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What products they offer and their sub policies and plans 3. Then come to motor insurance 4. Everything about motor insurance, ok?? 5. Then incase of claim 6. Steps after registering 7. And other available info about motor insurance..
What is Insurance ?
It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event.
History Present Position International Presence Our Strengths Pioneers Citizens' Charter
stablished by Sir Dorab Tata in 1919, New India is the first fully Indian owned insurance company in India. New India was a pioneer among the Indian Companies on various fronts, right from insuring the first domestic airlines in 1946 to satellite insurance in 1980. The latest addition to the list of firsts is the insurance of the INSAT2E. With a wide range of policies New India has become one of the largest nonlife insurance companies, not only in India, but also in the Afro-Asian region. History
Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member - Sir Dorab Tata. Nationalised in 1973 with merger of Indian companies.
Gross Premium (in India) of Rs. 5017.20 crores in the year 2006-2007, as against Rs. 4791.49crores in the year 2005-2006. Assets Rs. 27444.57crores as on 31st March 2007. Network of Offices-26 Regional Offices, 393 Divisional Offices, 614 Branches and 34 Direct Agent Branches. Rank No. 1 in the Indian market. Largest Non-Life insurer in Afro-Asia excluding Japan. First Indian non-life company to cross Rs. 5000 crores Gross Premium. Global Re-insurance facilities. Over-seas presence in countries like Japan, U.K, Middle East, Fiji and Australia.
Overseas operations commenced in 1920. Operations in 24 countries in the year 2004-05. Network of 19 Branches, 12 Agencies, 2 Associate companies and 2 Subsidiary companies in the year 2004-05. Overseas Premium of Rs. 892.35 crores in the year 2004-05, which accounts for more than 80% of total overseas premium in India.
Largest number of Offices - In India and Abroad Trained and technically qualified staff 1068 fully computerised offices across India. "A-" (Excellent) rating by A.M.Best & Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position Only company to develop significant International operations, long record of successful trading outside India.
First company to set up an Aviation Insurance Department in 1946. First company to handle the Hull Insurance requirements of the Indian Shipping Fleet. First company to establish its own Training School. First company to introduce the concept of 'Model Office Training'. First company to create department in Engineering insurance. Pioneer in Satellite insurance.
Our Mission To develop general insurance business in the best interest of the community. To provide financial security to individuals, trade, commerce and all other segments of the society by offering insurance products and services of high quality at affordable cost Our Values Highest priority to customer needs. High standards of public conduct. Transparency in operations. Our Commitment to the citizens We will respond to all commercially viable general insurance requirements of the citizens, including products for weaker sections of the society at affordable price within three months from the date on which such a requirement is received. We will ensure issuance of 100% of documents within a period of seven days. We will ensure that prospectus of the various insurance products are provided to the customers and the extent of coverage is explained for his choosing the appropriate product. A written proposal will be obtained from the insured wherever necessary and accordingly the policy will be prepared. We will settle all claims within a time schedule envisaged hereunder: A. Personal line insurance claims within 30 days on completion of all requirements. B. Property claims within 30 days on completion of all requirements. C. Liability claims within 30 days on completion of process of law. We will promote customer education in general insurance products/services by holding workshops in various centers. We will open a customer service cell in all ROs/DOs in addition to the existing 'May I Help You' counters.
Workforce Employee Strength
Category Total Number of Employees Function
Class I 4913 Supervisory
Class II 3073 Developmen t Force
Class III 10050 Clerical/Secr etarial
Class IV 2238 Substaff/Driv ers
P. T. S. 412
Training: Corporate Set Up Name Designation Direct Tel. Off: 02227081 00 Email nsr.chardraprasad@newin dia.co.in
Mr NSRC Director and Prasad General Manager
Fax: 02226722 41
Mr. N. Toppo
Dy Gen. Manager
Off: 02226758 23
Resi: 02236850 04
Fax: 02226970 44
Mr. Atul Sahai
Off: 02227083 02
Resi: 02226285 31
Fax: 02227004 72
Intermediary Brokers Third Party Administrators (TPA) Agents Surveyors
Agents How To Become An Agent. Age: Completed 18 years. Qualification: Minimum qualification of pass in 12th standard or equivalent examination conducted by any recognized Board or Institution in places where there is a population of five thousand or more (As per 1991 census), otherwise a pass in 10th standard or equivalent examination from recognized board or institution if the applicant resides in any other place. Training: Practical training will be of 100 hours at our IRDA approved training centers and 150 hours of training in case of composite ( life and general) insurance agency. Training is to be spread over 3 weeks and 4 weeks respectively. There is relaxation of hours to 50 and 70 respectively in case he posses certain extra professional qualification. In case of 2nd renewal of licenses for existing agents, the hours of training required is 25 and 50 respectively. Insurance Examination: Pass in examination with 50% marks to be conducted by Insurance Institute of India, Mumbai, or other body approved by IRDA for 100 marks in 2 hours on course IC-34. An interview by insurance company is to be conducted after the examination; for 25 marks. The agent has to score minimum of 15 marks to be successful in the interview. License fee of Rs 250/- payable to IRDA and Rs.150/- for renewal license. The bank draft to be submitted to designated person through reporting office alongwith the Application Form.
Third Party Administrators (TPA) The job of a TPA is to maintain databases of policy holders and issue them identity cards with unique identification numbers and handle all the post policy issues including claim settlements. In terms of infrastructure, the TPAs run a 24-hour toll-free number, which can be accessed from anywhere in the country. And they will have full-time medical practitioners under their employment who will immediately take a decision on whether the ailment is covered under the policy.
TPA license can be granted to any company registered under the Companies Act 1956. IRDA, which licenses and regulates these TPAs, has specified stiff entry norms some of which include a minimum capital requirement of 1 Crore, capping the foreign equity at 26% etc. License is usually granted for a period of 3 years. Below is an overview of the activities of TPA All the records of medical insurance policies of an insurer will be transferred to the TPA. TPA may issue identity cards to all the policy holders, which they have to show to the hospital authorities before availing any hospitalisation services. In case of a claim, policy holder has to inform TPA on 24 hr toll free line provided by the TPA. On informing the TPA, policy holder will be directed to a hospital where the TPA has a tied up arrangement. However policy holder will have the option to join any other hospital of his choice, but in such case payment shall be on reimbursement basis. TPA issues an authorisation letter to the hospital, for the treatment wherein the TPA will pay for the treatment. TPA will be tracking the case of the insured at the hospital and at the point of discharge, all the bills will be sent to TPA. TPA makes the payment to the hospital. TPA sends all the documents necessary for consideration of claims, along with bills to the insurer. Insurer reimburses the TPA. New India has tied up with 18 TPAs
Surveyors Licensing Procedure for Surveyors Every person who is an individual and intending to act as a surveyor and loss assessor in respect of general insurance business shall apply to the Authority for grant of licence in FORM-IRDA-1-AF as given in the Schedule to these regulations. The Authority shall, before granting licence, take into consideration all matters relating to the duties, responsibilities and functions of surveyor and loss assessor and satisfy itself that the applicant is a fit and proper person to be granted a licence. In particular and without prejudice to the foregoing, the Authority shall satisfy itself that the applicant, in addition to submitting the application complete in all respects:satisfies all the applicable requirements of section 64UM read with section 42D of the Act and rule 56A of the Insurance Rules, 1939; possesses such additional technical qualifications as may be specified by the Authority from time to time; has furnished evidence of payment of fees for grant of licence, depending upon the categorisation; has undergone a period of practical training, not exceeding 12 months, as contained in Chapter VII of these regulations; and furnishes such additional information as may be required by the Authority from time to time.
The Authority on being satisfied that the applicant is eligible for grant of licence, shall grant the same in FORM-IRDA-2-LF as given in the Schedule to these regulations and send an intimation to the applicant together with an identity card mentioning the particular class or category of general insurance business namely, fire, marine cargo, marine hull, engineering, motor, miscellaneous and loss of profit for which the Authority has granted licence and the licence shall remain valid for a period of five years from the date of issue thereof, unless cancelled earlier. A surveyor and loss assessor, whose licence has been cancelled or suspended for any reason, may submit an application for issuance of licence, after the expiry of three years from the date of such cancellation or suspension, and, such an application shall be treated as a fresh case, and,
accordingly, the applicant shall satisfy all the requirements of sub-regulation (2). A surveyor and loss assessor shall be subject to categorisation as specified in Chapter V of these regulations. A licence issued, before the commencement of these regulations, by the Controller of Insurance or his authorised representative shall be deemed to have been issued in accordance with these regulations. The applicant referred to in (1) shall apply in FORM-IRDA-3-AF as given in the Schedule to these regulations. The Authority on being satisfied that the applicant is eligible for grant of licence, shall grant the same in FORM-IRDA-4-LF as given in the Schedule to these regulations, and, all the provisions of regulation 3 above, shall apply mutatis mutandis to corporate surveyors. For more details visit IRDA's website www.irdaindia.org
• R a s t a A p a t t i K a v a c h ( R o a d S a f e t y I n s u r a n c e )
l e r s
• F i d e l i t y G u a r a n t e e I n s u r a n c e P o l i c y
Jewellers Block Policy Bankers Indemnity Policy Shopkeepers Policy Marine Cargo Policy Plate Glass Insurance Special Contigency Policy Neon Sign Insurance Multi Peril Policy for L.P.G. Dealers Fidelity Guarantee Insurance Policy Marine Hull Policy Aviation Insurance
Fire Policy Burglary Policy Machinery Breakdown Policy Electronics Equipment Policy Consequential Loss Policy Contractors All Risk Policy Marine cum Erection / Storage cum Erection Policy
Advanced Loss of Profit / Delay in Startup Policy Contractor Plant and Machinery Policy Mega Package Policies
Liability Public Liability Policy Products Liability Policy Professional Indemnity Policy Directors and Officers Liability Policy Lift (Third Party) Insurance Employers' Liability Policy Carrier's Liability Insurance Liability Insurance Act Policy Golfers Indemnity Insurance
Social Universal Health Insurance Scheme Jan Arogya Bima Policy Raj Rajeshwari Mahila Kalyan Yojana Bhagyashree Child Welfare Policy Janata Personal Accident Insurance Student Safety Insurance Ashrya Bima Yojana Rural Insurance
Your sights are firmly set on steering your business in the right direction, getting new contracts under your belt, achieving growth and increasing profits. The continuous expansion of world trade demands that your business must be increasingly competitive, notwithstanding a steady stream of economic and political difficulties. Prospects for increasing business can be significant, but bring with it a variety of operational and financial risks, including constraints on working capital, unacceptable concentrations of accounts receivable and payment defaults. In the modern business environment your clients ask you for credit terms so you need to give credit terms. At the same time, there are greater concentrations of risks and increases in failures. The Client Account is the only account not covered in your balance sheet. Are your customers going to pay you? Are they going to be bankrupt? There could be a host of reasons for non-payment, and the loss of a large payment may spell disaster for your business, whatever the prudence and competence exercised. On the other hand, too cautious an attitude in evaluating risk and selecting buyers may result in loss of hard-to-get business opportunities.
Type of Vehicle
Type of Policy
Note: 1 No Claim Bonus and Loading will be done as per Claim Experience of . Insured. 2 Extra premium will be charged for electrical fittings, CNG unit, LPG fuel . tank, Fibre glass tank and Trailer attachment. 3 Discount will be allowed for Automobile Association Member, Vintage car, . Anti-theft device. 4 Concession will be given for laid up vehicle, use of vehicle within Insured's . premises and attaching side car for Two wheeler.
Education and Training in New India Assurance A) Initiatives taken by New India to train their officers and staff FOR AGENTS: In addition to our Corporate Training College (CTC), Mumbai, Zonal Training Centres (ZTC) at Kolkata and Chennai and 19 Regional Training centres (RTC) at Regional offices ; we have received accreditation for 23 other Agencies training centres in interior parts of the country. The training is for pre-licencing exam preparation and subsequent trainings for skill developments are also to be imparted. In the year 2002-03 around 6000 prospective agents were trained at various training centers. FOR STAFF: RTC and ZTC caters training to the employees under the zone/ region's, from time to time. ZTCs generally conduct trainings on special topics for which faculties are rare and even target- participants from one RO is not sufficient for a programme. College of Insurance (Under GIC ,Mumbai) also imparts training programmes for our staff from Mumbai and Pune Regions only. On Management topics and specialized topics , we look forward to external agency's training centers at various places throughout India. FOR OFFICERS: RTC, ZTC & CTC make their yearly calendar for regular training, and special trainings on technological changes, departmental changes, for transfers and promotions. National Insurance Academy (NIA), Pune takes up specialized training programme on Insurance, IT, Law and Management topics. In the year 2002-03 in 98 programs 657 persons participated. Officers are also nominated to various external institutionsfor training programmes/seminars and conferences. In the year 2002-03, 87 programmes for 305 persons were considered. College of Insurance also caters to the needs of our officers of Mumbai & Pune region. In the year 2002-03 , in 36 programmes 154 persons were trained.
Ours being a International Company, our top executives and officers are nominated for overseas training, around 10 cases per year. We have created 10 Computer Learning centres in large cities like Ahmedabad, Kanpur and Mumbai CTC etc for Computer literacy training and specialized courses. We have also initiated 'E- training', initially on Management courses with various outside agencies. With 'Personalitree.com' , 71 persons in 21 programmes were trained through Internet. With 'Macmillan India Limited' and Indian Institute of Management, 9 executives persue their 'On line Executive Development Training' during year 2002-03. FOR SC/ST STAFF: Special Training programmes in preparation for competitive examination are being organized in all Regional Training Centres. Special training programmes and workshops in 2/3 batches per year are also being organized at all India level at some outside venues. Special attention is also given to them while nominating for training at various Institutes. FOR TPAS / BROKERS/ SURVEYORS / ADVOCATES: Basing on the need to improve the productivity and professionalism and also to clear our pending cases in an effective way, special workshops are being organised under various Regional Offices. FOR CUSTOMERS: All Regional offices organise various workshops / seminars for their existing and Prospective clients throughout the year at various hired places. FOR CORPORATE AGENTS: We have initiated pre-licencing agency training for Corporate 'bancassurance' agents in the year 2002-03, as below : a. Union Bank of India:-, 150 officers at 9 centres throughout India. b. Corporation Bank:- at 3 centres, around 45 officers. c. Many other small banks:- 4 programms at CTC, Mumbai were organized.
For first hand information and soft skill in Insurance Underwriting 3 days training programme for Bank officials were taken up at around 10 places throughout India. B)Areas of focus of training and Research: 1.IT (Information Technology) For computerization of all our offices and for manpower development, the following trainings were conducted at various places in our Computer Learning centres and other Training Centres. Maintainance of PCs, Servers and network Maintainance of RDBMS by ORACLES & SILVERLINE. Genisys users training by CMC Genisys implementation training by CMC Technological support training by CMC. 2.Computer Literacy Programme to achieve 100% literacy in all our offices , the following actions were taken: Training at our centres by our faculties and hired faculties with rented hardware. Training at Computer Learning Centres in the same fashion as above. Training at external computer learning centres. Training at National Insurance Academy ,Pune for our top officials. 3.Development of bank officials to make the 'bancassurance' a success, we have initiated various short time courses on Insurance Under-writing, collection of premium and retail insurance management. 4.New Products-development by our Research development departments and the trainings by NIA, Pune have been ensured. 5.Courses on Insurance Management in collaboration with Symbosis Centre of Distant Learning (SCDL) is initiated in 2002-03 and one batch is ready to come out with diploma. 6.Insurance Law is a changing place due to regular additions and modifications of Insurance Law by IRDA. We have created a New India Assurance chair of Insurance Law at National Law University, Jodhpur.
C)Relevance of new courses offered by various Institutes throughout India. 1.Courses on Risk and Insurance Management:- Llarge number of Institutes have initiated Post Graduate Diploma courses and other diploma courses on Risk and Insurance Management. Some of them are : MAEER's MIT (Management Institute of Technology), Pune NMIMS, Vile Parle. AIMA, CME, with National Insurance Academy. CIRMS, Gurgaon BIMT, New Delhi. RNIS, New Delhi. AMITY School, New Delhi. IIIF at Hyderabad IILM at New Delhi ICRIM of ICFAI, Hyderabad GICD, Mumbai 2. Indian Institute of Bankers has initiated courses at Banking and Insurance. 3. Actuary Society of India has initiated courses on Actuarial science. As the Public Sector Insurance Companies have no provision for campus recruitment; the diploma holders do not get opportunity for campus recruitment in Government Sector. Private Insurance Companies , employ very few executive cadres among them, hence the employment in officers cadre from those diploma holders are very rare.
Non-life Insurance Fast Gaining Prominence In Asia 30th September, Source: Financial Express Non-life insurance markets in China and India are fast gaining importance in the Asian region, the latest Swiss Re sigma study has concluded.
The study, titled "Asia's non-life insurance markets", has forecast a positive outlook for non-life insurance in Asia, asserting that the outbreak of the Severe Acute Respiratory Syndrome (Sars) early in 2003 had only temporarily dampened market growth. At the same time, the study observed, the corporate landscape and competitive behaviour in the insurance industry were changing fast. After a break in 2001, growth rates in the non-life insurance business resumed their faster pace. Premia rose across the region with strong growth recorded in most emerging markets. It expected growth to substantially exceed that of most OECD markets. Nonetheless, it added, weak stock markets in 2001 and 2002 had taken their toll on insurers' capital bases, thus reinforcing the need to focus on underwriting quality. According to the study, deregulation and phase-out of state ownership were fast reshaping the insurance landscape, and the industry would see further consolidation in the coming years. This would lead to more concentrated and polarised markets. State-owned insurers were still a significant force in Asia accounting for over a fourth of the premiums outside Japan, while foreign insurers - though making up some 40 per cent of all insurers - had only a 10 per cent market share. Nevertheless, foreign insurers were poised to take on a more active role in the development of the region's insurance business over the medium to longer term, despite recent reticence in business expansion.
NIA-Indian Assurance Even In Japan Japan is the 2nd largest non-life insurance market in the world, after the USA. There are 32 Japanese companies and 21 foreign companies operating in Japan. The market share of 21 foreign companies is just over 4.5%. There is only one company that has kept the flag of the Indian and Asian insurance industry high for more than 5 decades in the highly competitive market- The New India Assurance Co. Ltd. One of the major business operations of the company in Japan is to assist the Indian office in procuring business emanating from Japanese companies that undertake projects in India. New India Japan is approached by not only Japanese companies but also by Japanese insurance companies whose clients are in the process of acquiring interest in India, for guidance. Its gross premium income in 2002-03 was Yen 3.8 billion (Rs.153 crore), which was 15 percent higher than the previous year. The company made a profit around Yen 40 million (Rs.1.64 crore) during the year, all this despite a nearly zero growth and zero interest economy and continuing recession in Japan. New India writes all classes of traditional non-life insurance business and more than 95% of its business is derived from Japanese clients through its agents network.
Corporate Head office Address: The New India Assurance Co. Ltd. 87, M.G. Road, Fort, Mumbai 400 001.
What are the policies available for covering the vehicles ?
There are two policies: Motor Liability Only Policy and Motor Package Policy.
Is it mandatory to have insurance for plying vehicles on the public place ?
As per Motor Vehicle Act, it is mandatory to have Motor Liability only Policy for covering Third Party.
What is covered under Liability Only Policy ?
Owners' liability towards Third Party Personal Injury and Property Damage.
What does Motor Package Policy Cover ?
This type of policy covers all the risks covered under Motor Liability policy plus loss or damage caused to the vehicle due to: Accident, Fire, Explosion, Self Ignition, Lighting, Burglary, House Breaking, Theft, Riots & Strikes, Earthquakes, Flood, Typhoon, Hurricane, Storm, Cyclones, Malicious Acts, Terrorism, Transit by rail/road, air and waterways and also include towing charges.
What are the exclusions under Package Policy ?
Damage caused due to: Driver being under intoxication, Vehicle being driven by a person not holding an effective valid license, Damage to tyres (unless the vehicle is damaged at the same time),Wear and tear and mechanical breakdown damages.
What are documents required at the time of claim ?
Copy of claim intimation given to insurer with xerox copy of policy and premium receipt, duly filled Claim Form, Driving License, Registration Certificate of Vehicle, Estimate of repairs from repairer and stamped receipt, Bills and Cash Memo of repairs, verification of road tax, Police Panchanama/FIR, Permit and Fitness Certificate and any other documents deem feet for the situation.
Can the amount be paid directly to the repairer ?
Yes - In case of Approved Garage No - In case of any other Garage
What is the amount I have to bear ?
Compulsory excess, Reasonable value of salvage if not surrendered to insurer and depreciation.
What is "No Claim Bonus" ?
It is a special discount given on premium for every claim-free year.
What is Solatium Fund Scheme ?
It is the Scheme formed by the Central Govt. to provide compensation to the victims of "Hit and Run " motor accident. The amount of compensation is Rs. 25,000/- in the event of death and Rs. 12,500/- for grievous hurt.
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