The New India Assurance Co. LtdThe New India Assurance Co. Ltd. is one of the oldest general insurance companies and has general insurance operations in 20 countries. For the sixth consecutive year the Company has been rated "A-" (Excellent) by M/s. A.M. Best Europe Ltd. Different types of products offered by New India Assurance are Personal Insurance, Commercial Insurance, Industrial Insurance, Liability Insurance and Social Insurance.
Products offered by The New India Assurance Co. Ltd
A) Health Insurance: Health Insurance generally covers the hospitalization expenses arising due to illness or accident. New India Assurance Co. Ltd has Mediclaim policy for individual and family floater. Some of the key features of the Mediclaim policy are Entry age 18 years to 60 years, Pre-existing disease get covered after 4 years, discount in premium for family cover and Cumulative Bonus. Like the Medicare Policy, New India Assurance has Senior Citizen Mediclaim policy, which is specifically designed for senior citizens. Entry age for Senior Citizen policy is 60 years to 80 years and it can be renewed up to 90 years. Other products in personal insurance category are personal accident cover which covers the policyholder against the risk of accident, overseas Mediclaim policy covers the medical expenses incurred outside India and motor insurance policy available for private and commercial vehicles.
B) Commercial Insurance: Commercial Insurance specially designed for commercial products. New India Assurance commercial products includes -
- Jewelers Block policy which is specially designed for Jewelers' and diamontaires.
- Shopkeeper's Policy specially designed for small shopkeepers and it has total 11 sections like Building & content policy, Burglary & Housebreaking, Money Insurance, Pedal cycles, Plate Glass, Neon Sign/Glow Sign, Baggage, Personal Accident, Fidelity Guarantee, Public Liability, Loss of Profit.
- Marine Cargo covers the Goods, freight & other interest against loss or damage to goods while being transported by rail, road, sea or air.
- Neon Sign Insurance covers the loss or damage to the neon sign installation.
- Multi Peril Policy for LPG Dealers policy specially designed to meet the requirements of LPG Dealers.
- Fidelity Insurance Policy covers the employer if any direct financial loss happens because of employee dishonesty.
C) Industrial Insurance: Industrial Insurance specially designed to meet the Industrial insurance requirements. Products offered under Industrial insurance are:
- Fire Policy covering the property against damage to the property due to fire.
- Burglary Policy designed to cover business premises like godown, factory, office etc. There are three types of policies available - Full Value Insurance, Fire loss insurance and Stock declaration policies.
- Machinery breakdown policy covers financial loss incurred by the insured due to loss or damage to machinery as a result of accidental electrical and mechanical breakdown.
- Electronics equipment policy specially designed to cover accidental loss or damage to electronic equipment.
- Contractor's All Risk Policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
- Contractor Plant & Machinery Policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy.
D) Liability Insurance: Liability Insurance covers the risk of any legally liability payable to third party by the insured. Products come Liability Insurance are:
- Public Liability covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury.
- Product Liability policy covers all sums which the insured becomes legally liable to pay as damages due to any accident, badly injury etc.
- Professional indemnity policy covers liability falling on them as a result of errors and omissions committed by them.
- Employers Liability policy covers liability of an employer for the death of or bodily injuries sustained by the workmen arising out of and in course of employment.
- Carrier Liability policy Pay all sums for which the insured shall become legally liable as compensation for physical loss or destruction of or damage to goods while in transit including during loading or unloading.
E) Social Insurance: Social Insurance policy is designed to cover the large number of society instead of individual or a small group of members. Products under this category are:
- Universal Health Insurance Scheme for BPL family policy specially designed for BPL families and covers the hospitalization expenses.
- Jan Arogya Bima Policy is designed to provide cheap medical insurance to poorer sections of the society. The age limit is 5 to 70 years..
- Raj Rajeshwari Mahila Kalyan Yojana policy is a personal accident insurance scheme which provides economic security to women irrespective of their income, occupation or vocation.
- Bhagyashree Child Welfare policy is intended to provide insurance cover to one girl child in a family who loses either the father or the mother due to accidental death.
- Janata Personal Accident Insurance Policy pays specified benefits if the insurance sustains bodily injury resulting solely and directly from accident caused by outward violent and visible means. This policy provides compensation in the event of death or permanent disability.
- Student Safety Insurance is available to schools, colleges or other educational institutions. The policy is issued in the name of the Institution. The claim amount is payable to the parent/guardian as recorded in the school register. All students are to be covered.
- Rural insurance special design for farmers. It includes animal insurance and agriculture product insurance.
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