to boost up the core policy. It covers natural calamities such as earthquake, flood, cyclone, etc., man-made calamities such as riots, strike, terrorist act, malicious act, etc., theft, accidental external means etc.

Commercial Vehicle Insurance

All types of commercial vehicles can buy this plan.

New India Liability Only Insurance Policy: This is the mandatory third party liability policy as per the regulations of the Motor Vehicles Act, 1988. The policy covers any financial liability, which arises if your vehicle causes death, bodily injury to a third party or damages to the surrounding property belonging to a third party.
New India Package Policy: This is a comprehensive commercial insurance policy, which covers the mandatory third party financial liability as well as damages faced by the vehicle. It covers natural calamities such as earthquake, flood, cyclone, etc., man-made calamities such as riots, strike, terrorist act, malicious act, etc., theft, accidental external means etc.

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Factors Determining New India Assurance Policy Premium

Here are the key factors which determine the premium for New India Insurance Policy:

1. Cover Amount - The premium is highly dependent on the cover amount chosen during inception of the policy.

2. Age - It is advisable to purchase an insurance plan at an early age. When you are young, there are fewer chances of contracting diseases. In addition, the premium offered by insurers is lower in comparison to the premium set for older age groups.

3. Gender - Many insurers provide additional discounts for female insured lives.

Premium Payment process of New India Assurance Company

Online Payment Process

The New India Assurance General Insurance has made the online payment facility available for their customers. It is the most convenient way that permits the customer to pay premiums in just a few clicks. You can quickly make the payment through the online medium. All you need to do is opt for quick payment, enter the customer ID and the approved quote number. Further, make the payment using either net banking/ credit or debit card. Once you make the payment, in no time, the policy would be issued.

Offline Payment Process

The New India Assurance General Insurance Company also offers offline payment service for their customers who aren't tech-savvy. Mentioned below are the different modes of payments to be used in case of offline method:

Payment collection centre
Company branch
Drop boxes
Cash/ Cheque collection centre
Agents representing New India Assurance General Insurance Company
Insurance brokers representing New India Assurance General Insurance Company

How to File a Claim with New India Assurance?

The process varies across products. The health insurance claim process is different from that of the motor or marine insurance claims process. The following steps are common for all insurance products:

In case of an accident or medical emergency, it is advisable to inform New India Assurance as soon as possible. For health and motor insurance, you can select a cashless or reimbursement process.
You will be required to fill the product specific claim form and furnish the relevant documents including the originals. You can upload the documents and the form on the official website of New India Assurance. You can also email claim form plus the documents at tech.support@newindia.co.in.
Once the claim form and the relevant documents have been submitted, the company will begin the process of verification and claim settlement.

New India Assurance Renewal

Online Renewal Process at New India Assurance Company

You can quickly make the payment through the online medium for renewing your New India Assurance General Insurance Company. All you need to do for quick payment is enter the customer ID, the renewed quote no., old policy number. Check your details thoroughly and then save the quote. Further, make the payment using either net banking/ credit or debit card. Once you make the payment, in no time, the policy would be issued. You may contact them on tech.support@newindia.co.in

Compare Insurance Plans Provided by other Insurers with New India Assurance

There are many general insurers today in the market. However, the below mentioned reasons make New India Assurance General Insurance Company win the game over the other insurers. Let’s have a look at them:

SBI General Insurance Company doesn’t offer marine insurance, rural insurance and miscellaneous insurance. However, the New India Assurance General Insurance Company does offer a varied range of these products at a reasonable rate.
This Company has been a leader in the market so far, apart from the premiums, net worth and more. This is one reason you should renew your insurance plans through The New India Assurance Company.

Awards and Achievements of New India Assurance Company

Awards Won by New India Assurance Company

The New India Assurance Company won the Golden Peacock Business Excellence Award in the year 2017
The New India Assurance Company won the India Insurance Summit – Insurance Company of the year Award in 2017
The New India Assurance Company won the Dun & Bradstreet BFSI Awards - India's Leading Insurance Company- Non-Life Public Sector Award in 2017
The New India Assurance Company won The Indian Insurance Awards - General Insurance Company of the Year in 2016
The New India Assurance Company won the Golden Peacock Corporate Governance Award in the year 2016
The New India Assurance Company won the Golden Peacock Excellence Innovative Product-Service Award in the year 2016
The New India Assurance Company won the Indian Insurance Awards E-Business Leader -General Insurance Award in the year 2016
The New India Assurance Company won the Dun & Bradstreet PSU Awards - Non-Life Insurance Award in 2016
The New India Assurance Company won Outlook Money Awards – Best Health Insurer in 2015

Below are the Awards won by the CMD

India Insurance Summit - Lifetime Achievement Award Mr. G. Srinivasan in the year 2017
Asia Insurance Review - Personality of the Year Award in the year 2016
Lokmat BFSI Awards for Outstanding Contribution to the Industry in the year 2015
Skoch Award for Stellar Performance as a Leader in the year 2014

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New India Assurance FAQs

What kinds of policies are available online with New India Assurance Company Limited?

The New India Assurance General Insurance Company offers various insurance products online as mentioned below:

The New India Assurance Health Insurance
The New India Assurance Miscellaneous Insurance
The New India Assurance Motor Insurance
The New India Assurance Rural Insurance

How to renew New India Assurance policy online?

Why should you buy New India Health insurance Policy?

A health insurance plan has become a very important requirement in every individual's financial portfolio. Below are the reasons why you must buy New India Assurance Health Policy:

It offers a plan for senior citizens that covers the pre-existing diseases after specific time .
It offers a personal accident policy to compensate the insured person who has suffered bodily injury due to an accident.

Why should you buy New India Car Insurance Policies?

Car insurance is clearly one of the smartest ways of financially protecting your car. Below are the reasons why you must buy New India Assurance Car Insurance Policy:

The New India third party insurance covers death, any injuries or property damages to the third party. Liability is covered for an unlimited amount in respect of death or injury and damage to the third party property for Rs.7.5 lakhs.
Offers comprehensive car insurance policy, which covers the mandatory third party financial liability as well as damages faced by the car.

What is the eligible age to avail a New India Health Insurance Mediclaim Policy?

Eligible individuals should be between the age of 18 years and 65 years. Children between the age of 3 months and 18 years are covered provided one or both parents are covered concurrently.

What is the tax benefit that can be availed under a New India Assurance Policy?

Premiums paid towards a mediclaim plan is eligible for tax deduction under Section 80D of the Income Tax Act, 1961. A policyholder can claim a deduction of up to Rs 25,000 for him/herself, spouse, and children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000 if parents are aged above 60. If both the taxpayer and the parent are aged more than 60 years, the maximum deduction that can be availed under this section is Rs. 1,00,000.

How can you file a claim with the New India Assurance?

You need to contact New India Assurance immediately and intimate a claim (1800-209-1415 or techsupport@newindia.co.in). Download the claim form and submit the same with the requested relevant documents.

What are the factors that determine New India Assurance Premium?

The premium depends on age, policy term, policy paying term, lifestyle habits, type of plan and sum insured/assured for New India Assurance Plans.

Customer Reviews

Average Customer Rating:

New India Assurance: Buy General Insurance Online

4.5 / 5 ( 19 reviews )

Namrata

Excellent service

Got very good general insurance package from coverfox team. Happy with the service.

06 Apr 2020

Rajesh Parulekar

Great Platform

Very well laid out site and performs a detailed comparison and provides a clear breakdown of the insurance offerings from the search results. The support staff is very friendly and provides the support to help you complete the purchase.

28 Jan 2020

New India Assurance

New India Assurance

The New India Assurance Company Limited

Health Insurance Plans in November 2024

Present position of New India Assurance Company

New India Assurance Company Vision Mission

New India Assurance Products and Services

Types of Insurance Offered by Coverfox

Factors Determining New India Assurance Policy Premium

Premium Payment process of New India Assurance Company

Online Payment Process

Offline Payment Process

How to File a Claim with New India Assurance?

New India Assurance Renewal

Online Renewal Process at New India Assurance Company

Compare Insurance Plans Provided by other Insurers with New India Assurance

Awards and Achievements of New India Assurance Company

Awards Won by New India Assurance Company

Below are the Awards won by the CMD

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New India Assurance FAQs