INTRODUCTION

The control on general insurance business started with the insurance act
1938, setting up the government control. In 1968 it was amended to add more
provisions to and also Add Tariff Advisory Committee. This Tariff Advisory
Committee now fixes the rates terms and conditions for many branches of
general insurance like Fire, Engineering, Marine, Hull and Workmen
compensation insurance.

In 1972, the General Insurance (Business Nationalisation) Act was

passed. It set up GIC and its subsidiaries. 107 private companies were merged
into GIC and its subsidiaries and these companies included both Indian and
foreign companies. General Insurance Corporation was formed as company
under the Companies Act unlike LIC, which was setup as corporation. The GIC
has only one office in Mumbai and is the holding companies for all the
subsidiaries. It formulates general policy guidelines for general insurance
industry and control the investment and reinsurance policy of the companies.

GIC had four subsidiary companies, namely (with effect from Dec'2000,
these subsidiaries have been de-linked from the parent company and made as
independent insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited
3. National Insurance Company Limited
4. United India Insurance Company Limited.

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 COMPANY PROFILE
UNITED INDIA INSURANCE CO

United India Insurance Company Limited was incorporated as a

Company on 18th February 1938. General Insurance Business in India was
nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance
Societies and Indian operations of 5 Foreign Insurers, besides General Insurance
operations of southern region of Life Insurance Corporation of India were
merged with United India Insurance Company Limited. After Nationalization
United India has grown by leaps and bounds and has 18300 work force spread
across 1340 offices providing insurance cover to more than 1 Crores policy
holders. The Company has variety of insurance products to provide insurance
cover from bullock carts to satellites.

United India has been in the forefront of designing and implementing

complex covers to large customers, as in cases of ONGC Ltd, GMR- Hyderabad
International Airport Ltd, and Mumbai International Airport Ltd Tirumala-
Tirupati Devasthanam etc. They have been also the pioneer in taking Insurance
to rural masses with large level implementation of Universal Health Insurance
Programme of Government of India & Vijaya Raji Janani Kalyan Yojana
( covering 45 lakhs women in the state of Madhya Pradesh) , Tsunami Jan Bima
Yojana (in 4 states covering 4.59 lakhs of families) , National Livestock
Insurance and many such schemes.

United India Insurance Co is formed as a subsidiary of General Insurance

Corporation of India. Their Quarters is in Chennai. Now they are the second
largest insurer in India and the largest in Rural insurance and Insurance of major
power plants.

Having a work force of 17000+ people and an army of 2000 officers committed
to the service of their customers, they are in a position to make light of the fact
that they issue more than 1 crore policies in a year and settle more than 8 lakhs
claims annually.

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 UNITED INDIA IN KERALA

United India’s Kerala Region was formed in the year 1984 and at the time
the Premium was only around 12 crores. There are 204 officers, 801 staff, 128
development officers and many agents working with them. They have a wide
spread of officers in 16 divisional offices and 49 branch offices.

United India in Kerala has the largest number of Corporate clients with
them. FACT Ltd. Hindustan Newsprint Ltd. Cochin Shipyard Ltd. Appollo
Tyres Ltd. BPL, ITI, Instrumentation Ltd. Etc are all their clients

They are the largest insurers of various Kerala Govt Schemes. Last year
they launched the Kambhenu programme which is probably the largest mass
insurance scheme launched the Rural Insurance.

United India Insurance Highlights

Updated on 14 Sep 2019

Features Specifications
Network Hospitals 7000+
Waiting Period for Pre-existing 4 years
Disease
Incurred Claims Ratio 56.3%
Number of Policies Issued 1230765
Grievances Solved 96.59%
Renewability Lifetime

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 PRODUCT PORTFOLIO

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Health insurance policies form an integral part of its product portfolio. These
policies couple coverage with affordability, making them viable insurance
products for a large cross-section of the Indian insurance market.
The plans on offer are:
1. United India Insurance Family Medicare Policy
2. United India Insurance Gold Policy
3. United India Insurance Individual Mediclaim Policy
4. United India Insurance Platinum Policy
5. United India Insurance Senior Citizen Plan
6. United India Insurance Super Top-up Policy
7. United India Insurance Top-up Plan
8. United India UNI Criticare Health Insurance
9. United India Insurance Personal Accident Policy

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  United India Insurance Family Medicare Policy:
A health insurance policy which aims to cover both the proposer and his/her
family. To enhance the basic chosen sum assured, policyholders under this
plan can also choose two add-on covers to meet ambulance and
hospitalisation costs.

Entry Age 18 yrs to 80 yrs.; 3 months for

children, provided at least one parent
is also covered
Medical Screening Required for those above 45 yrs.
(50% of costs reimbursed on
qualification)
Basis Floater (Family includes self, spouse
and dependent children)
Sum Assured Rs.1 to 5 lakhs in increments of
Rs.50,000; Rs.5 to 10 lakhs in
increments of Rs.1 lakh (chosen sum
assured can be enhanced at renewal)
Discounts No-claim discount: 3% - 15% on
renewal premium; first discount
awarded after 3 successive claim-
free years and annually thereafter
- Inpatient hospitalisation expenses:
Room including nursing charges: Up
to 1% of chosen sum assured ICU
charges: Up to 2% of chosen sum
assured Expenses incurred with
respect to treating medical
professionals, consumables,
equipment, supplies, OT and other
required rooms, necessary tests etc.:
Up to chosen sum assured
- Organ donor hospitalisation
expenses
- Pre/Post-hospitalisation expenses:
Up to 30 / 60 days respectively; up to

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 10% of the chosen sum assured

Coverage - Cataract: 10% of the sum assured

per eye, Rs.25,000 (max.)
- Hernia: 15% of the chosen sum
assured, Rs.30,000 (max.)
- Hysterectomy: 20% of the chosen
sum assured, Rs.50,000 (max.)
- Major surgeries: 70% of the chosen
sum assured, Rs.4 lakhs (max.)
- Specified day care procedures -
AYUSH treatment undertaken at a
government-approved centre
- Health-check costs: Up to 1% of the
average chosen sum assured over 3
prior claim-free years
- Organ donor hospitalisation
expenses

Add-on Covers 2 optional covers payouts made once

during a policy period:
- Ambulance Cover: Additional
premium payable Rs.100 for cover up
to Rs.2,500
- Daily Cash Allowance:Additional
premium payable Rs.150 for cover up
to Rs.2,500 or Rs.300 for cover up to
Rs.5,000

United India Insurance Gold Policy:

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 Entry Age 36 yrs. to 60 yrs. Only renewals
above 60 yrs.; 3 months for children,
if at least one parent is also covered
Sum Assured Rs.1 lakh to Rs.5 lakhs in increments
of Rs.50,000
Discounts 5% on total premium for at least one
additional member
Coverage - Inpatient hospitalisation expenses:
Room including nursing costs: Up to
1% of the chosen sum assured ICU
charges: Up to 2% of the chosen sum
assured Following costs: Treating
medical professionals, consumables,
supplies, OT and other rooms, tests,
equipment etc. up to chosen sum
assured
- Organ donor hospitalisation
expenses: Up to chosen sum assured
- Pre/post-hospitalisation expenses:
Up to 30/60 days respectively
- Cataract, Hernia, Hysterectomy: Up
to 25% of the chosen sum assured,
Rs.1 lakh (max.)
- Major surgeries: Up to 70% of the
chosen sum assured
- Specified day care procedures
- AYUSH treatment undertaken at a
government-approved centre
- Health-check costs: Up to 1% of the
average chosen sum assured over 3
prior claim-free years

Add-on Covers
2 optional covers payouts made once

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 during a policy period:
- Ambulance Cover: Additional
premium payable Rs.100 for cover
up to Rs.2,500
- Daily Cash Allowance: Additional
premium payable Rs.150 for cover
up to Rs.2,500 or Rs.300 for cover up
to Rs.5,000

United India Insurance Individual Mediclaim Policy:

Basis Individual
Sum Assured Chosen sum assured can be enhanced
at renewal
Premium Payable in advance
Coverage - Inpatient hospitalisation expenses:
Room including nursing costs: Up to
1% of the chosen sum assured ICU
charges: Up to 2% of the chosen sum
assured Following costs: Treating
medical professionals, consumables,
supplies, OT and other rooms, tests,
equipment etc. up to chosen sum
assured
- Organ donor hospitalisation
expenses: Up to chosen sum assured
- Pre/post-hospitalisation expenses:
Up to 30/60 days respectively
- Cataract, Hernia, Hysterectomy: Up
to 25% of the chosen sum assured
- Major surgeries: Up to 70% of the
chosen sum assured
- Specified day care procedures
- Ayurvedic treatment undertaken at

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 a government-approved centre
- Health-check costs: Up to 1% of the
average chosen sum assured over 3
prior claim-free years

 United India Insurance Platinum Policy:

This policy targets a younger customer-segment, capping the entry age of
proposers at 35 yrs. Key features of this plan are high coverage at affordable
rates and the option to cover one’s dependent children as well.

Entry Age 18 yrs. to 35 yrs.; only renewals

beyond 35 yrs.; 3 months for
children, if at least one parent is also
covered
Sum Assured Rs.1 lakh to Rs.10 lakhs in
increments of Rs.50,000 (chosen sum
assured can be enhanced at renewal)
Discounts 5% of total premium for at least one
additional member
Coverage - Inpatient hospitalisation expenses:
Room including nursing costs: Up to
1% of the chosen sum assured ICU
charges: Up to 2% of the chosen sum
assured Following costs: Treating
medical professionals, consumables,
supplies, OT and other rooms, tests,
equipment etc. up to chosen sum
assured
- Organ donor hospitalisation
expenses: Up to chosen sum assured
- Pre/post-hospitalisation expenses:
Up to 30/60 days respectively
- Specified day care procedures

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 - AYUSH treatment undertaken at a
government-approved centre
- Health-check costs: Up to 1% of the
average chosen sum assured over 3
prior claim-free years

 United India Insurance Senior Citizen Plan:

This is a health insurance policy meant to extend insurance coverage to older
members of society viz. senior citizens. The needs of this group, considered a
high-risk category, are often ignored. However, this plan makes health care a
viable option for people post-retirement

Entry Age 61 yrs. to 80 yrs., only renewals

above 80 yrs.; 3 months for children,
if at least one parent is also covered
Sum Assured Rs.1 lakh to Rs.3 lakhs in increments
of Rs.50,000 (chosen sum assured
can be enhanced at renewal)
Co-payment 20% for major illness claims as total
package
Discounts 5% of total premium for at least one
additional member
Coverage - Inpatient hospitalisation expenses:
Room including nursing costs: Up to
1% of the chosen sum assured ICU
charges: Up to 2% of the chosen sum
assured Following costs: Treating
medical professionals, consumables,
supplies
- Organ donor hospitalisation
expenses: Up to chosen sum assured
- Pre/post-hospitalisation expenses:
Up to 30/60 days respectively up to

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 10% of the chosen sum assured
- Cataract, Hernia, Hysterectomy: Up
to 25% of the chosen sum assured
- Major surgeries: Up to 70% of the
chosen sum assured
- Specified day care procedures
- AYUSH treatment undertaken at a
government-approved centre
- Health-check costs: Up to 1% of the
average chosen sum assured over 3
prior claim-free years

How to file a health insurance claim with United India Insurance:

2 types of health insurance claims can be filed with United India Insurance:
 Cashless Claim: Get admitted at a network hospital of the insurer to
avail cashless hospitalisation. Intimate the insurer prior to admission in the
case of planned hospitalisation or within 24 hours of admission in the case of
emergency hospitalisation. Show your health card at the hospital helpdesk.
The hospital will submit a pre-authorisation request form to the insurer or
Third-Party Administrator. Upon approval, the hospital will provide cashless
treatment to the insured member. The medical bills will be settled directly
with the hospital by the insurer.
 Reimbursement Claim: A written intimation has to be sent to the insurer
or TPA within 24 hours of hospitalisation. Collect all the original medical
documents at the time of discharge. Pay the bills upfront and later file a
reimbursement claim with the insurer within 7 days from the date of
discharge. The claim will be approved or rejected as per the policy terms and
conditions.

Incurred Claims Ratio of United India Insurance Health Insurance for the Year
2017-18

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 Net Earned Premium (in Net Claims Paid (in Incurred Claims Ratio
Crore) Crore) (in %)
Rs.4638.13 crore Rs.5146.18 crore 110.95%

PERSONAL POLICIES

1. HOUSE HOLDER POLICY

Cover any loss/damage to:

 Building and contents: Fire, lightning, Acts of God, Riot and Strike,
impact, explosion of gas in domestic appliances, overflow of water
tanks.
 Burglary, House breaking and Theft.
 Jewellery and Valuables - Any accidental loss/damage Plate Glass Any
accidental loss/damage
 Baggage - While on travel Any accidental loss/damage
 Domestic Appliances any accidental loss/damage entirely due to 
electrical/mechanical breakdown.
 TV, VCR, Audio System
 Fire and allied perils, burglary, housebreaking, theft, electrical or
mechanical breakdown
 Pedal cycle Fire and related perils, riot, strike, malicious damage, acts of
god, housebreaking, burglary, theft, external accident and also legal
liability to "Public" with a limit of Rs.10, 000.

Personal Accident
Accidental injury causing death/disablement [total/partial]

Policy will pay:

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  Actual extent of loss/damage to property under respective sections 
chosen;
 Sum Insured is the limit of maximum liability under respective sections;
 Limit of liability to third party for Personal injury/Property damage is 
upto Rs.25,000 / Rs.10,000 / Rs.3000 under TV/Pedal Cycle/TV Antenna
sections respectively. 

2. PERSONAL ACCIDENT POLICY

Cover-Physical loss to an individual due to an accidental injury

Any individual or group of individuals (through employer, association, and

institution etc) aged between 12 and 70. Subject to medical examination at 70, a
person can be covered up to 80 can be insured.
Insured against the risk of death or disablement from accidental bodily injury
(anywhere in the world).
When an accidental injury being the sole and direct cause results ( during the
period of insurance) in:

Death 100 % of Sum Insured

Permanent Total Disablement 100 % of Sum Insured

Loss of two limbs/ Two eyes or one 100 % of Sum Insured

limb and one eye

Loss of one limb or one eye 50 % of Sum Insured

Permanent Partial Disablement Varying % of Sum Insured as per

policy

Temporary Total Disablement 1 % of Capital Sum Insured per week ,

Subject to a maximum of Rs 3000 per
week, for a maximum period of 100
weeks

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 3. MEDICLAIM POLICY

Cover-Expenses incurred by the insured for hospitalisation for illness / diseases

or injury sustained (domiciliary hospitalisation also payable as per policy).
These include Hospital charges ( Room, Boarding & Operation theatre) fees for
surgeon, Anaesthetist Nursing, specialist etc., diagnostic tests, cost of
medicines, blood, oxygen etc., cost of appliances like pacemaker, artificial
limbs etc.,

The following can be insured

 Any person in the age group of 5 to 75 years Children between 3 months
and 5 years can be covered only along with parent/s.
 Institutions ( Government or Private ) for their employees
 Clubs / association for their members in the said age group.
 Group schemes for homogenous groups of more than 50 persons.
This policy covers risk of Illness / disease, accidental injury
Other benefits includes
 Domiciliary hospitalisation benefits can be excluded under group
mediclaim policy and a premium discount can be availed

4. UNI-MEDICARE INSURANCE

Cover-Reimbursement of Hospitalisation expenses of illness/diseases or injury

sustained.
The insurance scheme also provides for
 Family discount in premium
 Cumulative Bonus
 Cost of Health Check-up

Hospitalisation Benefits Limits

i) Room, Boarding Expenses as provided i) Up to 0.5% of Sum Insured
by the Hospital / nursing home. per day
A
ii) If admitted in IC Unit ii) Insured per day

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 Surgeon, Anasthetist, Medical Practitioner,
Upto 15% of Sum Insured per
B Consultants, Specialists Fees, Nursing
illness / injury
Expenses
Anaesthesia, Blood, Oxygen, Operation
Theatre Charges, Surgical appliances,
Medicines & Drugs, Diagnostic Materials
Upto 15% of Sum Insured per
C and X-ray Dialysis, Chemotherapy,
illness / Injury
Radiotherapy, Cost of Peacemaker,
Artificial Limbs & Cost of organs and
similar expenses.

COMMERCIAL POLICIES

1. MARINE INSURANCE

a) Marine Cargo Insurance

Cover- Any loss or damage to goods in transit by rail, sea, road, air or post.

Owners or bankers of goods in transit/shipment can be insure. And the

following can be insured:

 Export and import shipments

 Goods in transit by rail, sea, road, air or post

 Goods carried by coastal vessels plying between the various ports within
the country

 Cargo transported by small vessels or country craft over inland waters

 Goods moved from place to place by river transport

The policy covers loss/damage to the property insured due to:

 Fire or explosion; stranding, sinking etc.

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  Earthquake, lightning

 Washing overboard

 Sea, lake, river water

 Total loss of package lost overboard or dropped in loading or unloading

 War and SRCC is specifically covered

Premium Rating

The normal basis of valuation for ocean/air consignment will be CIF +

incidentals up to a percentage which is agreed upon at the inception of the
policy (normally this is 10 %)

b) Marine Hull Insurance

Cover- Any loss or damage to ships, tankers, bulk carriers, smaller vessels,
fishing boats and sailing vessels.

Owners or bankers of ships or vessels can be insured.

The various vessels that are covered under this policy are:

 Fishing Vessels
 Ocean Going Vessels
 Sailing Vessels
 Other Vessels

Cover the following risks:

 Fire or explosion; stranding, sinking etc.

 Overturning, derailment ( of land conveyance)
 Collision
 General average sacrifice, salvage charges

1. INDUSTRIAL INSURANCE
a) Industrial All Risk Policy

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 Cover- All the risks other than petro chemical risks having a minimum sum
insured of 100 crores are covered here.

Perils Covered-

Section I

 Fire & all covers

 Burglary and theft
 Machinery breakdown / Boiler explosion / Electronic Equipment
Insurance

Section II

 Consequential Loss following Fire ( FLOP )

 Machinery Loss of Profit

Section II

 Insured's lack of sufficient capital

 Any restrictions imposed by any public authorities
 Loss of business due to cancellation of order / Lease
 Damage to boilers , machinery , economizers and data equipment.

b) Machinery Breakdown Policy

Cover- Various types of machinery, plant and equipment

(mechanical/electrical) can be insured. Any type of installed machinery with an
option to insure/to cover only selected equipments.

The following persons can be insured-

 The owner of the machinery.

 In case of any financier’s interest eg. Bank, IDBI etc. machinery can be
insured in the joint names.

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 The sum insured should represent:

Present day replacement value which includes

- Basic cost + customs duty 
- Incidental cost

2. MOTOR INSURANCE

Motor Package and Liability only Policies

Cover-Motor vehicle which includes private cars, Motorised Two wheelers and
Commercial vehicles excluding vehicles running on rails.

Owners of the vehicle, Financiers or Lessee, who have insurable interest in a

motor vehicle can be insure.

Insured's Declared Value

(a) In case of vehicle not exceeding 5 years of age, the IDV has to be arrived at
by applying the percentage of depreciation specified in the tariff on the
showroom price of the particular make and model of the vehicle.

(b) In case of vehicles exceeding 5 years of age and Obsolete models

(manufacture of those vehicles which have been stopped by the manufacturers),
they have to be insured for the prevailing market value of the same as agreed to
between the insurer and the insured.

(a) Package Policy - Section I

Section I (Own Damage - OD) of Package Policy :

Section I of package policy covers loss or damage to the vehicle and / or

accessories due to

 Accidental external means

 Fire, Self ignition, lightning
 Burglary, house breaking or theft
 Terrorist activity
 Riot, Strike and Malicious Damage

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  Earthquake
 Flood, cyclone and Inundation etc
 While in transit by rail, road, air, elevator, lift or inland waterways
 Landslide or workslide

4. MISCELLANEOUS INSURANCE

a) SOCIAL INSURANCE
i) Bhagyashree Child Welfare Policy

Cover- Cover is applicable to girl child in the age group of 0 to 18 years whose
neither parents' age should be greater than 60 years.

Cover is to provide relief to insured girl in the case of death of either/both of the
parents arising out of accident.
In the event of death of the parent(s), Rs.25,000/- will be deposited in the name
of the child in any of the nationalised banks and the benefits will be provided as
under.

ii) Mother Teresa Women & Children Policy

All sections of women in the age group 10 to 75 years irrespective of their

income, occupation or vocation can be covered under the policy.

Section i : economic security scheme to women

Basic Cover-For Disablement of Insured women –

Permanent total disablement Rs.25,000/-

Loss of two limb/both eyes/one limb and one eye Rs.25,000/-

Loss of one limb/one eye Rs.12,500/-

b) RURAL INSURANCE

i) Agricultural Pumpset Insurance

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 All kinds of pumpsets like centrifugal, jet and submercible (both electrical and
diesel) upto 30 HP of approved makes.

Owners of pumpset or financing banks and manufacturers of pumpset can

insure under Pumpset Package Policy.

Risk covered-

 Fire and lightning

 Theft/burglary

 Mechanical/Electrical breakdown

 RSMD and Terrorism

 Flood

ii) Poultry Insurance

 A Layer birds and hatchery birds in a poultry farm in the age group of 1
day old to 72 weeks and broilers in the age group of 1 day to 8 weeks.
 Ducks and Quails are also insured under the policy.

Own Poultry farmers / financing bank can insure the birds. All the birds in the
farm should be insured without selection.

Risk covered-

Policy provides indemnity against death of birds due to accidents including

fire, lightning, flood, cyclone, strike, riot, civil commotion, terrorism,
earthquake and disease contracted or occurred during the policy period

Policy pay-

80% of the value of the bird at the time of loss as per stage wise valuation
table attached to the policy subject to deduction of a specified policy excess.

c) TRAVAL INSURANCE

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 i) Baggage Policy

Baggage Insurance Policy covers all accompanied baggage during a journey

like suitcases, trunks etc., containing the baggage and additions during the
journey.

 It covers accompanied baggage(not dealers', stock or travellers samples)

during a specified journey (including air travel).Suitcases, trunks etc.,
containing the baggage and additions can also be insured provided they
are declared specifically before the commencement of the journey.

ii) Marga Bandhu Policy

This policy covers persons whilst on a tour or a pilgrimage.Groups of

individuals who go on study tour, educational trips or pilgrimage. Educational
institutions, tour operators, travel agents, clubs, associations etc., who arrange
tours, picnics, yatras etc can avail this cover for persons going on tour.
a) Death or disablement ( Permanent Total or Permanent Partial ) due to
accident, hospitalisation expenses
b) Additional expenses towards alternative travel arrangement due to detour or
cancellation caused by accident to carrying vehicle / train and c) loss / damage
to baggage whilst on tour.
Basic cover:
 Death, PTD 100 % Capital Sum Insured ( CSI )
 Loss of one limb or one eye 50% of Capital Sum Insured

5. LIABILITY INSURANCE

i. Public Liability Insurance

The various terms like “Accident”, “Hazardous substances” as defined in the

Act are given below.

“Accident” means an accident involving a fortuitous, sudden or unintentional

occurrence while handling any hazardous substance resulting in continuous,
intermittent or repeated exposure to death of, or injury to any person or damage

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 to any property but does not include an accident by reason only of war or
radioactivity.

“Handling” in relation to any hazardous substance, means the manufacture,

processing, treatment, package, storage, transportation by vehicle, use,
collection, destruction, conversion, offering for sale, transfer or the like of such
hazardous substance.

“Hazardous Substance” means any substance or preparation which is defined

as hazardous substance under the Environment (Protection) Act, 1986 and
exceeding such quantity as may be specified by notification by the Central
Government.

Schedule of Compensation
1. Reimbursement of medical expenses incurred upto a maximum of
Rs.12,500/- in each case.
2. For a fatal accident the relief will be Rs.25,000/- per person in addition to
reimbursement of medical expenses, if any incurred on the victim upto a
maximum of Rs.12,500/-.
3. For permanent total or permanent partial disability or other injury or
sickness, the relief will be :
a. Reimbursement of medical expenses incurred, if any, upto a
maximum of Rs.12,500/- in each case and,
b. Cash relief on the basis of percentage of disablement as certified by
an authorized physician. The relief for total permanent disability
will be Rs.25,000/-.
4. For loss of wages due to temporary partial disability which reduce the
earning capacity of the victim, there will be a fixed monthly relief not
exceeding Rs.1,000/- per month upto a maximum of 3 months provided
the victim has been hospitalized for a period exceeding 3 days and above
16 years of age.
5. In respect of damage to private property, upto Rs.6,000/- per claim.

ii. Workmen Compensation Insurance

Liability of an employer for employment injury (including death) of any of his

employees who is a ‘workman’ as defined under Workmen Compensation Act.
Any employer whether as a Principal or contractor engaging "workmen" as
defined in WC Act to cover his liability to them under statute and at common

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 law. Employer can cover Employees who do not qualify as "Workmen" under
separate table
 Liability in respect of diseases mentioned in Part C / schedule III of WC
Act, on additional premium; which arise out of and in the course of
employment

The Policy pay

 Where employment injury results in death, then we pay 40% of the

monthly wages of the deceased multiplied by the relevant factor or Rs.
20,000/- which ever is more.
 Permanent Total Disablement 50% of the monthly wages of the injured
disabled (PTD) workman multiplied by relevant factor or Rs. 24,000/-
which ever is more.

INVESTMENTS

The initial plan, announced in the FY19 budget, had been to merge Oriental Insurance Company, National
Insurance Company and United India Insurance Company – all unlisted entities – into one entity, keeping New
India Assurance Company separate. In the next phase, New India Assurance will take over the merged entity.

The combined market share of the three state-run insurers in terms of gross direct premium was about 25%. New
India Assurance had a market share of 16.8%

Increased emphasis on retail segment along with focus on containing underwriting losses will be the key driver
for profitable growth going ahead for the public sector general insurer United India Insurance

MAJOR PLAYERS IN INSURANCE SECTOR

Top 10 or Top 20 life insurance companies in India.

1. Bajaj Allianz
2. Birla Sun Life
3. HDFC Life
4. ICICI Prudential
5. Exide Life
6. LIC
7. Max Life
8. PNB Metlife
9. Kotak Life
10. SBI Life
11. Tata AIA

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 12. Reliance Life
13. Aviva Life
14. Shriram Life
15. Bharti Axa
16. Future Generali
17. IDBI Federal
18. Canara HSBC OBC
19. Aegon Life
20. DLF Pramerica

IRDAI imposes Rs 9 lakh fine on

United India Insurance
The IRDAI officials during the inspection found three violations, of which
two attracted fine.
On examining the sample policy files of UIIC, it was noted that the insurer
had not recorded justification for the "extent of discount" given to different
clients.
The discount given is derived from market forces, as the insurer relies on
quotes given by other competitors.
"Thus the insurer presented a false picture, as if it is offering a huge
discount on the base premium and charging premium separately for AOG
(Act of God) perils," the regulator said on one of the violations of UIIC.
During the examination of the sample documents pertaining to the insurer,
IRDAI officials found there were numerous circumstances where the
surveyor has been appointed beyond 72 hours.
A general insurer has to appoint a surveyor within 72 hours of the receipt of
intimation from the insured and also the surveyor shall not take more than
six months from the date of his appointment to furnish his report.

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 CONCLUSIONS

The secondary data from various sources is used for this study. As a
leading private sector insurance company they have their own foot prints in the
industry. The company providing variety of products to the peoples which start
from insurance cover for pedal cycle to satellites. Their social welfare policies
are really a protecting hand to backward and typical middleclass peoples.
Peoples in India receiving a lot of advantage from those policies which
offering tie-ups with Govt of India. The company is much interested national
development that we can understand by analysing their social and rural
insurance policies.

BIBLIOGRAPHY

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