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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 typePublic sector (Nationalization in 1973)
Establish Date23rd July 1919
HeadquarterMumbai, Maharashtra, India
IndustryInsurance, Financial services
ProductsInsurance
Operates inAll over India and 28 other Countries
Website Addresswww.newindia.co.in

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

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:

  1. 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.
  2. 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.
  3. 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

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?

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

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.

Customer Reviews
Average Customer Rating:
New India Assurance4.5 / 5 ( 18 reviews )
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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