When it comes to general insurance in India, few names command the trust and recognition that New India Assurance Company Limited does. Founded over a century ago, this government-owned entity has become a cornerstone of the Indian insurance sector.
It has withstood the test of time, adapting to economic shifts, regulatory changes, technological revolutions, and evolving customer needs. Its heritage, paired with a strong vision for the future, makes it a leader not only in India but also across international markets.
New India Assurance offers a full range of general insurance products including health, motor, travel, property, marine, liability, industrial and commercial insurance. The company’s presence spans over 20 countries, making it a truly global Indian insurer.
In a world filled with uncertainty, New India Assurance stands as a pillar of financial protection for individuals, families, MSMEs, and corporates alike.
Company Background
The company was founded in 1919 by Sir Dorabji Tata, a visionary industrialist, with the aim of serving Indian businesses with a local insurance option. It started its operations in Mumbai and quickly gained a reputation for fair and ethical practices.
In 1973, New India Assurance was nationalised and brought under the control of the Government of India, further strengthening its trust value among citizens.
From a single office in Bombay to over 2,000 offices across India, the growth story of New India Assurance is legendary.
- 1940s–1960s: Expanded across India and into Asian and Middle Eastern markets.
- 1970s–1980s: Nationalised and aligned with government welfare initiatives.
- 1990s: Diversified product base with the liberalisation of the Indian economy.
- 2000s: Digital transformation began.
- 2017: Became the first general insurance company to go public.
- 2020s: Focus on ESG, digital claims, and data-driven underwriting.
Key Milestones and Business Highlights
- Listed on NSE and BSE in 2017.
- Operating in 28 countries globally through branches, subsidiaries, and agencies.
- Manages over ₹2.5 lakh crore in total assets.
- Has a robust solvency ratio, consistently above the IRDAI threshold.
Mission and Vision
Mission: To provide comprehensive, accessible, and affordable general insurance solutions that meet the evolving needs of customers globally.
Vision: To be the most respected and customer-centric general insurance company, blending tradition with innovation.
Why Choose This Insurance Company
1. Government-Owned with Global Recognition
Being a 100% government-owned enterprise gives New India Assurance unmatched credibility. It ensures adherence to ethical standards, regulatory compliance, and long-term stability.
2. Global Footprint, Local Understanding
While rooted in India, the company has operations in places like the UK, UAE, Fiji, Singapore, and Kenya. This dual presence enables it to blend global best practices with deep knowledge of the Indian market.
3. Diverse Product Range
From rural health policies to complex industrial risk covers, New India Assurance offers a product for almost every insurance need. The breadth and flexibility of its portfolio make it suitable for individuals, SMEs, and large corporations.
4. Competitive Pricing with Customised Options
Premiums are competitively priced and often backed by government subsidies for weaker sections and rural segments. The ability to customise policies with add-ons enhances affordability and relevance.
5. Efficient Claims Handling
It has an extensive network of TPAs, surveyors, and claim officers. Their tech-backed claim systems ensure minimal paperwork and faster resolutions, especially in health and motor segments.
6. Digital Ecosystem
From policy issuance to renewal and claims, everything is available online. The company’s app and web portal are intuitive, multilingual, and equipped with AI chat support.
7. Strong Solvency and Reinsurance Support
The company’s solvency ratio is well above the regulatory requirement, indicating strong financial health. It has reinsurance tie-ups with top global players, ensuring risk mitigation.
8. CSR and ESG Commitment
New India Assurance supports sustainable insurance practices. It actively engages in community outreach, disaster relief, environmental campaigns, and financial inclusion projects.
Product Portfolio Overview
a) Health Insurance
Overview:
New India Assurance provides wide-ranging health plans catering to individuals, families, senior citizens, and corporates. Plans come with add-on covers, cashless hospitalisation, and wellness benefits.
Plans:
- Mediclaim Policy – Individual: Basic hospitalisation cover.
- New India Floater Mediclaim: Covers entire family under one sum insured.
- New India Top-Up Policy: High deductible plan for additional protection.
What is Covered:
- Hospitalisation due to illness or accidents
- Daycare procedures
- Ambulance charges
- Domiciliary hospitalisation
- Organ transplant expenses
What is Not Covered:
- Treatment during waiting periods
- Self-inflicted injuries
- Cosmetic treatments
- Dental procedures (non-hospitalised)
- Injuries under intoxication
b) Car Insurance
Overview:
The company offers comprehensive and third-party liability cover for private cars with optional riders.
Plans:
- Comprehensive Car Insurance: Own damage + third-party liability.
- Standalone Own Damage Cover: Covers vehicle-only damages.
- Third-Party Car Insurance: Mandatory cover for legal liability.
What is Covered:
- Damage due to accidents
- Fire or explosion
- Natural disasters
- Theft or burglary
- Legal liabilities
What is Not Covered:
- Drunk driving
- Driving without a valid licence
- Wear and tear
- Mechanical breakdown
- War or nuclear risks
c) Two-Wheeler Insurance
Overview:
Essential protection for bike riders. Offers flexible premium options and long-term coverage.
Plans:
- Comprehensive Policy: Covers both own damage and third-party liability.
- Third-Party Policy: Legal liability coverage only.
- Multi-Year Policy: Long-term cover up to 5 years.
What is Covered:
- Accidental damage
- Theft and burglary
- Natural calamities
- Fire and explosion
- Third-party injury/property loss
What is Not Covered:
- Racing or rally use
- Drunk driving
- Electrical failures
- Illegal usage
- Driving without helmet or licence
d) Home & Contents Insurance
Overview:
Protects your property and its belongings from various risks like fire, theft, and natural disasters.
Plans:
- Householder’s Insurance
- Standard Fire & Special Perils Policy
- D&O Liability Insurance
- Workmen Compensation Policy
What is Covered:
- Fire and allied perils
- Burglary and theft
- Employee-related injuries
- Legal liability for homeowners
- Natural disasters like floods, earthquakes
What is Not Covered:
- Wilful damage
- Theft without forcible entry
- Cash or securities loss
- Gradual wear and tear
- Uninsured valuables
e) Travel Insurance
Overview:
Provides safety during international and domestic travel. Covers medical and non-medical emergencies.
Plans:
- Overseas Mediclaim (Business & Leisure)
- Student Travel Insurance
- Frequent Flyer Corporate Policy
What is Covered:
- Hospitalisation abroad
- Personal accident
- Passport/baggage loss
- Trip cancellation
- Legal liability
What is Not Covered:
- Travel against medical advice
- Drug/alcohol-related issues
- Participation in adventure sports
- HIV/AIDS treatment
- Self-inflicted injuries
f) Business & SME Insurance
Overview:
Tailored insurance packages for micro, small, and medium enterprises.
Plans:
- Shopkeeper’s Package
- SME Policy
- Commercial Property Insurance
What is Covered:
- Building and contents damage
- Fire, flood, or theft risks
- Business interruption
- Employee injury coverage
- Liability protection
What is Not Covered:
- Business run from unapproved locations
- Lack of maintenance
- Exclusions specified in the policy
- Fraudulent claims
- Poor risk disclosures
g) Commercial Marine Insurance
Overview:
Secures cargo and marine ventures from port-to-port risks.
Plans:
- Marine Cargo Open Policy
- Marine Hull Insurance
- Stock Throughput Policy
What is Covered:
- Cargo damage/loss
- Fire or explosion at sea
- Accidents during transit
- Piracy risks
- Loading/unloading damage
What is Not Covered:
- Delay in transit
- Inadequate packing
- Smuggling or contraband goods
- War risks
- Unseaworthy vessels
h) Fire Insurance
Overview:
Protects immovable and movable property from fire and other perils.
Plans:
- Standard Fire Policy
- Industrial All Risk Cover
- Loss of Profit due to Fire Policy
What is Covered:
- Fire, lightning
- Explosion/implosion
- Floods, storms
- Earthquake
- Riot or strike
What is Not Covered:
- Short-circuit damage
- Arson
- Intentional damage
- War/nuclear damage
- Gross negligence
i) Commercial General Liability Insurance
Overview:
Coverage against third-party claims due to business operations.
Plans:
- Public Liability Policy
- Product Liability Policy
- Commercial General Liability (CGL)
What is Covered:
- Bodily injury to public
- Property damage
- Product malfunction injuries
- Medical costs
- Legal defence
What is Not Covered:
- Employer liability
- Cyber attacks
- Criminal fines
- Known defects
- Contractual liabilities
j) Industrial Insurance
Overview:
Comprehensive protection for large industrial units and infrastructure.
Plans:
- Machinery Breakdown Insurance
- Boiler Explosion Policy
- Contractors’ All Risk (CAR)
What is Covered:
- Sudden machinery breakdown
- Structural damage during construction
- Fire and explosion
- Electrical faults
- Natural calamities
What is Not Covered:
- Gradual damage
- Obsolete equipment
- Non-disclosure
- Misuse or negligence
- War or terrorism
Claims Process
New India Assurance provides a transparent and efficient claims process, designed for ease and speed.
Steps:
- Inform the company immediately after the incident.
- Register the claim online or offline.
- Submit required documents and FIRs (if applicable).
- A surveyor is appointed for inspection.
- Claim is verified and paid via bank transfer.
Renewal Process
The New India Assurance renewal process is quick, paperless, and can be completed online within minutes.
Steps:
- Visit the official website.
- Click on “Renew Policy”.
- Enter your policy number.
- View and verify details.
- Make payment and receive the new policy instantly.
Distribution Network
New India Assurance’s distribution model includes 2,000+ offices, 16,000 agents, bank tie-ups, and corporate partners.
- Community Engagement: Hosts free insurance literacy camps, especially in rural areas.
- Green Insurance: Promotes e-policies and paperless onboarding.
- Health Initiatives: Offers wellness add-ons and organises free check-up camps.
Awards and Recognitions
- “Best General Insurance Company – Public Sector” by multiple industry bodies
- ISO 9001 certified operations
- Recognised for prompt claims settlement by IRDAI
- AM Best rating of A- for financial strength
- Awarded for corporate governance and ESG leadership
Final Thoughts:
New India Assurance is more than just an insurance company—it’s a symbol of trust, resilience, and nationwide service. With over a century of excellence, Government ownership, and world-class insurance products, it remains a go-to choice for individuals, families, and businesses alike.
If you are looking for insurance that combines legacy with modern service, look no further than New India Assurance.
